A Brief Overview of the New Economic School

Moscow June, 2001

NES, an agent for change

“We see a country transforming its system of higher education to meet the demands of the modern world, with institutions like the new Law Faculty at Novgorod University, and the

New Economic School in Moscow

.” •

President Bill Clinton, in his address to the Russian Duma, June 5, 2000

"It is such a pleasure to know that the New Economic School is achieving the goals of preparing for Russia specialists with higher economic training in accordance with leading international standards.” •

Alexei Kudrin, Minister of Finance, Russian Federation

New Economic School

The Mission of NES

• To create and sustain a first rate Russian Graduate School of Economics.

–Teaching –Research –Outreach New Economic School

The Mission of NES: II

• Training a new generation of professional economists for Russia – 100 NES graduates currently pursuing PhD’s in top western programs – Bringing NES graduates and others back to Russia – Placement of qualified NES graduates in teaching positions in universities in Moscow and throughout CIS – Placement of NES graduates – both with MA’s and PhDs – as professional economists in the public and private sectors of Russia New Economic School

Teaching, then and now

• In 1992, NES instruction was 80% visitors, 20% Russian • In 2001, NES instruction is 20% visitors, 80% Russians • How did we make this change without sacrificing the quality of education?

– Modern economics curriculum supervised by IAB – Training and development of Russian faculty on site – Cooperation with CEMI – Bringing back trained Russian PhD’s – Inviting Russian PhD students as interns New Economic School

NES Teaching

• Nine years of teaching modern economics in Russia • Over 230 graduates with Masters Degrees – About 150 graduates working in Moscow • In public service at the Central Bank and Ministry of Finance • Private sector • International Financial Institutions –IMF –World Bank New Economic School

Research

• The Research Center, established in 1995 • Completed projects have produced over 140 research reports – Over 46 research projects on topics such as • Measurement of Poverty in Russia • Pension reform in Russia • Health reform in Russia • Fiscal Federalism • Barter in Russia • Corporate Governance in Russia • Finance in emerging markets • Foreign Direct Investment • Two annual research conferences since 1995 New Economic School

Outreach

• Dissemination of Economics throughout Russia – Workshops in Economics and Econometrics – Partnership Program New Economic School

NES Outreach Covers the Nation

* Санкт-Петербург * Воронеж * Москва * Нижний Новгород * Пермь * Екатеринбург * Томск * Новосибирск * Кисловодск * Иркутск

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* Владивосток

Teaching and Research Infrastructure

• Modern Economics Library, with – More than 7,000 books – 50 economics journals with over 10,000 volumes – J-Stor (thanks to MacArthur) – EconLit • High-speed internet connection for research • Two computer labs for students New Economic School

NES, A Unique Governance Structure • True partnership of Russia and the West • International Advisory Board – Comprised of distinguished economists from Russia and the West • Joint decision making on – Development – Hiring – Finance New Economic School

International Advisory Board

• Gur Ofer, Hebrew University, Coordinator • Beth Allen, University of Minnesota • Olivier Blanchard, MIT • Erik Bergloef , SITE, Stockholm School of Economics • Roman Frydman, New York University • Bronwyn Hall, Berkeley, University of California • Barry W. Ickes, Pennsylvania State University • Jan Magnus, Tilburg University • Valery Makarov, Director of CEMI and Rector of NES • Victor Polterovich, CEMI and NES • Gerard Roland, Free University of Brussels New Economic School

Russian Advisory Board

• Maxim, Boycko, Chair – Director, Video International • Peter Aven, – President, Alfa Bank • Ruben Vardanian, – President, Troika Dialog • Sergei Vasiliev, – Carnegie Moscow • Sergei Alexsashenko, – Deputy Director, Inteross • Mikhail Dmitriev, – First Deputy Minister of Economy • Arkady Dvorkovitch, – Deputy Minister of Economy –

Graduate of NES’1994

• Yegor Gaidar, – Director, Institute for the Economy in Transition • Murad Sargysyan, – Director, Lusine Construction Company • Andrei Vavilov, – Director, Institute for Financial Studies • Sergei Vorobiev, – Managing Partner, Ward Howell International • Oleg Vyugin, – Chief Economist, Troika Dialog • Yakov Urinson, – Deputy CEO, UES • Alexander Zakharov, – Director, Moscow Interbank Stock Exchange New Economic School

Strategic Goals

• Build the faculty –15 full-time tenure-track faculty • Increase enrollment –Increase the student body to 200 • To sustain NES as a world class institution New Economic School

Future Developments

• Executive Education Program • Continuing Education Program • The establishment of a PhD program • The establishment of a unit for policy analysis on current issues in Russia New Economic School

Future Developments: II

• House of Economics – Uniting • NES • CEFIR • EERC – Providing both a physical and institutional home New Economic School

Critical Initiatives: Long Term

• Stable finance is critical for long-term development – Soft money cannot support tenure track faculty • Build an endowment • Increase fundraising in Russia • Student-loan fund combined with tuition – Repayments capitalize the fund over time New Economic School

NES, The Final Word NES = nes (Hebrew) = Miracle

New Economic School