04.10.2017.

Competition for Student Scientific Research Papers (2018)

Latvijas Banka announces an international Competition of Student Scientific Research Papers for the year 2018. Latvijas Banka organises the Competition already for the 16th time. This year, participation is open to students of Latvia, Estonia and Lithuania, enrolled in Bachelor's and Master's degree programmes.

The purpose of the Competition

To promote the research and analysis of macroeconomic issues in Latvia, the Baltic States and the euro area and to facilitate the advancement of the scientific thinking of students.

Eligible topics

25 topics on current economic and monetary policy issues are proposed for the Competition. Papers addressing these topics in the context of the Baltic States may also be submitted.

Juris Vīksniņš Award

The novelty of this year's Competition is the establishment of a special award named after the prominent Latvian economist Juris Vīksniņš. This year, the award will be presented for the best Competition paper which will integrate the scientific methods in the field of economics and history.

Awards

The winner of the Competition will receive the following awards (EUR; before taxes):
EUR 2 000 to the first-prize winner;
EUR 1 250 to the second-prize winner;
EUR 700 to the third-prize winner;
EUR 1 422.87 to the winner of Juris Vīksniņš Award.

The submission of the Competition papers

The Competition papers shall be submitted to Latvijas Banka from 18 May to 1 June 2018.

Order

Detailed requirements for the Competition papers, rules for participation and a full list of suggested topics are available in the Order.

Results

The Competition papers will be evaluated by a committee specifically set up by Governor of Latvijas Banka. The papers winning awards will be published on the website www.macroeconomics.lv where the papers of the previous prize-winners are also available.

    • To promote the research and analysis of Latvia's and euro area's macroeconomic issues by involving the most talented young economists in this work, Latvijas Banka announces the current Competition of Student Scientific Research Papers. More information>>

    • Regulation for the Competition of Student Scientific Research Papers for 2018 Organised by Latvijas Banka

      1. To promote the research and analysis of macroeconomic issues in Latvia and the euro area and to facilitate the advancement of scientific thinking of the students of higher education institutions, Latvijas Banka announces a Competition of Student Scientific Research Papers for 2018 (hereinafter – the Competition).


      2. The following may participate in the Competition:

      2.1 Citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania and the Republic of Estonia as well as foreigners who at the time of the Competition are registered as students of higher education institutions accredited as such according to the procedure prescribed by the laws and regulations of the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia and enrolled in Bachelor's and Master's degree programmes;

      2.2 Citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania and the Republic of Estonia who at the time of the Competition are registered as students of higher education institutions accredited as such according to the procedure prescribed by the laws and regulations of foreign countries and enrolled in Bachelor's and Master's degree programmes.

       

      3. A person referred to in Paragraph 2 herein may not participate in the Competition if:

      3.1 he or she is an employee of a Eurosystem central bank or

      3.2 he or she is a former employee of a Eurosystem central bank and the length of his or her service in one of the Eurosystem central banks has exceeded 1 (one) year.

       

      4. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level shall meet at least the requirements of a course paper. The Competition paper shall be produced on a computer in Latvian or English.

       

      5. The following topics are proposed for the Competition paper:

      5.1 Assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;

      5.2 Possibilities for monetary policy and coordination of economic policy in the low interest rate environment;

      5.3 Impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area;

      5.4 Monetary policy transmission of the Eurosystem in the Baltic States;

      5.5 Inflation expectations (factors affecting it) and their links with the real economy;

      5.6 Short-term forecasting of the Baltic States' GDP and inflation;

      5.7 Fiscal policy in the European Union or the Baltic States: assessment of the rules and proposals for their improvement;

      5.8 Levels of public debt and economic growth;

      5.9 Estimation and application of the Baltic States' actual and potential output gap in case of the cyclical adjustment of the budget balance;

      5.10 Ageing of population and its impact on the sustainability of the pension system in the Baltic States;

      5.11 Impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;

      5.12 Real convergence of the Baltic States with the euro area;

      5.13 Factors supporting total factor productivity in the Baltic States;

      5.14 Competitiveness of exports of the Baltic States;

      5.15 Assessment of the effectiveness of the use of the European Union structural funds and direct investment for the Baltic States;

      5.16 Labour migration, its driving factors and impact on the economy;

      5.17 Assessment of the natural rate of unemployment in the Baltic States;

      5.18 Methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;

      5.19 Significance of the credit institutions' financing in today's economy;

      5.20 The financial sector in a low interest rate environment;

      5.21 Assessment of the financial cycle in the Baltic States;

      5.22 Development trends of the non-bank financial sector and their significance in the economy;

      5.23 Equilibrium price on the Baltic States' real estate market;

      5.24 Latest market risk assessment methods and their impact on the price setting mechanism of financial market instruments;

      5.25 Factors determining the development of real time customer payment systems and their impact on household behaviour in Europe.

