• A
  • A
  • A
  • АБВ
  • АБВ
  • АБВ
  • A
  • A
  • A
  • A
  • A
Обычная версия сайта
  • RU
  • EN
  • HSE University
  • Publications
  • Articles
  • Бегство к качеству: на примере китайского рынка облигаций в 2020 году
  • RU
  • EN
Расширенный поиск
Высшая школа экономики
Национальный исследовательский университет
Priority areas
  • business informatics
  • economics
  • engineering science
  • humanitarian
  • IT and mathematics
  • law
  • management
  • mathematics
  • sociology
  • state and public administration
by year
  • 2027
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1958
  • More
Subject
News
May 25, 2026
HSE Scientists Train Neural Network to 'Hear' Faults in Electric Motors
Researchers at the AI and Digital Science Institute of the HSE Faculty of Computer Science have developed a new method—the Signature-Guided Data Augmentation (SGDA) framework—that achieves 99% accuracy in motor fault detection and 86% accuracy in fault classification. The application of this approach can reduce industrial equipment repair costs, minimise downtime, and improve production safety. The study results have been published in Engineering Applications of Artificial Intelligence.
May 25, 2026
'The Humanities Serve as a Conscience'
Maria Mizernaia studies Soviet literature and the history of book publishing. In this interview for the HSE Young Scientists project, she discusses plans to publish a novel about besieged Leningrad, AI-provoked reflections on what it means to be human, and how novels can help satisfy our dopamine hunger.
May 25, 2026
Is It Possible to Predict a Citys Life Based on the Shape of Its Neighbourhoods?
Is it possible to predict, based on the configuration of streets and buildings, where a café will open or where traffic congestion will occur? Participants in the Spatial Analysis and Modelling of Urban Processes research and study group use open data and machine learning to identify universal patterns. Alexander Sheludkov and Eduard Somov discuss the purpose of comparing cities, the need for new forms of urban statistics, and how open data is transforming approaches to urban studies.

 

Have you spotted a typo?
Highlight it, click Ctrl+Enter and send us a message. Thank you for your help!

Publications
  • Books
  • Articles
  • Chapters of books
  • Working papers
  • Report a publication
  • Research at HSE

?

Бегство к качеству: на примере китайского рынка облигаций в 2020 году

Экономический вектор. 2023. № 2(33). С. 139–150.
Утевская М. В., Makarova V. A., Бударин А. Н.

The article examines the relationship between the COVID-19 crisis and the change in the structure of the PRC market using the example of bonds with a high degree of safety based on data from 2020. The authors discover the existence of a relationship between structural changes in the market and the time of the pandemic, while showing the stability of the model. Using the example of the Chinese bond market, the authors show the phenomenon of flight to quality, and assess the consistency of the results of the study with other studies on similar topics.

