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Martin G. Gilman

  • Martin G. Gilman has been at HSE since 2005.

Education and Degrees

  • 1981

    PhD
    London School of Economics and Political Science

  • 1972

    Master
    London School of Economics and Political Science

Ph. D. in Economics (London School of Economics, 1981)
M. Sc. (Econ.) (London School of Economics, 1972)
Certificate of International Studies (Bologna Center, School of  Advanced International Studies, John Hopkins University, 1971)
B.S. (Econ.) (Wharton School of the University of Pennsylvania, 1970)
B. A. in Political Science (University of Pennsylvania, 1970), including studies at the Institut d’Etudes Politiques, Paris, 1968-69

Courses (2018/2019)

Courses (2017/2018)

Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 1 year, 2-4 module)Rus

Courses (2016/2017)

Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 1 year, 2-4 module)Rus

Courses (2015/2016)

Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 1 year, 2-4 module)Rus

Courses (2014/2015)

Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Rus

Courses (2013/2014)

Applied Macroeconomics (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus

Courses (2012/2013)

Courses (2011/2012)

Courses (2010/2011)

Applied Macroeconomics (Master’s programme; Faculty of Economic Sciences; spec. "Microeconomics: Theory and Policy Application"; 2 year, 1 semester)Rus

Publications6

Books:

  1. No precedent, No plan. Inside Russia's 1998 default, with a preface by Michel Camdessus, The MIT Press, 2011.
  2. Дефолт, которого могло не быть, Издательство Время, 2009.
  3. The Financing of Foreign Direct Investment, with a  preface by Charles Kindleberger, New York: St. Martin’s Press, 1981.

Articles: 

  1. Will the G-20 join the scrap-heap of history?, RSFA project, October 2011.
  2. The coming eclipse of the dollar: By default, not design, McKinsey, 12 January 2010.
  3. Russia's uncertain economic recovery, Brazilian journal, 11 September 2009.
  4. Budget spending creates uncertainty for economic recovery, slon.ru, 10 September 2009.
  5. Stuck with inflation, Slon.ru, 26 April 2009.
  6. Toward and Around the Abyss: The Surprising Bounce Back of Russia Following the August 1998 Crash, American Chamber.
  7. Саммит «двадцатки»: новый Бреттон-Вудс? Россия в глобальной политике, 11 ноября 2008.
  8. Мир тонет, Россия выплывает, Россия в глобальной политике, 28 января 2008 г.;
  9. «Большая восьмерка» и интернационализация рубля, Мартин Гилман, Россия в глобальной политике, том 5, №3, май-июнь, 2007 г.
  10. Official Financing: Recent Developments and Selected Issues, IMF, 2004
  11. “Exchange Rate Policy and the IMF”, with David Burton, in Finance and Development, Washington, D. C., September 1991.
  12. “Heading for Currency Convertibility”, in Finance and Development, Washington D. C., September 1990.
  13. "Official Financing: Recent Developments and Selected Issues", International Monetary Fund, Washington, DC, 2004 
  14. “Russia’s Financial Integration into the World Economy”, Centre d’Etudes de Recherche Internationale, mimeo, Paris, May 1997. 

Mass media:

