Latvijas Banka's Competition of Student Scientific Research Papers

Regulation for 2024 Competition of the Baltic States Student Scientific Research Papers Organised by Latvijas Banka

1. Latvijas Banka announces 2024 Competition of the Baltic States Student Scientific Research Papers (hereinafter, the Competition) to promote research and analysis of macroeconomic issues and development of scientific thinking in students of higher education institutions.

2. The Competition shall be open for participation to:
2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or Master's degree programmes;
2.2 citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania or 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 laws and regulations of other countries, and enrolled in Bachelor's or Master's degree programmes.

3. Persons who are employees of the central banks of the Eurosystem or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds 1 (one) year shall not participate in the Competition. 

4. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level must meet at least the requirements of a Bachelor's thesis. The Competition paper shall be produced on a computer in Latvian or English. If the process of producing the Competition paper has involved the use of artificial intelligence, the paper shall state what tasks it performed and how it was used.

5.    The Competition paper shall discuss a subject which is currently relevant for the Baltic and euro area economies. 

6. The Competition paper shall be submitted to Latvijas Banka from 13 May 2024 to 31 May 2024 via the website www.macroeconomics.lv. 

7. The Competition paper shall be submitted together with the information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution and – for non-residents – date of birth) as well as a copy of a document supporting the author's eligibility in accordance with the requirements set out in Paragraph 2 herein. 

8. The Competition papers received by Latvijas Banka after 31 May 2024 will not be considered.

9. The submission of the Competition paper shall constitute a 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 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 a Competition paper 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. 

11. The Committee shall have the right to refuse to evaluate a Competition paper that does not address economic issues of the Baltic States and the euro area. 

12. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 14 June 2024: 1 (one) first-place winner, 2 (two) second-place winners, 3 (three) third-place winners and 3 (three) motivational award winners.

13. The winners of the Competition will be awarded one-time prizes in the following amounts (before taxes stipulated by the laws and regulations of the Republic of Latvia):
13.1 EUR 1500 to the first-place winner;
13.2 EUR 1250 to the two second-place winners each;
13.3 EUR 1000 to the three third-place winners each;
13.4 EUR 350 to the three motivational award winners each.

14. Based on the evaluation of the Competition papers, the Committee shall have the right to award no prizes or to reduce their number.

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

16. Authors of the submitted and adequately prepared Competition papers may be awarded one of Latvijas Banka's euro collector coins. The taxes stipulated by the laws and regulations of the Republic of Latvia associated with the awards shall be paid from the funds of Latvijas Banka.

17. The results of the Competition, as well as the awarded Competition papers, shall be published by 28 June 2024 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv). The Competition papers winning no awards shall not be preserved after the Competition.

18. The personal data of the submitted Competition papers' authors shall be processed for the purposes of the Competition. Personal data processing controller: Latvijas Banka, reg. No LV90000158236, K. Valdemāra iela 2A, Riga, LV-1050, e-mail: datuaizsardziba@bank.lv. For further information on the processing of personal data at Latvijas Banka.
 

• Regulation

Participation at 2024 Competition of the Baltic States Student Scientific Research Papers organised by Latvijas Banka is open for papers discussing, for example, the following themes concerning the Baltic or the euro area economies:

1. assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
2. assessment of the natural rate of interest in the euro area and proposals for developing monetary policy; 
3. interest rate transmission in various euro area countries; impact of the rise in interest rates on various economic sectors;
4. role of unconventional monetary policy measures in the phase of monetary policy tightening; 
5. assessment of the forward guidance effectiveness and its role in developing monetary policy;
6. Eurosystem's monetary policy transmission to the Baltic States: the impact of interest rates on the economies of the Baltic States versus the impact of unconventional monetary policy measures;
7. inflation determinants, the role of the demand and supply shocks;
8. inflation differences across the Baltic States and euro area countries: the analysis of determinants and proposals for policy makers;
8. Phillips curve relationship in Europe and the Baltic States: change over time and underlying factors;
9. developing models for gross domestic product and inflation forecasting in the Baltic States;
10. impact of Russia's aggression and war in Ukraine on the economy of the Baltic States;
11. fiscal policy in the European Union and proposals for improvement; 
12. dynamics of public debt and its potential impact on economic growth;
13. assessment of energy crisis support measures in the European countries;
14. assessment of the macroeconomic and macrofinancial impact of the risks associated with climate change; 
15. ageing of population and its impact on the sustainability of the pension system in the Baltic States;
16. impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
17. real convergence of the Baltic States with the euro area;
18. total factor productivity drivers in the Baltic States;
19. export competitiveness of the Baltic States;
20. assessment of the effectiveness of the use of the European Union structural funds in the Baltic States;
21. wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
23. assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
24. methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
25. causes for the weak lending and the related risks to Latvia's economy;
26. financial stability risks in the Baltic States and instruments used to limit those risks;
27. growth potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
28. significance of bank lending in today's economy; assessment of alternative sources of financing in the Baltic States;
29. potential impact of central bank digital currencies on the future economy in Latvia and globally;
30. factors determining the development of instant payments and its impact on household behaviour in Europe.
31. Financial habits of Generation Z. Are young people in Latvia prepared to give up cash and what do they expect from payment services providers?
32. the structure of the banking system in the Baltic States and its impact on the development of the payment services and the related services.
 

