Department of Economics

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About Us

EUSP Department of Economics is one of the few places in Russia providing MA-level economic education on par with international standards. The course curriculum developed in the Department has its roots in 1992 when a set of modern economics courses would be regularly taught to graduates in St.Petersburg by a group of local specialists of international standing. Since 1996 the Department of Economics has built upon the previous work of its staff by expanding and launching its MA-level programmes in economics, doing its utmost in complying with the best traditions in high-quality economic education of Europe and the US.

About Our MA Progammes

The Department has been continuously updating and revising its educational programme in line with latest tendencies and developments in economic science and demands of the labour market.  In that respect valuable advice is provided by the International Advisory Board of the Department consisting of world-class academics. In recent years, the Department has also been actively enlisting help in teaching and research activities from researchers representing leading Western research centres and universities. Our MA Programmes in Economics and Finance are absolutely top-notch in Russia!

About the Faculty

The Department ensures high-quality education through a thorough selection process of the faculty who have among them 5 Doctors of Science (Rus.), 9 Candidates of Science (Rus.), 4 professors with PhD degrees from Western universities. All our lecturers and researchers are constantly involved in various research projects, frequently attend international conferences and often visit universities and research centres outside Russia. From time to time we also host visiting faculty from universities in Europe, Israel and Australia.

About Being a Research University in Russia

We are convinced that teaching modern advanced courses in economics is impossible without active academic work in parallel, so our faculty is engaged in research projects focusing on issues of macroeconomic policy, economic growth and development, game theory, econometrics, natural resources economics, etc. At the same time, studying economics is impossible without students’ own research efforts, so that our MA programme includes several different research projects on which students work under the guidance of or, in some cases, alongside the faculty members. For Russia implementing the concept of "research university" is still rather new, and we pride ourselves in being one of a few pioneers in that respect!

About Where We Stand Vis-à-vis Our Competitors

According to the research done by The University Times, an Internet portal, in 2012 the Department of Economics at the EUSP was among the top two leading institutions of higher economics education in the city of St.Petersburg. Besides, for two years we have also consistently made it to the top 10 of best Russian centres in economic research according to RePEc.

Efficiency of our educational strategy is confirmed by the success of our graduates who work in financial and consulting companies, research centres, business media, as well as those who choose to continue on in academia to PhD programmes in Europe and the USA or work for Russian universities and academic institutions.

About 30% of our alumni have already received either PhD degrees from leading Western universities or Candidate of Science degrees from prestigious Russian institutions; others are still on their PhD track. Judging by these statistics alone, we currently are among true leaders in economic education in St.Petersburg and Russia!


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Next Public Event




Most Recent News


Slobodan Djajic
(Graduate Institute, Geneva)

Migration of Skilled Workers: Policy Interaction between Host and Source Countries

When: 28 November, from 5:00pm

Where: Room 213

AProkhorov sm

Artem Prokhorov
(University of Sydney)

On Limits of Diversification and Copulas

 When: 1 December, from 6:00pm

 Where: Room 213



The EUSP Department of Economics invites submissions from authors not directly affiliated with EUSP for publication in its working paper series.  

19 November 2014 - We all are tired of daily jumps in foreign exchange rates. Is it right or wrong that the Central Bank released the ruble in "free floating"? Read about it the article (in Russian) written by Yulia Vymyatnina (BP Professor of Economics) in "Vedomosti”, leading Russian business daily.

Department News

For the archived news from the first half of 2014 as well as previous years please consult this page.

