EXCELLENCE IN ECONOMICS EDUCATION AND RESEARCHIN RUSSIA

374 1131

TENURE-TRACK AND TENURED FACULTY

30STUDENTS 2012

18811868

ALUMNI 2012

1028103

RESEARCH CENTERS

3

TOTAL NUMBER OF ALUMNIstatistics 1

MA

EB

AE

MiF

MA

E M

iF

SSRN (Social Science Research Network) ranks NES among the top 100 economics departments in the world and the top economics department outside the OECD.

NES is ranked the best economics institution in the former communist countries in the research ranking by RePEc (Research Papers in Economics) and is in the top 150 best economics departments in the world.

NES’s think tank CEFIR (Centre for Economic and Financial Research) is ranked a top 20 economic think tank in the world by RePEc.

RANKINGS

TOTAL NUMBER OF STUDENTS

MAE - Master of Arts in EconomicsBAE - Bachelor of Arts in EconomicsMiF - Masters in Finance

TABLE OF CONTENTS

45 613 1417

1825 26 33

Mission History Governance

Education Faculty

34 41Research 42 45 Projects 46 51Alumni

5255Career development 5659 Fundraising and development

60 63 NES community

The New Economic School opened its doors for is first 52 students just 20 years ago, in September 1992. Over the last 20 years NES has grown into a mature university with more than 30 resident economics faculty hired in the international academic market and 374 students enrolled in the masters’ and undergraduate programs. We have more than a thousand alumni that have become leaders of their generation in the international academic profession, government, international organization and Russian and international business. Our executive education program (run together with INSEAD busi-ness school) includes 554 participants. Today, NES is still growing and developing, as it has been during every year of its twenty-year history. In 2012, we have recruited five more economics faculty, and the first undergradu-ate students completed their first year. I am confident that in twenty years another Rector will write about their outstanding achievements.

Dear friends!

Sergei Guriev

Rector of the New Economic School

The mission of the New Economic School is to benefit Russia’s private and public sectors through excellence in economics education and research.NES is committed to building a sustainable economics community that should prominently represent Russia in the global economics profession:

1 2 3

NES contributes to improving Russia’s public policy through both graduate training in economic policy and applied research at its Center for Economic and Financial Research.

NES trains economics and finance professionals for Russia’s private sector. NES also provides Russian and international businesses with research, executive education, and consulting.

NES aims to become a model for other institutions of developing and transition countries in building centers of excellence in economics. Through its outreach activities, NES also disseminates modern economics knowledge to other universities in Russia, the CIS, and other emerging markets.

PROFESSIONALISMRESPONSIBILITYMUTUAL RESPECTINTEGRITYMISSION

NES trains new academic economists for Russia

NES produces globally competitive economics research

NES brings back foreign-trained Russian economists to work in Russia

VALUES

2012

H I S T O R Y Mikhail Dmitriev

Valery Makarov

Don Patinkin

Gur Ofer

Barry Ickes

Arkady Dvorkovich

Ilya Strebulaev

George Soros

Zarema Kasabieva

Sergei Guriev

Barack Obama

Stanley Fischer

Peter Aven

Herman Gref

Victor Polterovich

Erik Berglof

Maxim Boycko

Konstantin Sonin

Zvi Griliches

Vladimir Putin

Vladimir Preobrazhensky

In 1992, when Russia faced dramatic challenges of transition to market economy, leading Russian and foreign economists teamed up to create a graduate school of modern economics. The graduates were to get their PhDs in the leading Western universities and come back to Russia to teach new generations

NES Alumni Fundraising Campaign beings. NES and HSE create a joint undergraduate program. NES Visiting Committee evaluates the quality of research and teaching

19

92

1992 2012

NES Rector Valery Makarov opens the first academic year. NES admits the first class of 52 students. The Academic Council is established. The International Advisory Board led by Gur Ofer begins to operate

19

93

The second cohort of 50 students enrolled. Prominent economists from the US, Europe and Israel come to teach courses at NES. Academician Victor Polterovich becomes the Chairman of the Academic Council

19

94 The first 32 graduates

leave NES. NES Alumni Association established

19

95 NES Research Center

established through a grant from Ford Foundation

19

96 American Friends of NES (AFNES) established in the US

19

97 Soros Foundation committed to provide long-term support to NES

19

98

NES Outreach Center opened with support of Soros Foundation and MacArthur Foundation. The new team – the core of the future Centre for Economic and Financial Research (CEFIR) – comes to the Russian European Center for Economic Policy (RECEP)

19

99 The first NES graduates returned

to Russia after completing their PhDs to teach and do research at NES

20

00 Center for Economic

and Financial Research (CEFIR) established

20

01 NES recruits students in Novosibirsk

and Almaty. NES Russian Advisory Board (RAB) created

20

02 NES celebrates its 10th anniversary.

President Vladimir Putin congratulates the School on the 10 years of success

20

03 Master of Arts in Economics

(MAE) program’s entering class expands to more than 80 students

20

04

NES governance structure reshaped: Valery Makarov elected as President of NES. Sergei Guriev appointed the second Rector of the School. NES Board of Directors created to become the ultimate governance body. The number of resident faculty reaches 15

20

05 Long-term student loan program with Russian Standard Bank launched. New NES mission and new

strategic plan approved

20

06

MAE program receives state accreditation. The first capital grant received from McArthur Foundation to start the School’s endowment

20

07 Masters in Finance (MiF) program launched. 33 MiF students enrolled. MiF Advisory Board founded.

NES Russian Advisory Board was transformed into the Board of Trustees of the NES Endowment Foundation

20

08

The first 22 students graduate from MiF program. Career Development Center created

20

09

The 44th President of the United States of America Barack Obama delivers the Commencement Address at NES. NES Alumni Relations Center established

20

10

20

12 The permanent faculty reaches 30. Sberbank 500

program graduates its first class. The number of MiF graduates reaches 100.

Advisory Board (IAB), which included leading economists from the US, Europe and Israel, developed the School’s academic curriculum and business plan, and in 1992 the New Economic School (NES) opened its doors for the students. In 1992, 52 students joined the Master of Arts in Economics (MAE) program,

of Russian economists contributing to the dissemination of the modern economics through teaching and research. Most of the alumni were expected to contribute to the development of the emerging Russian market economy through policy making and through working in the private sector. International

in 2002 there were 80 first-year MAE students, today there are 108 people. In 2007 we launched the Masters in Finance program, which enrolls 30-35 students annually. In 2011 we, together with our long-term partner, Higher School of Economics, opened a new Undergraduate Program (HSE-NES Bachelor of

20

11

The number of NES graduates reaches 1000. HSE-NES Bachelor of Arts in Economics (BAE) program launched. 63 BAE students enrolled. New Strategic Plan approved. Jointly with INSEAD and Sberbank, NES launches a large scale executive education program “Sberbank 500”. NES opens the Center for the New Media and Society funded by the Open Society Institute and McArthur Foundation. NES launches the Center for Demographic Research funded by the Dynasty Foundation. The NES Writing and Communication Center established

Arts in Economics); 63 students were enrolled in the first year. Today NES has 374 students and 30 resident faculty. The School has entered its third decade with confidence, hopes, and new plans – by 2020 to bring the number of stu-dents to 1,000, to grow its core faculty to 55 professors, to further develop and raise quality of research and academic programs.

his

tory

11

Valery Makarov

Director of CEMI at the Russian Academy of Science, President of NES, Member of the NES Board of Directors

When the transition to the market economy began, there was no classical economics education in Russia. At first we were thinking of creating an econometrics school. Then I suddenly met my friend Gur Ofer, Professor of the Hebrew University of Jerusalem. Gur immediately offered to build a school with all subjects, i.e. a classical school of economics. It was a good start. Inviting visiting faculty was the key. The first professors we invited were Amos Witztum from the UK (microeconomics) and Don Patinkin (macroeconomics). Don was a world-wide known econo-mist. They were also excellent teachers, and students loved them. That’s how things started. It was not easy to make well-known researchers come to teach at the school. In fact, Amos and Don were the starting point for NES. After that, we were able to invite other great visitors from abroad. Among these people was Zvi Griliches who always loved Russia. He taught econometrics and some other courses. The first cohort of NES graduates included people who became very well known later, e.g. Arkady Dvorkov-ich, Ksenia Yudaeva, and Maria Gorban. Smart students were a point of attraction for other students and faculty. In its first years the school was mostly supported by enthu-siasm, which persists even today. The start was very good due to the Western professors who were enthusiasts willing to do something for Russia.Undoubtedly, Gur Ofer played a leading role in making the school a success. He used to spend days and nights in Russia, despite his family and uni-versity duties. Then accidentally we found Barry Ickes. I used to play tennis with him. I met him somewhere in the Unites States. When I told him about the School,

he became really interested and I introduced him to Gur. Since then Barry fell in love with NES. He plays a crucial role in school’s operations by resolving finance issues. By now Barry has been with us for almost 20 years. There were more new people coming and the School was growing steadily but surely. At first it was a tiny school, but now it has over 1,000 alumni. Nowadays, the School is much larger and more recognizable worldwide. It is even more recognizable outside of Russia than inside Russia. That’s why it is different from other schools.

Gur Ofer

Professor of the Hebrew University of Jerusalem, Member of the NES International Advisory Board

Erik Berglof

Chief Economist, EBRD, Coordinator of the NES Inter-national Advisory Board, Member of the NES Board of Directors

I have been involved in NES for over a decade now. And the reason I got involved was that it needed someone building a research environment in Moscow. I saw the value that NES provided in terms of people, its young students with fantastic training and I wanted to get involved and bring that research environment to NES. I think that today NES is a fantastic experiment that has succeeded way beyond anyone’s expectation. It is the best environment outside Western Europe and the United States. And I think that is why I want to stay involved, be part of it. So many people today have been gratifying because you see that every year a new cohort of students is brought up with new skills and they are disseminating throughout Russian society, through government, business and other universities and that is going to change Russia in the long term.