Regulation for 2023 Competition of the Baltic States Student Scientific Research Papers Organised by Latvijas Banka

1. Latvijas Banka announces a Competition of the Baltic States Student Scientific Research Papers for 2023 (hereinafter, the Competition) to promote research and analysis of the macroeconomic issues and development of scientific thinking in university students.

2. The Competition shall be open for participation to:
2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or Master's degree programmes;
2.2 citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania or 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 laws and regulations of other countries, and enrolled in Bachelor's or Master's degree programmes.

3. Persons who are employees of the central banks of the Eurosystem or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds 1 (one) year cannot participate in the Competition. 

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

5. The Competition paper shall discuss a subject which is currently relevant for the Baltic and euro area economies. 

6. The Competition paper shall be submitted to Latvijas Banka from 15 May 2023 to 29 May 2023 via the website www.macroeconomics.lv. 

7. The Competition paper shall be submitted together with information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution and – for non-residents – date of birth) as well as a copy of the document supporting the author's eligibility in accordance with the requirements set out in Paragraph 2 herein. 

8. The Competition papers received by Latvijas Banka after 29 May 2023 will not be considered.

9. The submission of the Competition paper shall constitute a confirmation that it is the work of the author and that the author assumes responsibility for observing the copyright of any 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 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 evaluation of a Competition paper if he/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 an independent and objective evaluation of the Competition paper. 

11. The Committee shall have the right to refuse to evaluate a Competition paper that does not address the economic issues of the Baltic States and the euro area. 

12. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 12 June 2023: 1 (one) Excellence Award winner, 1 (one) first-place winner, 2 (two) second-place winners and 3 (three) third-place winners.

13. The winners of the Competition will be awarded one-time prizes in the following amounts (before taxes stipulated by the laws and regulations of the Republic of Latvia):
13.1 EUR 2000 to the Excellence Award winner;
13.2 EUR 1500 to the first-place winner;
13.3 EUR 1250 to the two second-place winners each;
13.4 EUR 1000 to the three third-place winners each.

14. Based on the evaluation of the Competition papers, the Committee shall have the right to award no prizes, reduce their number, or divide them and award consolation prizes.

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

16. Authors of the submitted and adequately prepared Competition papers may be awarded one of Latvijas Banka's euro collector coins. The taxes stipulated by the laws and regulations of the Republic of Latvia associated with the awards shall be paid from the funds of Latvijas Banka.

17. The results of the Competition, inter alia, the awarded Competition papers, shall be published by 30 June 2023 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv). The Competition papers winning no awards shall not be preserved after the Competition.

18. The personal data of the submitted Competition papers' authors shall be processed for the purposes of the Competition. Personal data processing controller: Latvijas Banka, reg. No. LV90000158236, K. Valdemāra iela 2A, Riga, LV-1050, e-mail: datuaizsardziba@bank.lv. For further information on the processing of personal data at Latvijas Banka, see https://www.bank.lv/en/about-us/useful/processing-of-personal-data.
 