Research target: Economics and Management
Language: Russian
DOI
Text on another site
Keywords: облигацииbondflight to qualityinvestor behaviorinvestor reaction бегство к качествуповедение инвесторовреакция инвесторов
Similar publications
БАЗОВЫЕ ТАБЛИЦЫ «ЗАТРАТЫ-ВЫПУСК» ЗА 2021 ГОД: НЕКОТОРЫЕ АСПЕКТЫ ПРИМЕНЕНИЯ В ИССЛЕДОВАНИЯХ
Kalinin A. M., Проблемы прогнозирования 2026 № 1 С. 45–55
Rosstat's publication of basic input–output tables for 2021, given the five-year periodicity of such materials, represents a significant event for Russian economic science. The article provides an overview of some of the features and properties of the published tables and the results of their use for the analysis of technological changes and import dependence. It ...
Added: May 26, 2026
Китай как новая экономическая империя: проблемы роста и модели взаимодействия с государствами Глобального Юга
Tkachuk A., Романова В. В., Экономические науки 2026 № 2 С. 561–565
Актуальность статьи обусловлена трансформацией мирохозяйственных связей под влиянием Китая. Степень разработанности отражена в полярных оценках экспансии КНР. Объект — экономическая экспансия Китая, предмет — модели взаимодействия со странами Глобального Юга. Методология базируется на геоэкономическом подходе и концепции асимметричной взаимозависимости. Практическая значимость заключается в выявлении рисков долговой и технологической зависимости и рекомендациях для стран-партнеров по выстраиванию сбалансированного сотрудничества. ...
Added: May 26, 2026
ОЦЕНКА ВОЗДЕЙСТВИЯ АДРЕСНЫХ (ПЕРСОНАЛЬНЫХ) САНКЦИЙ США НА РОССИЙСКИЕ КОМПАНИИ В 2014-2023 ГГ.
Kalinin A. M., Вопросы экономики 2025 № 8 С. 26–43
The study of the consequences of the application of individual sanctions instruments at the level of industries or segments of the economy allows us to assess the components and factors of overall sustainability, the effectiveness of the state policy. The paper provides an econometric assessment of the impact of US SDN list sanctions on Russian ...
Added: May 26, 2026
ФАКТОРЫ ИНВЕСТИЦИОННОЙ АКТИВНОСТИ В РОССИЙСКОЙ ЭКОНОМИКЕ: ВЫВОДЫ 2022 Г
Kalinin A. M., Проблемы прогнозирования 2024 № 1 С. 35–53
The dynamics of the Russian economy in 2022 did not develop along the trajectories expected in most forecasts. Investments in fixed assets, contrary to expectations, decreased slightly; some industries have seen growth. The article offers an analysis of the 2022 results from the point of view of justification of views on the factors determining investment ...
Added: May 26, 2026
ИМПОРТОЗАВИСИМОСТЬ И ИМПОРТОЗАМЕЩЕНИЕ В РОССИИ: ОЦЕНКА НА ОСНОВЕ ТАБЛИЦ РЕСУРСОВ И ИСПОЛЬЗОВАНИЯ
Kalinin A. M., Проблемы прогнозирования 2024 № 2 С. 21–33
The article discusses issues related to the assessment of import dependence and the results of the import substitution policy in the period 2016–2020. An overview of options for assessing import dependence indicators is provided, and the possibility of using resource and use tables published by Rosstat is substantiated. The main analysis tool is calculated tables ...
Added: May 26, 2026
ЧЛЕНСТВО РОССИИ В ВТО: ОЦЕНКА ВОЗДЕЙСТВИЯ НА ВНЕШНЮЮ ТОРГОВЛЮ
Kalinin A. M., Вопросы экономики 2023 № 7 С. 100–114
The paper assesses some of the consequences of Russia’s accession to the World Trade Organization (WTO). Whereas much discussion about its costs and benefits happened during the WTO negotiations and in the first years after the accession, there was little said on the real consequences afterwards. The aim of the research is to assess the ...
Added: May 26, 2026
СОКРАЩЕНИЕ ИНОСТРАННОГО ПРИСУТСТВИЯ В РОССИЙСКОЙ ОБРАБАТЫВАЮЩЕЙ ПРОМЫШЛЕННОСТИ: РЕЗУЛЬТАТЫ 2022 Г. И БЛИЖАЙШИЕ ПЕРСПЕКТИВЫ
Kalinin A. M., Общество и экономика 2023 № 4 С. 53–63
The withdrawal of foreign companies from the Russian market due to a change in the political situation has been a new trend for the Russian economy. The study shows that the actual scale of closure of foreign legal entities is insignificant, and even smaller than in previous years: the maximum number of legal entities was ...
Added: May 26, 2026
ИСПОЛЬЗОВАНИЕ ПРИНЦИПА КЛИЕНТОЦЕНТРИЧНОСТИ В ГОСУДАРСТВЕННОМ УПРАВЛЕНИИ: ПОВЕСТКА ВНЕДРЕНИЯ
Kalinin A. M., Вопросы государственного и муниципального управления 2023 № 3 С. 7–25
Customer-centricity (client-centricity) is a new concept for Russian public governance. However, since 2022, the implementation of the relevant principles has been brought to the level of a national strategic initiative. The article proposes an analysis of the issues to be considered when implementing customer-centricity in the practice of government agencies and institutions. The article examines ...
Added: May 26, 2026
