Svetlana Ledyaeva

Broad research interests:

• International Economics and Business
• Political Economy
• Environmental Economics
• Applied Econometrics

Specific research interests:

• Russian economy
• 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

CURRICULUM VITAE

Basic information:

Languages:

English (fluent, working), Finnish (intermediate), Russian (native)

Citizenship:

Finland and Russia

Highest academic degree:

PhD (Econ.), Aalto University School of Business (former Helsinki School of Economics), Department of Economics, 2012

Work experience:

From 01.01.2014 to present:

Assistant Professor in Economics, Aalto University School of Business (former Helsinki School of Economics), Department of Economics

       (was on maternity leave in 06.03.2015-31.03.2016).

From 01.05. 2008 to 31.12.2013:

Researcher, Post-doc research fellow (from 01.04.2012), Aalto University School of Business (former Helsinki School of Economics), Center for Markets in Transition (CEMAT)

From 01.09.2005 to 31.04.2008:

Researcher, University of Eastern Finland (former University of Joensuu), Department of Economics and Business Administration

Academic visits:

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)

Recent presentations:

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).

2015: HECER.

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):

Autumn 2014, Spring 2016, Autumn 2016: Russian economy: Opportunities and challengies for doing business, Bachelor level, Aalto University

Course overview:

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.

Spring 2017: Investment decisions in emerging economies, Master level, Aalto University

Course overview:

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.

Working papers:

Svetlana Ledyaeva, Export incentiveseffects for third countries export, Working paper version of October 16, 2017

Keith D. Brouthers, Päivi Karhunen, Svetlana Ledyaeva, Why emerging market firms use offshore financial centers (Working paper available upon request)

Ronald Davies, Svetlana Ledyaeva, Natural disasters and trade (Working paper available upon request)

Publications in ISI refereed journals:

Simo Leppänen, Svetlana Ledyaeva, Riitta Kosonen (2016), Weather as a competitive factor between local and foreign manufacturing companies in Russia, Journal of Industry, Competition and Trade, forthcoming. The link.

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen, John Whalley (2015), Offshore FDI, capital round-tripping, and corruption: Empirical analysis of Russian regions, Economic Geography 91 (3), 305-341 (lead author). The link.

Päivi Karhunen, Riitta Kosonen, Svetlana Ledyaeva (2014), Institutional distance and international ownership strategies in Russia: Subnational approach, Baltic Journal of Management 9(3), 254-276. The link.

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen (2013). Birds of a feather: Evidence on commonality of corruption and democracy in the origin and location of foreign investment in Russian regions, European Journal of Political Economy, 32, 1-25 (lead author). The link.

Päivi Karhunen and Svetlana Ledyaeva (2012), Corruption distance, anticorruption laws and international ownership strategies in Russia, Journal of International Management, 18, 196-208. The link.

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen (2012), The Global Economic Crisis and Foreign Investment in Russia from the EU: Empirical Evidence from Firm-Level Data, Eurasian Geography and Economics, 53 (6), 772-789, (lead author). The link.

Iikka Korhonen and Svetlana Ledyaeva (2010), Trade linkages and macroeconomic effects of the price of oil, Energy Economics, 32 (4), 848-856. The link.

Svetlana Ledyaeva (2009), Spatial Econometric Analysis of Foreign Direct Investment Determinants in Russian Regions, The World Economy, 32 (4), 643-666. The link.

Publications in other refereed journals:

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen, Julia Woerz (2014), FDI in Russia from CESEE and Central Asia: A Micro-Level perspective. Focus on European Economic Integration (Journal of Central Bank of Austria), Q4, 54-70. The link.

Galina Kozyreva and Svetlana Ledyaeva (2014), Enterprises' Business Practices and the Regional Institutional Environment in the Republic of Karelia in Russia. Journal of Enterprising culture 22, 209-231, refereed journal article. The link.

Päivi Karhunen and Svetlana Ledyaeva (2014), Sub-national institutions and location choice of foreign firms across Russian regions, RERU - Revue d’Economie Régionale et Urbaine - Journal of Regional and Urban Economics (workshop special issue), 2, 271-285, refereed journal article.

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen, Aleksandr Ponomarev (2014), Recent trends in research of foreign direct investment in Russia, BULLETIN of the FBI SRC with the Russian Ministry of Justice, 1-2, 114-120; refereed journal article. The link (Full version is available only in Russian language for journal`s subscribers).

Päivi Karhunen and Svetlana Ledyaeva (2010), Determinants of entrepreneurial interest and risk tolerance among Russian university students: Empirical study, Journal of Enterprising Culture, 18(3), 1-35; refereed journal article. The link.

Svetlana Ledyaeva and Mikael Linden (2008), Determinants of Economic Growth: Empirical Evidence from Russian Regions, European Journal of Comparative Economics, 5(1), 87-105; refereed journal article. The link.

Media articles:

Svetlana Ledyaeva, Päivi Karhunen, Riitta Kosonen, John Whalley (2013), Foreign investment from offshore jurisdictions into Russia: An analytical overview (lead author), Russian Analytical Digest at ETH Zurich, N140, 28 November, non-refereed media article. The link.

Svetlana Ledyaeva, Päivi Karhunen, John Whalley (2013), Cyprus, corruption, money laundering and Russian round-trip investment (lead author), VoxEU, 17 June 2013, non-refereed media article, The link.