Participation at 2023 Competition of the Baltic States Student Scientific Research Papers organised by Latvijas Banka is open for papers discussing, for example, the following themes concerning the Baltic or the euro area economies:

• assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
• assessment of the natural rate of interest in the euro area and proposals for developing monetary policy; 
• interest rate transmission in various euro area countries; impact of the rise in interest rates on various economic sectors;
• role of unconventional monetary policy measures in the phase of monetary policy tightening; 
• assessment of the forward guidance effectiveness and its role in developing monetary policy;
• Eurosystem's monetary policy transmission to the Baltic States: the impact of interest rates on the economies of the Baltic States versus the impact of unconventional monetary policy measures;
• inflation determinants, the role of the demand and supply shocks;
• inflation differences across the Baltic States and euro area countries: the analysis of determinants and proposals for policy makers;
• Phillips curve relationship in Europe and the Baltic States: change over time and underlying factors;
• developing models for gross domestic product and inflation forecasting in the Baltic States;
• impact of Russia's aggression and war in Ukraine on the economy of the Baltic States;
• fiscal policy in the European Union and proposals for improvement; 
• dynamics of public debt and its potential impact on economic growth;
• assessment of energy crisis support measures in the European countries;
• assessment of the macroeconomic and macrofinancial impact of the risks associated with climate change; 
• ageing of population and its impact on the sustainability of the pension system in the Baltic States;
• impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
• real convergence of the Baltic States with the euro area;
• total factor productivity drivers in the Baltic States;
• export competitiveness of the Baltic States;
• assessment of the effectiveness of the use of the European Union structural funds in the Baltic States;
• wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
• assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
• methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
• causes for the weak lending and the related risks to Latvia's economy;
• financial stability risks in the Baltic States and instruments used to limit those risks;
• growth potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
• significance of bank lending in today's economy; assessment of alternative sources of financing in the Baltic States;
• potential impact of central bank digital currencies on the future economy in Latvia and globally;
• factors determining the development of instant payments and its impact on household behaviour in Europe.

Participation at 2022 Competition of the Baltic States Student Scientific Research Papers organised by Latvijas Banka is open for papers discussing, for example, the following themes concerning the Baltic or the euro area economies:

• assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
• assessment of the natural rate of interest in the euro area and proposals for defining monetary policy;
• negative interest rates: their effectiveness from the monetary policy perspective;
• side-effects of unconventional monetary policy measures;
• assessment of the forward guidance effectiveness and its role in defining monetary policy;
• Eurosystem's monetary policy transmission to the Baltic States; impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area;
• causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
• Phillips curve relationship in Europe and the Baltic States: change over time and underlying factors;
• developing models for gross domestic product and inflation forecasting in the Baltic States;
• long-term economic impact of the COVID-19 pandemic: potential structural changes;
• fiscal policy in the European Union (including the government support measures to mitigate the impact of the COVID-19 pandemic) and proposals for improvement;
• the dynamics of public debt and its potential impact on economic growth;
• epidemiology versus economy: analysis of international experience in finding the optimum balance between the COVID-19 restrictions and economic growth;
• assessment of the macroeconomic and macrofinancial impact of the risks associated with climate change;
• ageing of population and its impact on the sustainability of the pension system in the Baltic States;
• impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
• real convergence of the Baltic States with the euro area;
• total factor productivity drivers in the Baltic States;
• export competitiveness of the Baltic States;
• assessment of the European Union structural funds and direct investment effectiveness in the Baltic States;
• wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
• labour migration, its driving factors and impact on the economy;
• assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
• methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
• causes for the weak lending and the related risks to Latvia's economy;
• financial stability risks in the Baltic States and the instruments used to limit those risks;
• development potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
• significance of bank lending in today's economy. Assessment of alternative sources of financing in the Baltic States;
• potential impact of central bank digital currencies on the future economy in Latvia and globally;
• factors determining the development of instant payments and its impact on household behaviour in Europe.

Regulation for 2022 Competition of the Baltic States Student Scientific Research Papers Organised by Latvijas Banka

1. Latvijas Banka announces a Competition of the Baltic States Student Scientific Research Papers for 2022 (hereinafter, the Competition) to promote research and analysis of the macroeconomic issues and development of scientific thinking in university students.

2. The Competition shall be open for participation to:

2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or Master's degree programmes;

2.2 citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania or 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 laws and regulations of other countries, and enrolled in Bachelor's or Master's degree programmes.

3. Persons who are employees of the central banks of the Eurosystem or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds 1 (one) year cannot participate in the Competition.

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

5. The Competition paper shall discuss a subject which is currently relevant for the Baltic and euro area economies.

6. The Competition paper shall be submitted to Latvijas Banka from 16 May 2022 to 30 May 2022 via the website www.macroeconomics.lv.

7. The Competition paper shall be submitted together with information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution and – for non-residents – date of birth) as well as a copy of the document supporting the author's eligibility in accordance with the requirements set out in Paragraph 2 herein.

8. The Competition papers received by Latvijas Banka after 30 May 2022 will not be considered.

9. The submission of the Competition paper shall constitute a confirmation that it is the work of the author and that the author assumes responsibility for observing the copyright of any 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 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 evaluation of a Competition paper if he/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 an independent and objective evaluation of the Competition paper.

11. The Committee shall have the right to refuse to evaluate a Competition paper that does not address the economic issues of the Baltic States and the euro area.

12. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 15 June 2022: 1 (one) Excellence Award winner, 1 (one) first-place winner, 2 (two) second-place winners and 3 (three) third-place winners.

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

13.1 EUR 2000 to the Excellence Award winner;

13.2 EUR 1500 to the first-place winner;

13.3 EUR 1250 to the two second-place winners each;

13.4 EUR 1000 to the three third-place winners each.

14. Based on the evaluation of the Competition papers, the Committee shall have the right to award no prizes, reduce their number, or divide them and award consolation prizes.

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

16. Authors of the submitted and adequately prepared Competition papers may be awarded one of Latvijas Banka's euro collector coins. The taxes stipulated in the Republic of Latvia legislation associated with the awards shall be paid from the funds of Latvijas Banka.

17. The results of the Competition, inter alia, the awarded Competition papers, shall be published by 30 June 2022 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv). The Competition papers winning no awards shall not be preserved after the Competition.

18. The personal data of the submitted Competition papers' authors shall be processed for the purposes of the Competition. Personal data processing controller: Latvijas Banka, reg. No. LV90000158236, K. Valdemāra iela 2A, Rīga, LV-1050, e-mail: datuaizsardziba@bank.lv. For further information on the processing of personal data at Latvijas Banka, see https://www.bank.lv/en/about-us/useful/processing-of-personal-data.

• Regulation

Regulation for 2021 Competition of the Baltic States Student Scientific Research Papers Organised by Latvijas Banka

1. Latvijas Banka announces a Competition of the Baltic States Student Scientific Research Papers for 2021 (hereinafter, the Competition) to promote research and analysis of the macroeconomic issues and development of scientific thinking in university students.
2. The Competition shall be open for participation to:
   2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or Master's degree programmes;
   2.2 citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania or 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 laws and regulations of other countries, and enrolled in Bachelor's or Master's degree programmes.
3. Persons who are employees of the central banks of the Eurosystem or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds 1 (one) year cannot participate in the Competition.
4. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level must meet at least the requirements of a Bachelor's thesis. The Competition paper shall be produced on a computer in Latvian or English.
5. The Competition paper shall discuss a subject which is currently relevant for the Baltic and euro area economies.
6. The Competition paper shall be submitted to Latvijas Banka from 17 May 2021 to 31 May 2021 via the website www.macroeconomics.lv.
7. The Competition paper shall be submitted together with information about the author (name and surname, identity number, address, telephone number, e-mail address, educational institution and – for non-residents – date of birth) as well as a copy of the document supporting the author's eligibility in accordance with the requirements set out in Paragraph 2 herein.
8. The Competition papers received by Latvijas Banka after 31 May 2021 will not be considered.
9. The submission of the Competition paper shall constitute a confirmation that it is the work of the author and that the author assumes responsibility for observing the copyright of any 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 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 evaluation of a Competition paper if he/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 an independent and objective evaluation of the Competition paper.
11. The Committee shall have the right to refuse to evaluate a Competition paper that does not address the economic issues of the Baltic States and the euro area.
12. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 15 June 2021: 1 (one) Excellence Award winner, 1 (one) first-place winner, 2 (two) second-place winners and 3 (three) third-place winners.
13. The winners of the Competition will be awarded one-time prizes in the following amounts (before taxes stipulated by law of the Republic of Latvia):
    13.1 EUR 2000 to the Excellence Award winner;
    13.2 EUR 1500 to the first-place winner;
    13.3 EUR 1250 to the two second-place winners each;
    13.4 EUR 1000 to the three third-place winners each.
14. Based on the evaluation of the Competition papers, the Committee shall have the right to award no prizes or to reduce their number.
15. If the award-winning paper has two or more authors, the awarded prize shall be equally split among them.
16. Authors of the submitted and adequately prepared Competition papers may be awarded one of Latvijas Banka's euro collector coins. The taxes stipulated in the Republic of Latvia legislation associated with the awards shall be paid from the funds of Latvijas Banka.
17. The results of the Competition, inter alia, the awarded Competition papers, shall be published by 30 June 2021 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv). The Competition papers winning no awards shall not be preserved after the Competition.
    18. The personal data of the submitted Competition papers' authors shall be processed for the purposes of the Competition. Personal data processing controller: Latvijas Banka, reg. No. LV90000158236, K. Valdemāra iela 2A, Rīga, LV-1050, e-mail: datuaizsardziba@bank.lv. For further information on the processing of personal data at Latvijas Banka, see https://www.bank.lv/en/about-us/useful/processing-of-personal-data