Оценка влияния внешних факторов на цифровую зрелость органов государственного управления в субъектах Российской Федерации
Styrin E. M., Ataeva A., Жатикова Д. В. et al., Регион: Экономика и Социология 2026 № 2 С. 31–55
There remains a pronounced interregional differentiation in the level of digital development across the Russian Federation, which necessitates a comprehensive analysis of the factors influencing the digital maturity of public administration bodies in the country’s regions. This article offers a quantitative assessment of the impact of external socioeconomic, institutional, and technological factors on the level ...
Added: May 26, 2026
Reliability and Statistics in Transportation and Communication: Ecosystems for Smart Connectivity and Intelligent Mobility. Selected Papers from the 25th International Multidisciplinary Conference on Reliability and Statistics in Transportation and Communication, RelStat-2025, October 16–18, 2025, Riga, Latvia
Switzerland: Springer Publishing Company, 2026.
In this volume of “Lecture Notes in Networks and Systems” we are pleased to present the proceedings of the 25th International Multidisciplinary Conference on Reliability and Statistics in Transportation and Communication” (RelStat-2025), which took place in hybrid form in Riga, Latvia on October 16–18, 2025. This event belongs to a con ference series started in ...
Added: May 25, 2026
Demand for consumer loans in Russia: How strong is the interest rate channel of monetary policy?
Шелованова Т. И., Синяков А. А., Russian Journal of Economics 2025 No. 11 P. 47–75
The booming retail trade and the above-target consumer prices inflation in 2023–2024 in Russia, amid tightening monetary policy stance, raise an issue of the strength of the monetary policy interest rate channel. The focus of our paper is the interest rate elasticity (given inflation expectations) of a household’s loan request probability. We argue that a ...
Added: May 25, 2026
Региональная экономика и развитие территорий : сборник научных статей. Вып. 19
Kaisarova V. P., Коклев К. С., СПб.: Издательство СПбГЭУ, 2025.
The article examines the trends in the development of territorial accessibility of public transport for the population of the largest city based on the geoinformation analysis of the spatial features of its infrastructure. The article provides a transport dynamic for the period 2015-2024 based on cluster analysis of data on individual types of transport and ...
Added: May 25, 2026
Unemployment and online job boards in Russia: A Beveridge curve perspective
Paklina S., Parshakov P., Teplykh G., The Journal of the New Economic Association 2026 Vol. 70 No. 1 P. 279–301
This paper investigates the relationship between online recruitment and unemployment in Russia within the Beveridge curve (the unemployment–vacancy curve) framework. Using panel data for 81 Russian regions over the period 2006–2022, we examine how the expansion of online job boards affects regional unemployment dynamics. The empirical analysis is based on fi xed- effects and instrumental- variable ...
Added: May 22, 2026
Effects of the ECB’s monetary policy on sovereign bonds pricing
Rincon C. J., Alekseeva O., Vukovic D. et al., Risk Management 2026 No. 28 Article 38
This study examines the long-term effects of the European Central Bank’s (ECB) unconventional monetary policy (UMP) interventions on the yields of sovereign bonds in the Eurozone. Using a sample of 14 European countries from January 2009 to December 2023, our findings indicate that increases of 1 billion euros in the ECB’s balance sheet are associated ...
Added: May 22, 2026
Проблемы интеграции культурного наследия в креативные индустрии Республики Тыва
Монгуш В. Р., Novikova A., Креативные индустрии 2026 Т. 2 № 1 С. 23–41
This article analyzes the historical and cultural background, as well as the current situation and development prospects of the creative industries ecosystem in the Republic of Tuva. A comparative analysis of this remote, subsidized region and its neighbors, the Sakha Republic (Yakutia) and Krasnoyarsk Krai, revealed its strengths, vulnerabilities, and strategies of young creative professionals ...
Added: May 21, 2026
АНАЛИЗ ИННОВАЦИОННОЙ ИНФРАСТРУКТУРЫ ВУЗОВ РОССИИ
Zizin A., Plotnikov S., Деева В. В. et al., Инновации и инвестиции 2025 № 6 С. 36–39
The article is devoted to the study of the innovative infrastructure of Russian universities. The importance of developing innovative infrastructure, the practice of their formation (using the example of the country's leading universities) is studied. A classification of infrastructure objects is given and the effectiveness of their use in the practice of Russian universities is ...
Added: May 21, 2026
