Dates: November 4–5, 2025
Lecturer: Prof. Ilian Mihov, INSEAD
Language of Instruction: English
Format: Four sessions of 90 minutes each
About the Class
This specialized lecture series will explore some of the most pressing macroeconomic debates and policy challenges in today’s global economy. Participants will gain both theoretical understanding and applied insights on issues such as the middle-income trap, protectionism, economic growth, and structural shifts in the global economy.
The interactive format will encourage engagement, debate, and critical thinking, making it an excellent opportunity for students to deepen their understanding of macroeconomic concepts and policies.
Lecturer: Prof. Ilian Mihov
Prof. Ilian Mihov is the Rausing Chaired Professor of Economic and Business Transformation at INSEAD. From 2013 to 2023, he served as Dean of INSEAD, becoming the school’s longest-serving dean. His expertise lies in macroeconomics, with a focus on monetary policy, fiscal policy, and economic growth.
Prof. Mihov joined INSEAD in 1996 and has taught across MBA, EMBA, PhD, and executive education programmes. He has received multiple Outstanding Teacher Awards for his exceptional contribution to learning.
He holds a PhD in Economics from Princeton University and a BSc in Business Administration from the Moore School of Business at the University of South Carolina.
Beyond academia, Prof. Mihov is actively engaged in international policy and governance. He has served as:
- Chair of the Board at the UN Principles for Responsible Management Education (PRME) (2020–2023)
- Board member of the Economic Development Board of Singapore (EDB) for three consecutive terms from 2017
- Member of advisory boards at the Home Team Academy (Singapore Ministry of Home Affairs) and the FLS Forestry Linked Securities
- Recipient of the UN Women (Singapore Chapter) HeForShe Leader Award (2018) for his contributions to gender equality at INSEAD
Learn more about Prof. Mihov: https://www.insead.edu/faculty/ilian-mihov
Programme Overview
Day 1 — November 4, 2025
- Lecture 1: Understanding Macroeconomic Variables – Balance of Payments and Trade Wars
Introduction to macroeconomic concepts and identities, exploring long-term trends such as the secular decline in the natural real interest rate, as well as some recent developments like the effect of tariffs on capital and trade flows.
- Lecture 2: Economic Growth and the Middle-Income Trap
By analyzing several key growth variables, Prof. Mihov will present basic theories of long-term growth and improvements in well-being. In this session, it will be discussed why some countries get stuck at income levels around 30 - 40% relative to the frontier and cannot converge to the group of rich countries.
Day 2 — November 5, 2025
- Lecture 3: Business Cycles, Monetary Policy, and Fiscal Policy
Analysis of fluctuations in employment and income, and the role of fiscal and monetary policies in managing aggregate demand.
- Lecture 4: Exchange Rates and Exchange Rate Regimes
In the final session, a rather difficult and yet important topic will be discussed: What determines the level of the exchange rate between currencies, including case studies of major financial crises and currency fluctuations.
Daily Schedule
All sessions will take place in the morning, starting at 09:00 and concluding around 12:20 each day (including a short break between sessions).
Day 1 & Day 2 (identical timing):
- Session 1: 09:00 – 10:30
- Break: 10:30 – 10:50
- Session 2: 10:50 – 12:20
Who Could Attend?
The lecture series is designed for undergraduate and graduate students of:
- Economics
- Business
- Entrepreneurship
- Marketing
- Finance
The sessions will also be valuable to anyone with an interest in global economic debates. No advanced technical background is required; the course will be accessible to a general academic audience.
How to enroll?
Please contact Assist. Prof. Elena Spasova: elenaspasova@nbu.bg; uppo@nbu.bg