• Regulation for 2021 Competition (PDF)

The following subjects are proposed for 2021 Competition of the Baltic States Student Scientific Research Papers organised by Latvijas Banka:

1. assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
2. assessment of the natural rate of interest in the euro area and proposals for defining monetary policy;
3. negative interest rates: their effectiveness from the monetary policy perspective;
4. side-effects of unconventional monetary policy measures;
5. assessment of the forward guidance effectiveness and its role in defining monetary policy;
6. Eurosystem's monetary policy transmission to the Baltic States; impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area;
7. causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
8. Philips curve relationship in Europe and the Baltic States: change over time and underlying factors;
9. developing models for gross domestic product and inflation forecasting in the Baltic States;
10. long-term economic impact of the COVID-19 pandemic: potential structural changes;
11. fiscal policy in the European Union (including the government support measures to mitigate the impact of the COVID-19 pandemic) and proposals for improvement;
12. the dynamics of public debt and its potential impact on economic growth;
13. epidemiology versus economy: analysis of international experience in finding the optimum balance between the COVID-19 restrictions and economic growth;
14. assessment of the macroeconomic and macrofinancial impact of the risks associated with climate change;
15. ageing of population and its impact on the sustainability of the pension system in the Baltic States;
16. impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
17. real convergence of the Baltic States with the euro area;
18. total factor productivity drivers in the Baltic States;
19. export competitiveness of the Baltic States;
20. assessment of the European Union structural funds and direct investment effectiveness in the Baltic States;
21. wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
22. labour migration, its driving factors and impact on the economy;
23. assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
24. methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
25. causes for the weak lending and the related risks to Latvia's economy;
26. the impact of low interest rates on the financial sectors of the Baltic States;
27. development potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
28. significance of bank lending in today's economy. Assessment of alternative sources of financing in the Baltic States;
29. potential impact of central bank digital currencies on the future economy in Latvia and globally;
30. factors determining the development of instant payments and its impact on household behaviour in Europe.

The following topics may be analysed in the Competition paper:

• Assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
• Assessment of the natural rate of interest in the euro area and proposals for the implementation of monetary policy;
• Negative interest rates: their efficiency from the monetary policy perspective;
• Side-effects of unconventional monetary policy measures;
• Assessment of the forward guidance effectiveness and its role in formulating and developing monetary policy;
• Eurosystem's monetary policy transmission to the Baltic States; impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area;
• Causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
• Philips curve relationship in Europe and the Baltic States: change over time and underlying factors;
• Developing models for gross domestic product and inflation forecasting in the Baltic States;
• Pass-through of global prices (oil and food product prices) to consumer prices in the Baltic States;
• Fiscal policy in the European Union (including its role in reducing economic cycle fluctuations) and proposals for improvement;
• Impact of public debt on economic growth;
• Output gap estimation in the Baltic States by different estimation methods and their application in the cyclical adjustment of the budget balance;
• Impact of trade wars on the economy in Europe including Baltic States;
• Ageing of population and its impact on the sustainability of the pension system in the Baltic States;
• Impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
• Real convergence of the Baltic States with the euro area;
• Total factor productivity drivers in the Baltic States;
• Competitiveness of exports of the Baltic States;
• Assessment of the European Union structural funds and direct investment efficiency in the Baltic States;
• Wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
• Labour migration, its driving factors and impact on the economy;
• Assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
• Methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
• Causes for the weak lending and the related risks to Latvia's economy;
• Impact of low interest rates on the financial sectors of the Baltic States;
• Growth potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
• Significance of bank lending in today's economy. Assessment of alternative sources of financing in the Baltic States;
• Assessment of the financial cycle in the Baltic States;
• Factors determining the development of instant payments and its impact on household behaviour in Europe.

Papers addressing other crucial topics on the economies of the Baltic States and the euro area in relation to monetary and fiscal policies 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. 

Regulation for the Competition of the Baltic States Student Scientific Research Papers for 2020 Organised by Latvijas Banka

1. To promote the research and analysis of macroeconomic issues and to facilitate advancement of university student scientific thinking, Latvijas Banka announces a Competition of the Baltic States Student Scientific Research Papers for 2020 (hereinafter, the Competition).

2. The following may participate in the Competition:
2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or 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 laws and regulations of other countries, and enrolled in Bachelor's or Master's degree programmes.

3. Persons, who are employees of the central banks of the Eurosystem or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds 1 (one) year, cannot participate in the Competition. 

4. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level must 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 may be analysed in the Competition paper:
5.1    assessment of the euro area sustainability and proposals for strengthening the Economic and Monetary Union;
5.2     assessment of the natural rate of interest in the euro area and proposals for the implementation of monetary policy; 
5.3    negative interest rates: their efficiency from the monetary policy perspective; 
5.4    side-effects of unconventional monetary policy measures; 
5.5    assessment of the forward guidance effectiveness and its role in formulating and developing monetary policy;
5.6    Eurosystem's monetary policy transmission to the Baltic States; impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area;
5.7    causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
5.8    Philips curve relationship in Europe and the Baltic States: change over time and underlying factors;
5.9    developing models for gross domestic product and inflation forecasting in the Baltic States;
5.10    pass-through of global prices (oil and food product prices) to consumer prices in the Baltic States;
5.11    fiscal policy in the European Union (including its role in reducing economic cycle fluctuations) and proposals for improvement; 
5.12    impact of public debt on economic growth;
5.13    output gap estimation in the Baltic States by different estimation methods and their application in the cyclical adjustment of the budget balance;
5.14    impact of trade wars on the economy in Europe including Baltic States;
5.15    ageing of population and its impact on the sustainability of the pension system in the Baltic States;
5.16    impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
5.17    real convergence of the Baltic States with the euro area;
5.18    total factor productivity drivers in the Baltic States;
5.19    competitiveness of exports of the Baltic States;
5.20    assessment of the European Union structural funds and direct investment efficiency in the Baltic States;
5.21    wage-productivity balance and the Balassa–Samuelson effect in the Baltic States;
5.22    labour migration, its driving factors and impact on the economy;
5.23    assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
5.24    methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
5.25    causes for the weak lending and the related risks to Latvia's economy;
5.26    impact of low interest rates on the financial sectors of the Baltic States;
5.27    growth potential of FinTech, InsurTech and other Tech and risks to the Baltic States' economies and financial stability;
5.28    significance of bank lending in today's economy. Assessment of alternative sources of financing in the Baltic States;
5.29    assessment of the financial cycle in the Baltic States;
5.30    factors determining the development of instant payments and its impact on household behaviour in Europe.

6. Papers addressing other crucial topics on the economies of the Baltic States and the euro area in relation to monetary and fiscal policies 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. 

7. 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 from 18 May 2020 to 1 June 2020 in one of the following ways:
8.1 as a paper-based document, signed by the author, and its digital copy, recorded on an electronic data carrier, in a sealed envelope addressed to the "Competition of Student Scientific Research Papers" in person at K. Valdemāra iela 2A, Riga (Noliktavas iela entrance) on business days from 8.30 a.m. to 17.30 p.m. (on Fridays from 8.30 a.m. to 16.15 p.m.) or by post to: K. Valdemāra iela 2A, Riga, LV-1050;
8.2 in digital form, signed with a secure digital signature, by e-mail to: info@bank.lv.

9. 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 the requirements set out in Paragraph 2 herein. 

10. Irrespective of the way the Competition paper is submitted, it shall be received at Latvijas Banka by 1 June 2020 (inclusive). Papers received at Latvijas Banka after 1 June 2020, will not be considered.

11. 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.

12. Where it is established that the author has not signed the Competition paper in accordance with the requirements set out in Paragraph 8 herein, Latvijas Banka has the right to ask the author of the paper to fix this shortcoming.

13. 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. 

14. The Committee shall evaluate the Competition papers and determine the winners of the Competition by 17 June 2020: 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.

15. The winners of the Competition will be awarded a one-time award in the following amounts (before taxes stipulated by law of the Republic of Latvia):
15.1 EUR 2000 to the first-place winner;
15.2 EUR 1250 to the two second-place winners each;
15.3 EUR 700 to the three third-place winners each;
15.4 EUR 1422.87 to the winner of Juris Vīksniņš Award.

16. 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. 

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

18. Authors of all submitted and adequately prepared Competition papers shall be awarded one of Latvijas Banka's euro collector coins. The taxes stipulated in the Republic of Latvia legislation associated with the awards shall be withheld from the funds of Latvijas Banka.

19. The results of the Competition will be published by 30 June 2020 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.lv).