Recent publications in mass media

  1. Economics and Politics Don't Mix, The Moscow Times, 14.12.2011
  2. Signs of an Island of Stability — for Now, The Moscow Times, 09.11.2011
  3. Если они не договорятся, Московские новости, 10.10.2011
  4. On Inflation, Russia Not Out of the Woods Yet, The Moscow Times, 14.09.2011
  5. BRICS : le nouveau G5 ? Le Courrier de Russie, 20.04.2011
  6. A New Member and More Problems for BRICS, The Moscow Times, 14.04.2011
  7. Кризис старшего возраста, Vremya novostei, 3.11.2010
  8. Непредсказуемый закат, Vremya novostei, 15.01.2010.
  9. A promising economic start to a new decade , The Moscow Times, 13.01.2010.
  10. Это был мыслитель-визионер, Время новостей, 17 декабря 2009.
  11. БРИК: почему Россия может стать "восходящей звездой"Slon.ru, 15 декабря 2009. 
  12. Russia ’s uncertain economic recovery, The Brasilian Economy, Ocotber 2009.
  13. A New Wave of Privatization, Russian-Style, The Moscow Times, 14 October 2009.
  14. Перспективы: инфляция, курс рубля, нефть, Slon.ru, 11 September 2009.
  15. Building a Post-Crisis Economic Paradigm, The Moscow Times, 9 September 2009.
  16. Russia Ready to Invest $10Bln in IMF, The Moscow Times, 28 may 2009.
  17. Ruble Reserve Currency May Not Be So Crazy, The Moscow Times, 13 may 2009.
  18. A Few Economic Truths to Ease the Misery, The Moscow Times, 8 April 2009.
  19. Архитектура малых форм, Время новостей, 16 марта 2009 .
  20. Building a Tower of Babel at the G20 Summit, The Moscow Times, 12 March 2009.
  21. Few See Ruble Repeating the Magic of 1998, The Moscow Times, 24 February 2009.
  22. Fighting Inflation Needs to Be a Top Priority The Moscow Times, 11 February 2009.
  23. Financial Armageddon II Can Be Avoided, The Moscow Times, 10 декабря 2008.
  24. Рублю бросили якорь, Российская газета, 21 октября 2008. 
  25. What Will Happen Next to the U.S. Dollar The Moscow Times, 8 октября 2008.
  26. Черно-белый понедельник, Российская газета, 20 августа 2008.
  27. Кризис не всегда плохо, Время новостей, 19 августа 2008.
  28. Помощь МВФ не помогла бы избежать дефолта 1998 года в России - экс-глава МВФ, MFD.ru, 19 августа 2008.
  29. Дефолт, которого могло не быть, 18 августа 2008.
  30. Россия и глобальная инфляция: непредвиденный кризис, Россия в глобальной политике, 19 апреля 2008.
  31. Predicting the End of the Commodity Bubble, The Moscow Times, 9 апреля 2008.
  32. "Official Financing: Recent Developments and Selected Issues", International Monetary Fund, Washington, DC, 2004Tough Medicine Needed to Curb Inflation, The Moscow Times № 3841, 13 февраля 2008 г .
  33. Experts Are Divided On Ruble Trajectory, The Moscow Times, 6 February 2009.
  34. Well-Placed to Weather an Economic Storm, The Moscow Times № 3821, 17 января 2008 г .;
  35. Well-Placed to Weather an Economic Storm, The Moscow Times №3821, 17 января 2008 г .;
  36. Caught in the Crosshairs of the U.S. Dollar, The Moscow Times № 3805. Page 9, 12 декабря 2007 г .;
  37. Becoming a Motor of the Global Economy, The Moscow Times, 15 ноября 2007 г .;
  38. Когда доллары пахнут нефтью. Почему Запад боится иностранных государственных инвестиций?, Время Новостей №208, 14 ноября 2007
  39. Raising New Doubts About State Capitalism, The Moscow Times №3761, 10 октября 2007 г .;
  40. Paying the Price for the End of Complacency, The Moscow Times №, 20 сентября 2007 г .;
  41. Формула успеха для МВФ, Время новостей № 158, 3 сентября 2007 г.;
  42. Deciding the IMF’s future, The Moscow Times №3732, 30 августа 2007 г .;
  43. О  новой кандидатуре на пост главы Международного валютного фонда, Интервью для телеканала Russia Today Arabic, 24 августа 2007
  44. Суверенный директорат, РБК Журнал, 2 июля 2007 г.;
  45. Ignatyev Between a Ruble and a Hard Place, The Moscow Times № 3662, 23 мая 2007 г .;
  46. Доллар: закат близок? Время новостей, №79, 11 мая 2007 г.;
  47. Пресс-конференция РИА Новости «Россия в Международном валютном фонде: 15 лет сотрудничества», 27 апреля 2007 г.;
  48. Памяти Милтона Фридмана. 16 ноября умер лауреат Нобелевской премии, Время новостей № 213, 20 ноября 2006 г.;
  49. Ruble Cuts Both Ways, The Moscow Times, 20 сентября 2006 г .;
  50. “An Homage to Milton Friedman”, Vremya Novostei, Moscow, November 20, 2006
  51. “Ruble Cuts Both Ways”,  Moscow Times, September 20, 2006
  52. “Russia’s G-8 Financial Agenda”, Vremya Novostei, Moscow, Sept. 22, 2005
  53. “Why is the Central Bank Trying to Confuse Us?”, Vremya Novostei, Moscow, July 25, 2001
  54. “Do Russians Really Want to be Poor?”, Izvestia, Moscow, July 9, 2001
  55. "The Financing of Foreign Direct Investment", with preface by Charles Kindleberger, New York: St. Martin ’s Press, 1981. 
  56. “Moving Toward a World of Convertibility”,  in New Diplomacy in the Post-Cold War World, Roger Morgan et al., ed., London: Macmillan, and New ork: St Martin’s Press, 1993.
  57. "Россия в «большой восьмерке»: позиция по ключевым финансовым  вопросам" (статья, перевод  с англ.), Время новостей, Москва,№ от 22.09.2005.
  58. "Хотят ли русские быть бедными?" (статья, перевод  с англ.), Известия,Москва, № от 09.07.2001.
  59. "Зачем Центробанк пытается нас запутать?" (статья, перевод  с англ.), Время новостей, Москва,№ от  25.07.2001.
  60. “Moving Toward a World of Convertibility”,  in New Diplomacy in the Post-Cold War World, Roger Morgan et al., ed., London: Macmillan, and New York: St Martin ’s Press, 1993. 
  61. “Exchange Rate Policy and the IMF”, with David Burton, in Finance and Development, Washington, D. C., September 1991.
  62. "Heading for Currency Convertibility”, in Finance and Development, Washington D. C., September 1990.