The last 20 years have been fantastic for the School as it came out of nowhere, created something. Now the future is of course to be even more successful, even more integrated into the Russian environment, but of course ultimately also being part of the global discussion where Russia needs to be part of, and the New Economic School offers an environment that can produce ideas that Russia can articulate in the global debate.

Barry Ickes

Professor of the Pennsylvania State University, President and Treasurer of the American Friends of NES, Member of the NES Board of Directors

It is like really I was visiting the World Bank and I was having lunch with Professor Gur Ofer and he was telling me about his plan to start the New Economic School with Valery Makarov who was my frequent tennis partner. I said, «Valery is my frequent tennis partner and that sounds interesting.» Gur said, «Why don’t you come and teach», and I said, «Yes, that would be pretty good.» And well, 19 years later I am still here. It was probably because I spoke too much at lunch and there was a need for micro people. So I taught, I think, for the first four years at the New Economic School every single student. And then gradually, as things developed, taught less and came just to see how things were going. In terms of the greatest day in NES history, well for me one great day was the day when Sergei Guriev took over as rector of NES. I think I was on the verge of heart attack and Sergei was a great leader. He reduced a lot of the work and made my life a whole lot better. So for personal reasons that was a pretty good day. But for NES the greatest day was perhaps the day when they installed the water cooler on the 17th floor. I was so tired of drinking tchai (tea). Tchai, tchai, tchai – that is all we had for three or four years and then we actually had water. I think everything since then NES has been great and continues to get better every year.

NES is sometimes called «a miracle.» In fact, this is not one miracle, but the whole sequence of miracles, each of which would have been impossible without the previous one. The first miracle took place at the beginning of the NES history, when the School managed to attract outstanding visiting faculty including the world’s leading economists. The second miracle is the best student body in Russia. Third, these students were later admitted to the best PhD programs with full scholarship. The fourth miracle, which absolutely no one believed in the 1990s, is that these people would return to Russia to do research and to teach. And finally, the fifth miracle is that many of these professors staying in Russia manage to work at the forefront of world science. Each of these achievements was unlikely, and now they look even more impressive as they all did take place - within only 20 years!Even today, most acts of conception need two partners.

It so happened that at a dinner party in the home of Evsey Gurvich, an official at the Soviet Ministry of Finance, where I recounted my meeting with Soros, Mark Levine (then an economist at the Moscow Institute of Steel and Alloys, today a professor at the Higher School of Economics, HSE), mentioned that the Academician Valery Makarov, head of the acclaimed Central Economics and Mathematics Institute (CEMI), a leading institute of the Academy of Sciences, was thinking along similar lines. A meeting was arranged at CEMI and indeed, Makarov handed me a document a page and a quarter long, dated September 19, 1991, titled, by sublime coincidence, «CEMI Econometric School.» The document, prepared by a group of leading economists at CEMI, envisioned a new program of graduate studies in three directions—«modern economic theory,» «econometrics,» and «management»,—the establishment of a research center (working mostly on macroeconomic

models), and «some kind of commercial activity, such as consultancy for the government and private business.» CES (as the original document already called it) was to be a «private shareholding company» with diverse stakeholders: CEMI; Moscow State University; Dialog, a private investment group; an organization representing the Russian Government (!) that would «give the gradu-ate students an official status»; «a Western university […] from which CES can receive money and invite Western professors»; and, finally, «individuals […] who make major investments in CES.» As for the governance of CES, let us mention only that the entity was «to operate like a nonprofit institution.» As we revisit several additional elements in this document, we can only be amazed that much of what happened later, and what NES is at present, was already captured in the missive’s 400 words.

Sergei Guriev

NES Rector, Tenured Professor, President of CEFIR

Vladimir Preobrazhensky

Member of the NES Board of Directors

The way I came to NES is a fluke. I do not remember all the details, but, if I am not wrong, I was introduced to Sergei Guriev by Sergei Vorobiev from Ward Howell who served at the NES Board of Trustees at the time. After that Maxim Boycko and Sergei Guriev invited me to the Board of Direc-tors and I happily agreed. I think that the School is amazing; it is like a new flower with its fresh sense of life. This is what I feel. Three years later we came up with an idea to create a new program - Masters in Finance. We wanted to find a formula that would allow people who reach a certain point in life and face new challenges, to find a good platform and tools to be successful. I think we kicked it off well. Certainly, it is too early to judge - the program is only five years old. One will judge in ten years how good it is. The 20th an-niversary of the School is a big celebration and a joyous year. It is like the mid-life crisis is still far, but childhood is behind. I would mention four most important things: first, after a decade or so the size of BAE program reaching 500 students would be really great. Second, the School needs closer ties with the industry. The School has already set up good rela-tions with government agencies, large multinationals and regional governments, but I think industry relations should be strengthened. Third, it will enable the School through the industrial dimension to reach its new unique balance between the quality of academic research and its applica-tion. Fourth, I certainly hope that doctoral level programs will become a reality here. In ten years, I think the School will be ready to a doctoral level program. And this will be a cornerstone for becoming a real sustainable university. School reproduction is a great thing. I wish the School every success. It has goals ahead, the country is changing, and the School will have to change as well. So we will have no time to get bored.

Alexey Govryakov

MiF Class 2012

My decision to come to NES was not only to make a «prof-itable investment» in human capital, but also to leave the «comfort zone». My investment paid back but resetting my way of thinking paid back twice. At NES with each serving of new knowledge the world became more and more diverse. Earlier I thought I’d be the happiest retiree, because I did not watch 80% of movies from IMBD top-250. Now I think the movies will wait, because there is yet so much to read.

Stanley Fischer

Governor, Bank of Israel

As is known to everyone associated with NES, the word «nes» means«miracle» in Hebrew. And that NES is. NES is a success story, which the founders, among them Professor Valery Makarov, the late Professor Zvi Griliches of Harvard, and from Israel, Professor Gur Ofer can justly be proud of. In Israel we are proud also that the late Professor Don Patinkin, the founder of modern Israeli economics, was one of the first teachers at NES. With congratulations for what you have achieved in such a short time, and with best wishes for continuing success at such a high level in the future.

Lyubov Farafonova Dmitry Arkhangelsky

MAE Class 2012

NES is an amazing place. Here students complain to the rector for the fact that the exam was not difficult enough and ask to add a more challenging course on stochastic processes. Here everyone is willing to help his/her friend with studies, but no one cheats at the exam.

his

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13

Citi and NES have achieved noteworthy results in the development of financial planning habits and competent personal budget management among Russian youth in many regions of the country through the Financial Literacy project. My colleagues and I place great value on NES’ efforts and expertise, as they have been crucial to the success of our joint project, which addresses one of Citi’s main CSR objectives - improving public financial literacy and promoting personal financial responsibility among youth throughout the world.

As we celebrate Citi’s 200th anniversary, we also mark another anniversary just like NES - 20 years of working in Russia, and it is particularly important for us to bring to life projects and initiatives aimed at improving the wellbeing of Russian citizens and Russian society, where we live and work, taking into consideration the fact that our priorities coincide with those of the state.The results achieved through our partnership programs with seven universities and the 10,000 people who have completed the educational course are proof to us that choosing NES as a partner was the right decision. I hope that our future cooperation will help further popularize this project throughout Russia and rapidly expand its audience.

Zdenek Turek

Citi Country Officer for Russia, Citi Division Head for Central and Eastern Europe

When Russia is in discourse about everything - education, health, etc. – people say that here everything is not made for people. And if anybody in conversation mentions NES, it is, I think, a very rare case, when people don’t talk the same. I feel that this place is made by people and for people.

Kirill Borusyak

MAE Class 2012

My son is three years old, and if he becomes good at mathematics, finance and economics, I want him to study at NES. I sincerely believe in the highest quality of this institution, its honesty and professionalism.

Michael Kunzi

Executive Vice-President, Lombard Odier

Vladimir Putin

President of Russia, in his greetings at the 10th anniversary of NES, December 2002

Your School has already built a reputation of a university that provides modern and high quality economic education. NES degree is highly valued both in Russia and abroad. Hundreds of NES graduates working successfully in different private and public sector organizations brilliantly prove that.

G O V E R N A N C E

Rector

Sergei Guriev

Valery MakarovPresident

Board of DirectorsThe Board of Directors, ultimate governing authority of the School, meets quarterly to make strategic and operational decisions. The Board approves the mission and strategic plan of the School, approves the budget, evaluates the work of top management of the School, appoints and dismisses the Rector.

International Advisory BoardInternational Advisory Board (IAB) consists of the world leading economists. IAB provides guidance on academic matters, makes all major academic decisions, and over-sees the academic activities at NES. It is also responsible, through an Academic Appointments Committee, for all faculty appointments and promotions.

Board of TrusteesIn 2007, NES established its Endowment Foundation. NES’s endowment is among the first in Russia and it serves as the source of the long-term financial sustainability of the School. To effectively oversee the process of building the endow-ment, and in accordance with the Charter of the Endowment Foundation, the Russian Advisory Board of the New Eco-nomic School made a decision to transform itself into the NES Endowment Foundation Board. This Board makes decisions on the use of the endowment income, facilitates endowment fundraising and assists in creating new partnerships with the Russian private sector.

