Macroeconomic Monitor
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Kalin Mikov

New election manipulation. So what?

Amidst the rising cacophony, the question remained somehow unasked: “So what?” How exactly does yesterday's incident differ from the trivial practice we witness in all elections, with the exception perhaps of our amateurism?

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Guest article: Banking lessons from Cyprus

However, the imposed capital controls and the "haircut" have the positive effect of directing public attention to the essence of fractional banking and the fact that the "conservative" method of saving - the bank deposit - is in practice a loan to institutions that cannot possibly fulfill all their obligations and need ...

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Democracy or freedom?

In everyday speech, especially discussing the events around and after 1989, the concepts of democracy and market economy are used, if not synonymously, then at least inseparably from each other. In this article, I will argue that a pure market economy, built on individual freedom and private property, cannot exist in …

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