Degrees

Ph. D. in Economics (London School of Economics, 1981)
M. Sc. (Econ.) (London School of Economics, 1972)
Certificate of International Studies (Bologna Center, School of  Advanced International Studies, John Hopkins University, 1971)
B.S. (Econ.) (Wharton School of the University of Pennsylvania, 1970)
B. A. in Political Science (University of Pennsylvania, 1970), including studies at the Institut d’Etudes Politiques, Paris, 1968-69


Biography

Martin Grant Gilman moved to Moscow in July 2005 to assume the post of Professor of Economics and Director of the newly created Centre for Advanced Studies at the National Research University Higher School of Economics (www.cas.hse.ru).  He is also an independent director of Rosbank since May 2006 and comments regularly in the media on international economic issues of relevance to Russia.

His extensive experience with Russia began as one of the senior staff on the IMF’s Russia team, first commuting from Washington as adviser from the policy department on the negotiating mission from June 1993 with overall responsibility for the external sector policies, and then he moved to Russia in November 1996 as the director of the IMF’s Moscow Office. 

Gilman worked for the International Monetary Fund for 24 years. In his last position (from July 2002), Gilman was assistant director in the IMF’s Policy Development and Review Department, responsible for official financing issues, including sovereign debt questions.  In that capacity, he was also the IMF representative to the Paris Club, implemented the IMF’s policy on debt sustainability in the context of the Evian Approach, liaised with the Berne Union of export credit agencies, and had responsibility for the HIPC Initiative.

Earlier in his IMF career, he dealt with currency convertibility questions, reviews of economic adjustment programs in member countries and G-7 coordination. Before Russia, mission assignments included Armenia, Bulgaria, China, Czech Republic, Georgia, Romania, Yugoslavia, Algeria, Morocco, Sudan, Cote d’Ivoire, Gabon, Madagascar, Mauritius, Comoros, Kenya, and Uganda.

Before joining the IMF, Gilman was an economist at the Organization for Economic Cooperation and Development in Paris from 1975 – 1981, working on the OECD liberalization codes, international financial markets, and direct investment issues, while completing his doctoral dissertation at the LSE.  He also taught as an adjunct lecturer at the University of Paris/Sorbonne (in conjunction with the Institute of European Studies) from 1978-81 and was a research fellow at the University of Reading (U.K.) before joining the OECD.

Books:

  1. No precedent, No plan. Inside Russia's 1998 default, with a preface by Michel Camdessus, The MIT Press, 2011.
  2. Дефолт, которого могло не быть, Издательство Время, 2009.
  3. The Financing of Foreign Direct Investment, with a  preface by Charles Kindleberger, New York: St. Martin’s Press, 1981.