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NES has a modern and effective governance structure. The main function of the Board of Directors is to help NES management and professors to implement the mission of the School. The Board is a group of people sharing the same ideas, understanding NES strategic goals and always ready to help. These are people with various experience and opportunities, which supplement each other. We feel our-selves responsible for the fulfillment of the School’s mission.

NES strives to maintain the highest quality of economics education in Russia and the International Advisory Board plays an important role in it. The members of the Board represent the cream of the cream in the world economics profession and ensure that the NES academic programs are at the level of the best economics programs in the leading Western universities. M

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7

Maxim Boycko

Chairman of the Board of Directors, NES

Erik Berglof

Chief Economist, EBRD, Coordinator, NES International Advisory Board

377USE passing score for BAE program (2012)

GRE Subject Test in Mathematics average score for MAE program (2012) 690 IELTS (Academic)

average score for MAE program (2012) 7,0 TOEFLibt average

score for MAE program (2012)

out of 120out of 9,0out of 990out of 40094,2

Number of master-classes, guest lectures and public seminars in 2011-2012 academic year 90 Duration of studies at master

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Duration of studies at the undergraduate program - 2 semesters a year, 16 weeks each 4 Number

of traditional students parties 12

E D U C AT I O N

education 21

MASTER OF ARTS IN ECONOMICSPROGRAM

For a long time NES has been offering one academic program – Master of Arts in Economics. This two-year full-time program gives fundamental knowledge in econom-ics. The mandatory curriculum includes microeconomics, macroeconomics, econometrics, and English. Electives cover industrial organization, international trade, finance, economics of public sector, labor economics and other key fields of modern economics. The program is designed for the students willing to excel in academia, financial sector, consulting, think tanks and government.

MASTERS IN FINANCEPROGRAM

The Masters in Finance (MiF) Program is a 2 year part- time program launched in 2007 and is designed for early- and mid-career finance professionals. The program focuses on modern theory and practice of investments and corporate financial policy. The core financial curriculum (asset pricing, derivatives, corporate finance, M&A, risk management, etc.) are supplemented with courses on corporate management, macroeconomics, and econometrics.

The MiF Advisory Board helps to improve the program quality and establish closer connections with the business community. Currently, the MiF Advisory Board includes the following members:

Sergei Bazoev, Partner, Ernst & Young Russia.Joseph Bakaleinik, Advisor for Chairman of the Governing Board, Renova Management AG. Elena Ivashentseva, Senior Partner, CFA, BVCP.Anton Karamzin, Deputy Chairman of the Board, Sberbank.Michael Kunzi, Vice-President, Lombard Odier. Alexander Pertsovsky, ex-CEO of Renaissance Group and Renaissance Capital in Russia. Anna Popova, Deputy Chairman of Russian Government.Vladimir Preobrazhensky, Member of the Strategic Committee, Board of Directors, RUSNANO.Ivan Rozinsky, Senior Vice President, JSC VTB Bank. Katya Rudelson, Partner, Egon Zehnder International.Alexei Savatyugin, Deputy Minister, Finance Ministry of the Russian Federation.Sergey Sementsov, Head of Strategic Planning Department, BashNeft.Elena Titova, President and Chairman of the Executive Board, Morgan Stanley.

MSUHSE MIPTNSUSPSUMEPhIMSTU

42%

14%

12%

5,5%

2,8%

2,8%

2,8%

economics

mathematics

physics

engineering and technical

other

humanities

39%

37%

17%

3,7%2,8%

0,9%

I think the greatest impression is the atmosphere at the School, the students and the staff. Of course the level of economics taught was great – I didn’t have to study much in my first year at PhD because I already knew it all! It is hard to describe but to me NES was a place I wanted to go to in the morning and didn’t want to leave in the evening. The kind of support that NES students have for their studies and research (financial, computers, library, placement) I think is unmatched even when compared to the US schools (given what I have seen).…the respect that all the students enjoy regardless of their grades. Respect by peers, faculty and staff. This is incredibly important. I felt very welcomed to the school every day.

Galina Hale (Borisova)

NES’96Senior Economist, Federal Reserve Bank of San Francisco

On my long teaching experience at the Hebrew University and at top American universities I cannot recall enjoying teaching more than at NES. The students usually have a degree in mathematics or in other field of the science, which facilitates teaching the advanced courses. The teaching assistants are on high level, which you usually do not encounter in other universities.

Nissan Liviatan

Professor, Hebrew University

UNDERGRADUATE DEGREE OF MAE STUDENTS ACCEPTED IN 2012

Moscow State University

National Research University Higher School of Economics

Moscow Institute of Physics and Technology

Novosibirsk State University

Saint Petersburg State University

Moscow Engineering Physics Institute

Bauman Moscow State Technical University

education 23

HSE-NES BACHELOR OF ARTS IN ECONOMICS PROGRAM

The HSE-NES Bachelor of Arts in Economics program is a 4 year undergraduate program launched on September 1, 2011. Our goal is to make this program the best in Russia. It already outperforms other economics programs in terms of quality of the students. The program admits 60 students per year. The minimum Unified State Examination score of the students is 379 out of 400, and 40 out of 55 winners of the all-Russia School Olympiad in Economics chose the HSE-NES BAE Program.

The academic program consists of core (required) courses in Economics, Mathematics and English, a set of specialized electives in Economics and a wide variety of general electives in social sciences, humanities and science. Half of the course load is Economics and Mathematics, and the other half is language, humanities and general elective courses.

EXECUTIVE EDUCATION

Executive education is one of the new fields of NES development. In 2011 NES, jointly with the INSEAD School of Business, created a unique product for the Russian market – a one-year Russian-language executive education program Sberbank-500. This program was developed for top managers of Sberbank and includes face-to-face sessions, distance learning, and independent study.

I am proud that my country has been able to produce and sustain such a strong academic institution as the New Economic School. NES stands out as the only academic organization in Russia which successfully reversed the «brain-drain» and was able to recruit outstanding Western-educated faculty members. I do hope that our successful collaboration on delivering Executive Education Programs to Sberbank will continue and expand to other companies in future.

While working on our joint program «Sberbank-500.Program for Leaders» NES showed professionalism, competence in solving the tasks and high level of skills and knowledge. Sberbank of Russia appreciates the responsibility, competence and high-quality in fulfillment of the tasks set in front of NES. Sberbank of Russia recommends NES as a professional, efficient and reliable partner.

It was with great pleasure that I accepted an offer to teach at the Masters in Finance Program at the New Economic School. I believe this is one of the most advanced programs in Russia. I have been teaching at MiF for already 5 years mainly because of the students – excited, eager for self-develop-ment, fascinating people with rich professional and life experience. I recommend this program as one of the best both in Russia and abroad.

Morgan Stanley has been supporting the Masters in Finance Program at NES since its establishment. We believe that our cooperation with NES is a good example of how international financial institutions can contribute to the development in Russia of those disciplines that actually didn’t exist in our country, to the formation of the necessary research and academic potential, and in the end, - training the human capital that is extremely in demand both in Russia and abroad.

Herman Gref

President and Chairman, Sberbank of Russia

Igor Kouzin

Chairman of MDM Bank, Visiting Professor, NES

Rair Simonyan

Ex-Chairman of the Board of Directors, Morgan Stanley Bank

Serguei Netessine

Professor, INSEAD

education 25

I was greatly impressed by the students of the New Economic School, who are eager to take advantage of the opportunities of the 21st Century.

NES provides an opportunity to study and excel for each student despite his or her financial abilities. NES offers a flexible financial support system for the best students and students with financial difficulties. Majority of students receives partial or full tuition waivers. Russian Standard Bank offers special student loans for NES students. The 12-yearloan covers the tuition and includes a 2 year grace period.

NES offers a unique environment of partnership between students, faculty, and administrative staff. The faculty regard the students as colleagues. The administration takes every effort to make the students’ experience at NES both interesting and enjoyable.

The students at NES are our colleagues. Close communica-tion with the faculty (including joint work in a research project in the second year), as well as an opportunity to attend talks by prominent foreign and Russian economists and policymakers, is a very important part of the student life at NES.

NES regularly organizes lectures and seminars by the lead-ing scholars and businesspeople. In the recent years, NES hosted talks by Stanley Fischer, Governor of the Bank of Israel and ex- First Deputy Managing Director of the Inter-national Monetary Fund (IMF); John H. Cochrane, Profes-sor of Finance at the University of Chicago Booth School of Business, and author of the bestselling Asset Pricing textbook; Robert F. Engle, 2003 Nobel Prize Winner in Economic Sciences, professor at New York University, Stern School of Business; Robert J. Shiller, Professor of Economics at Yale University, the author of Irrational Exuberance and New Financial Order; Eric Maskin, 2007 Nobel Prize Winner in Economic Sciences, Professor at Harvard University; Roger Myerson, 2007 Nobel Prize Winner in Economic Sciences, Professor of Economics at the University of Chicago; Andrei Shleifer, Professor at Harvard University and the most cited economist in the world; Ana-toly Chubais, Chairman of the Executive Board, RUSNANO; Artem Volynets, CEO of EN+ Group; Lloyd Blankfein, CEO and Chairman of Goldman Sachs, Federico Ghizzoni, CEO of Unicredit, and many others.

On July 7, 2009, Honorable Barack H. Obama, the 44th President of the United States of America, delivered the Commencement Address at the 16th NES Commencement Ceremony; it was the main public event of his official visit to Russia.