Vedomosti giallo 19 November 2014 - We all are tired of daily jumps in foreign exchange rates. Is it right or wrong that the Central Bank released the ruble in "free floating"? Read about it the article (in Russian) written by Yulia Vymyatnina (BP Professor of Economics) in "Vedomosti”, leading Russian business daily.
Vedomosti giallo 17 November 2014 - A fortnightly piece by Maxim Bouev, entitled "About moles and education(in Russian) was published in "Vedomosti", a leading Russian business daily. Head of the Department of Economics expresses his opinion on the initiative of the State Duma Deputy to close the Russian program "Global education".
AKK CBRF 12 November 2014 The Central Bank of Russia sent a personal letter to Andrey Kudryavtsev, Professor in the Department of Economics, expressing gratitude for his active participation in preparation for the qualifying exam for persons wishing to engage in self-regulatory organization of actuaries.
YuVymyatnina sh 11 November 2014 - We are happy to announce that the book written by Yulia Vymyatnina (BP Professor of Economics) "Theory of Money. Lessons of the Crisis" received the diploma (in Russian) in the nomination "The Best scientific publication in Economics and Management" in the International industry competition of publications higher educational institution "University book-2014: Social Sciences and Humanities", which was held in Kazan.
VDNH 7 November 2014 - The Department of Economics took part in the VIII-th EUSP annual interdisciplinary conference VDNH-8 by organising two panels focussing on economic issues. First, 1st and 2nd students ran a panel on latest economic developments in Russia and the World - the discussion was moderated by Mikhail Pakhnin, lecturer in the Department of Economics. Then an ensemble cast panel gave a series of presentations in health economics. In particular,  the audience welcomed professors Chris Davis (University of Oxford, UK), Judith Shapiro (London School of Economics, UK), Chris Gerry (UCL, UK and HSE-SPb), Gayane Sapharova (SPbEMI and EUSP), Yulia Raskina (EUSP), Vera Kipyatkova (EUSP), Daria Tsyplakova (Gaidar IEP, Moscow) and Ekaterina Travova (2 year, EUSP).
YuVymyatnina sh 3 November 2014 - Yulia Vymyatnina, BP Professor of Economics, gave a lecture "Such different money" (in Russian) at the Festival of fascinating science, technology and culture in Pushchino.
Vedomosti giallo 26 October 2014 - An article "Cryptocurrency on the service of the state" (in Russian), written by Yulia Vymyatnina, BP Professor of Economics, and Marat Shikhragimov, second year student of the Department of Economics, was published in "Vedomosti", a leading Russian business daily.
 EUSP 24 October 2014 - Stéphane Lambrecht (Université de Valenciennes, France), Alain Ayong Le Kama (Université Paris Ouest, France) and Fabien Prieur (INRA-LAMETA, Montpellier, France) gave mini-course "Natural Resource and  Environmental Economics" to MA students in the EUSP Department of Economics.
bp-logo 22 October 2014 - the EUSP held BP scholarship competition. It was received 35 applications. 22 Students were interviewed, 10 of which were awarded scholarships. The Department of Economics would like to congratulate four of its MA students who became recipients of BP scholarships: Degteva Klavdiya (1st year student), Skolkova Alena, Meursault Vitaly and Mikhalishchev Sergey (2nd year students).
Vedomosti giallo 20 October 2014 - A fortnightly piece by Maxim Bouev, head of the Department of Economics, entitled "Risky Games of the Russian Central Bank" (in Russian) was published in "Vedomosti", a leading Russian business daily.
YuVymyatnina sh 17 October 2014 - Russian news portal quoted Yulia Vymyatnina, BP Professor of Economics, in their article "The Rouble is Sinking in the Oil" (in Russian).
DKennettsm 16 October 2014 - At EUSP Golden Hall David Kennett, Professor of Economics at Vassar College (USA) gave a lecture "Is There Now a Compelling Case for Progressive Taxation?" to students of the Department of Economics and students from Vassar College visiting EUSP.
SDjankov 10 October 2014 - Simeon Djankov, Rector of the New Economic School (Moscow), met with heads of the EUSP departments to discuss avenues for future collaboration. In the evening he also gave talk "Russian Economic History: An Open Area for Research" where surveyed recent achievements in the field.
DShemetilo 7 October 2014 - Dmitry Shemetilo (Bloomberg, London) gave seminar "Pricing and Valuation of Interest Rate Swaps" to students of the Department of Economics and EUSP International Programmes.
Vedomosti giallo 6 October 2014 - A fortnightly piece by Maxim Bouev, head of the Department of Economics, entitled "Universities in Search for High Performance Scores" (in Russian) was published in "Vedomosti", a leading Russian business daily.
ETH 2-3 October 2014 - Lucas Bretschger and Alexandra Vinogradova, both are professors at ETH (Zurich, Switzerland) gave courses "Introduction to Environmental and Resource Economics and Non-Renewable Resources" and "Game Theory with Applications to Environmental Economics" to MA students in the EUSP Department of Economics.
YuVymyatnina VDNH6 29 September 2014 - A commentary by Yulia Vymyatnina, BP professor of economics, on the prospects of the Eurasian Economic Union was published (in Russian) in "New Times", a leading Russian buziness magazine.
WB 29 September 2014 - EUSP hosted a World Bank team with Russia Economy Report No32 - "Policy Uncertainty Clouds Medium-term Prospects". The report was presented by Birgit Hansl, lead economist of the WB office in Moscow, and Sergey Ulatov, senior WB economist for Russia.
CPuppe 22-30 September 2014 - Clemens Puppe, professor of economics with Karlsruhe Institute of Technology (Germany) gave a course in welfare economics to the students of one of the EUSP MA programmes in economics.