Articles: 

  1. Will the G-20 join the scrap-heap of history?, RSFA project, October 2011.
  2. The coming eclipse of the dollar: By default, not design, McKinsey, 12 January 2010.
  3. Russia's uncertain economic recovery, Brazilian journal, 11 September 2009.
  4. Budget spending creates uncertainty for economic recovery, slon.ru, 10 September 2009.
  5. Stuck with inflation, Slon.ru, 26 April 2009.
  6. Toward and Around the Abyss: The Surprising Bounce Back of Russia Following the August 1998 Crash, American Chamber.
  7. Саммит «двадцатки»: новый Бреттон-Вудс? Россия в глобальной политике, 11 ноября 2008.
  8. Мир тонет, Россия выплывает, Россия в глобальной политике, 28 января 2008 г.;
  9. «Большая восьмерка» и интернационализация рубля, Мартин Гилман, Россия в глобальной политике, том 5, №3, май-июнь, 2007 г.
  10. Official Financing: Recent Developments and Selected Issues, IMF, 2004
  11. “Exchange Rate Policy and the IMF”, with David Burton, in Finance and Development, Washington, D. C., September 1991.
  12. “Heading for Currency Convertibility”, in Finance and Development, Washington D. C., September 1990.
  13. "Official Financing: Recent Developments and Selected Issues", International Monetary Fund, Washington, DC, 2004 
  14. “Russia’s Financial Integration into the World Economy”, Centre d’Etudes de Recherche Internationale, mimeo, Paris, May 1997. 

Mass media:

