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News
October 8, 2026
HSE Experts Take Part in 23rd Annual Meeting of Valdai Discussion Club
The 23rd Annual Meeting of the Valdai Discussion Club was held from September 28 to October 1, 2026 under the theme ‘Responsibility for the Future: Limits of the Possible, or Limitless Possibilities?’ The forum brought together 120 experts from 40 countries, including representatives of China, the United States, India, Brazil, the United Kingdom, Germany, Egypt, Iran, and Japan.
October 7, 2026
‘Our Team Consists of True Leaders in Their Respective Academic Disciplines
The HSE International Centre of Decision Choice and Analysis studies a wide range of methods for analysing decision-making and possible scenarios for the development of natural, socio-economic, and political phenomena using various mathematical models. The application of advanced mathematical methods to forecasting helps to prevent negative outcomes and avoid erroneous decisions. The HSE News Service spoke to the centre’s director, Prof. Fuad Aleskerov, about its work.
October 6, 2026
International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod Brings Together Scientists from Russia and Serbia
The International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod’ was held at the Nizhny Novgorod House of Scientists from September 23 to 26. The event was organised by HSE University–Nizhny Novgorod and the Nizhny Novgorod House of Scientists, with the participation of Sberbank and the Institute of Physics Belgrade. The symposium was held for the second time: the first conference took place in 2025 and attracted considerable interest from the academic community.

 

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Сокращение числа и размера суверенных дефолтов в мире: долгосрочный тренд или временное явление?

Вопросы экономики. 2024. № 5. С. 5–20.
Trofimov A., Скрыпник Д. В.

The paper explains the current global trends, which consist in a decrease in both the number and the size of defaults. For this purpose, a new approach to modeling the probability and the size of defaults based on nonlinear models (generalized additive models) has been applied. The obtained empirical estimates confirm the significant nonlinearity of the relationships between factors. Based on the proposed approach, it is possible to detect the disciplinary effect of the rate of increase in interest expenses and confirm the significance of the rate of debt accumulation as a development of previous works. We have found that the main contribution to this trend is made by the institutional factor — government efficiency: the more effective the government is, the better it ensures debt sustainability, reducing both the number of defaults and their size. Another important factor is the soft monetary policy of developed countries. It affects the default size, reducing it, but is not the reason for the decrease in the number (probability) of defaults in the world. Thus, the current trend is long-term and shows the progress of some countries and international organizations in reducing risks to global financial stability.

Research target: Economics and Management
Language: Russian
DOI
Text on another site
Keywords: денежно-кредитная политиканелинейные моделисуверенный дефолтэффективность правительстваGAM
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