Foreign Direct Investment
Broad research interests:
International Economics and Business
Specific research interests:
Foreign Investment and multinational companies in Russia
Corruption and democracy in Russia
Regional economy in Russia
Offshore finance in Russia
Economic effects of climate change in Russia and wordwide
International trade of the BRIC countries
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Highest academic degree:
Languages: English (fluent, working), Finnish (intermediate), Russian (native)
Citizenship: Finland and Russia
Highest academic degree:
From 01.01.2014 to present (2nd term from 01.02.2018):
(was on maternity leave in 06.03.2015-31.03.2016).
From 01.05. 2008 to 31.12.2013:
From 01.09.2005 to 31.04.2008:
Researcher, University of Eastern Finland (former University of Joensuu), Department of Economics and Business Administration
2014: University of Western Ontario, Department of Economics, (10.02.-22.02.2014)
2013: King`s College London, University of London (01.05.-03.05.2013)
2013: Yale School of Forestry and Environmental Studies (25.03-25.04.2013)
2013: OeNB (Central Bank of the Republic of Austria) (04.02-01.03.2013)
2012: CEPII (French Center for Research in International Economics in Paris) (17.09 - 12.10.2012)
2008: HECER (Helsinki Centre for Economic Research) (01.02-31.04.2008)
2007: BOFIT (BANK OF FINLAND Institute for Economies in Transition) (02.01.-23.03.2007)
2018: HECER, Conference of Finnish Economic Association (Turku), Midwest International Trade meeting (scheduled).
2017: Univeristy College Dublin (Department of Economics); Asia-Pasific Trade Seminar (Hanoi); Conference on Trade and Integration in Time of Anti-Globalization (Malmö, Sweden).
2016: UNU-WIDER, ETLA, HECER, Turku School of Economics, ETSG conference, Central Bank of Austria, University College London (SSEES).
2014: University of Western Ontario, RIMINI conference in Economics and Finance.
2013: OeNB (Central Bank of Austria), WIIW (Vienna Institute for International Economic Studies), University of Iowa, Midwest International Economics Group (MWIEG) meeting, Oxford University (Deconstructing Offshore Finance Seminar).
2012: DIW Berlin, University of Western Ontario, Nordic International Trade Seminar (NOITS) workshop (Reykjavik, Iceland), CEPII (Paris, France), Paris School of Economics.
2011: HECER (Helsinki Centre for Economic Research), INFER (International Network for Economic Research) workshop (Orleans, France), University College London, ETLA (The Research Institute of the Finnish Economy, Helsinki).
Teaching (courses in which I am responsible teacher):
From Autumn 2014 onwards: Russian economy: Opportunities and challengies for doing business, Bachelor level, Aalto University
The course provides an introduction to the Russian economy. We will begin with the insight into economic history of Russia from Tsar Period (starting from Peter the Great) and proceed to the years of transition from Soviet to market economy. We then progress to the discussion of current issues of the economic development of Russia. These issues include economic geography of Russia, Russian financial system, sectorial analysis of the Russian economy, international economic relations of Russia with the rest of the World and some others. Special attention will be given to the current situation in Russia, i.e. Russian economy under sanctions. This will include such issues as the economic and political causes of Russia-Ukraine crisis, Western sanctions on Russia and countersanctions of Russia, the consequences of sanctions for Russia, its main partners and global economy in general.
From Spring 2017 onwards: Investment decisions in emerging economies, Master level, Aalto University
Emerging economies will likely provide substantial growth opportunities for global investors. But the risks of investing in these economies are not only substantial but also different from those in developed economies. The objective of this introductory course on emerging markets is to provide students with a basic conceptual framework and practical knowledge regarding investments in emerging markets. The unit of analysis of the course ranges from countries to multinational and domestic companies in emerging markets. The course deals with macroeconomics, but also focuses on the unique political and institutional context in emerging and frontier markets. The course consists of four interrelated modules that affect growth and business opportunities in emerging markets. First module helps to understand the process of economic growth and development, and in so doing develop the ability to analyze an emerging market at the level of the country. Second module concerns institutional context of investment decisions in emerging markets. In third module, we will examine companies working in emerging markets and how they must manage investment risks as well as develop strategies to overcome the institutional weaknesses of the environment. Finally, in fourth module, we will have four round tables where students will be asked to take the perspective of different decision-makers, such as politicians, investors, and managers.
Svetlana Ledyaeva, Third-country effects of export incentives, Working paper version of October 16, 2017
Ronald Davies, Svetlana Ledyaeva, Natural disasters and trade (Working paper available upon request)
Publications in ISI refereed journals:
Publications in other refereed journals: