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 20th 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 in the Baltic States, enrolled in Bachelor's or Master's degree programmes, as well as to the students of the Baltic States studying abroad.
The submitted papers shall discuss subjects currently relevant for the Baltic and euro area economies (suggestions for topics and a list of the previous years' award-winning papers are available on the website: https://www.macroeconomics.lv/konkursi/latvijas-banka-announces-competition-student-scientific-research-papers).
The competition papers shall be submitted to Latvijas Banka from 16 May to 30 May 2022. They will be evaluated by a committee of economists set up by Latvijas Banka. The award-winning papers will be published on Latvijas Banka's website macroeconomics.lv, their authors will receive money awards (including EUR 2000 to the Excellence Award-winning paper, EUR 1500 to the first-prize-winning paper, EUR 1250 to the two second-prize-winning papers each and EUR 1000 to the three third-prize-winning papers each; in the case of co-authored papers, the award shall be divided among the authors).
30 papers were submitted for the Competition of Student Scientific Research Papers organised in the academic year 2020/2021. Their authors were 42 students from 11 higher education institutions in Latvia and abroad (the Stockholm School of Economics in Riga, Riga Graduate School of Law, BA School of Business and Finance, the University of Latvia, Riga Technical University, the RISEBA University of Applied Sciences, Ventspils University of Applied Sciences, Tallinn Technology University, the University of Tartu, Vilnius University and Lund University).
Vadims Iļčuks, a student of the Stockholm School of Economics in Riga, won the first prize in the competition for his paper "Financing Constraints and Productivity Growth in Central and Eastern Europe: Firm-level Evidence"
The Regulation for the Competition, the papers of the previous prize-winners and other information are available on the website www.macroeconomics.lv under the section FOR STUDENTS. Oļegs Krasnopjorovs, Kārlis Vilerts and Ieva Opmane, economists at Latvijas Banka, describe the competition process and the preconditions for writing an excellent graduation paper in their blogs available at: https://www.makroekonomika.lv/atzinas-no-latvijas-bankas-diplomdarbu-konkursa-2017, https://www.makroekonomika.lv/latvijas-bankas-diplomdarbu-konkursa-atzinas-2018, https://www.makroekonomika.lv/latvijas-bankas-diplomdarbu-konkursa-atzinas-2019 and https://www.makroekonomika.lv/atskanas-no-2020-gada-studentu-zinatniski-petniecisko-darbu-konkursa.
More detailed information on the competition is available at: https://www.makroekonomika.lv/konkursi/zinatniski-petniecisko-darbu-konkurss.
Being aware of the impact of economic literacy on the quality of life and economic growth, Latvijas Banka contributes systemic support to economic education. Latvijas Banka actively offers teachers of social sciences, pupils, students and other interested parties different opportunities to learn and understand the regularities of the economy. In partnership with other institutions involved in implementing the National Strategy for Financial Literacy in Latvia for 2014–2020, Latvijas Banka promotes development where people have knowledge of finances and economics and they are capable of using it for ensuring their financial sustainability, enhancement of their competitiveness in the labour market and increase in well-being, thus also providing preconditions for the overall development of the public at large.
During this academic year, schools have already been using the digital teaching aid "My Economics", created as a joint effort between Latvia's leading education experts and Latvijas Banka's economists, will soon be available to schools. The teaching aid will provide students with a more comprehensive and up-to-date view on the economic issues discussed within the framework of the social and civil society subjects of the general education curriculum. "My Economics" will provide the opportunity to view social, public administration, international relations and business issues through an economics lens, thus giving a more comprehensive insight into various processes on individual, corporate, national and global levels. "My Economics" includes both economic theory and its real-life applications as well as exercises to help reinforce the learning process. In light of the new "School 2030" or the competency-based approach which takes a holistic view of the world and promotes an interdisciplinary approach that is becoming more prevalent in schools, this teaching aid will help teachers to incorporate the economic subjects into other disciplines of the curriculum.