       

      6. Papers addressing other crucial topics on the economy of the Baltic States and euro area in relation to monetary policy may also be submitted for the Competition. Only one topic may be analysed in a Competition paper. Narrowing or broadening of the topic is allowed in duly justified cases.

       

      A special award named after the prominent Latvian economist Juris Vīksniņš will be awarded for the best Competition paper, which will integrate the scientific methods in the field of economics and history providing an innovative view on one of the stages of economic development in Latvia, the Baltic States or Europe, or an economic idea in a historical context.

       

      8. The Competition papers shall be submitted to Latvijas Banka, K. Valdemāra iela 2A (Noliktavas iela entrance), Riga, from 18 May to 1 June 2018. Papers submitted after 1 June 2018 will not be considered.

       

      9. The Competition papers shall be submitted in both paper and electronic form, recorded on an electronic medium. Papers shall be submitted in a sealed envelope addressed to the "Competition of Student Scientific Research Papers". The envelope shall also contain information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution) as well as a copy of the document supporting the author's eligibility in accordance with Paragraph 2 herein. The submission of the paper shall constitute confirmation that it is the work of the author and that the author assumes responsibility for observing the copyright of third parties and agrees that in case of an award Latvijas Banka may publish the paper at its own discretion and without any additional remuneration.

       

      10. The Competition papers and the accompanying documents referred to in Paragraph 9 herein may be submitted by post, addressing the envelope to the "Competition of Student Scientific Research Papers, Latvijas Banka, K. Valdemāra iela 2A, Riga, LV-1050", and sending it by registered post by 21 May 2018 (postal seal). Papers submitted after 21 May 2018 will not be considered.

       

      11. The Competition papers shall be evaluated by a committee set up by the Governor of Latvijas Banka (hereinafter – the Committee). A member of the Committee shall not take part in the evaluation of the Competition papers if he or she has a personal interest (the member of the Committee is the scientific supervisor/tutor of the Competition paper or the like) that could affect the independence and objectivity in the evaluation of the Competition paper.

      12. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 15 June 2018: 1 (one) first-place winner, 2 (two) second-place winners and 3 (three) third-place winners as well as one winner of Juris Vīksniņš Award.

       

      13. The winners will be awarded a one-time award in the following amounts (before taxes stipulated by law of the Republic of Latvia):

      13.1 EUR 2 000 to the first-place winner;

      13.2 EUR 1 250 to the two second-place winners each;

      13.3 EUR 700 to the three third-place winners each;

      13.4 EUR 1 422.87 to the winner of Juris Vīksniņš Award.

       

      14. Based on the evaluation of the Competition papers, the Committee shall have the right to award no awards, to reduce their number or to divide them as well as award consolation prizes. The taxes stipulated in the Republic of Latvia legislation associated with the awards shall be withheld from the funds of Latvijas Banka.

       

      15. If the award-winning paper has two or more authors, the award shall be equally split among them.

       

      16. The results of the Competition will be published by 30 June 2018 on the websites of Latvijas Banka (www.bank.lv and www.makroekonomika.lv).

       

      17. The Competition papers winning no awards will be available for picking up at the Public Relations Division of the International Relations and Communication Department of Latvijas Banka (telephone: +371 67022761) within 1 (one) month after the results of the Competition have been made public. The unclaimed papers will not be preserved after the aforementioned date.

    • Juris Vīksniņš

      (1937–2012)

      Motto: "I uphold the free market principles as well as a responsible policy on monetary and budgetary issues."

      Juris Vīksniņš, one of the most distinguished modern Latvian economists, made a historically crucial contribution to strengthening the stability of the Latvian national currency, to building the economy aimed at well-being and long-term development and to creating a new generation of economists.

      Juris Vīksniņš was a professor emeritus of economics at Georgetown University, USA, and a lecturer of macroeconomics at the same university between 1964 and 2003. Georgetown, which was the world of the pedagogue and researcher Juris Vīksniņš for nearly 40 years, is a global university of science located in Washington, DC. It was among the first Catholic universities established in the USA, and its credo has remained unchanged, i.e. to enhance the building of a fairer world.

      Read more

    • Latvijas Banka announces a Competition of Student Scientific Research Papers for 2017

      Aim of the Competition: to promote the research and analysis of macroeconomic issues as well as to foster advancement of students' scientific thinking.