Recent publications in mass media

  1. Economics and Politics Don't Mix, The Moscow Times, 14.12.2011
  2. Signs of an Island of Stability — for Now, The Moscow Times, 09.11.2011
  3. Если они не договорятся, Московские новости, 10.10.2011
  4. On Inflation, Russia Not Out of the Woods Yet, The Moscow Times, 14.09.2011
  5. BRICS : le nouveau G5 ? Le Courrier de Russie, 20.04.2011
  6. A New Member and More Problems for BRICS, The Moscow Times, 14.04.2011
  7. Кризис старшего возраста, Vremya novostei, 3.11.2010
  8. Непредсказуемый закат, Vremya novostei, 15.01.2010.
  9. A promising economic start to a new decade , The Moscow Times, 13.01.2010.
  10. Это был мыслитель-визионер, Время новостей, 17 декабря 2009.
  11. БРИК: почему Россия может стать "восходящей звездой"Slon.ru, 15 декабря 2009. 
  12. Russia ’s uncertain economic recovery, The Brasilian Economy, Ocotber 2009.
  13. A New Wave of Privatization, Russian-Style, The Moscow Times, 14 October 2009.
  14. Перспективы: инфляция, курс рубля, нефть, Slon.ru, 11 September 2009.
  15. Building a Post-Crisis Economic Paradigm, The Moscow Times, 9 September 2009.
  16. Russia Ready to Invest $10Bln in IMF, The Moscow Times, 28 may 2009.
  17. Ruble Reserve Currency May Not Be So Crazy, The Moscow Times, 13 may 2009.
  18. A Few Economic Truths to Ease the Misery, The Moscow Times, 8 April 2009.
  19. Архитектура малых форм, Время новостей, 16 марта 2009 .
  20. Building a Tower of Babel at the G20 Summit, The Moscow Times, 12 March 2009.
  21. Few See Ruble Repeating the Magic of 1998, The Moscow Times, 24 February 2009.
  22. Fighting Inflation Needs to Be a Top Priority The Moscow Times, 11 February 2009.
  23. Financial Armageddon II Can Be Avoided, The Moscow Times, 10 декабря 2008.
  24. Рублю бросили якорь, Российская газета, 21 октября 2008. 
  25. What Will Happen Next to the U.S. Dollar The Moscow Times, 8 октября 2008.
  26. Черно-белый понедельник, Российская газета, 20 августа 2008.
  27. Кризис не всегда плохо, Время новостей, 19 августа 2008.
  28. Помощь МВФ не помогла бы избежать дефолта 1998 года в России - экс-глава МВФ, MFD.ru, 19 августа 2008.
  29. Дефолт, которого могло не быть, 18 августа 2008.
  30. Россия и глобальная инфляция: непредвиденный кризис, Россия в глобальной политике, 19 апреля 2008.
  31. Predicting the End of the Commodity Bubble, The Moscow Times, 9 апреля 2008.
  32. "Official Financing: Recent Developments and Selected Issues", International Monetary Fund, Washington, DC, 2004Tough Medicine Needed to Curb Inflation, The Moscow Times № 3841, 13 февраля 2008 г .
  33. Experts Are Divided On Ruble Trajectory, The Moscow Times, 6 February 2009.
  34. Well-Placed to Weather an Economic Storm, The Moscow Times № 3821, 17 января 2008 г .;
  35. Well-Placed to Weather an Economic Storm, The Moscow Times №3821, 17 января 2008 г .;
  36. Caught in the Crosshairs of the U.S. Dollar, The Moscow Times № 3805. Page 9, 12 декабря 2007 г .;
  37. Becoming a Motor of the Global Economy, The Moscow Times, 15 ноября 2007 г .;
  38. Когда доллары пахнут нефтью. Почему Запад боится иностранных государственных инвестиций?, Время Новостей №208, 14 ноября 2007
  39. Raising New Doubts About State Capitalism, The Moscow Times №3761, 10 октября 2007 г .;
  40. Paying the Price for the End of Complacency, The Moscow Times №, 20 сентября 2007 г .;
  41. Формула успеха для МВФ, Время новостей № 158, 3 сентября 2007 г.;
  42. Deciding the IMF’s future, The Moscow Times №3732, 30 августа 2007 г .;
  43. О  новой кандидатуре на пост главы Международного валютного фонда, Интервью для телеканала Russia Today Arabic, 24 августа 2007
  44. Суверенный директорат, РБК Журнал, 2 июля 2007 г.;
  45. Ignatyev Between a Ruble and a Hard Place, The Moscow Times № 3662, 23 мая 2007 г .;
  46. Доллар: закат близок? Время новостей, №79, 11 мая 2007 г.;
  47. Пресс-конференция РИА Новости «Россия в Международном валютном фонде: 15 лет сотрудничества», 27 апреля 2007 г.;
  48. Памяти Милтона Фридмана. 16 ноября умер лауреат Нобелевской премии, Время новостей № 213, 20 ноября 2006 г.;
  49. Ruble Cuts Both Ways, The Moscow Times, 20 сентября 2006 г .;
  50. “An Homage to Milton Friedman”, Vremya Novostei, Moscow, November 20, 2006
  51. “Ruble Cuts Both Ways”,  Moscow Times, September 20, 2006
  52. “Russia’s G-8 Financial Agenda”, Vremya Novostei, Moscow, Sept. 22, 2005
  53. “Why is the Central Bank Trying to Confuse Us?”, Vremya Novostei, Moscow, July 25, 2001
  54. “Do Russians Really Want to be Poor?”, Izvestia, Moscow, July 9, 2001
  55. "The Financing of Foreign Direct Investment", with preface by Charles Kindleberger, New York: St. Martin ’s Press, 1981. 
  56. “Moving Toward a World of Convertibility”,  in New Diplomacy in the Post-Cold War World, Roger Morgan et al., ed., London: Macmillan, and New ork: St Martin’s Press, 1993.
  57. "Россия в «большой восьмерке»: позиция по ключевым финансовым  вопросам" (статья, перевод  с англ.), Время новостей, Москва,№ от 22.09.2005.
  58. "Хотят ли русские быть бедными?" (статья, перевод  с англ.), Известия,Москва, № от 09.07.2001.
  59. "Зачем Центробанк пытается нас запутать?" (статья, перевод  с англ.), Время новостей, Москва,№ от  25.07.2001.
  60. “Moving Toward a World of Convertibility”,  in New Diplomacy in the Post-Cold War World, Roger Morgan et al., ed., London: Macmillan, and New York: St Martin ’s Press, 1993. 
  61. “Exchange Rate Policy and the IMF”, with David Burton, in Finance and Development, Washington, D. C., September 1991.
  62. "Heading for Currency Convertibility”, in Finance and Development, Washington D. C., September 1990.

Timetable for today

Full timetable

Here's One Area Where Russia Beats the U.S.

No Threat of Recession, But Few Are Cheering

There has been considerable hand-wringing about Russian economic performance and prospects in recent months. Rumors have been circulating of a recession in the fall or even of a new full-blown crisis.

