Second Summer School in Yerevan Commencement

Informal closing ceremony of the Summer School Challenges for Emerging Economy II was held at the Armenian State University of Economics

In a week long program, participants took five classes in modern economic theory, delivered by the HSE and Univerity of Luxembourg PhD students, and attanded a honorary public lecture by HSE assistant professor Madina Karamysheva 

Prudential policy and systemic risk: the role of interconnections 

Abstract: The impact of prudential policies in open economies depends not only on their intrinsic efficacy but also on the feedback of the policy through close financial partners. Using a dataset of advanced countries, we find that prudential policy measures reduce systemic risk in the financial system in the 2000-2014 time period.
We show that indirect effect in case of uniform interventions enforces the direct one and accounts for up to 87% of total risk reduction. The policies though remain insignificant for GIIPS countries which stay dependent on actions and responses of their financial counterparties.

At the informal graduation ceremony participants were greeted by Paruyr Jangulyan, Head of the Department of International Relations of the Armenian State Economic University and Anna Margaryan from Russian Center for Science and Culture in Yerevan. Everyone received a certificate of participation and Faculty of Economic Sciences t-shirt from the Faculty of Economic Sciences of the HSE.

At the end of the evening, participants and instructors took a group  photo.

See you all next summer!