Barack Obama

President of the United States of America, in his address at the Kremlin, Moscow, July 7, 2009

ACADEMIC ENVIRONMENT

F A C U L T YVISITING FACULTY AND LECTURERS74

The core of NES is its resident faculty of 30 young economists with PhDs in economics and finance from the world leading universities, including Harvard, MIT, Columbia, NYU, LBS, Wisconsin-Madison.

30TENURED AND TENURE-TRACK FACULTY

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Stanislav Anatolyev graduated from the MoscowInstitute of Physics and Technology (MIPT) in 1992 and from NES in 1995. In 2000 he received his PhD degree in economics from the University of Wisconsin-Madison. In 2008 Stanislav was appointed tenured professor at NES, and became MAE director in 2010. Professor Anatolyev’s research and teaching interests include many topics in econometrics, in particular non-standard asymptotic methods and time series model-ing. Stanislav’s works are published in a number of leading economics journals such as Econometrica, Journal of Econometrics, Journal of Business & Economic Statistics, Econometric Theory and others. He also co-authored a book on advanced econometrics.Professor Anatolyev has numerous distinctions in teaching: several MAE graduating classes have given him the title of the Best Professor for a number of years, while the NES Alumni Association has awarded him the “Professor of the Year” award twice.

Sergei Guriev graduated with summa cum laude from the Moscow Institute of Physics and Technology in 1993. In 1997–98, he visited the Department of Economics at MIT; in 2003–04, taught at Princeton University. Dr. Guriev has published in the leading international journals, incl. American Economic Review, American Political Science Review, Journal of European Economic Association, and Journal of Economic Perspectives. In 2006, Dr. Guriev was selected a Young Global Leader by the World Economic Forum (Davos), in 2011, he joined the WEF’s Global Agenda Council on Europe, in 2012 he chaired the WEF’s Global Agenda Council on the New Economic Thinking. In 2009 and 2010, he was included in the top 100 of the President of Russia’s Cadre Reserve. He is a board member of Sberbank, Russia Venture Com-pany, Alfa Strakhovanie, Russian Home Mortgage Lending Agency, and the Dynasty Foundation. He is a member of the President of Russia’s Council on Science, Technology and Education, of the Advisory Council of the Peterson Institute for International Economics (Washington, DC) and of the Scientific Council of BRUEGEL, a Brussels-based economic policy think tank. He is also a Research Fellow at CEPR (London) and a Co-Editor of the Economics of Transition (London). Since 2003, he has been running a bi-weekly column in the leading Russian business daily Vedomosti, since 2006 – a monthly column in Forbes Russia.

Ekaterina studied in the Moscow State University and at the New Economic School, she received her master’s degree from the London School of Economics in 1998 and PhD in Economics from Harvard University in 1999. She was the sole winner of the Young Economists Competition of the fifth Nobel Symposium in Econom-ics “The Economics of Transition” in 1999. She was also selected as a Global Leader for Tomorrow of the World Economic Forum in Davos in 2001. She received the Best Economist prize by the President of the Russian Academy of Science in 2002 and 2003 and a Diploma of the Russia’s National Award for Work in Applied Economics in 2010, as well as the International Leontief Medal “For Contribu-tion to Economic Reforms” in 2010. She published n the American Economic Review, Quarterly Journal of Economics, Journal of European Economic Association, American Economic Journal: Economic Policy, Journal of Public Economics, Journal of Economic Perspectives, American Political Science Review, American Journal of Political Science, Journal of Law, Economics and Organi-zation, Journal of Business, American Law and Economics Review, Economics of Transition, Journal of Economic Literature, and Journal of Comparative Economics. Ekaterina is an Associate Editor of the Journal of Public Economics and the Journal of Comparative Economics. She received the Excellence in Refereeing Award of the Ameri-can Economic Review in 2011.

Grigory Kosenok graduated from the Moscow Institute of Physics and Technology in 1992, in 1995 he graduated from NES with MA in Economics. In 1995-1996 Grigory worked at the Economic Expert Group at the Ministry of Finance of the Russian Federation. In 2005 Professor Kosenok received a PhD in economics from the University of Wisconsin-Madison, and in 2010 he was appointed a tenured professor at NES. Grigory Kosenok has pub-lished in the leading peer-reviewed international journals, including American Economic Review, Journal of Economic Theory and Econometric Theory. Professor Kosenok’s research interests include theoretical and empirical industrial organization.

Konstantin Sonin received a PhD in Mathematics from the Moscow State University, was a Postdoctoral Fellow at Harvard in 2000–01, a Visiting Member at the Institute for Advanced Study in Princeton in 2004-05, and a Visiting Professor of Managerial Economics and Decision Sciences at the Kellogg School of Management, Northwestern University in 2009-10. His research interests include political economics, transition and development, economic institutions, and economics of media. In 2004, professor Sonin received the Gold Medal of the Global Development Network. His academic papers appeared in leading international journals in economics such as Quarterly Journal of Economics, Review of Eco-nomics Studies, and American Economic Review; political science such as American Political Science Review and American Journal of Political Science; and general scientific journal such as Proceedings of the National Academy of Science (PNAS). Konstantin’s column on economics and politics appears weekly in Vedomosti, the leading Russian business daily, published jointly by WSJ and FT, and fortnightly in The Moscow Times, the main Russia’s English-language newspaper. He is a member of editorial boards of Journal of the European Economic Association, Journal of Com-parative Economics, and European Journal of Political Economy, and advisory boards of BOFIT and Kiev School of Economics.

TENURED FACULTY

Ekaterina Zhuravskaya

Professor of Economics, NES and Paris School of Economics, PhD, Harvard University

Grigory Kosenok

RENOVA Foundation Professor of EconomicsPhD, University of Wisconsin-Madison NES’95

Valery Makarov

Director of CEMI at the Russian Academy of Science, President of NES, Member of the NES Board of Directors

Konstantin Sonin

Professor of Economics and Vice-Rector, New Economic School NES’98

Shlomo Weber

PINE Foundation Visiting Professor of Economics, NES, Professor, Southern Methodist University, Dallas PhD Hebrew University of Jerusalem

Stanislav Anatolyev

Access Industries Professor of EconomicsMaster of Arts in Economics Program Director at the New Economic SchoolPhD, University of Wisconsin-Madison NES’95

Sergei Guriev

Professor of Economics and Rector, New Economic School

faculty 31

TENURE-TRACK FACULTY

Starting from 2008 the New Economic School has been a partner of Alcoa Russia and Alcoa Foundation. We have decided to finance the Alcoa Foundation Professorship at NES because of the high level of the School and its place in the Russian economics education…Having become partners with NES we realized that intellectual and administrative level of the School will provide the best use of the Alcoa Foundation funds to benefit Russian education.

Andrey Donets

President of Global Packaging, Alcoa Russia

Sergei Izmalkov BP Associate Professor of EconomicsPhD, Pennsylvania State UniversityNES’97

Patrick KellyEdward Eisler Assistant Professor of FinancePhD, W.P. Carey School of Business at Arizona State University

Igor KheifetsAssistant Professor of EconomicsPhD, University Carlos III of MadridNES’04

Stanislav KhrapovAssistant Professor of FinancePhD, UNC at Chapel Hill

Olga KuzminaPromsvyazbank Assistant Professor of FinancePhD, Columbia University, Graduate School of Business

Dmitry MakarovChristopher Barter Assistant Professor of FinancePhD, LBSNES’00

Andrei MarkevichAssistant Professor of Economics PhD, Russian Academy of SciencePost-doc in Economics, University of Warwick

Tatiana Mikhailova Assistant Professor of Economics PhD, Pennsylvania State UniversityNES’97

Luke MinerAssistant Professor of EconomicsPhD, London School of Economics

Maria PetrovaUBS Assistant Professor of EconomicsPhD, Harvard UniversityNES’04

Alexei Savvateev ALCOA Foundation Assistant Professor of EconomicsPhD, CEMI, post doc, CORE, Catholic University of LouvainNES’97

Efthymios Athanasiou Assistant Professor of Economics PhD, Center for Operations Research and Econometrics

Estelle DauchyAssistant Professor of Economics PhD, University of Michigan

Irina Denisova Assistant Professor of EconomicsPhD, University of Manchester

Paul Dower Kinross Assistant Professor of Development Economics PhD, New York University

Ruben EnikolopovNordea Assistant Professor of FinancePhD, Harvard University, NES’02

Ozgur EvrenAssistant Professor of EconomicsPhD, New York University

Oleg ShibanovAssistant Professor of FinancePhD, London Business School

Sergey StepanovHuman Capital Foundation Assistant Professor of Corporate Finance PhD, ECARES, Universite Libre de BruxellesNES’00

Konstantin StyrinRenaissance Capital Assistant Professor of MacroeconomicsPhD, Harvard UniversityNES’01

Natalia Volchkova ExxonMobil Assistant Professor of Energy EconomicsPhD, CEMI, post-doc, MITNES’98

Evgeny YakovlevAssistant Professor of EconomicsPhD, University of California, Berkeley

faculty 33

NES REGULARLY HOSTS RESEARCHSEMINARS HELD BY OUTSTANDING ECONOMISTS. AMONG THE PRESENTERS IN THE ACADEMIC YEAR 2011 – 2012 WERE:

One of the most prominent economists, especially known for his works in finance and macroeconomics. He is the author of such basic macroeconomics models as Kiyotaki-Blanchard, Kiyotaki-Bernanke, and Kiyotaki-Moore’s models. He is listed as one of the favorites for the Nobel Prize by Thomson Reuters.

Professor of Economics at the University of California, Berkeley, California, Co-director of the Transitional Economies Program of the Economic Policy Research Center (London, Great Britain) and William Davidson Institute Visiting Chair at the University of Michigan Busi-ness School (Ann Arbor, Michigan).