The Moscow Times

Signs of an Island of Stability — for Now

Martin Gilman, Director of the HSE Center for Advanced Studies, comments on the results of the recent G20 summit and Russia's economic situation.

The Moscow Times

A New Member and More Problems for BRICS

Martin Gilman comments on the meeting of the BRICS leaders.

The Moscow Times

Golden Days of Being a Net Saver Are Over

Sometimes through a combination of good policies and some good luck, countries may acquire safety margins as insulation from the financial vicissitudes of the global economy. In circumstances that Russia enjoyed for much of the previous decade, the harsh masters in the form of the international capital markets could be largely ignored. Unfortunately, this long period of good fortune is rapidly coming to an end. Starting in 2011, Russia’s margins, on current trends, will be exhausted, and the country will be exposed to similar pressures that are felt by most countries further to the West.

The Moscow Times

A Sinking Feeling at the Group of 20 Summit

Even low expectations can be disappointed. President Dmitry Medvedev and the other Group of 20 leaders, who are in Seoul for their fifth summit in two years on Thursday, cannot relish the prospect of a wasted trip and, even worse, of a wasted opportunity. Since these much-hyped gatherings began amid high expectations in November 2008, their value-added has declined, and few can anticipate meaningful results.

The Moscow Times

Russia Muddling Through Uncharted Waters

Over the weekend, the world’s financial leaders met in Washington for the International Monetary Fund’s annual meeting. There were many pious speeches asserting that with the global economy exhibiting stagflationary features, cooperation was critical. Recent data underscore the fragility of the U.S. economic recovery. Europe could be facing even stronger headwinds. Meanwhile, commodity prices — and not just gold — reached new peaks last week. Oil posted a five-month high of $84, and financial markets are on a rip with bonds and equities flourishing. Only the dollar has dropped precipitously against most currencies, including the ruble.

The Moscow Times

Inflation Could Trip New Exchange-Rate Crisis

A ruble exchange-rate crisis in two or three years is not inevitable, but if inflation is allowed to accelerate and real interest rates - adjusting for the effects of inflation - become negative again, an exchange-rate crisis just becomes a question of time.

The Moscow Times

Building a Tower of Babel at the G20 Summit

Martin Gilman, the Head of the SU-HSE Centre for Advanced Studies, comments Russia’s anti-crisis efforts within G20 framework.

The Moscow Times

Fighting Inflation Needs to Be a Top Priority

Among the G-20 countries, representing 80% of global output, Russia stands out as an anomaly in at least one way: Russia continues to have a problem with high rates of inflation.

The Moscow Times

Financial Armageddon II Can Be Avoided

For those of us who were veterans of the Russian financial crisis of 1998, it certainly feels eerily familiar right now. Certainly the virulence of the sudden collapse of the country's equity and bond markets since August, the abrupt halt of seemingly unstoppable economic growth, the flight of foreign investors, the hemorrhage of foreign reserves and the pressure on the ruble exchange rate and subsequent depreciation of the rate seem to bring back memories of the events of 10 years ago.

The Moscow Times

Don't Expect Miracles From the G20 Summit

Those expecting a bold initiative to come from the meeting of the Group of 20 in Washington that President Dmitry Medvedev will attend Saturday will be disappointed. Even the International Monetary Fund's managing director warned in a recent Financial Times article that comparisons between the G20 summit and the Bretton Woods Conference in 1944 are overblown.

The Moscow Times

What Will Happen Next to the U.S. Dollar

Last Friday, U.S. President George W. Bush lost no time in signing into law a highly flawed but seemingly inevitable $700 billion bailout package and $110 billion of add-on spending. Now, we all will have to live with the unintended consequences.

The Moscow Times

Predicting the End of the Commodity Bubble

For once in history, Russia appears to be on the right side of a global price trend. As one of the world's major producers of commodities -- not least oil and gas -- the country is reaping a windfall as commodity prices soar worldwide. But is this price boom another bubble that will burst just as we have seen in real estate markets in a number of countries? Is Russia prepared to deal with the consequences of price volatility?

