Mikhail Stolbov

Education

2009–2011 Institute of Economics (Russian Academy of Sciences)

• Doctoral thesis “The role of finance in the propagation of economic instability”

2005–2007 Moscow State Institute of International Relations, Moscow, Russia

• Ph.D., Economics, Dissertation title: “The impact of financial market on economic growth“

2003–2005 Moscow State Institute of International Relations, Moscow, Russia

• M.A., International Economics

1999–2003 Moscow State Institute of International Relations, Moscow, Russia

• B.A., International Relations

Academic / Teaching Experience

Professor, Moscow State Institute of International Relations, Moscow, Russia, 2014 to Present

• Teach Economic Theory, Applied Macroeconomics, Industrial Organization, Behavioral Economics and Finance, Financial Crises and Macroprudential Regulation, Research Seminar

Associate Professor, Moscow State Institute of International Relations, Moscow, Russia, 2010 to 2014

• Teach Economic Theory, Applied Macroeconomics, Industrial Organization

Lecturer, Senior Lecturer, Moscow State Institute of International Relations, Moscow, Russia, 2007 to 2010

• Teach Economic Theory, Microeconomics, Macroeconomics

Research and Teaching Interests

• Financial stability, systemic risk, macroprudential policy
• Finance-growth nexus
• Financial innovations: Fintech, cryptocurrencies, ICO
• Industrial Organization

Grants and Awards

• Distinguished Professor of the Russian Academy of Sciences (since December 2015)

Courses Taught

• Economic Theory (Intro, in English)
• Industrial Organization
• Applied Macroeconomics
• Behavioral Economics and Finance
• Financial Crises and Macroprudential Regulation (graduate level)
• Research Seminar in Banking and Finance (graduate level)

Professional Affiliations

• Member, New Economic Association (Russia, since 2009)
• Member, European Economic Association (since 2012)
• Member, American Economic Association (since 2011)

Professional Development

Visiting Researcher

• Bank of Finland Institute for Transition Economies (BOFIT), 27 February–31 March 2015

Selected International Conferences

• 2009, 2011, 2013 International Symposiums on Evolutionary Economics, Puschino, Moscow region, Russia
• 2013–2019 Annual Conferences on the problems of Economy and Society at NRU Higher School of Economics, Moscow, Russia
• 2015 European Economic Association Congress, University of Manheim, 24-27 August 2015
• 2017 34th International Symposium on Money, Banking and Finance, Université Paris Ouest Nanterre La Défense, 5-6 July 2017
• 2018 Dynamics of Socio-Economic Systems: Systemic Risk, Université Paris1 Panthéon Sorbonne, 9-12 October 2018
• 2019 Spanish Economic Association Meeting, University of Alicante, 12-14 December 2019

Selected International Workshops

• 2016 Econometric Research in Finance Workshop, Warsaw School of Economics, 16 September 2016
• 2017 Workshop on Financial Econometrics and Empirical Modeling of Financial Markets, Ruhr University of Bohum, 20-21 April 2017
• 2018 12th international Workshop of Methods in International Finance Network (MIFN), Université Catholique de Louvain, 5-6 November 2018

Languages

• Russian (native)
• English (proficient)
• Spanish (proficient)

Professional Software

• EViews
• STATA
• Gretl
• SPSS
• Matlab

Selected Publications in Refereed Journals

1. M. Stolbov., 2009. "The Evolution of Monetary Theories of Business Cycles," Voprosy economiki, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7. (in Russian).
2. M. Stolbov., 2011. "Statistics of Search Queries in Google as an Indicator of Financial Conditions," Voprosy economiki, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11. (in Russian).
3. Stolbov, M., 2012. "Financial Accelerator Theory and the Russian Mortgage Market," Journal of the New Economic Association, New Economic Association, vol. 13(1), pages 79-98. (in Russian).
4. M. Stolbov., 2012. "Some Findings of the Empirical Analysis of the 2008—2009 Global Crisis Determinants," Voprosy economiki, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 4. (in Russian).
5. Stolbov, Mikhail, 2013. "The finance-growth nexus revisited: From origins to a modern theoretical landscape," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 7(2), pp. 1-22. (in English).
6. Mikhail Stolbov, 2014. "International Credit Cycles: A Regional Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pp. 21-47. (in English).
7. Mikhail Stolbov, 2014. "How Are Interbank and Sovereign Debt Markets Linked? Evidence from 14 OECD Countries, the Euro Area and Russia," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(3), pp. 331-348, June. (in English).
8. Stolbov, Mikhail, 2014. "The causal linkages between sovereign CDS prices for the BRICS and major European economies," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 8(26), pp. 1-43. (in English).
9. Mikhail Stolbov, 2015. “Anatomy of international banking crises at the onset of the Great Recession”, International Economics and Economic Policy, Springer, vol. 12(4), pp. 553–569 (in English).
10. Mikhail Stolbov, 2017. “Causality between credit depth and economic growth: Evidence from 24 OECD countries”, Empirical Economics, vol. 53(2), pp.493-524, Springer.
11. Mikhail Stolbov, and Maria Shchepeleva, 2016. “Financial Stress in Emerging Markets: Patterns, Real Effects, and Cross-country Spillovers”, Review of Development Finance, vol. 6(1) Elsevier (in English).
12. Mikhail Stolbov, 2017. “Determinants of Sovereign Credit Risk: the Case of Russia”, Post-Communist Economies, vol. 29(1), pp. 51-70. Taylor&Francis (in English).
13. Mikhail Stolbov, 2016. “Causality between Sovereign, Quasi-sovereign Credit Risks and Global Volatility: the Case of Russia”, Journal of Eurasian Studies, Elsevier, vol. 7(1), 71-84. (in English).
14. Mikhail Stolbov, 2017. “Assessing Systemic Risk and Its Determinants for Advanced and Major Emerging Economies: the Case of ΔCoVaR”, International Economics and Economic Policy, Springer, vol. 14(1), pp. 119–152 (in English)
15. Mikhail Stolbov, and Maria Shchepeleva, 2018. “Systemic risk in Europe: deciphering leading measures, common patterns and real effects”, Annals of Finance, Springer, vol. 14(1), pp. 49-91. (in English)
16. Mikhail Stolbov, Maria Shchepeleva, and Alexander Karminsky, 2018. “Does Economic Policy Uncertainty Lead Systemic Risk? A Comparative Analysis of Selected European Countries”, Comparative Economic Studies, vol. 60(3), pp. 332-360, Palgrave Macmillan. (in English).
17. Mikhail Stolbov, 2019. “Is a More Financially Open World Riskier?” International Economics, vol. 157, pp. 99-116, Elsevier. (in English).
18. Mikhail Stolbov, 2019. “Is There a Bubble in the ICO Market?” Economics Bulletin, vol. 39(4), pp. 2448-2456. (in English).
19. Mikhail Stolbov, and Maria Shchepeleva, 2020. “Macrofinancial Linkages in Europe: Evidence from Quantile Local Pojections”, International Journal of Finance and Economics, Wiley, forthcoming, doi: 10.1002/ijfe.2080. (in English).
20. Mikhail Stolbov, and Maria Shchepeleva, 2020. “Systemic Risk, Economic Policy Uncertainty and Firm Bankruptcies: Evidence from Multivariate Causal Inference”, Research in International Business and Finance, vol. 52, 101172, Elsevier. (in English).
21. Mikhail Stolbov, and Maria Shchepeleva, 2020. “What Predicts the Legal Status of Cryptocurrencies?” Economic Analysis and Policy, vol. 67, pp. 273-291. Elsevier. (in English).

Referee for International Scientific Journals

• Journal of Financial Stability, Elsevier Annals of Finance, Springer
• Finance Research Letters, Elsevier Economics Letters, Elsevier
• International Economics and Economic Policy, Springer
• The Quarterly Review of Economics and Finance, Elsevier
• German Economic Review, Springer
• Journal of Eurasian Studies, Elsevier
• Economics Bulletin
• Empirical Economics, Springer
• Economic Change and Restructuring, Springer
• International Journal of Finance & Economics, Wiley
• Scottish Journal of Political Economy, Wiley
• Review of Financial Economics, Wiley
• Emerging Markets Finance and Trade, Taylor & Francis