Gerard Roland

He graduated from Belarus State Economic University, got his PhD in Economics from the University of Minnesota. Before Yale he worked at Harvard and the University of California, Los Angeles. Aleh is one of the most prominent researchers in the field of public economy. The World Economic Forum in Davos included him into the list of the Young Global Leaders.

Andrei Shleifer

Famous American economist of Russian origin.

Nobuhiro Kiyotaki

Professor at Princeton University

One of the leading scientists in game theory and mathematical economics, Kalai was a Co-founder and the President of the Kellogg Center of Game Theory and Economic Behavior. Kalai is the Founder and the Editor-in-Chief of Games and Economic Behavior, the top journal in game theory today.

Ehud Kalai

Professor at the Kellogg School of Manage-ment, Northwestern University, USA

Aleh Tsyvinski

Professor of Economics at Yale University, Co-Director, Macroeconomics Program, Cowles Foundation.

He is one of the leading scientistsin the economics of transition.

He taught in Princeton, the University of Chicago, and Harvard (since 1991). In 1999 he was awarded the John Bates Clark Medal by the American Economic Association. The medal is awarded once in 2 years to the American economists under forty who are adjudged to have made a significant contribution to economic thought and knowledge. He is one of the most cited economists in the world.

R E S E A R C H7

MORGAN STANLEY LECTURES since 2007

since 2001

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2011-2012

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NES RESEARCH CONFERENCES since 1996

ARTICLES IN PEER-REVIEWED INTERNATIONAL JOURNALS

ZVI GRILICHES MEMORIAL LECTURES

RESEARCHSEMINARS

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FOR ECONOMIC AND FINANCIAL RESEARCH CEFIR

The Center for Economic and Financial Research (CEFIR) at NES is an independent economic policy think tank estab-lished in Russia in 2000. In order to strengthen institutional capacity, better utilize available resources, and enhance the quality of economics education and policy research in Russia, in 2005 CEFIR and NES formed a strategic alliance. Thus, remaining legally and formally an independent orga-nization, CEFIR has functionally become a part of NES.

CEFIR’s mission is to improve Russia’s economic and social policies by producing cutting-edge academic research and policy analysis and by helping policymakers and the public to make informed choices. CEFIR researchers use advanced methods of economic analysis and contribute to the formulation of Russia’s economic and social policy by informing policymakers and the public about the costs and benefits of specific policy actions. Since it was estab-lished CEFIR has accomplished more than 90 research projects in such areas as:Administrative Reform Industrial Organization and Competition PolicyCorporate Governance and Financial Markets Macroeconomic Policy Political Economics and Federalism International Trade and Foreign Investments Social Policy and Labor Market Migration Policy Regional Economics.

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CENTER FOR DEMOGRAPHIC RESEARCH

On September 1, 2011, thanks to the generous support of Dmitry Zimin’s Dynasty Foundation NES established a Center for Demographic Research. The main goal of the project is to bring international experience to Russian demographic research. The Center brings together demog-raphers with a wealth of international research experience who regularly publish the research results in international epidemiological and demographical journals. Main focus of the Center is currently on the research of mortality and health in Russia. The Center’s immediate agenda includes research of components and determinants of high mortality among working-age population, condition and dynamics of physical and mental health in middle-aged and older population groups. Also in 2012 the Center delivered a short course on public health for 20 faculty and postgrad-uate students from Russia and CIS countries.

RESEARCH

NES has become a bridge between Russian and global economic community – inviting foreign professors and re-searchers, carrying out joint research projects, participating in international conferences, and sending NES graduates to the leading PhD programs abroad. In 2012, 58 NES alumni continue their PhD studies abroad. In total, 175 NES alumni have got their PhDs; some of them have returned to Russia and most of them work at NES and HSE. Thirty Russian economists who have got their PhDs from the world lead-ing universities teach and conduct their research at NES, while 10 years ago there were only 8 of them, and 20 years ago there were none. The growing number of economists coming back to Russia every year helps creating a critical mass and improving the situation in Russian economics profession. NES alumni who continue their academic ca-reers in the best universities abroad help NES and Russia to establish relations with international academic community.

CENTER FOR THE STUDY OF NEW MEDIA & SOCIETY

The Center for the Study of New Media & Society was founded in the summer of 2011, bringing together economists, political scientists, sociologists and media professionals to pursue an active research agenda along four core avenues: information reception and civic behavior, new media sociology and the interaction between online and offline spheres, new media economics, and e-government and Internet governance. Projects currently underway include a study of interaction between television and Internet newsmedia, the use of online social media in civic mobilization, the influence of ‘bots’ on the informational space, approaches to protecting children online, and others. The Center also runs an active educational and public discussion program, organizing lectures and seminars with leading Russian and international specialists on new media research and methods. The Center’s electronic publications have already reached more than 4,000 readers.

Projects and research

Twitter and the Russian Street: Memes,Networks and MobilizationProtecting Children Online: International Experience and Challenges for RussiaActivists and Hacktivists: Mapping and Understanding the Evolving Relationship between the ICT and NGO Communities in RussiaScreen vs Screen: Interacton and Contagion between the Internet and Television in Russian Agenda SettingThe Navalny Effect: The Impact of the Blogosphere on the Behavior of Economic Actors in RussiaAll About the Bot: Studying the Role of ‘Bots’ in Runet and Elaborating Methods for Limiting their Influence

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Advisory Board

Dr. Ronaldo LemosDirector, FGV Center for Technology and Society (Rio de Janeiro, Brazil)Dr. Sunil AbrahamDirector, Centre for Internet and Society (Bangalore, India)Dr. Patrick MeierDirector of Crisis Mapping & Partnerships, Ushahidi (Nairobi, Kenya);Dr. Ellen MickiewiczProfessor, Sanford School of Public Policy, Duke University (Durham, NC, USA)Dr. Hu YongAssociate Professor, School of Journalism and Communication, Peking University (Beijing, China)Mr. Ethan ZuckermanDirector, Civic Media Lab, Massachusetts Institute of Technology (Cambridge, MA, USA)Ms. Esther DysonCEO, EDVenture (New York, USA)Mr. Leonid BoguslavskyCEO, ru-Net Ltd (Moscow, Russia)

ACADEMIC PUBLICATIONS

NES faculty members represent Russian academic economics profession in the global economic community. They participate in the key international research confer-ences and publish articles in the best international economic journals, including:American Economic ReviewEconometrica Quarterly Journal of EconomicsReview of Economic StudiesJournal of FinanceJournal of BusinessJournal of Financial EconomicsReview of Financial StudiesAmerican Journal of Political ScienceAmerican Political Science ReviewAmerican Economic Journal: MicroeconomicsAmerican Economic Journal: Economic PolicyJournal of European Economic AssociationEconometric TheoryGames and Economic BehaviorJournal of Business and Economic StatisticsJournal of Comparative EconomicsJournal of EconometricsJournal of Economic GrowthJournal of Economic HistoryJournal of Economic PerspectivesJournal of Economic TheoryJournal of Law, Economics, and OrganizationJournal of Public EconomicsRAND Journal of EconomicsAnnales d’Economie et de StatistiquesEconomic Inquiry Economics and PoliticsEconomics LettersEconomics of TransitionFinance Research LettersFrontiers in Finance and EconomicsJournal of Banking and FinanceJournal of Economics and Management StrategyJournal of Mathematical EconomicsJournal of Network EconomicsThe B.E. Journal of Theoretical Economics

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Zvi Griliches was one of the founders of the New Economic School in Moscow and one of its main academic architects. Dr. Griliches served as a member of the International Advisory Board of NES from its incep-tion until his death. During this period, Zvi has often visited NES. He taught econometrics at NES and helped to shape the program in econometrics. Dr. Griliches helped enlist the first cohort of visiting professors to NES, he opened the door for the first graduates of NES to the best US universities for PhD studies. He was NES’s Godfather.Since the establishment of these lectures eleven prominent academics, the best experts in their fields visited the New Economic School.

Professor Blanchard – Fellow and past Council member of the Econometric Society, a past Vice President of the American Economic Association (1995-1996), and a member of the American Academy of Sciences. He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemploy-ment, to transition in former communist countries, to macroeconomic slumps, and to external imbalances. In the process, he has worked with numerous countries and international organizations.

2001Series of lecturesUnderstanding Movements in Unemployment

He received the Frisch Medal of the Econometric Society in 1986. Ariel Pakes is known for his research in the field of industrial organization, the economics of technological change and in econometric theory.

2002Series of lecturesRecent Developments in Applied Industrial Organization

In 2007, he was awarded the Nobel Memorial Prize in Economic Sciences (together with Eric Maskin and Leonid Hurwicz) in recognition of his contributions to mechanism design theory. Professor Myerson has made seminal con-tributions to such fields as game theory, mechanism design theory, political science.

2003Series of lecturesJustice, Institutions, and Multiple Equilibria.Leadership, Trust, and Constitutions.Bipolar Multicandidate Elections with Corruption.

He is one of the leaders in the field of political economics. He has contributed greatly to such fields as political business cycles, the political economy, fiscal policy and budget deficits, the process of European integration, stabilization policies in high inflation countries, the determination of the size of countries, currency unions.

2005LecturesThe Size of Countries: Economic Integration and Political Disintegration.The Choice of Electoral Rules.Preferences for Redistribution: US versus Europe.

2006LecturesOil and the Global Economy.Exchange Rate and Commodity Price Vola-tility and Productivity Growth: The Role of Financial Development.

