Credits: 6

Schedule: 29.10.2018 - 12.12.2018

Teacher in charge (valid 01.08.2018-31.07.2020): 

Svetlana Ledyaeva

Contact information for the course (applies in this implementation): 

Svetlana Ledyaeva,

Teaching Period (valid 01.08.2018-31.07.2020): 

II Autumn (2018-2019), Otaniemi campus

II Autumn (2019-2020), Otaniemi campus

Learning Outcomes (valid 01.08.2018-31.07.2020): 

Students will augment their understanding and knowledge of the Russian economy. The focus of the course is on general structure of the Russian economy, main principles of its functioning and its place and role in the world economy.

Content (valid 01.08.2018-31.07.2020): 

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.

Details on the course content (applies in this implementation): 

The course consists of 9 lectures of the main lecturer Svetlana Ledyaeva. The slides and reading items of these lectures are uploaded in the Materials section.

The course also includes two guest lectures:

Guest lecture 1 Financial sector in Russia: Past
developments and current situation

Guest lecturer: Dr.
Laura Solanko, Senior Economist, Bank of Finland Institute of Economies in
transition (BOFIT)

system and the development of financial market in Russia will be discussed.

Guest lecture 2 Anti-crisis state policy in Russia: Current perspective

Guest lecturer: Dr., Vera Kononova, Senior Researcher, Institute for
Complex Strategic Studies, Moscow; Associate Professor, Lomonosov Moscow State
University Business School.


Brief description:

In this lecture we will focus on fiscal and monetary
policy issues of Russian Government and the Central Bank of Russia during
crisis in 2014-2015, including the Anti-crisis plan of the Russian Government,
re-consideration of budget spending, recapitalization of banks. We would also
discuss the controversy of inflation targeting goals set by the Central Bank of
Russia and the necessity to support the economy in crisis. The specific
attention would be put on the budget subsidies aimed to lower the interest rates
for home loans, car loans and loans for SME.

Assessment Methods and Criteria (valid 01.08.2018-31.07.2020): 

•    One individual home assignment, 15 % of the grading
•    One group homework, 10% of the grading
•    Presentation on the group homework and discussion, 5 % of the grading
•    Term paper, 30 % of the grading
•    Final exam, 40 % of the grading



Elaboration of the evaluation criteria and methods, and acquainting students with the evaluation (applies in this implementation): 

I will compute final points as simple sum of points
for all tasks. Based on these points I will give the following grades:

final grades` scheme:






I will give 5 additional points for those who will attend 5 out of 9 lectures of Svetlana Ledyaeva (main lecturer) and providing course feedback at Weboodi. Instructions will be given at the first lecture.

I will also give additional 2 points for attending each guest lecture (there will be two guest lectures) and 1 point for the first question to guest lecturer.

Workload (valid 01.08.2018-31.07.2020): 

•    Lectures 22h
•    Home assignments 20h
•    Term paper 50h
•    Class presentation and discussion of group homework  10h
•    Preparing for lectures 20h
•    Revision/self study  20h
•    Preparation for exam 15h
•    Exam 3h
•    Total: 160

Study Material (valid 01.08.2018-31.07.2020): 

Oxford Handbook of the Russian Economy, Edited by Michael Alexeev and Shlomo Weber, 2013.


Articles, book chapters, etc. as specified by the instructor.

Book chapters of the course book will be uploaded on the course web page.

Details on the course materials (applies in this implementation): 

Course materials will be uploaded to the course (mycourses) page

Course Homepage (valid 01.08.2018-31.07.2020):

Prerequisites (valid 01.08.2018-31.07.2020): 

Principles of Economics (31A00110 or 31A00210) course or equivalent studies.

Grading Scale (valid 01.08.2018-31.07.2020): 

0 -5

Registration for Courses (valid 01.08.2018-31.07.2020): 

Course and exam via WebOodi

Details on the schedule (applies in this implementation): Lecture 1, 29.10.2018, 10-12, Economic History of Russia, by main lecturer Svetlana Ledyaeva

Lecture 2, 31.10.2018, 10-12, Russia`s economic transformation from 1990 to
present, by main lecturer Svetlana Ledyaeva

Lecture 3, 05.11.2018, 10-12, Sectoral Analysis of Russian Economy, by main lecturer Svetlana Ledyaeva

Lecture 4, 07.11.2018, 10-12, Economic Geography of Russia, by main lecturer Svetlana Ledyaeva,

Lecture 5, 12.11.2018, 10-12, half an hour guest lecture on Russian railways, by guest lecturer Marta Malik;
one hour lecture on Public sector of Russia , by main lecturer Svetlana Ledyaeva

Lecture 6, 13.11.2018, 15-17, Labour market in Russia, by main lecturer Svetlana Ledyaeva

Lecture 7, 19.11.2018, 10-12, International Economic Relations of Russia, by main lecturer Svetlana Ledyaeva

Lecture 8, 21.11.2018, 10-12, Eurasian Economic Integration, by main lecturer Svetlana Ledyaeva

Lecture 9, 26.11.2018, 10-12, Sanctions, crisis and Russian economy, by main lecturer Svetlana Ledyaeva

Lecture 10, 28.11.2018, 10-12, Financial sector in Russia: Past developments and
current situation, by guest lecturer Laura Solanko, Bank of Finland

Lecture 11, 03.12.2018, 10-12, State policy in Russia: Current perspective, by guest lecturer Vera Kononova, Moscow State University

Lecture 12, 05.12.2018, 10-12, Case study on Russian company, by guest lecturer Vera Kononova, Moscow State University


Registration and further information