The Moscow Times

The Calm Before the Global Financial Storm

Russia is the largest country in the world by land area and the seventh largest in terms of population. It may also have the eighth-largest economy, which is rapidly climbing up the rankings. But its size does not insulate it from the financial turbulence that is increasingly seizing up the world economy.

The Moscow Times

Tough Medicine Needed to Curb Inflation

Martin Gilman, a former senior representative of the IMF in Russia, is a professor at the Higher School of Economics in Moscow.

A relapse of a disease is often more problematic than the original illness. This is the case with inflation in Russia.

It took until 2006 to finally get inflation down to a single-digit -- 9 percent. The long struggle to reduce the inflationary fever finally seemed to be won. The government optimistically projected that inflation would decrease to 7 percent to 8 percent in 2007 and to converge with international levels by 2010.

The Moscow Times

Well-Placed to Weather an Economic Storm

Martin Gilman, a former senior representative of the IMF in Russia, is a professor at the Higher School of Economics in Moscow

Next week's annual meeting of the World Economic Forum in Davos will open under more than just the usual degree of uncertainty about the direction of world affairs. The U.S. economy is teetering on the brink of a recession whose global reach is unknown. Political factors further complicate making an assessment of how the world will cope with what is likely to be a challenging 2008. Can Russia detach itself from the spreading gloom?

The Moscow Times

Caught in the Crosshairs of the U.S. Dollar

Martin Gilman, a former senior representative of the IMF in Russia, is a professor at the Higher School of Economics in Moscow:
Once again, Russia is in the crosshairs of U.S. policy. Rather that an intentionally Russia-wary position, it results from a 21st-century form of "benign neglect" by Washington -- a term last widely used to describe the attitude of U.S. Treasury Secretary John Connally regarding the plight of the dollar in 1971.

The Moscow Times

Becoming a Motor of the Global Economy

The International Monetary Fund's latest annual report on Russia describes a remarkable trajectory no less exceptional than that of post-World War II Germany or Japan.
Russia's contribution to world growth, in terms of purchasing power parity, will be half as large as that of the entire European Union and much higher than Japan's or Brazil's, the report says.

The Moscow Times

Paying the Price for the End of Complacency

Global financial markets are nervous and with good reason. The long period of low and stable interest rates is coming to an end. Since the events of August, when U.S., German, French, Chinese and other banks were caught holding suddenly illiquid assets backed by U.S. subprime mortgage securities, the interbank markets in main financial centers have tightened. Liquidity is at a premium, trust is low, and market volatility has risen.
(...)If markets are repricing risk, the provision of liquidity by central banks, including Russia's Central Bank -- and even the Federal Reserve's first step in reducing its short-term interest rate -- may do little to prevent a significant economic slowdown. Of course, it is too early to tell how markets will react.

The Moscow Times

Deciding the IMF's Future

This mindframe can be seen in the reactions in various Western capitals after Russia nominated last week Josef Tosovsky, the former Czech central banker and prime minister, as its candidate to become managing director of the International Monetary Fund. We heard that Russia's choice was part of a broader anti-Western campaign in the context of the Shanghai Cooperation Organization. We also heard that it is an insidious attempt by the Kremlin to distort international institutions for its own devious purposes.

The Moscow Times

'The Most Important Thing during a Time of Crisis is to Give People an Opportunity to Learn'

In an interview with RBC, Yaroslav Kuzminov, Rector of the Higher School of Economics, speaks about the problems facing Russia’s economy, the Strategy 2020, the status of higher education and about the areas worth developing.

Tenure Track System: How it Works

The HSE was one of the first Russian universities that adopted the tenure track system, well-known in western universities. Vice Rector Konstantin Sonin and Martin Gilman, Director of the Centre for Advanced Studies, cast some light on how this system functions at the HSE in the April issue of the HSE Look.

Russian Universities Must Become More Attractive to Foreign Lecturers

On January 31, 2014, at the HSE, the first meeting took place of university representatives participating in the global competitiveness programme 5/100. The group discussed the problems of recruiting lecturers from the international labour market.

The IMF’s Message Is ‘Target What You Can Hit’

On September 28th 2011, Daniel Leigh and John Bluedorn, economists from the International Monetary Fund (IMF), presented the latest issue of the World Economic Outlook (forecasts and analysis) ‘Slowing growth, rising risks’ at the Higher School of Economics.