文章基本信息

标题：An Econometrical Analysis of the Debt Market in Albania
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作者：Kledian Kodra ; Ilir Hoti
期刊名称：Mediterranean Journal of Social Sciences
电子版ISSN：2039-2117
出版年度：2015
卷号：6
期号：2
页码：67-73
DOI：10.5901/mjss.2015.v6n2p67
出版社：Mediterranean Center of Social and Educational Research (MCSER)
摘要：The paper provides an overview of the debt instruments marketed in Albania, where the highest share is outlined by treasury bills with short term maturities. The paper provides the database construction profile, econometric models applied to process the data into summarized information. The models include the role the banking system plays and should perform in this regard. The econometrical analysis uses a multiple linear regression, attempting to delineate the interrelationship amongst the discount/interest rate on 3-month tenure T-bill, the inflation rates, and the Central Bank interest rates and the budget deficit magnitude. The analysis and the respective statistical tests support the hypothesis about the strong correlation and consistent trend of a sustainable relationship of all above mentioned factors. The work includes some finding and recommendations for debt management techniques and governmental policies the Albanian authorities should undertake regarding the wideness of financial market participants in Albania, alternate opportunities and sound approaches ensuring the achievement of European standards.
关键词：Bonds;Debt Market;T-Bill trade program;yields;inflation;TIPs.