EXCELLENCEIN ECONOMICSEDUCATIONAND RESEARCHIN RUSSIA
TENURE-TRACK AND TENURED RESEARCH CENTERS FACULTY 30 3 STUDENTS 2012 ALUMNI 2012 188 1028 MAE MAE 118 103 BAE MiF 68 374 1131 MAE - Master of Arts in Economics MiF BAE - Bachelor of Arts in Economics MiF - Masters in FinanceRANKINGSSSRN (Social Science Research Network) NES is ranked the best economics institution NES’s think tank CEFIR (Centre for Economicranks NES among the top 100 economics in the former communist countries in the and Financial Research) is ranked a top 20departments in the world and the top research ranking by RePEc (Research Papers economic think tank in the world by RePEc.economics department outside the OECD. in Economics) and is in the top 150 best economics departments in the world. TOTAL NUMBER OF STUDENTS TOTAL NUMBER OF ALUMNI statistics 1
45Mission 613 1417 History GovernanceDear friends! TABLE OF CONTENTSThe New Economic School opened its doors for is first52 students just 20 years ago, in September 1992. Overthe last 20 years NES has grown into a mature universitywith more than 30 resident economics faculty hired inthe international academic market and 374 studentsenrolled in the masters’ and undergraduate programs. 1825 Education 2633 FacultyWe have more than a thousand alumni that have becomeleaders of their generation in the international academicprofession, government, international organizationand Russian and international business. Our executiveeducation program (run together with INSEAD busi- 3441 4245 46 51ness school) includes 554 participants. Today, NES is still Sergei Gurievgrowing and developing, as it has been during every yearof its twenty-year history. In 2012, we have recruited Rector of the Newfive more economics faculty, and the first undergradu- Economic Schoolate students completed their first year. I am confidentthat in twenty years another Rector will write about theiroutstanding achievements. Research Projects Alumni 5255 5659 Career development Fundraising and development 60 63 NES community
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:NES trains new 1 NES produces 2 NES brings back 3MISSIONacademic economists globally competitive foreign-trained Russianfor Russia economics research economists to work in Russia VALUES PROFESSIONALISM RESPONSIBILITY MUTUAL RESPECT INTEGRITYNES contributes to improving Russia’s public policy through both graduate training in economic policy and applied research at its Centerfor 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. Throughits outreach activities, NES also disseminates modern economics knowledge to other universities in Russia, the CIS, and other emerging markets.
Arkady Sergei Maxim Dvorkovich Guriev Boycko George Victor Valery Soros Polterovich Makarov Vladimir Stanley Putin Zvi Gur Fischer Griliches OferH I S T O R Y 2012 Don Ilya Strebulaev Zarema Kasabieva Barack Obama Erik Konstantin Sonin Patinkin Berglof VladimirMikhail PreobrazhenskyDmitriev Peter Barry Aven Ickes Herman Gref
NES Rector Valery Makarov opens the first In 1992, when Russia faced dramatic challenges of transition of Russian economists contributing to the dissemination of Advisory Board (IAB), which included leading economists from in 2002 there were 80 first-year MAE students, today there are Arts in Economics); 63 students were enrolled in the first year.1992 academic year. NES admits the first class to market economy, leading Russian and foreign economists the modern economics through teaching and research. Most the US, Europe and Israel, developed the School’s academic 108 people. In 2007 we launched the Masters in Finance Today NES has 374 students and 30 resident faculty. of 52 students. The Academic Council teamed up to create a graduate school of modern economics. of the alumni were expected to contribute to the development curriculum and business plan, and in 1992 the New Economic program, which enrolls 30-35 students annually. In 2011 we, The School has entered its third decade with confidence, is established. The International Advisory The graduates were to get their PhDs in the leading Western of the emerging Russian market economy through policy School (NES) opened its doors for the students. In 1992, 52 together with our long-term partner, Higher School of Economics, hopes, and new plans – by 2020 to bring the number of stu- Board led by Gur Ofer begins to operate universities and come back to Russia to teach new generations making and through working in the private sector. International students joined the Master of Arts in Economics (MAE) program, opened a new Undergraduate Program (HSE-NES Bachelor of dents to 1,000, to grow its core faculty to 55 professors, to further develop and raise quality of research and academic programs. American Friends of NES (AFNES) established in the US NES celebrates its 10th anniversary. Long-term student loan program with Russian Standard Bank launched. New NES mission and new The permanent faculty reaches 30. Sberbank 500 1996 2005 2002 2012 President Vladimir Putin congratulates the strategic plan approved program graduates its first class. The number of MiF 1994 The first 32 graduates School on the 10 years of success graduates reaches 100. leave NES. NES Alumni Association established 2000 2007 Soros Foundation Center for Economic 1997 2003 Master of Arts in Economics Masters in Finance (MiF) program launched. 