Professor Rogoff is a famous chess player in the USA and was awarded the title of FIDE Master in 1978, he was a participant of the World Championship Interzonals in 1976. Professor Rogoff is known for his research in the field of international finance, he has contributed greatly to such fields as political economics and macroeconomics.

Zvi Griliches

Professor, Harvard Universtiy (1969-1999)

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Olivier Blanchard

Class of 1941 Professor of Economics, Mas-sachusetts Institute of Technology; Economic Counsellor and the Director of Research, Inter-national Monetary Fund, member of the NES International Advisory Board (2001- 2007).

Ariel Pakes

Professor of Economics, Harvard University. Professor Pakes is a member of the American Academy of Sciences, Econometric Society, and member of the AEA Committee on Government Statistics. Roger Myerson

is the Glen A. Lloyd Distinguished Service Professor of Economics at the University of Chicago; member of the NES International Advisory Board since 2010. Professor Myerson is a member of the American Academy of Arts and Sciences and of the National Academy of Sciences.

Alberto Alesina

Nathaniel Ropes Professor of Political Econom-ics, Harvard University. Professor Alesina is a member of the National Bureau of Economic Research and the Center for Economic Policy Research. He is a member of the Econometric Society and of the American Academy of Arts and Sciences.

Kenneth Rogoff

Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University. Professor Rogoff is also on the Economic Advisory Panel of the Federal Reserve Bank of New York; he was Chief Economist of the International Monetary Fund in 2001-2003. He is a Fellow of the American Academy of Arts and Sciences, Bernard Harms Prize Winner (2008).

ZVI GRILICHES MEMORIAL LECTURES

Bengt Holmstrom has made a significant contribution to the development of the theory of contracts and incentives, the theory of the firm, corporate governance, and the most recently to the understanding of liquidity problems and financial crises.

2006Series of lecturesThe Demand and Supply of Liquidity.

Avinash Dixit is famous for his research in the fields of microeconomic theory, growth and development theories, public economics, political economics, and the new institutional economics.

2008Series of lecturesOn the Design and Reform of Institutions of Economic Governance. 2009Series of lectures

New Developments in International Trade Theory.

Professor Helpman is one of the founders of the modern theory of international trade; he is also well known for his seminal contributions to the theory of economic growth and of the political economics. He was awarded Honorary Doctorate by the Catholic University of Louvain, received the Mahalanobis Memorial Medal, the Bernhard Harms Prize, the Rothschild Prize, the EMET Prize, the Nemmers Prize, the Onassis Prize and the Israel Prize (1991).

In 2007, he was awarded the Nobel Memorial Prize in Economic Sciences (together with Roger Myerson and Leonid Hurwicz) in recognition of his contributions to mechanism design theory. He has made contributions to many other areas of economics as well, including game theory, the study of intellectual property rights, and political economics.

2010LecturesHow Should We Elect Presidents?How Accountable Should Public Officials Be?How Does Political Pandering Affect Deficits?

For 10 years he has served on the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences. Professor Persson was President of the European Economic Association in 2008. He is one of the founders of the mod-ern political economics and co-author of the fundamental textbook in this field. Torsten Persson is also known for his research in the fields of development economics, macro-economics, international economics, public economics.

2011Series of lecturesPillars of Prosperity: The Political Economics of Development Clusters.

He was also awarded the Nemmers Prize in 2004.Professor Rubinstein contributed greatly to the development of neuroeconomics, decision theory and game theory.

2012Series of lecturesModels of Bounded Rationality: Theoretical and Experimental Perspectives.

Bengt Holmstrom

Paul A. Samuelson Professor of Economics and Chairman, Department of Economics, Massachusetts Institute of Technology; member of the NES International Advisory Board (2006-2009). Professor Holmstrom is a Fellow of the American Academy of Arts and Sciences, the Econometric Society and an elected foreign member of the Royal Swedish Academy of Sciences and the Finnish Academy of Sciences and Letters. He is a research associate of the National Bureau of Economic Research, a member of the executive committee for the Center of Economic Policy Research and second Vice President of the Econometric Society.

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Avinash Dixit

John J. F. Sherrerd ‘52 University Professor of Economics, Princeton University; member of the NES International Advisory Board. He is also a Distinguished Adjunct Professor of Economics at Lingnan University in Hong Kong and a Senior Research Fellow at Nuffield College, Oxford. Professor Dixit was President of the Econometric Society (2001) and of the American Economic Association (2008). Professor Dixit is a Fellow of the American Academy of Arts and Sciences, the National Academy of Sciences, and the American Philosophi-cal Society, and a Corresponding Fellow of the British Academy.

Elhanan Helpman

Galen L. Stone Professor of International Trade and Director of Graduate Studies, Department of Economics, Harvard University and a Fellow of the Canadian Institute for Advanced Research. Dr. Helpman was a member of the International dvisory Board and the Academic Committee of the New Economic School (1992-1994). He was President of the Israeli Economic Association (1989-1991) and President of the Econometric Society (2000). He is a Fellow of the Econometric Society, member of the Israeli Academy of Sciences and Humanities, a Foreign Honorary Member of the American Academy of Arts and Sciences, a member of the European Academy of Sciences and Arts and a Distinguished Fellow of the American Economic Association.

Eric Maskin

Albert O. Hirschman Professor, School of Social Science, Institute for Advanced Study, Princeton University. Professor Maskin was President of Econometric Society (2003).

Torsten Persson

The Torsten and Ragnar Söderberg Chair in Economic Sciences, Stockholm University. Professor Persson is a member of the Royal Swedish Academy of Sciences, and a Foreign Honorary Member of the American Academy of Arts and Sciences.

Ariel Rubinstein

Professor of Economics, Tel-Aviv University and New York University. Professor Rubinstein is a Foreign Honorary Member of the American Academy of Arts and Sciences, the American Economic Association, and the British Academy, and was the President of the Econometric Society (2004).

ZVI GRILICHES MEMORIAL LECTURES

2011-2012CEFIR APPLIED PROJECTS 19PUBLIC LECTURES 57OPEN SEMINARS 19

APPLIED RESEARCH AND OUTREACH

outreach 45

APPLIED PROJECTS

CEFIR’s project portfolio includes research done for Russia’s Central Bank, Ministry of Finance, Ministry of Health, Ministry of Industry and Trade, Ministry of Economic Development, Ministry of Labour and Social Development, Ministry of Education and Science, President of Russia Executive Office, the World Bank, the European Bank for Reconstruction and Development, Swedish International Development Agency, USAID, International Finance Corporation, and United Nations Development Program. CEFIR’s key competitive advantage is the international qualityof the policy research. CEFIR is integrated into the global economic community and has established partnerships with leading international economic research centers and insti-tutes. The Center strives to bring the latest achievements of economic science to applied research in Russia. In 2009 CEFIR was the first non-EC country research center to win European Commission project under the FP7 program. The project allowed CEFIR to create, together with the colleagues from Belgium, Germany, and Russia, the first spatial general equilibrium model of Russia.

NES PUBLIC LECTURES AT THE POLYTECHNIC MUSEUM

The lectures in the legendary Grand Hall of the Polytechnic Museum have become a substantial part of NES outreach activities. Four lecture series have been organized for the last two years: Economics Made Simple; Finance Made Simple; Questions to Economists, and Economic Policy. Also NES holds regular guest lectures by prominent scholars and businessmen. All videos are available on NES’s YouTube channel, presentations are availableat our channel at SlideShare.

PUBLIC SEMINARS NES/CEFIR

This series is designed for the NES students and faculty, CEFIR researchers, academic economists from other academic institutions and are open to general public. The invited speakers include business leaders, politicians and policymakers, distinguished scholars and public figures. Usually these seminars take place once or twice a month at the NES premises.

NES GUESTS IN 2011-2012

YEGOR GAIDAR MEMORIAL LECTURES IN ECONOMIC POLICY

In 2009 to commemorate the contribution of Yegor Gaidar to the development of the Russian economics and economic policy, the New Economic School launched Yegor Gaidar Memorial lecturesin Economic Policy. The Lectures are delivered by leading economic policymakers from Russia and around the world. The lectures are supported by the Human Capital Foundation and Yegor Gaidar Foundation. In 2010-12, the Gaidar Lectures were given by Anatoly Chubais, CEO of RUSNANO; Stanley Fischer, Governor of the Bank of Israel and the former First Deputy Managing Director of the International Monetary Fund; Leszek Balcerowicz, Professor of Economics at the Warsaw School of Economics; Deputy Prime Minister of Poland and Minister of Finance (1989-1991; 1997-2000), Governor of the National Bank of Poland (2001-2007).

Member of editorial board of four journals, and author and co-author of nine textbooks on corporate finance and privatization. He is one of the leading scholars of privatization of state-owned enterprises.

William L. Megginson

Professor at the University of Oklahoma

He is the author of a range of research works on different economic and financial issues. He has held academic appointments at Princeton, University of Bristol, London School of Economics and Political Science, Yale, and Cambridge. Willem has served as an advisor for IMF, World Bank, EBRD, and other institutions, national governments, and central banks. Until recently he has maintained his personal economic blog Maverecon on request from Financial Times.

Willem H. Buiter

Chief Economist at Citigroup

Prior to the appointment as the Director of the Department of Trade Negotiations at the Russian Ministry of Economic Development and Trade he held different positions at the Ministry of Foreign Trade of the Russian Federation.

Maksim Medvedkov

Director of the Department of Trade Negotiations at the Russian Ministry of Economic Development and Trade.

She is an active investor in a variety of start-ups. Her recent field of interest includes healthcare and space travel. Dyson spent 6 months (from October 2008 to March 2009) as a double for one of the space travel participants at Zvyozdny gorodok in Russia. She is a member of the International Advisory Board of the Center for the Study of New Media and Society at NES.

