Monetary Research Center

Economic history & History of Economic Thought


The fourth annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 11th to 12th of October 2018 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

Main accent on the 4th Annual Conference was the place and importance of the Balkan countries in the European Union. Researchers and professionals from more than 7 countries took part.

The present book consists papers in English and Bulgarian languages.

           ISBN 978-619-90797-5-1                    

Ownership as an economic category in the research of Karl Marx and their importance in the history of economic thought
by MUSIAL Grazyna | Friday, March 29, 2019
The article deals with the problem of ownership as a scientific category. An analysis of Karl Marx's output is made to explain the place of this economic category in the category of dialectic. The subject of the study is "Capital" (three volumes) and other studies by Marx, mainly "Grundrisse der Kritik der politischen Oekonomie" (1857). The article emphasizes the semantic differences of such concepts as: ownership, possession, disposal and derivatives.
The clash between titans - behavioral portfolio theory versus Markowitz’s modern portfolio theory
by KARAMILEVA Nikoleta | Friday, March 29, 2019
Markowitz's Mean Variance Theory (MVT) from 1952, Nobel Prize awarded, is considered as one of the fundamental in finance and specifically in portfolio management. It sets the relation in which the expected return is maximized for a given level of risk. This is a framework where the investor aims to minimize the variance of his portfolio. On the other hand, the Behavior portfolio theory (BPT) works with the assumption that investors seek to secure a minimal final return and they are not rational but driven by different types of emotions within taking their final decisions. The aim of the current article is to examine the different perspectives of both theories, the clash between expectations, beliefs, rationality and asymmetric information that are to be the main variables in terms of non-material changes that may occur when investor takes his decision how to structure his portfolio environment. Except for defining the differences between the two theories, the article will try to define any empirical evidences to justify the answer of the question: is our standard perception of diversification obsolete and are the decision makers really rational within trying to be on the efficient markets frontier?
Firm versus market in Ronald Coase’s concept
by TCHIPEV Plamen | Friday, March 29, 2019
In November 1937 Ronald Harris Coase published his fundamental article "The Nature of the Firm", throwing the gauntlet to neoclassical economics, which could not be responded properly already 80 years. The task presented by Coase to the economic community is simple to failure. Reminding us, that in the economic system, led by the free price movements in which all resources are allocated by the price mechanism, we find, in the words of a contemporary economist, "islands of conscious power in this ocean of unconscious co-operation like lumps of butter, which coagulating in a pale of butter", the great scholar asked: why do we need that at all? Why, in the coordinating role of the market does appear the inevitable figure of entrepreneur-coordinator, who leads the production? Indicating that the company and the market are alternative ways of organizing, Coase released genie out of the bottle, because the answer he provided, actually launched an endless string of deba¬tes, hypotheses, competing explanations - what exactly is the nature of the compa¬ny. This paper aims to provide a more detailed look at the essence of the dilem¬ma posed by R. Coase, paying tribute to the anniversary of the issue of his genius work.

The third annual scientific conference of the MRC was held from 12th to 13th of October 2017 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

Main accent on the 3rd Annual Conference conference was the monetary regimes with special focus on 20 years of currency board in Bulgaria. Researchers and professionals from more than 9 countries took part.

   The present book consists papers in English and Bulgarian languages 

ISBN 978-619-90797-3-7

WP 17/2018 On the relevance and adequacy of Clifford Hugh Douglas and his socioeconomic philosophy
by STOYANOV Peter | Friday, May 11, 2018

This paper discusses the criticism of Austrian and Keynesian schools of thought against the theory of the unorthodox monetary and social reformer Clifford H. Douglas. The thesis of the author is that the ideas of Douglas although especially adequate to our most pressing economic problems of today were disrespected, misunderstood and universally rejected from the Austrians by their complete lack of practical understanding in the field of accrual accounting, the not self-liquidating price system in the modern industrialized economy and the credit theory banking. While John Maynard Keynes, who was personally influenced by Douglas was more likely trying to save his carrier by distancing himself from the more essential analysis of  the relevant but extremely politically incorrect author.     

In conclusion, the carrier economist and political parties of the time proved to be morally and intellectually incapable of handling Douglas’s economics.  The consequences of this turned out to be far worse and reaching than the uninformed public may assume as according to the author the relevance and adequacy of Douglas’s economics raises exponentially with the exponential rise in technology and income inequality while the ideas of his critiques become exponentially more dangerous and inadequate. 

by NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and MITEVA Diyana and MITEVA Diyana and MITEVA Diyana and HIROTA Yasuyuki and HIROTA Yasuyuki and MARINOVA Tsvetelina and MARTIGNONI Jens and MARTIGNONI Jens and ZAFIROSKI Jovan and DIMITROVA Ivayla and DIMITROVA Ivayla and DIMITROVA Ivayla and BOGATZKY Nikolay and BOGATZKY Nikolay and BOGATZKY Nikolay and BOGATZKY Nikolay and MIHAYLOVA BORISOVA Gergana and MIHAYLOVA BORISOVA Gergana and TONCHEVA Rossitsa and TONCHEVA Rossitsa and HRISTOV Metodi and NOZHAROV Shteryo and MOULAYDRISS Saikak and KORALOVA Petya and HRISTOZOV Yanko and HRISTOZOV Yanko and PETROV Stefan and ALBULESCU Claudiu and NAYDENOV Georgi and CIOACA Sorin and IVANOV Ivan and IVANOV Ivan and STOYANOV Peter | Thursday, March 01, 2018

The second annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 13th to 14th of October 2016 at the University of National and World Economy (UNWE) in Sofia.

Main accent on the 2nd Annual Conference conference was the learned lessons, perspectives and challenges from the Balkan Region. 

The present book consists papers in English, Bulgarian and Russian languages.

ISBN 978-619-90797-1-3 

Настоящий период движения на Запад центра мировой торговли и трагическая судьба России – быть в третий раз арбитром в битке между старым центром и новым претендентом
by NAYDENOV Georgi | Monday, June 05, 2017
WP 15/2017 A Look at Kondratiev (in Italian)

This study is an attempt to take a look at the figure of the great Russian economist Nikolai Dmitriyevich Kondratiev, on the 125th anniversary of his birth, from certain quite singular angles. One of the major acquired sources has been the “Kondràt’evščina” collection, the document published in 1930 by the “Communist Academy”, which had never been republished or translated into another language. This collection represents the most important leitmotifs of Soviet criticism on him; they also include an attack against the scholar’s background in his relation to the master M. I. Tugan-Baranovsky. This unfortunate attack became a pretext for “dusting off” the pamphlet written by Kondratiev in homage to the master Tugan-Baranovsky, a few years after his death, deducing some considerations on their privileged relationship. Finally, some of Kondratiev’s essential human traits have also been noted, highlighting certain aspects of his multifaceted personality, full of interests, even beyond economic and social disciplines.

The scope of this paper, therefore, is to present the scholar Kondratiev from perspectives unexplored in the existing literature, in order to create a more complete picture of what is known today, generally and almost exclusively centred on Kondratiev, as the theorist of “K cycles”.

The Bank for International Settlements and the dark history of finance during World War II
by STOYANOV Peter | Wednesday, March 01, 2017
During the 1930s came the world’s oldest international financial institution – the Bank for International Settlements. Yet now, 88 years from its creation, both the academic community, not to mention the general public, know so little about it. On the basis of the bank’s dark history, the goal of this paper is to reveal the dangerous and hidden aspects behind the globalization of finance which started during the interwar and war period.

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