Our guest today is Marina Abramova – Doctor of Economics, Professor, Merited Scientist of the Russian Federation, State Prize Laureate, and Head of the Department of Banking and Monetary Regulation at the Finance Faculty of the Financial University under the Government of the Russian Federation. She sat down for an interview with Artem Genkin.
– Would you say that your career as a scientist and educator is closely tied to the Financial University under the Government of the Russian Federation (formerly the Moscow Financial Institute and later the Financial Academy under the Government of the Russian Federation, -ed.)? Was there ever a possibility it could have been otherwise?
– Yes, that’s likely accurate. I graduated from the Moscow Financial Institute and later completed my postgraduate studies there. However, my journey led me to the Department of Economic Theory at Bauman Moscow State Technical University, under the leadership of Professor Vladimir Kamaev. I am deeply grateful for that experience. It was an exceptional department filled with passionate individuals who authored one of the pioneering textbooks on economic theory in a market economy. Notably, each author was honored with the State Prize for their contribution to this groundbreaking work. Afterward, I returned to the Finance Academy to join the Banking Department, led by Professor Oleg Lavrushin. Could my path have been different? Perhaps. I graduated from a prestigious school in Moscow, located in Chapayevsky Pereulok, known for its advanced German language program. Even today, my German remains at a Hochdeutsch level. Following an Olympiad, I was invited to enroll in the Faculty of Mathematical Linguistics at Moscow State University – what would now likely be called the Fundamental and Applied Linguistics program. However, my parents ultimately persuaded me to choose a different path.
– Who among your teachers, mentors, or senior colleagues do you find yourself recalling most often? Who would you say played a pivotal role in giving you a “ticket to life” in your professional journey?
– I most often recall Professor Mariam Atlas, a figure of great importance to the Financial University. It was she who, during my state exams, suggested I pursue postgraduate studies, even though I had already been assigned to a bank. Professionally, I will always remain grateful to Professors Inata Mamonova, Natalya Valentseva, and Oleg Lavrushin for their invaluable guidance.
– Stolypin, Lee Kuan Yew, Erhard… In your view, whose practical experience – among domestic or foreign economists and politicians – would be most valuable and relevant today for revitalizing the domestic economy?
– I find Ludwig Erhard’s ideas particularly resonant, although in today’s circumstances, there doesn’t seem to be a perfect analogue, or perhaps there cannot be. A unique platform tailored to our economic revival must emerge. However, it is regrettable that we currently lack a leader of economic thought like Leonid Abalkin.
– Is there an “ideal” inflation rate, and if so, what is it?
– The ideal inflation rate is one that supports or at least does not impede economic growth. For us, this is likely around 4%. Inflation levels of 10% are generally considered dangerous for Russia, though we have not officially reached that threshold yet.
– You and I are part of the generation that lived through several monetary reforms in the USSR and later in Russia. Which one stands out most in your memory, and why?
– The 1998 reform, when the ruble was redenominated and old banknotes were exchanged for new ones at a ratio of 1000:1, stands out most for me. I remember it primarily for the emotional impact. My family and I were on a cruise along the Volga, strolling through either Saratov or Samara. I noticed an unusual exchange rate on a sign and pointed it out to my husband. When we returned to the ship, we saw people packing to leave, but we decided to continue our journey. After all, it’s just money.
– Is it possible for a financial pyramid scheme as large as the infamous MMM to emerge in modern Russia?
– I don’t think so. Financial literacy has improved significantly compared to the past. However, there will always be individuals who believe they possess a unique financial intuition and fall prey to such schemes.
– Do you think the U.S. approach to monetary policy will shift when Joe Biden is replaced by Donald Trump in the Oval Office?
– I don’t believe it will. The Federal Reserve is already pursuing a policy of monetary easing, and European central banks are following a similar course.
– Is the globalization of the world economy a positive development, or has it become a thing of the past, with the world entering a new era of deglobalization?
– We are now in the era of “new deglobalization.” Countries are focusing on defending their national interests. I believe this is the right approach. Globalization itself is an objective process, but it should not be artificially stimulated or treated as a primary goal of development.
– You were named the laureate of the All-Russian Highest Public Economic Prize Economist of the Year, awarded by the Free Economic Society of Russia. What do you consider to be the main achievement that led to this honor?
– It is indeed a great honor. I was not just a laureate, but the first one to receive this award. I believe my main achievement lies in the significant body of textbooks and monographs I’ve authored. I hope they remain relevant and of high quality, though I am hesitant to judge their impact myself.
– As a member of various working and expert groups, you frequently provide recommendations to the Government, the Central Bank, and the Ministry of Finance. Are your suggestions taken constructively? How often are your recommendations not just heard, but actually implemented?
– Yes, they do listen. We can see this reflected, for example, in the materials of the Main Directions of the Unified State Monetary and Credit Policy, as well as in how the authorities adopt recommendations in areas such as payments.
– What does teaching mean to you? Can a completely inexperienced student or postgraduate teach someone with decades of experience in the field, and if so, what can they teach?
– Teaching is a challenging yet deeply rewarding profession when you are passionate about it. I often run into my former students around the world, even in places like Iceland. I’m always happy that when they see me, they don’t avoid me but instead come over to chat, ask how I’m doing, and share updates. As for teaching, I follow the principle of “Learn while you teach,” so I believe that even students can teach the teacher, especially when there is a trusting and open dialogue.
– For several years, you’ve been leading an important department at a large university. How do you balance your roles as both a scientist and an administrator? Both are valuable to society, but there are only 24 hours in a day…
– It’s certainly a challenge. It requires a lot of work, and yes, I do get tired.
– Has any younger member of your family shown interest in following your path and studying economics and finance?
– I believe it will be my youngest grandson. At just three years old, he was already listening intently to my explanations about money. After that, he began saving his own. When I asked him why, he simply replied, “For no reason. Just because.”