Sergei Guriev

Chief Economist

As the EBRD’s Chief Economist, Sergei Guriev is responsible for advising the President and other senior members of the Bank’s management team on economic issues of strategic or operational relevance pertaining to the EBRD region.

He provides thought leadership inside and outside of the EBRD on economic issues related to the Bank’s work in its countries of operation.  He fulfils this role through undertaking and presenting his own research, representing the Bank at high-level external policy and academic conferences and workshops, publishing in academic and non-academic outlets, and maintaining strong links between the EBRD and academia.

He and his office ensure that the economics research agenda of the EBRD continues to put the Bank at the forefront of understanding the economic and strategic challenges facing the Bank’s region and to help the Bank formulate effective policy responses. 

He is also responsible for macroeconomic forecasting and contributes to the work of the Bank’s Risk Management in building scenarios for identifying and navigating emergent risks and conducting stress testing, as well as assisting regional economists with timely cross-country macroeconomic analysis and economic forecasting.

Sergei Guriev received his Dr. Sc. (habilitation degree) in Economics (2002) and PhD in Applied Math from the Russian Academy of Science (1994), and M.Sc. Summa Cum Laude from the Moscow Institute of Physics in Technology (1993). In 1997-98, Dr. Guriev visited the Department of Economics at M.I.T. for a one-year post-doctoral placement, and in 2003-2004, the Department of Economics at Princeton University as a Visiting Assistant Professor. In 2004-13, Dr. Guriev was a tenured professor of economics and rector of the New Economic School in Moscow. In 2013, he was appointed a tenured professor of economics at Sciences Po, Paris

Dr. Guriev’s research interests include contract theory, corporate governance, political economics and labour mobility. Dr. Guriev has published in international refereed journals including American Economic Review, Review of Economic Studies, Journal of European Economic Association, Journal of   Economic Perspectives and American Political Science Review.

In 2006, he was selected a Young Global Leader by the World Economic Forum. In 2011, he was a member of the World Economic Forum’s Global Agenda Council on Europe, in 2012-14 – a co-chair of the Global Agenda Council on the New Economic Thinking, and in 2014-15 – a member of the Global Agenda Council on the Geo-Economics. In 2000 and 2005, he was awarded Gold Medal for the Best Research in Development Economics by the Global Development Network. In 2001, he was announced the Best Academic Manager in Humanities by Russia’s Science Support Foundation. In 2009-11, he was included in the top 100 of the President of Russia’s Cadre Reserve. In 2009, he was also awarded the Bill Maynes Award by the Eurasia Foundation. In 2009 and 2010 he received the Independent Director of the Year prize from Russia’s National Association of Independent Directors. In 2010, he received a Certificate in Company Directorship from the Institute of Directors (UK) and was voted the Best Independent Director by the Association of Managers of Russia and the Russian Institute of Directors.

He has been a board member of Sberbank (2008-14), E.ON Russia (2013-14), Alfa-Strakhovanie Insurance Company (2009-13), Russia Venture Company (2009-13), Russian Home Mortgage Lending Agency (2008-12) and Russian Agricultural Bank (2008-09), a member of the President of Russia’s Council on Science, Technology and Education (2008-12), and a member of the board of the Dynasty Foundation (2007-2015).  He is a member of the Scientific Council of the BRUEGEL think tank (Brussels), of the Advisory Council of the Peterson Institute on International Economics (Washington, DC), and of the Academic Advisory Board, Blavatnik School of Government, Oxford University. He is also a Research Fellow at the Centre for Economic Policy Research, London.

Between 2006 and 2013 he wrote a monthly column in Forbes Russia. Between 2003and 2013 he was also a biweekly columnist for the leading Russian business daily Vedomosti and contributed columns to the New York Times, Financial Times, Washington Post, Project Syndicate, and Moscow Times.

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2002 - Dr. Sc. (habilitation degree) in Economics, Russian Academy of Science
1994 - PhD in Applied Math, Russian Academy of Science
1993 - M.Sc. Summa Cum Laude, Moscow Institute of Physics in Technology

Research interests

  • contract theory
  • corporate governance
  • political economics
  • labor mobility


Cheremukhin, Anton, Mikhail Golosov, Sergei Guriev, and Aleh Tsyvinski. "The Industrialization and Economic Development of Russia through the Lens of a Neoclassical Growth Model." Forthcoming, Review of Economic Studies.

Guriev, Sergei, and Nikita Melnikov (2016). “War, Inflation, and Social Capital.” American Economic Review: Papers and Proceedings, 106(5).

Sergei Guriev and Mikhail Klimenko (2015). "Duration and Term Structure of Trade Agreements."  Economic Journal, 125, 1818–1849.