33 MiF students enrolled. MiF Advisory Board founded. committed to provide and Financial Research NES Russian Advisory Board was transformed into the Board of Trustees of the NES Endowment long-term support (CEFIR) established (MAE) program’s entering class expands to more Foundation to NES than 80 students 1992 2012 NES governance structure NES Research Center The first NES graduates returned reshaped: Valery MAE program 1995 1999 established through to Russia after completing their PhDs Makarov elected as receives state accreditation. The 44th President of the The number of NES graduates reaches 1000. HSE-NES Bachelor of Arts a grant from Ford to teach and do research at NES President of NES. Sergei The first capital United States of America in Economics (BAE) program launched. 63 BAE students enrolled. New Strategic Foundation Guriev appointed the grant received Barack Obama delivers Plan approved. Jointly with INSEAD and Sberbank, NES launches a large scale second Rector of the 2006 2009 from McArthur the Commencement executive education program “Sberbank 500”. NES opens the Center for the New School. NES Board of Address at NES. Media and Society funded by the Open Society Institute and McArthur Foundation. 2011 Directors created to Foundation to 2004 start the School’s NES Alumni Relations NES launches the Center for Demographic Research funded by the Dynasty become the ultimate endowment Center established Foundation. The NES Writing and Communication Center established governance body. The The second cohort of 50 students NES Outreach Center opened with number of resident enrolled. Prominent economists support of Soros Foundation and faculty reaches 15 from the US, Europe and Israel come MacArthur Foundation. The new 2008 to teach courses at NES. Academician team – the core of the future Centre for 1998 1993 Victor Polterovich becomes the Economic and Financial Research (CEFIR) – The first 22 students graduate from MiF Chairman of the Academic Council comes to the Russian European Center for program. Career Development Center NES Alumni Fundraising Campaign beings. 2001 Economic Policy (RECEP) created NES recruits students in Novosibirsk NES and HSE create a joint undergraduate and Almaty. NES Russian Advisory Board program. NES Visiting Committee evaluates (RAB) created the quality of research and teaching 2010
he became really interested and I introduced him to Gur. models), and «some kind of commercial activity, such 11 Since then Barry fell in love with NES. He plays a crucial role as consultancy for the government and private business.» history in school’s operations by resolving finance issues. By now CES (as the original document already called it) was to Barry has been with us for almost 20 years. There were more be a «private shareholding company» with diverse new people coming and the School was growing steadily stakeholders: CEMI; Moscow State University; Dialog, but surely. At first it was a tiny school, but now it has over a private investment group; an organization representing 1,000 alumni. Nowadays, the School is much larger and the Russian Government (!) that would «give the gradu- more recognizable worldwide. It is even more recognizable ate students an official status»; «a Western university […] outside of Russia than inside Russia. That’s why it is different from which CES can receive money and invite Western from other schools. professors»; and, finally, «individuals […] who make majorValery Makarov investments in CES.» As for the governance of CES, let us Erik Berglof Barry Ickes Sergei Guriev mention only that the entity was «to operate likeDirector of CEMI at the Russian Academy of Science, a nonprofit institution.» As we revisit several additional Chief Economist, EBRD, Coordinator of the NES Inter- Professor of the Pennsylvania State University, NES Rector, Tenured Professor, President of CEFIRPresident of NES, Member of the NES Board elements in this document, we can only be amazed that national Advisory Board, Member of the NES Board President and Treasurer of the American Friends of NES,of Directors much of what happened later, and what NES is at present, of Directors Member of the NES Board of Directors was already captured in the missive’s 400 words. NES is sometimes called «a miracle.» In fact, this is not one miracle, but the whole sequence of miracles, each of which I have been involved in NES for over a decade now. It is like really I was visiting the World Bank and I was would have been impossible without the previous one.When the transition to the market economy began, there And the reason I got involved was that it needed someone having lunch with Professor Gur Ofer and he was telling The first miracle took place at the beginning of the NESwas no classical economics education in Russia. At first we building a research environment in Moscow. I saw the value me about his plan to start the New Economic School with history, when the School managed to attract outstandingwere thinking of creating an econometrics school. that NES provided in terms of people, its young students Valery Makarov who was my frequent tennis partner. I said, visiting faculty including the world’s leading economists.Then I suddenly met my friend Gur Ofer, Professor of the with fantastic training and I wanted to get involved «Valery is my frequent tennis partner and that sounds The second miracle is the best student body in Russia.Hebrew University of Jerusalem. Gur immediately offered and bring that research environment to NES. I think that interesting.» Gur said, «Why don’t you come and teach», Third, these students were later admitted to the best PhDto build a school with all subjects, i.e. a classical school today NES is a fantastic experiment that has succeeded way and I said, «Yes, that would be pretty good.» And well, programs with full scholarship. The fourth miracle, whichof economics. It was a good start. Inviting visiting faculty beyond anyone’s expectation. It is the best environment 19 years later I am still here. It was probably because I Gur Ofer absolutely no one believed in the 1990s, is that thesewas the key. The first professors we invited were Amos outside Western Europe and the United States. And I think spoke too much at lunch and there was a need for micro people would return to Russia to do research and to teach.Witztum from the UK (microeconomics) and Don Patinkin that is why I want to stay involved, be part of it. So many people. So I taught, I think, for the first four years at the Professor of the Hebrew University of Jerusalem, And finally, the fifth miracle is that many of these professors(macroeconomics). Don was a world-wide known econo- Member of the NES International Advisory Board people today have been gratifying because you see that New Economic School every single student. And then staying in Russia manage to work at the forefront of worldmist. They were also excellent teachers, and students every year a new cohort of students is brought up with new gradually, as things developed, taught less and came just science. Each of these achievements was unlikely, and nowloved them. That’s how things started. It was not easy to skills and they are disseminating throughout Russian society, to see how things were going. In terms of the greatest day they look even more impressive as they all did takemake well-known researchers come to teach at the school. Even today, most acts of conception need two partners. through government, business and other universities and in NES history, well for me one great day was the day when place - within only 20 years!In fact, Amos and Don were the starting point for NES. It so happened that at a dinner party in the home of Evsey that is going to change Russia in the long term. Sergei Guriev took over as rector of NES. I think I was onAfter that, we were able to invite other great visitors from Gurvich, an official at the Soviet Ministry of Finance, where the verge of heart attack and Sergei was a great leader.abroad. Among these people was Zvi Griliches who always I recounted my meeting with Soros, Mark Levine (then The last 20 years have been fantastic for the School as He reduced a lot of the work and made my life a whole lotloved Russia. He taught econometrics and some other an economist at the Moscow Institute of Steel and Alloys, it came out of nowhere, created something. Now the better. So for personal reasons that was a pretty good day.courses. The first cohort of NES graduates included people today a professor at the Higher School of Economics, HSE), future is of course to be even more successful, even more But for NES the greatest day was perhaps the day whenwho became very well known later, e.g. Arkady Dvorkov- mentioned that the Academician Valery Makarov, head of integrated into the Russian environment, but of course they installed the water cooler on the 17th floor. I was soich, Ksenia Yudaeva, and Maria Gorban. Smart students the acclaimed Central Economics and Mathematics Institute ultimately also being part of the global discussion where tired of drinking tchai (tea). Tchai, tchai, tchai – that is allwere a point of attraction for other students and faculty. (CEMI), a leading institute of the Academy of Sciences, was Russia needs to be part of, and the New Economic School we had for three or four years and then we actually hadIn its first years the school was mostly supported by enthu- thinking along similar lines. A meeting was arranged offers an environment that can produce ideas that Russia water. I think everything since then NES has been great andsiasm, which persists even today. The start was very good at CEMI and indeed, Makarov handed me a document can articulate in the global debate. continues to get better every year.due to the Western professors who were enthusiasts willing a page and a quarter long, dated September 19, 1991,to do something for Russia.Undoubtedly, Gur Ofer played titled, by sublime coincidence, «CEMI Econometric School.»a leading role in making the school a success. He used to The document, prepared by a group of leading economistsspend days and nights in Russia, despite his family and uni- at CEMI, envisioned a new program of graduate studiesversity duties. Then accidentally we found Barry Ickes. in three directions—«modern economic theory,»I used to play tennis with him. I met him somewhere «econometrics,» and «management»,—the establishmentin the Unites States. When I told him about the School, of a research center (working mostly on macroeconomic
