In 1996, a team of well respected Russian economists established the Institute for Financial Studies (IFS), an independent research organization. These highly skilled experts, who launched the Institute under Andrey Vavilov's and Alexey Pomansky's supervision and defined its main activities, were united by a common goal: bridging the gap between financial and economic theory and public and corporate financial decision-making practice.
Efficient public debt management has been one of IFS’ focuses from the very moment of its foundation. The comparison of theoretical modeling results with the actual practice of public debt management in Russia prompted the IFS staff to conclude that an acute financial crisis was inevitable. Therefore, unlike the overwhelming majority of domestic and foreign experts, the 1998 Russian public debt default and consequent financial crisis came as no surprise to Dr. Andrey Vavilov. To highlight the importance of such research, he and other IFS members coauthored a number of essays dedicated to the problems they had uncovered.
As part of IFS’ efforts in this field, in 1999 the IFS, jointly with the Russian School of Economics, held the 'Fiscal Policy and Public Debt Management' conference. A. Vedev, A. Dvorkovich, M. Dmitriev, B. Zlatkis, A. Illarionov, S. Shatalov, A. Yakovlev and other reputable scholars presented reports on coordinating monetary policy and public drawdown’s, institutional measures in public debt management and economic, financial and social policies in the post-crisis period.
Starting from 1997, experts at the IFS have been researching retirement funds options. A comprehensive analysis and various models prepared by the IFS based on their in-depth investigation of theory and international practice enabled the IFS staff to point out the major problems of the current retirement system and to work out a set of measures to eliminate these problems. The IFS’ recommendations were published in 1999, but the pension reform which was expected to secure the transition to a mixed allocation and accumulation retirement system was launched three years later.
Having studied the mechanisms of changing prices in the global energy market, the IFS staff set forth their suggestions regarding alterations in fiscal policies in respect of oil company taxation. Long before the State Duma worked out and adopted the appropriate amendments to the tax legislation, the IFS published the results of their research spelling out an algorithm of optimization of taxation of natural resource industries in the new global economic and political context.
Initiated in 2003, the IFS research project 'Stimulating Investment Processes Through Improving the Taxation System' anticipated the general recognition of the necessity to employ financial instruments to encourage direct and portfolio investments.
In 2005, the IFS implemented its 'Alternative Technology for Natural Gas Recovery' project – resting on the intersection of several disciplines and tasks. Along with its financial and economic objectives, especially important for small businesses including independent gas producers, the project pursued goals of keeping proper ecological balance, supporting sustainable development of Russian oil- and gas-producing regions.
One of the IFS most recent projects, 'Strategy for Economic Development in High-Tech Engineering Industries ', aims at facilitating the diversification of the national economic system based on stimulating innovative approaches to engineering in respect of which Russia has excellent potential.
At present, Russian and global financial and economic systems are facing new challenges. In particular, state investment of the Stabilization (Reserve) Fund in international capital markets is one of the most urgent tasks, and a special project has been started to work out appropriate approaches and algorithms using international experience and taking into account current global trends. The IFS is also conducting research in the field of the theory of share auctions, which is expected to help generate efficient competition in these markets.
The IFS liaises with various economic organizations, centers and institutes. From 2002, it has been member of the Independent Economic Analysis Centers Association (IEACA) in which it is represented by IFS’s affiliate, a non-commercial organization ‘Financial Studies Foundation.’
Within the last twelve years, the IFS has been closely observing and analyzing development trends in major segments of the global economy and has searched for and found solutions to key problems of the contemporary financial system. We are proud to have gained valuable experience enabling us to solve tasks regardless of their complexity.
Thinking of the future and foreseeing heretofore unforeseen problems is our creed.
Credit-driven Asset Inflation and Intergenerational Wealth Transfers by G. Trofimov
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FINANCIAL MARKETS’ DIFFICULT PUZZLES
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A. Vavilov became a member of the New Economic School Board of Directors.
In May 2013 Andrey Vavilov became a member of the New Economic School Board of Directors.
Europe-Asia Studies reviewed Andrey Vavilov's "The Russian Public Debt and Financial Meltdowns"
Europe-Asia Studies reviewed Andrey Vavilov's "The Russian Public Debt and Financial Meltdowns" in Vol. 65...
The Russian Public Debt and Financial Meltdowns
Journal of Economic Issues reviewed Andrey Vavilov's "The Russian Public Debt and Financial Meltdowns" in ...
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