20. 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 67022782) 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.

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 has announced the annual Competition of Student Scientific Research Papers.

Latvijas Banka organises the competition already for the 18th time. Participation is open to citizens and non-citizens of Latvia, Lithuania and Estonia as well as foreigners who at the time of the competition are registered as students of higher education institutions accredited as such in the Baltic States, enrolled in Bachelor's or Master's degree programmes. 

30 topics related to monetary policy, macroeconomic development and financial stability are proposed for the competition (for a full list, see below).  

For the third consecutive year, a special award named after the prominent Latvian economist Juris Vīksniņš will be awarded for the best competition paper where integrated scientific methods in the field of economics and history have been used 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. Up to now, no papers qualifying for this particular award have been submitted for the competition; however, papers and researchers analysing and studying the history of economics are really necessary for both economic research and a public discussion on the developments of the global and Latvian economy. 

The Competition papers shall be submitted to Latvijas Banka from 18 May to 1 June 2020. The competition papers will be evaluated by a committee of economists set up by Latvijas Banka. The papers winning awards will be published on the website www.macroeconomics.lv, and their authors will receive money awards, incl. EUR 2 000 to the first-prize winner and EUR 1 422.87 to the winner of Juris Vīksniņš Award. 

14 papers were submitted for the Competition of Student Scientific Research papers organised in the previous academic year of 2018/2019. The authors of the papers were 20 students from four Latvia's higher education institutions. No first prize was awarded in the Competition. Two second prizes were awarded to the following students: Palina Tember and Elza Siliņa, the Stockholm School of Economics in Riga, for the scientific research paper "Measuring Fiscal Policy Stance in Real Time and Ex Post in the European Union Member States", investigating the dependence of fiscal policy changes on the business cycle.; and Onufrii Lonevskyi and Kristijonas Klimaitis, the Stockholm School of Economics in Riga, for their paper "The Twin Deficits Hypothesis in the Eastern European Group: an Empirical Investigation", examining whether there is a correlation between a government deficit and current account deficit in Eastern European countries.

The following topics may be analysed in the Competition paper:

• assessment of the euro euro area sustainability and proposals for strengthening the Economic and Monetary Union;
• possibilities for monetary policy and coordination of economic policy in the low interest rate environment;
• assessment of the natural rate of interest in the euro area and proposals for the implementation of monetary policy;
• assessment of the forward guidance effectiveness and its role in formulating anddeveloping monetary policy;
• monetary policy transmission of the Eurosystem in the Baltic States. Impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area.
• impact and challenges of monetary policy normalisation;
• causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
• Philips curve relationship in Europe and the Baltic States: change over time and underlying factors;
• developing models for gross domestic product and inflation forecasting in the Baltic States;
• pass-through of global prices (oil and food product prices) to consumer prices in the Baltic States;
• fiscal policy in the European Union: assessment of the rules and proposals for their improvement;
• impact of public debt on economic growth;
• output gap estimation in the Baltic States by different estimation methods and its application in the cyclical adjustment of the budget balance;
• impact of trade wars on the economy in Europe and the Baltic States;
• ageing of population and its impact on the sustainability of the pension system in the Baltic States;
• impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
• real convergence of the Baltic States with the euro area;
• total factor productivity drivers in the Baltic States;
• competitiveness of exports of the Baltic States;
• assessment of the European Union structural funds and direct investment effeciencyin the Baltic States;
• wage-productivity balance  and the Balassa–Samuelson effect in the Baltic States;
• labour migration, its driving factors and impact on the economy;
• assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
• methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
• significance of the credit institutions' financing in today's economy. Assessment of alternative sources of financing;
• the financial sector in a low interest rate environment; the impact of the interest rate increase and monetary policy asynchronicities between the US and euro area on the financial sector;
• assessment of the financial cycle in the Baltic States;
• the non-bank financial sector development and its significance in the economy;
• latest market risk assessment methods and their impact on the price setting mechanism of financial market instruments;
• factors determining the development of instant payments and their impact on household behaviour in Europe.

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. 

Latvijas Banka announces an international Competition of Student Scientific Research Papers for 2019. Latvijas Banka organises the Competition already for the 17th time, and participation is open to students of Latvia, Estonia and Lithuania, enrolled in Bachelor's and Master's degree programmes.

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
30 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 for the Competition.

Special award named after Juris Vīksniņš
For the second consecutive year, a special award named after the prominent Latvian economist Juris Vīksniņš will be awarded for the best Competition paper integrating the scientific methods in the field of economics and history.