ТЕХНОЛОГИИ В КОРПОРАТИВНОМ ИННОВАЦИОННОМ ПРЕДПРИНИМАТЕЛЬСТВЕ
Plotnikov S., Деева В. В., Тенденции развития науки и образования 2023 № 102-2 С. 113–120
In the scientific article are considered the main technologies of corporate innovative entrepreneurship. Each technology is examined separately, which allows for understanding the purposefulness of using each tool in practice at your company. ...
Added: May 21, 2026
ЦИКЛЫ КИТЧИНА И СУЩНОСТЬ ИХ ПРОЯВЛЕНИЯ
Plotnikov S., Деева В. В., Деева А. В., Тенденции развития науки и образования 2023 № 102-2 С. 64–67
Short-term cyclicity in modern economic systems is caused by a number of factors, including insufficient information. Information about the state of the market, supply and demand is received with a delay due to the processes of its collection, processing and dissemination. The time lag in obtaining information affects the business activity of enterprises, since they ...
Added: May 21, 2026
Учет прав на ценные бумаги
Selivanovskiy A., Закон 2025 № 7 С. 166–176
The article discusses the regulations for the accounting of nondocumentary securities, as well as the legal implications of various methods of accounting and procedures for transferring ownership rights to securities. ...
Added: September 3, 2025
Оценка эффективности стратегии «всепогодного» портфеля для пассивного инвестирования
Soldatova A., Сберегательное дело за рубежом 2022 Т. 3 С. 47–57
Against the background of growing interest of private investors in stock market instruments, the concept of an "all-weather" or "eternal" portfolio is becoming popular. This article examines the origins of modern portfolio theory, analyzes the features of the formation of an "all-weather" portfolio depending on the stages of the economic cycle, and provides indicators for ...
Added: July 8, 2025
Эмиссионное финансирование лидера автолизинга Европы
Gazman V. D., Финансы и бизнес 2024 Т. 20 № 4 С. 124–134
В статье рассмотрена эмиссионная деятельность в сделках секьюритизации лизинговых активов ведущей в Европе и в мире автолизинговой компании. Представлен профиль лизингодателя, характеристики его развития, пропорции, которые складываются между средствами, полученными в ходе секьюритизации, и стоимостью новых заключенных договоров лизинга. Определены основные преимущества эмиссии облигаций, как эффективного способа финансирования деятельности компаний, включая гибкость условий (выбор типа ...
Added: February 5, 2025
Факторы доходности облигаций дополнительного первого уровня (АТ1)
Makushkin M., Финансовый журнал 2024 Т. 16 № 5 С. 43–59
Additional Tier 1 bonds (AT1 bonds) are hybrid financial instruments issued by banks under Basel III. In case of a threat to the financial stability of an institution, these bonds can be converted into equity or written down to help the bank meet capital requirements. AT1 bonds are designed to insure a bank against a ...
Added: November 19, 2024
Returns to Buying Upward Revision and Selling Downward Revision Stocks
МакНайт Ф. Д., Managerial Finance 2016 Vol. 42 Article 11
Added: November 13, 2024
СТРАТЕГИЯ БЕГСТВА К КАЧЕСТВУ В УСЛОВИЯХ СОВРЕМЕННОГО ФИНАНСОВОГО РЫНКА
Makarova V. A., В кн.: "Менеджмент XXI века: экономика, общество и образование в условиях глобального социально-политического шока": Материалы XXI Международной научно-практической конференции.: СПб.: РГПУ им. А.И. Герцена, 2023. С. 174–176.
This article presents an approach to identify signs of a change in the investment strategy of investors towards the so-called flight to safety as a response to the growing uncertainty of investment returns. Based on the analysis of the term structure of the interest rate and the study of the dynamics of the government bond ...
Added: February 25, 2024
  • About
  • About
  • Key Figures & Facts
  • Sustainability at HSE University
  • Faculties & Departments
  • International Partnerships
  • Faculty & Staff
  • HSE Buildings
  • HSE University for Persons with Disabilities
  • Public Enquiries
  • Studies
  • Admissions
  • Programme Catalogue
  • Undergraduate
  • Graduate
  • Exchange Programmes
  • Summer University
  • Summer Schools
  • Semester in Moscow
  • Business Internship
  • Research
  • International Laboratories
  • Research Centres
  • Research Projects
  • Monitoring Studies
  • Conferences & Seminars
  • Academic Jobs
  • Yasin (April) International Academic Conference on Economic and Social Development
  • Media & Resources
  • Publications by staff
  • HSE Journals
  • Publishing House
  • iq.hse.ru: commentary by HSE experts
  • Library
  • Economic & Social Data Archive
  • Video
  • HSE Repository of Socio-Economic Information
  • HSE1993–2026
  • Contacts
  • Copyright
  • Privacy Policy
  • Site Map
Edit