      The following may participate in the Competition: 1) citizens and residents of the Republic of Latvia as well as foreigners who at the time of the Competition are registered as students of higher education institutions accredited by the Republic of Latvia Ministry of Education and Science; 2) citizens and residents of the Republic of Latvia who at the time of the Competition are registered as students of higher education institutions accredited as such according to the laws and regulations of foreign countries.

      Topics: a wide range of macroeconomic topics in the context of Latvia, the Baltic States or the euro area, including the monetary policy options in a low interest rate environment, real convergence models, the impact of fiscal policy, public debt and structural reforms on economic growth, population ageing and migration, assessment of the effectiveness of the European Union structural funds and foreign direct investment, etc.

      Awards will be granted to six winners (EUR 2 000 to the first-place winner).

      The Competition papers should be submitted to Latvijas Banka between 15 May and 29 May 2017 in both paper and electronic form.

      The Regulation, including the requirements for the papers and a full list of topics, is available ir Regulations. 

      The results of the Competition will be published by 30 June 2017 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv).

      The participants will be invited to a discussion which will be broadcasted at www.macroeconomics.lv.

    • Regulation for the Competition of Student Scientific Research Papers for 2017 Organised by Latvijas Banka

      1. To promote the research and analysis of macroeconomic issues in Latvia and euro area and facilitate advancement of college student scientific thinking, Latvijas Banka announces a Competition of Student Research Papers for 2017 (hereinafter – the Competition).

      2. The following may participate in the Competition:

      2.1 Citizens and non-citizens of the Republic of Latvia as well as foreigners who at the time of the Competition are registered as students of institutions of higher education accredited by the Republic of Latvia Ministry of Education and Science enrolled in Bachelor's and Master's degree programmes;

      2.2 Citizens and non-citizens of the Republic of Latvia who at the time of the Competition are registered as students of institutions of higher education accredited as such according to the laws and regulations of foreign countries enrolled in Bachelor's and Master's degree programmes.

      3. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level shall meet at least the requirements of a course paper. The Competition paper shall be produced on a computer in Latvian or English.

      4. The following topics shall be proposed for the Competition paper:

      4.1 Assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union.

      4.2 Possibilities for monetary policy and coordination of economic policy in the low interest rate environment.

      4.3 Impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area.

      4.4 Monetary policy transmission of the Eurosystem in the Baltic States.

      4.5 Inflation expectations (factors affecting it) and their links with the real economy.

      4.6 Short-term forecasting of Latvia's GDP and inflation.

      4.7 Fiscal policy in the European Union and the Baltic States: assessment of the rules and proposals for improving them.

      4.8 Levels of public debt and economic growth.

      4.9 Estimation and application of Latvia's actual and potential output gap in case of the cyclical adjustment of the budget balance.

      4.10 Ageing of population and its impact on the sustainability of the pension system in Latvia.

      4.11 Impact of the structural reforms on the economic potential in the Baltic States: quantitative assessment and recommendations to policy makers.

      4.12 Real convergence of the Baltic States with the euro area.

      4.13 Factors supporting total factor productivity in the Baltic States.

      4.14 Competitiveness of Latvia's exports.

      4.15 Assessment of the effectiveness of the use of the European Union structural funds and direct investment for the Baltic States.

      4.16 Labour migration, its driving factors and impact on the economy.
      4.17 Assessment of the natural rate of unemployment in the Baltic States.

      4.18 Methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States.

      4.19 Significance of the credit institutions' financing in today's economy.

      4.20 The financial sector in a low interest rate environment.

      4.21 Assessment of Latvia's financial cycle.

      4.22 Development trends of the non-bank financial sector and its significance in the economy.

      4.23 Equilibrium price on Latvia's real estate market.

      4.24 Latest market risk assessment methods and its impact on the price setting mechanism of financial market instruments.

      4.25 Factors determining the development of real time customer payment systems and its impact on household behaviour in Europe.

      5. Papers addressing other crucial topics on Latvia's and euro area economy in relation to monetary policy may also be submitted for the Competition. Only one topic may be analysed in a Competition paper. Narrowing or broadening of the topic is allowed in duly justified cases.

      6. The Competition papers shall be submitted to Latvijas Banka, K. Valdemāra iela 2A (Noliktavas iela entrance), Riga, from 15 May to 29 May 2017. Papers submitted after 29 May 2017 will not be considered.