Esther Dyson

Chairman of the Board of Directors at EDventure Holdings

In 1993 he founded Barkli Corporation, an investment and construction company, which is now one of the leading market players in the area of construction and development.

Leonid Kazinets

The founder and the Chairman of the Board of Directors; Barkli Corporation.

A L U M N IRussia USA United KingdomCanada Australia Kazakhstan Switzerland Germany Ukraine Spain NetherlandsFranceSwedenHungaryItalyChinaMexicoIsraelCambodiaMongoliaIndonesiaAustriaUzbekistanAzerbaijanFinlandSingaporeQatarBelgiumSouth KoreaTurkmenistanTurkey

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Alumni

1131The NES Alumni and Friends Association has more than

members.1300

Alumni reunions held this year in 7 cities around the world.

18

of alumni contributed to the School within the Alumni Fundraising Campaign.18%

One third of NES graduates continued their education at the best universities and business schools of the world.

1 3

Our alumni work in the following countries

1131

Over the past 20 years, more than one thousand students have graduated from NES with masters degrees in economics or in finance. NES is truly proud of its alumni: successful business leaders and policy-makers, prominent academic and professional economists.

NES ALUMNI AND FRIENDS ASSOCIATIONThe NES Alumni and Friends Association was created by the very first graduating class in 1994. The Association’s President is Arkady Dvorkovich, alumnus of Class 1994, Deputy Prime Minister of Russia. The Association includes more than 1,300 NES alumni and friends from 30 countries. The Association holds annual Alumni Reunions in Moscow and different cities of the world.

In 2010, the School launched the Alumni Fundraising Campaign to raise funding for the NES Endowment Fund. 18% of the alumni have already donated to NES with a total contribution of 367 000 USD.

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alumni 49

To learn more about the New Economic School one has only to look at the placement of its graduates in PhD programs.

Stanley Fischer

Governor, Bank of Israel

Arkady Dvorkovich is a Deputy Prime Minister of Russia, member of the NES Board of Directors and NES Endowment Foundation Board of Trustees, President of the NES Alumni Association, Young Global Leader (the World Economic Forum, Davos).

Mr. Dvorkovich graduated from the Economics Department of the Moscow State University with a degree in Economic Cybernetics in 1994 and from the New Economic School the same year. Mr. Dvorkovich continued his education at Duke University in North Carolina where he received his Masters in Economics degree.

For several years Arkady Dvorkovich served as a consultant, senior expert, chief executive and academic director of the Economic Expert Group of the Russian Ministry of Finance and in 2000 he became an Adviser to the Minis-ter for Economic Development and Trade. From 2001 to 2004 he was a Deputy Minister for Economic Develop-ment and Trade, from 2004 to 2008 — the Head of the Presidential Experts’ Directorate, and from 2008 to 2012 – the Aide to the President of the Russian Federation.

Aleksey Zabotkin, Deputy Head of the Analytical Department, Head of the Investment Strategy Department, VTB Capital, has been one of the leading investment strategists in the Russian investment banking community. In 2011 and 2012 the VTB Research Team was recognized the best in the area of investment strategy in Russia in stocks and fixed income instruments according to the polls by the Institutional Investor All-Russia Research Team and Thomson Extel All-Europe Research Team.

Oleg Itskhoki is an Assistant Professor of Economics at Princeton University. He received his PhD degrein Economics from Harvard University. In 2009 Review of Economic Studies named Itskhoki one of the seven most promising PhD graduates in economics and finance. Oleg Itskhoki is on the top-100 list of the leading Young Economists according to RePEc.

Ksenia Yudaeva received her PhD degree from the Massachusetts Institute of Technology (MIT). Ksenia Yudaeva has worked in several think tanks: she was the Academic Director of the Centerfor Strategic Research, Chairman of the Post-Soviet Economies in Transition Program at the Carnegie Moscow Center, and Director for Applied Research of CEFIR. In 2009-2012 Ksenia Yudaeva was the Director of the Center for Macroeconomic Research at Sberbank and Chief Economist of Sberbank.

Starting from February 2009 Ksenia Yudaeva is listed in the top-100 list of the President of Russia’s reserve cadre. In April 2012 Ksenia Yudaeva was awarded the Order of Honor of Russian Federation. She is one of the Young Global Leaders (World Economic Forum, Davos).

alumni 51

Arkady Dvorkovich

NES’94.Arkady was awarded the NES Alumni Association Award for the Contributionto the Development of NES (2007).

Aleksey Zabotkin

NES’05.Aleksey was awarded the NES Alumni Associa-tion “Sponsor of the Year” Award (2011).

Oleg Itskhoki

NES’04.Oleg was awarded the NES Alumni Association “Breakthrough of the Year” Award (2009) for his outstanding achievements supporting the high reputa-tion of NES and serving an example for other alumni.

Ksenia Yudaeva

NES’94. Ksenia Yudaeva is the Head of the Econom-ics Expert Department, G20 Sherpa, Office of the President of the Russian Federation.

CAREER DEVELOPMENT Сompanies participating

in internship programs. 150mo

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Сooperation agreements with employers. 13

Career and business experts speaking at lectures, workshops, and trainings for the students. 70

44% of 1994-2011 NES alumni earn S7000 p

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15% of 1994-2011 NES alumni earn S15000I would like to highlight the impeccable academic reputa-

tion of NES and the highest level of training professionals for the leading Russian and international government and private organizations. Today NES is one of the leading sources of human capital. The NES faculty’s research in finance is highly valued by the economics and finance community.

Alexander Pertsovsky

Member of the Masters in Finance Program Advisory Board

*

*

* 40% of the alumni participated in the survey

In addition to strong academic education, NES students also get a unique knowledge about Russian and foreign labor markets, both academic and professional. NES alumni community helps the students to understand the difference between Harvard and Stanford, between commercial and investment banks, between strategic and financial consulting – as well as the requirements and careers in each company.

Most employers highly appreciate professional skills of NES alumni. A modern NES graduate is a highly qualified professional with solid practical and theoretical background and creative and unconventional thinking. NES degree helps to secure an interview to any company. The Career Development Center provides the students with information and consulting support on the issues of employment and internships.

THE MISSION OF THE CAREER DEVELOPMENT CENTER

To motivate students and graduates to plan their career and self-development, to assist in adjusting to the modern job market and to contribute to their professional growth.

SUPPORT FOR STUDENTS

companies’ presentations, business games and business case studies candidate portfolio and career development seminarsand trainingslectures and master classes by employersmeetings with business leaders and academics company visitsmeetings with alumni, round tables and sessions at NES Professionals Clubmailing lists: vacancies, internships, job market newsCV Books of students and graduatespolls and surveys of students and graduatesindividual career adviceprofessional trainings, seminars, and courses“Innovative Entrepreneurship” course“Business Communication Psychology” course

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EMPLOYMENT OF «MASTER OF ARTS IN ECONOMICS» GRADUATES(1992-2012)

38%

16%

13%

13%

12%

5%

2%

1%

finance

education and research

consulting

real sector

continued education

other

government

international organizations

Sberbank of RussiaVTB CapitalNESDeutsche Bank AGMcKinseyHSECEFIRJPMorgan Chase & Co.Troika DialogBarclays CapitalRenaissance CapitalGovernment of the RFUniCredit

Gaidar Institute for Economic PolicyAmerican AppraisalTNK-BPMorgan StanleyDa Vinci Capital ManagementSelf-employment, freelanceAlfa Group LUKOIL

THE KEY EMPLOYERS OF NES ALUMNI ARE

Credit SuisseOliver WymanURALSIBBoston Consulting GroupErnst & YoungCitigroupEvraz GroupGazprombankUBSGoldman SachsInternational Monetary Fund

RUSNANOAccentureUniversity of SydneyBrananPwC MTSRaiffeisen BankKPMG InternationalFannie MaeNomos BankMerrill LynchINGEBRDBank of MoscowWermuth Asset ManagementDeloitteProcter & GambleUniversity of California

NES graduates proved to be highly qualified experts who possess all necessary theoretical and practical skills. The knowledge they get at NES let them successfully pass the selection procedure. McKinsey management is grateful to the faculty and staff of the New Economic School for training highly qualified experts in economics.

Vitaly KlintsovYermolai SolzhenitsynAvetik Chalabyan

«McKinsey&Company»

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11-1

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9

4-5

6-7

number of NES alumni

Rair Simonyan

Former Chairman of the Board of Directors, Morgan Stanley Bank

One of the main factors slowing down the development of many sectors in Russian economy and Russian financial sector is an extreme dearth of highly qualified personnel, experts whose skills and knowledge would allow them be successful at international level.

Recently, it was impossible to get the necessary skills in Russia, there was a massive outflow of talented young people in 1990s-2000s abroad. NES is one of the first educational institutions in our country which not just tried to become similar to western schools, but managed to grow into one of the world leaders in economics and business education.

F U N D R A I S I N G A N D D E V E L O P M E N T

NES ENDOWMENT FOUNDATION

SUPPORTING THE SCHOOL

The establishment of the NES Endowment Foundation has become the sign of confidence of Russian and international business community to the New Economic School. Endowment is a necessary condition for the existence of any research university, the major guarantee of its independence and commitment to its mission. No university can allow itself to pursue higher goals without long-term funding sources.On the other hand, an endowment can be only established if the public trusts the university and is assured that it will always be committed to its mission.The NES Endowment Foundation was created for several purposes: campus, long-term funding of faculty positions, financial sustainability, and long-term independence of the School.