Sergei Guriev and Elena Vakulenko (2015). Breaking Out of Poverty Traps: Internal Migration and Interregional Convergence in Russia.  Journal of Comparative Economics, 43, 633-649.

Bhattacharya, Sudipto, and Sergei Guriev (2013). “Control rights over intellectual property”. Journal of Industrial Economics, LXI(3), 564-591.

Friebel, Guido, and Sergei Guriev (2012). “Earnings manipulation and incentives in firms.” Journal of Economics and Management Strategy, 21(4), 1007-1027.

Kolotilin, Anton, Sergei Guriev, and Konstantin Sonin (2011). “Determinants of Expropriation in the Oil Sector: A Theory and Evidence from Panel Data.” Journal of Law, Economics, and Organization, 27(2), 301-323.

Guriev, Sergei, Evgeny Yakovlev and Ekaterina Zhuravskaya (2010). “Interest Group Politics in a Federation.” Journal of Public Economics, 94(9-10), 730-748.

Egorov, Georgy, Sergei Guriev, and Konstantin Sonin (2009). “Why Resource-Poor Dictators Allow Freer Media: A Theory and Evidence from Panel Data.” American Political Science Review, 103(4), 645-668.

Guriev, Sergei, and Dmitriy Kvasov (2009). "Imperfect competition in financial markets and capital structure." Journal of Economic Behavior and Organization, 72(1), 131-146.

Guriev, Sergei, and Ekaterina Zhuravskaya (2009). “(Un)Happiness in Transition.” Journal of Economic Perspectives, 23(2), 143-68.

Guriev, Sergei and Konstantin Sonin. “Dictators and Oligarchs: A Dynamic Theory of Contested Property Rights.” Journal of Public Economics, 93, 1–13.

Friebel, Guido, Sergei Guriev, Russell Pittman, Elizaveta Shevyakhova, Anna Tomova (2007). “Railroad Restructuring in Russia and Central and Eastern Europe: One Solution for All Problems?”  Transport Reviews, 27(3), 251-271.

Bhattacharya, Sudipto, and Sergei Guriev (2006). “Knowledge disclosure, patents and the optimal organization of R&D”. Journal of European Economic Association, 4(6), 1112-1147.

Friebel, Guido, and Sergei Guriev (2006). “Smuggling humans: A theory of debt-financed migration.” Journal of European Economic Association, 4(6), 1085-1111.

Guriev, Sergei, and Dmitriy Kvasov (2005). “Contracting on time.” American Economic Review, 5(5), 1369-1385.

Friebel, Guido, and Sergei Guriev (2005). "Should I stay or can I go: attachment of workers through in-kind payments", World Bank Economic Review, 19(2), 175-202.

Guriev, Sergei, and Andrei Rachinsky (2005). “The Role of Oligarchs in Russian Capitalism.” Journal of Economic Perspectives, Winter 2005, 131-150.

Guriev, Sergei (2004). “Red tape and corruption.” Journal of Development Economics 73(2), 489-504.

Guriev, Sergei, and Dmitriy Kvasov (2004). “Barter for price discrimination.” International Journal of Industrial Organization, 22(3), 329-350.

Andrienko, Yuri, and Sergei Guriev (2004). “Determinants of Interregional Labor Mobility in Russia.” Economics of Transition 12(1), 1-27.

Guriev, Sergei (2003). “Incomplete Contracts with Cross-Investments.” Contributions to Theoretical Economics, Berkeley Electronic Journals on Theoretical Economics, 3(1), Article 5.

Guriev, Sergei, Igor Makarov and Mathilde Maurel (2002). “Debt Overhang and Barter in Russia.” Journal of Comparative Economics, 30(4), 635-656.

Guriev, Sergei (2001). “On Microfoundations of Yaari’s Dual Theory of Choice.” Geneva Papers on Risk and Insurance Theory, 26(2), 117-137.

Work in progress

Guriev, Sergei, and Daniel Treisman “What Makes Government Popular?”

Maxim Ananiev and Sergei Guriev. The effect of income on trust: the evidence from 2009 crisis in Russia.

Sergei Guriev and Daniel Treisman. How Modern Dictators Survive: An Informational Theory of the New Authoritarianism.

Sergei Guriev, Biagio Speciale,  and Michele Tuccio. How Do Regulated and Unregulated Labor Markets Respond to Shocks? Evidence from Immigrants During the Great Recession.

Cheremukhin, Anton, Mikhail Golosov, Sergei Guriev, and Aleh Tsyvinski. The Economy of People's Republic of China from 1953. Revise and resubmit, Econometrica.

Art Durnev and Sergei Guriev. Expropriation Risk, Corporate Transparency, and Growth. Revise and resubmit, Journal of Financial Economics.

Sergei Guriev and Anton Suvorov. Why Less Informed Managers May Be Better Leaders.