Roli i shtetit në tregjet financiare
The role of the state in financial markets

Summary/Abstract: This paper examines the archiTECture of financial markets focusing on the component which deals with the role of the state in the financial market. After a brief overview of basic concepts of modern financial markets, the paper provides a review of literature on the role of state in the financial market by emphasizing in particular the evolution of this role as a result of recent global financial crisis. Underscoring the multifaceted role of the state in financial markets, the paper concludes that no financial market can develop in the sustainable manner without an active direct and indirect role of the state and without an adequate level of the economic development. In this context, the paper highlights the role of the state as a guarantee in reducing asymmetry of information and in securing the soundness of the institutions that have systemic repercussions for the financial sector in particular and the country’s economy in general.

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