1 2 4 5 6Endowment Foundation

Professorships Scholarships Development of research and academic programs

Development of academic infrastructure and resources

Development of extracurricular activities for students and alumnicommunity

3

NES IS GRATEFUL TO COMPANIES, FOUNDATIONS AND INDIVIDUALS WHO HAVE CONTRIBUTED TO ITS ENDOWMENT

Peter AvenBank of MoscowBarkli CorporationMaxim BoyckoArkady DvorkovichJonas af JochnickAlexander LebedevMacArthur FoundationAndrei MelnichenkoMetalloinvestNovatekOpen Society InstituteRenova FoundationSberbank of RussiaTransneftURALSIBRAO “UES of Russia”

NES IS GRATEFUL TO COMPANIES, FOUNDATIONS AND INDIVIDUALS WHO PROVIDED FINANCIAL SUPPORT TO THE SCHOOL IN 2011-2012

Access Industries, Inc.Bank of America Merrill LynchBPDeutsche BankErnst & YoungExxonMobil Russia Inc.INGJ.P. MorganKinross GoldMorgan StanleyNordea PromsvyazbankPwCRaiffeisenbankRenaissance CapitalSUEKAlcoa FoundationCitigroup Foundation

ENDOWMENTFOUNDATION

NES Endowment Foundation, founded in 2007, is one of the first endowments in Russia. The Foundation is to provide long-term financial sustainability for the School. NES Endowment Foundation has attracted more than 450 mln RUR in cash and another 150 mln RUR in pledges and commitments.

PROFESSORSHIPS

Hiring faculty at the international job market is one of the strategic priorities for the School. We are proud of that the business community is increasingly supportive through establishing named professorship positions.According to the strategic plan, we will keep adding 4 new economics and finance professors every year. By 2015 the faculty will consist of 40 professors.

SCHOLARSHIPS

More than a half of NES students receive merit-based and need-based full or partial tuition waivers and dormitory support: 100 out of 195 students of the Master of Arts in Economics Program, 14 out of 81 students of the Masters in Finance Program, and all 63 students of the HSE-NES Bachelor of Arts in Economics Program (as of 2011). The students who do not receive any scholarships in their first year can apply for scholarships at the second year sub-ject to high academic performance. Scholarships provided by alumni and other donors give the most talented and hard-working students a chance to study at NES with full tuition waiver and a stipend.

RESEARCH CENTERSAND ACADEMIC PROGRAMS

Center for Demographic ResearchCenter for the Study of New Media and SocietyNES Outreach Center Applied research projects at CEFIRResearch conferences, public seminars, public lectures

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ACADEMICINFRASTRUCTURE AND RESOURCES

Library Writing and Communications CenterIT

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EXTRACURRICULAR ACTIVITIES FOR STUDENTS AND ALUMNI COMMUNITY

NES Paper – students’ newspaperNES Alumni Magazine – quarterly alumni magazineCV BookAnnual sports events for the students and alumniAlumni Reunions

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The MacArthur Foundation has been a financial support-er of the New Economic School for the past fifteen years. This period has seen the School grow tremendously as a center of advanced training and research. NES has been at the center of the creation of a modern economics profession in Russia, and I am extremely proud of the MacArthur’s longstanding partnership with the School. Over the years, MacArthur has provided support of professorships, research, outreach at NES – and most recently, support of the School’s Center for the Study of New Media and Society. The New Economic School has played and will continue to play an essential role in Russia’s ongoing modernization.

Long-term cooperation with NES is an honor for BP. We are happy to support various activities at NES by supporting annually BP scholarships for NES students, named professorship and a Russian-Chinese-Indian conference. Upon that we don’t feel ourselves donors, but partners getting the effective output from this cooperation. Particularly, our experience of joint research aimed at studying the current tendencies of the Eurasian gas market proves that NES is justly considered to be one of the best research universities not only in Russia but in the world.

Vladimir Drebentsov

Vice-President for External Communications, BP Russia

fun

dra

isin

g an

d d

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op

men

t 5

9

John Slocum

Director, Migration Program Area and Chair, Rus-sia Working Group International Programs, The John D. and Catherine T. MacArthur Foundation

VISA PLATINUM NES CARD

NES and our long-term partners Russian Standard Bank and VISA Inc. launched a joint project – Visa Platinum NES premium credit card. The Visa Platinum NES cards are de-signed for NES alumni, partners and friends, and provide an opportunity to support the School. Russian Standard Bank and Visa donate their commission (1% of all purchases on the card) as well as 50% of the annual service fee to NES. There is no fee for the first year of use .

You can get the Visa Platinum NES card by:contacting NES Alumni Center at +7(495) 956-95-08, ext. 244 or nesalumni@nes.rucalling Russian Standard Bank at +7(495) 287-78-48

Dmitry Zimin’s Dynasty FoundationHuman Capital FoundationJohn D. and Catherine T. MacArthur FoundationOpen Society InstituteOxford Russia FundPINE FoundationRENOVA FoundationYegor Gaidar FoundationThe Warburg Pincus FoundationPeter AvenChristopher BarterAlexander DolginEdward EislerPeter NecarsulmerJean RabyCharles RyanKurt SchmidJoseph SchullSusan Thurman

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Executive Director Ekaterina Maksimovaekmaksimova@nes.ru

Program Coordinator Daria Vertkina dvertkina@nes.ru

HSE-NES Joint Bachelor of Arts in Economics Programba@nes.ru

Mastersin Financemif@nes.ru

Director Alexey Goriaevagoriaev@nes.ru

Program Manager Irina Filippovaifilippova@nes.ru

Program Manager Yulia Kalinchenkoykalinchenko@nes.ru

Master of Arts in Economicsabitur@nes.ru

Director Stanislav Anatolyevsanatoly@nes.ru

Executive Director Galina Benevolenskaya gbenevolenskaya@nes.ru

Program Coordinator Kristina Kuralenya kkuralenya@nes.ru

Executive Education

Director Vyacheslav Gorovoyvgorovoy@nes.ru

Program Coordinator Irina Inozemtsevaiinozemtseva@nes.ru

Center for Economic and Financial Researchwww.cefir.ru

General Director Oleg Adamovsky oadamovsky@ cefir.ru

Policy Director Natalia Volchkovanvolchkova@cefir.ru

Office-manager Liliya Gubaydullina lgubaydullina@cefir.ru

Center for the Study of New Media and Societywww.newmediacenter.ru

Center for Demographic Research www.nes.ru/ru/science/cdr

Director Samuel Greenesgreene@nes.ru

Deputy Directorfor Data Sergei Chernovschernov@nes.ru

Coordinator Ekaterina Trushina etrushina@nes.ru

Director Vladimir Shkolnikovvshkolnikov@nes.ru

Deputy Director Dmitri Zhdanov djdanov@nes.ru

Leading Researcher Eugeny Andreev eandreev@nes.ru

Research Coordinator Elena Churilovaechurilova@nes.ru

N E S C O M M U N I T YRESEARCH CENTERS

Director Konstantin Sonin ksonin@nes.ru

EDUCATIONPROGRAMS

Chairman of the NES Board of Directors

NES President

Rector

Maxim Boycko

Valery Makarov

Sergei Guriev

sguriev@nes.ru

NES COMMUNITY

NES TODAY

Career Development CenterDirector Svetlana Volkovasvolkova@nes.ru

Alumni Relations Centernesalumni@nes.ruCoordinator Svetlana Nabievasnabieva@nes.ru

Outreach Center

Director Alexei Savvateev

savvateev@nes.ru

Deputy Director Dmitry Krutikovdkrutikov@nes.ru

Development Officedevelopment@nes.ruDirector for Development Julia Selyukova jselyukova@nes.ru

Library

Head Librarian Larisa Kryuchkova lkruchko@nes.ru

Center for Policy Studies

Deputy DirectorSeseg Vanchikovasvanchikova@nes.ru

Writing and Communication Center

DirectorOlga Aksakalovaoaksakalova@nes.ru

Vice-Rector Konstantin Soninksonin@nes.ru

Vice-Rector for Academic, Students and Alumni AffairsZarema Kasabievazkasa@nes.ru

Chief Operating OfficerGulnara Okhramenko gokhramenko@nes.ru

Chief Financial Officer Oxana Budjko obudjko@nes.ru

NES

co

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ity

63

ADMINISTRATION Program launched in

StudentsNumber of students Enrollment, 2012Non-moscovitesAverage ageWomenAnnual tuition feeRoom and board, per annum

First degreesMathematics, natural, sciences, engineering, IT Finance, accounting, economicsOther

Student loan programActually used loans

Financial SupportFull or partial tuition waivers

GraduatesNumber of classesNumber of graduates

Annual budget, 2011-2012Costs per student, per annum

Faculty TotalTenured and tenure-trackPart-time faculty

GovernanceBoard of DirectorsEndowment Foundation Board of TrusteesInternational Advisory Board

1992

188109 1402354$9 750$2 500

1126214

44

100

191028

2007

6834472818$15 500

341715

22

21

5103

2011

118585618420

0

63

00

MAE MiF BAE Total

374 (100%)201 (54%)243 (65%) 114 (31%)

1467929

66 (18%)

184 (49%)

1131

$9,18 million

$24,545

725517

81314

12 years with a 2 year grace period

External Relations DepartmentCoordinator Anastasia Mikhalitsynacommunications@nes.ru

Not provided Provided by HSE

www.nes.ru117418, Moscow, Russia Suite 1721, Nakhimovskii Prospekt 47Tel: +7 (495) 956 95 08Fax: +7 (499) 129 37 22

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