In the most isolated country in the European continent, international financial crisis has not yet come. Albania have not a stock market, so, there are not equities to fall. Financial system is undeveloped, dominated by depository banks. Banks, since ever like to accumulate deposits to invest in government bonds. Local currency lek, is not under pressure, something different from Serbian Dinar and Hungarian Forint. Banks remain profitable because loans are very expensive here. In a long article about the crisis in central and eastern Europe, Associated Press noted that the poor countries in the western Balkans, are intact by the crisis because they are to poor to be affected by problems in upper finance. There are no news to show signs of crisis in Macedonia and Kosova. So, perhaps this is the good side of being poor. You have not what to loose.
2 comments:
The problem is not that Albania is poor country but because Albania is for the moment out of the neolebaralism game. This game is in the field since Minsky Economics, who sais among other things that economy doesn't recognise stability If there is continuous expansion. This exapansion led to this crisis. The unlimited companies having as reference point Milton Fridman, the inspirer of neoliberalism led to this irrationality of the finance. Don't forget, 'the more the power the less the rationality'. This is the nomology of Platonian concept. Futhermore, Phronesis have the explination of the crisis...
Ylli Permeti loving goog pens and enticementing persuers...
The problem, is not that Albania is poor country but because Albania, is for the moment, out of the 'neolebaralism game'. This game, is in the field since Minsky Economics, who sais among other things that 'economy doesn't recognise stability If there is continuous expansion'. This exapansion, led to this crisis. The unlimited companies, having as reference point Milton Fridman, the inspirer of neoliberalism led to this irrationality of the finance. Don't forget, 'the more the power the less the rationality'. This is the nomology of Platonian concept. Futhermore, Phronesis have the explination of the crisis...
Ylli Permeti loving good pens and enticementing persuers...
Post a Comment