      7. The Competition papers shall be submitted in both paper and electronic form, recorded on an electronic medium. Papers shall be submitted in a sealed envelope addressed to the "Competition of Student Scientific Research Papers". The envelope shall also contain information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution) as well as a copy of the document supporting the author's eligibility in accordance with Paragraph 2 herein. The submission of the paper shall constitute confirmation that it is the work of the author and that the author assumes responsibility for observing the copyright of third parties and agrees that in case of an award Latvijas Banka may publish the paper at its own discretion and without any additional remuneration.

      8. The contestants referred to in Paragraph 2.2 herein may submit their Competition papers and the accompanying documents referred to in Paragraph 7 herein by post, addressing the envelope to the "Competition of Student Scientific Research Papers, Latvijas Banka, K. Valdemāra iela 2A, Riga, LV-1050", and sending it by registered post by 15 May 2017 (postal seal). Papers submitted after 15 May 2017 will not be considered.

      9. The Competition papers shall be evaluated by a committee set up by the Governor of Latvijas Banka (hereinafter – the Committee). A member of the Committee shall not take part in the evaluation of the Competition papers if he or she has a personal interest (the member of the Committee is the scientific supervisor/tutor of the Competition paper or the like) that could affect the independence and objectivity in the evaluation of the Competition paper.

      10. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 12 June 2017: 1 (one) first place, 2 (two) second place, and 3 (three) third place winners.

      11. The winners will be awarded a one-time award in the following amounts (before taxes stipulated by law of the Republic of Latvia):

      11.1 EUR 2 000 to the first-place winner;

      11.2 EUR 1 250 to the two second-place winners each;

      11.3 EUR 700 to the three third-place winners each.

      12. Based on the evaluation of the Competition papers, the Committee shall have the right to award no awards, to reduce their number or to divide them as well as award consolation prizes. The taxes stipulated in the Republic of Latvia legislation associated with the awarding of the prizes shall be withheld from the funds of Latvijas Banka.

      13. If the award-winning paper has two or more authors, the award shall be equally split among them.

      14. The results of the Competition will be published by 30 June 2017 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv).

      15. The Competition papers winning no awards will be available for picking up at the Public Relations Division of the International Relations and Communication Department of Latvijas Banka (telephone: +371 67022761) within 1 (one) month after the results of the Competition have been made public. The unclaimed papers will not be preserved after the aforementioned date.

    • On 16 June, the winners of the 14th annual competition of students' scientific research papers received their awards at Latvijas Banka.

      The first place was not awarded, but two works ranked second:  "[Are the] Baltic Tigers Facing the Middle-Income Trap?" ("Vai Baltijas tīģeriem draud vidējā ienākuma slazds?" authored by Ernests Bordāns and Madis Teinemaa) and "Variation of Monetary Policy Transmission over a Financial Cycle: Analysis of the EU Countries" ("Monetārās politikas transmisija atkarībā no finanšu cikla: ES valstu analīze" authored by Olena Kuzan and Anastasiya Kazhar). 

      In the paper "Baltic Tigers…", the so-called trap of middle income, i.e. the situation where a country, finding itself in the group of middle-income countries, loses competitiveness and cannot successfully compete with either low-income or high-income countries. The authors conclude that even though the Baltic countries have not yet been caught in the trap of middle income, structural reforms are necessary to avoid such a possibility in the future.

      In the paper "Variation of Monetary Policy Transmission…", the impact of the financial cycle on central banks' policies and monetary transmission is analysed. The authors reach the conclusion that during the periods of financial crisis, monetary transmission is improved and this effect is more pronounced in countries with a developed financial market.

      Third place was also shared by two papers: "Nowcasting the Baltic States' GDP Using Common Indicators: A Cross-Country Analysis" ("Baltijas valstu IKP īstermiņa prognozēšana, izmantojot kopējus indikatorus" authored by Arturs Pleišs and Tudor Poiana) and "Latvia: Catching-Up Towards the World Production Frontier, An Industry-Level Analysis" ("Latvijas tuvošanās pasaules ražošanas potenciālam: nozaru analīze" authored by Edgars Kokins and Valentīns Lavrinovičs).

      The results of the study " Nowcasting the Baltic States' GDP…" indicate that, in the case of Estonia, valuable information on GDP is included in the survey data on manufacturing output and business tendency; in the case of Latvia, in the stock market profitability indicators and, in the case of Lithuania, in the foreign trade data.

      The paper "Latvia: Catching-Up…" is a study of the determining factors of productivity growth by industry. The authors are of the opinion that reforms targeted at reducing corruption, improving the legal environment and education system, as well as developing the infrastructure can raise productivity in Latvia.