13 historyVladimir Preobrazhensky Vladimir Putin Stanley Fischer Kirill Borusyak Alexey Govryakov Zdenek TurekMember of the NES Board of Directors President of Russia, in his greetings at the 10th Governor, Bank of Israel MAE Class 2012 MiF Class 2012 Citi Country Officer for Russia, Citi Division anniversary of NES, December 2002 Head for Central and Eastern EuropeThe way I came to NES is a fluke. I do not remember all the As is known to everyone associated with NES, the word When Russia is in discourse about everything - education, My decision to come to NES was not only to make a «prof-details, but, if I am not wrong, I was introduced to Sergei Your School has already built a reputation of a university «nes» means«miracle» in Hebrew. And that NES is. health, etc. – people say that here everything is not itable investment» in human capital, but also to leave the Citi and NES have achieved noteworthy results in theGuriev by Sergei Vorobiev from Ward Howell who served that provides modern and high quality economic education. NES is a success story, which the founders, among them made for people. And if anybody in conversation mentions «comfort zone». My investment paid back but resetting my development of financial planning habits and competentat the NES Board of Trustees at the time. After that Maxim NES degree is highly valued both in Russia and abroad. Professor Valery Makarov, the late Professor Zvi Griliches NES, it is, I think, a very rare case, when people don’t talk way of thinking paid back twice. At NES with each serving personal budget management among Russian youthBoycko and Sergei Guriev invited me to the Board of Direc- Hundreds of NES graduates working successfully in different of Harvard, and from Israel, Professor Gur Ofer can justly the same. I feel that this place is made by people and for of new knowledge the world became more and more in many regions of the country through the Financialtors and I happily agreed. I think that the School is amazing; private and public sector organizations brilliantly prove that. be proud of. In Israel we are proud also that the late people. diverse. Earlier I thought I’d be the happiest retiree, Literacy project. My colleagues and I place great value onit is like a new flower with its fresh sense of life. This is what Professor Don Patinkin, the founder of modern Israeli because I did not watch 80% of movies from IMBD top- NES’ efforts and expertise, as they have been crucial to theI feel. Three years later we came up with an idea to create economics, was one of the first teachers at NES. With 250. Now I think the movies will wait, because there success of our joint project, which addresses one of Citi’sa new program - Masters in Finance. We wanted to find a congratulations for what you have achieved in such a short is yet so much to read. main CSR objectives - improving public financial literacyformula that would allow people who reach a certain point time, and with best wishes for continuing success at such and promoting personal financial responsibility amongin life and face new challenges, to find a good platform and a high level in the future. youth throughout the world.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. As we celebrate Citi’s 200th anniversary, we also markOne will judge in ten years how good it is. The 20th an- another anniversary just like NES - 20 years of workingniversary of the School is a big celebration and a joyous year. in Russia, and it is particularly important for us to bring toIt is like the mid-life crisis is still far, but childhood is behind. life projects and initiatives aimed at improving theI would mention four most important things: first, after a wellbeing of Russian citizens and Russian society, wheredecade or so the size of BAE program reaching 500 students we live and work, taking into consideration the fact thatwould be really great. Second, the School needs closer ties our priorities coincide with those of the state.The resultswith the industry. The School has already set up good rela- achieved through our partnership programs with seventions with government agencies, large multinationals and universities and the 10,000 people who have completedregional governments, but I think industry relations should the educational course are proof to us that choosing NESbe strengthened. Third, it will enable the School through the Lyubov Farafonova as a partner was the right decision. I hope that ourindustrial dimension to reach its new unique balance Dmitry Arkhangelsky future cooperation will help further popularize this projectbetween the quality of academic research and its applica- Michael Kunzi throughout Russia and rapidly expand its audience.tion. Fourth, I certainly hope that doctoral level programs MAE Class 2012will become a reality here. In ten years, I think the School Executive Vice-President, Lombard Odierwill be ready to a doctoral level program. And this will be NES is an amazing place. Here students complain to thea cornerstone for becoming a real sustainable university. My son is three years old, and if he becomes good at rector for the fact that the exam was not difficult enoughSchool reproduction is a great thing. I wish the School every mathematics, finance and economics, I want him to study and ask to add a more challenging course on stochasticsuccess. It has goals ahead, the country is changing, and the at NES. I sincerely believe in the highest quality of this processes. Here everyone is willing to help his/her friendSchool will have to change as well. So we will have no time institution, its honesty and professionalism. with studies, but no one cheats at the exam.to get bored.