 RSkidelsky 9-12 September 2014 - As part of the inaugural EUSP Lectures in Economics EUSP was hosting Professor Lord Robert Skidelsky (University of Warwick, UK) who gave an open 4-day course on Issues in Economics and Economic Policy Following the Crisis of 2008. The lectures were hugely popular among local students. The end of the course was marked by informal drinks with Lord Robert, students and EUSP professors in a local pub.
CuongLeVan 3-4 September 2014 - Professor Cuong Le Van (CNRS, Université Paris 1 Panthéon-Sorbonne, France) have given two presentations at the Department of Economics: Economic Growth: Capital, Natural Resources and Financial Assets and Growth Strategy with Social Networks and Physical Capital-Theory and Evidence: the Case of Vietnam. The seminars were attended by EUSP students, academics, and members of academic community from other economic institutions in St.Petersburg.
PhD 1 September 2014 - Pavel Deberdeev, a graduate of the Department of Economics (2014) has been successful in applying to a graduate programme at Collegio Carlo Alberto (Turin, Italy). This week he is starting a specialised master's in insurance and risk-management, something that he was progressively interested in during his time at EUSP. Congratulations!
WPExampleNew sm 30 August 2014 - New working paper Monetary Policy Rules in the Countries of the Customs Union (in Russian) by Yulia Vymyatnina (BP Professor of Economics at EUSP) and Evgeniya Goryacheva (PhD Candidate at the University of Technology, Sydney, Australia) has been published in the Working Paper Series of the Department of Economics.
RBKTV 25 August 2014 - Maxim Bouev, head of the Department of Economics, took part in a discussion of the decision by the Russian government to re-capitalise Rosselkhozbank and bank VTB24 out of the Russian National Welfare Fund in a news programme on RBC TV, a leading Russian business TV channel.
WPExampleNew sm 25 August 2014 - New working paper The RIN Market as a New Stage in the Development of Environmentally Friendly Fuels by Ekaterina Kakorina, Timerkhan Bakhautdinov, and Elias Dmitriev (all - former students of MA programme in the EUSP Department of Economics, matriculation 2012) has been published in the Working Paper Series of the Department of Economics.
Vedomosti giallo 25 August 2014 - A fortnightly piece by Maxim Bouev, head of the Department of Economics, entitled "Why Trust the State" (in Russian) was published in "Vedomosti", a leading Russian business daily.
WPExampleNew sm 25 August 2014 - New working paper Application of Minsky's Theory to State-Dominated Economies by Yulia Vymyatnina (BP Professor of Economics at EUSP) and Mikhail Pakhnin (EUSP graduate 2014) has been published in the Working Paper Series of the Department of Economics.
PhD 20 August 2014 - Three graduates of the EUSP Department of Economics have been successful this year in entering PhD programmes in economics: Alena Zhulyaeva (graduation 2013) at the University of Leicester (UK), Evgeniya Goryacheva (2014), and Alexey Chernulich (2014) - both at the University of Technology in Sydney (Australia). Congratulations!
KIlinski 17 July 2014 - A video of the last lecture by Kirill Ilinski (CFO, Fusion Asset Management, London) "Tale of the Troika or Hard to Be a God: Managing Assets in the Long Run" has been added to the Video Archive. The lecture took place at EUSP back in April 2014, however due to unforseen circumstances the video took more than 3 months to produce!
YuVymyatnina VDNH6 1 July 2014 - Palgrave Macmillan has just published "Creating a Eurasian Union. Economic Integration of the Former Soviet Republics" - the latest volume by Yulia Vymyatnina, BP professor of economics, and Daria Antonova, graduate of the Department of Economics. Introducing the book Palgrave, in particular, points out that "Vymyatnina and Antonova's distinctive argument is the first consistent analysis of the emerging Eurasian Union." Congratulations!
MathSocSci 25 June 2014 - Alexander Alexeev, a graduate of the Department of Economics and, currently a PhD student at Emory University (Atlanta, GA, USA), and Mikhail Sokolov, professor of economics, have published article A Theory of Average Growth Rate Indices in Mathematical Social Sciences. Congratulations!
WPExampleCEEES sm 18 June 2014 - A new article entitled "Growth and Mitigation Policies with Uncertain Climate Change" by Lucas Bretschger and Alexandra Vinogradova (both - ETH, Zurich, Switzerland has come out in the working paper series of the Centre for Energy and Environmental Economics Studies, affiliated with the Department of Economics.
WPExampleNew sm 1 June 2014 - Maria Nastych and Aleksei Chernulich, both second year students, have become winners of the EUSP prizes for student's published research. Maria's paper "M&A Cooperative Games" featured in Equilibrium. Quarterly Journal of Economics and Economic Policy, Vol. 9, No. 1, while Alexei's work "A Study of A Linkage Between Natural Resource Abundance and Pension Systems Efficiency" came out in the EUSP Department of Economics Working Paper Series earlier this year and also featured on the website of the Laboratory for Pension Reform. Congratulations!

Contact Us


Contacts for mass media:

Kirill Borisov, Professor of Economics
macroeconomics, development and growth, pension systems, energy dependence
Maxim Bouev, Professor of Applied Finance, Head of the Department
labour markets, informal economies, corruption, international finance, financial markets, derivatives, economic crises
Yulia Vymyatnina, British Petroleum Professor of Economics
macroeconomic policy, banks, central banks, monetary policy, energy markets, customs union (Russia-CIS countries)



Department of Economics
European University at St. Petersburg
3 Gagarinskaya Street
St. Petersburg, 191187

Tel. +7 (812) 386 76 32

Department Administrator: Elena Koltsova
Project coordinator: Lina Korotkova