Economic Commentary, no. 118
Starting from the second half of 2010, we can notice a unique phenomenon for the Moldovan economy (and not only): the bank deposits interest rates are lower than those on T-bills. This contradicts both the basic economic intuition and evidence suggesting that the state benefit of the luxury of being the safest borrower, allowing it to borrow resources at lowest prices. What are the causes and risks of this paradoxical situation?
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