Awards
The winners of the Competition will be awarded the following prizes (in 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.

Submission of Competition papers
The Competition papers shall be submitted to Latvijas Banka from 17 May to 31 May 2019. 

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

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

Regulation for the Competition of Student Scientific Research Papers for 2019 Organised by Latvijas Banka

1. To promote the research and analysis of macroeconomic issues and to facilitate advancement of university student scientific thinking, Latvijas Banka announces a Competition of the Baltic States Student Scientific Research Papers for 2019 (hereinafter, the Competition).

2. The following may participate in the Competition:
2.1 persons 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 the Republic of Latvia, the Republic of Lithuania or the Republic of Estonia, and enrolled in Bachelor's or Master's degree programmes;
2.2 citizens and non-citizens of the Republic of Latvia, the Republic of Lithuania or 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 laws and regulations of foreign countries, and enrolled in Bachelor's or Master's degree programmes.

3. Persons, who are employees of the central banks of the Eurosystem 
or former employees of the central banks of the Eurosystem and whose term of service with any of the central banks of the Eurosystem exceeds one year, cannot participate in the Competition. 

4. Quantitative methods of analysis shall be used in the Competition paper, and its length and academic level must 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 may be analysed in the Competition paper:
5.1 assessment of the euro 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 assessment of the natural rate of interest in the euro area and proposals for the implementation of monetary policy;
5.4 assessment of the forward guidance effectiveness and its role in formulating anddeveloping monetary policy;
5.5 monetary policy transmission of the Eurosystem in the Baltic States. Impact of unconventional monetary policy measures on the economies of the Baltic States and/or the euro area.
5.6 impact and challenges of monetary policy normalisation;
5.7 causes of the low inflation in the euro area in the post-crisis period: the role of the cyclical and structural factors;
5.8 Philips curve relationship in Europe and the Baltic States: change over time and underlying factors;
5.9 developing models for gross domestic product and inflation forecasting in the Baltic States;
5.10 pass-through of global prices (oil and food product prices) to consumer prices in the Baltic States;
5.11 fiscal policy in the European Union: assessment of the rules and proposals for their improvement;
5.12 impact of public debt on economic growth;
5.13 output gap estimation in the Baltic States by different estimation methods and its application in the cyclical adjustment of the budget balance;
5.14 impact of trade wars on the economy in Europe and the Baltic States;
5.15 ageing of population and its impact on the sustainability of the pension system in the Baltic States;
5.16 impact of the structural reforms on the economic growth potential in the Baltic States: quantitative assessment and recommendations to policy makers;
5.17 real convergence of the Baltic States with the euro area;
5.18 total factor productivity drivers in the Baltic States;
5.19 competitiveness of exports of the Baltic States;
5.20 assessment of the European Union structural funds and direct investment effeciencyin the Baltic States;
5.21 wage-productivity balance  and the Balassa–Samuelson effect in the Baltic States;
5.22 labour migration, its driving factors and impact on the economy;
5.23 assessment of the natural rate of unemployment in the Baltic States, the underlying factors and proposals for reducing structural unemployment;
5.24 methods of estimating the grey economy, their advantages and disadvantages, estimation of the grey economy in the Baltic States;
5.25 significance of the credit institutions' financing in today's economy. Assessment of alternative sources of financing;
5.26 the financial sector in a low interest rate environment; the impact of the interest rate increase and monetary policy asynchronicities between the US and euro area on the financial sector; 
5.27 assessment of the financial cycle in the Baltic States;
5.28 the non-bank financial sector development and its significance in the economy;
5.29 latest market risk assessment methods and their impact on the price setting mechanism of financial market instruments;
5.30 factors determining the development of instant payments 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. 

7. 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 (entrance from the Noliktavas street side), Riga, from 17 May to 31 May 2019. Papers submitted after 31 May 2019 will not be considered.

9. The Competition papers shall be submitted either as paper-based documents, signed by the person, together with the Competition paper recorded on an electronic data carrier, or in a digital form, signed with a secure digital signature, by e-mailing it to info@bank.lv. Where the Competition paper is submitted as a paper-based document, it 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 20 May 2019 (postal seal). Papers submitted after 20 May 2019 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 14 June 2019: 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 will be equally split among them.

16. The results of the Competition will be published by 30 June 2019 on the websites of Latvijas Banka (www.bank.lv and www.macroeconomics.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.

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>>

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.
 

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.

• Regulations (in pdf)

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.

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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.