      Two papers merited achievement awards: "European Central Bank Monetary Policy and the Expectations of Inflation" ("Eiropas Centrālās Bankas monetārā politika un inflācijas gaidas" authored by Konstantīns Šeļegs and Ana-Maria Tecuci) and "Real Convergence in the European Union and the Baltic Countries" (authored by Jekaterīna Romaņuka). 

      The competitors were addressed by adviser to Latvijas Banka, economist Andris Strazds, who emphasized that this year the papers submitted were of high quality and mostly very practically minded. He also expressed appreciation of students' attempts to envision ways how the Baltic countries could develop in the future.

      Mr. Strazds voiced hope that some of these young people would become policy makers one day, helping to implement the necessary reforms, so that within the next generation Latvia could become a highly developed and prosperous country.  

      The winners were awarded money prizes as well as the collectors' coin, "Coin of the Seasons".

      During the event, a discussion of the prize-winning works and topical issues regarding the Latvian economy also took place.  

      In the school year 2015-2016, Latvijas Banka held the competition, in which both students of Latvian universities and Latvian students abroad are invited to participate, for the fourteenth time. The goal of the competition is to promote the identification and analysis of the macroeconomic problems in Latvia and the euro area, involving in the process the most promising young economists.

      This year, thirteen papers were submitted, which is more than a year ago, moreover, the quality of the papers keeps increasing with each subsequent year. The authors of the papers are twenty students (some papers have two authors) from three Latvian universities.  Among the topical issues addressed are the public debt and economic growth; real convergence and the middle-income trap; monetary policy transmission and inflation expectations; short-term projections on gross domestic product; efficiency of the educational system etc.

       


       

    • To promote the research and analysis of Latvia's macroeconomic issues by involving the most talented young economists, in academic year 2013/2014 Latvijas Banka organised already the 12-th competition of student scientific research papers.

      Interest about the competition was high this year – 24 papers were submitted (10 papers more than in the previous year). The authors of the papers are 31 students (some papers have two authors) from eight Latvia's higher educational establishments. The submitted papers tackle topical economic issues: migration, unemployment and sustainability of the pension system; economic growth and competitiveness of Latvian commodity exports; fiscal policy and real estate market; credit risks, the new regulatory requirements and the process of deleveraging in the credit institution sector, the impact of the development of major global economies on Latvia and the stability in the euro area etc.

      The first prize was awarded to Stefānija Kursiša and Olga Sadovici, students of the Stockholm School of Economics in Riga, for the paper "Evaluation of the Transmission of the Euro Area, Japan and US Monetary Shocks to the Baltic States". The paper evaluates the impact of the euro area, Japan and US monetary shocks on the macroeconomic indicators of the Baltic States (GDP, inflation and interest rates) based on econometric models in the analysis.

      Two second prizes were awarded to Marina Aleksejeva and Nikolajs Prihodko, students of the Stockholm School of Economics in Riga, for the paper "Is Basel III Socially Beneficial in the Baltic Context?" and Elza Kalniņa and Andrejs Semjonovs, students of the same business school, for the paper "The Assessment of Salary Flexibility in Latvia". The third prize went to Kristīne Priedīte and Līva Levane (Stockholm School of Economics in Riga) for the paper "Can We Rely on Confidence? The Case of Latvia".

      Two consolation prizes were also awarded to Anastasija Zolotare, student of the University of Latvia, for the paper "Competitive Analysis of Latvian Commodity Exports" and Viktorija Piļinko and Andrejs Romančenko, students of the Stockholm School of Economics in Riga, for the paper "A Macro-financial Model for Credit Risk Stress Testing: The Case of Latvia".

      The authors of the award-winning papers received money awards and Latvia's first euro collector coin Ainaži Nautical School.

      More photos on Latvjas Banka Flickr gallery

      The contestants were greeted by Ilmārs Rimšēvičs, the Governor of Latvijas Banka, who stressed that academic year 2013/2014 had been special for both higher educational establishments and the economy of Latvia, the Baltics, and the euro area. Higher educational establishments are still expecting that education reforms will take place, and this is obviously a precondition for subsequent scientific breakthroughs in Latvia in the near future, as academic Jānis Stradiņš once said.

      There were many significant events, in particular, the introduction of the euro, that influenced the economy over the last 12 months. "This changes the impact of our economic policy, the circumstances under which our economy operates, as well as the scope of our economic analysis," said I. Rimšēvičs. The introduction of the euro has been also reflected in several student papers; moreover, from a regional perspective of the Baltic States that will even play a more significant role in subsequent competitions as Lithuania has followed Estonia's and Latvia's lead to become the 19th euro area country next year.

      The award-winning papers and the latest economic developments were discussed during the award ceremony.

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