Banking Crises Drive Biodiversity Loss
Economists from HSE University, MGIMO University, and Bocconi University have found that financial crises have a significant negative impact on biodiversity and the environment. This relationship appears to be bi-directional: as global biodiversity declines, the likelihood of new crises increases. The study examines the status of populations encompassing thousands of species worldwide over the past 50 years. The article has been published in Economics Letters, an international journal.
The diversity of living organisms underpins the sustainability of ecosystems on which human life depends, and a decline in biodiversity threatens not only society but also the economy. To investigate how economic shocks affect the natural world, Maria Shchepeleva, Assistant Professor at the HSE Faculty of Economic Sciences, collaborated with Mikhail Stolbov, Professor at MGIMO, and Daniil Parfenov, a PhD student at Bocconi University, Italy, to analyse global data on biodiversity and the occurrence of financial crises.
As a measure of biodiversity, the authors used the Living Planet Index (LPI), an indicator tracking population trends of over 5,000 vertebrate species across terrestrial, freshwater, and marine habitats. Calculated annually since 1970, the LPI has shown a steady decline, dropping from a baseline of 1.0 in 1970 to 0.33 in 2024. Over this period, populations of thousands of species have decreased, and at least 500 species have become completely extinct. Additionally, the authors examined an international database of financial crises compiled by researchers from Phenikaa University in Hanoi and Loughborough University. In this database, crises are categorised into three types—banking, debt, and currency—as well as any combination of two or all three. The authors developed a model enabling the assessment of mutual influence among the variables.
The analysis revealed that a one-unit increase in the frequency of banking crises reduces the LPI by 0.001 points two to three years after the shock, with effects lasting up to 12 years. Triple crises—simultaneous banking, debt, and currency crises—pose the greatest threat to biodiversity: an increase in their frequency lowers the LPI by 0.005 points. At the same time, debt, currency, and twin crises were found to have almost no significant impact on the state of the environment. The reverse effect was also observed: a decline in the LPI directly increases the frequency of all types of crises. At the same time, debt, currency, and twin crises were found to have almost no significant impact on the state of the environment. The reverse effect was also observed: a decline in the LPI directly increases the frequency of all types of crises.
The authors explain this by noting that banking crises steadily reduce GDP, which in turn limits the resources available to governments for environmental policies aimed at protecting biodiversity, such as taxes, fees, and subsidies.
Maria Shchepeleva
'Economic crises drive some businesses into the informal sector, where environmental regulations are difficult to enforce and are often ignored. This results in uncontrolled resource exploitation, poaching, illegal deforestation, and unregulated emissions, all of which significantly accelerate species loss and ecosystem degradation. In addition, during periods of crisis, people focus on immediate survival and pay less attention to long-term risks, which influences their environmental behaviour. Crises also reduce investments in new environmental solutions,' explains Maria Shchepeleva, Assistant Professor at the HSE Faculty of Economic Sciences.
Thus, a vicious cycle emerges: crises reduce biodiversity, which in turn increases the likelihood of future crises. Addressing this challenge requires coordinated action by central banks and environmental regulators. The authors propose initiatives such as active incorporation of green risk coefficients into regulations and the establishment of interdepartmental working committees for regular exchange of information on identified risks and violations.
See also:
Experiments in Economics
Why simulate an auction? How do experiments in economics differ from those in psychology? Assistant Professor Alexander Usvitskiy, Head of the Laboratory for Experimental Economics and Finance, discusses the laboratory's activities and research approaches.
HSE Biologists Identify Factors That Accelerate Breast Cancer Recurrence
Scientists at HSE University have identified a molecular mechanism underlying aggressive breast cancer. They found that the signals supporting tumour growth originate not from the tumour itself but from its microenvironment. The researchers also demonstrated that reduced levels of the IGFBP6 protein in the tumour microenvironment lead to the accumulation of macrophages—immune cells associated with a higher risk of cancer recurrence. These findings already make it possible to assess patient risk more accurately and may, in the future, enable the development of drugs that target cells of the tumour microenvironment. The study has been published in Current Drug Therapy.
Russian Scientists Propose Method to Speed Up Microwave Filter Design
Researchers at HSE MIEM, in collaboration with colleagues from the Moscow Technical University of Communications and Informatics (MTUCI), have implemented a novel approach to designing microwave filters—generative synthesis using machine learning tools. The proposed method reduces the filter development cycle from several days to just a few minutes and in the future could be applied to the design of other microwave electronic devices. The results were presented at the IEEE International Conference '2026 Systems of Signals Generating and Processing in the Field of on Board Communications.'
Scientists Find That Only Technological Innovations Consistently Advance Environmental Sustainability
Renewable energy and labour productivity do not always contribute to environmental sustainability. Technological innovation is the only factor that consistently has a positive effect. This is the conclusion reached by an international team of researchers, including Natalia Veselitskaya, Leading Research Fellow at the HSE ISSEK Foresight Centre. The study has been published in Sustainable Development.
HSE’s CardioLife Test Among Winners of Data Fusion Awards 2026
The CardioLife genetic test—a development by the Centre for Biomedical Research and Technologies of the AI and Digital Science Institute at HSE University’s Faculty of Computer Science—has won the All-Russian cross-industry Data Fusion Awards, which recognise achievements in data and AI technologies. The project took first place in the Science–Business Partnership category, demonstrating a successful model for transferring technology from university research into the real healthcare sector.
HSE Researchers Train Neural Network to Predict Protein–Protein Interactions More Accurately
Scientists at the AI and Digital Science Institute of the HSE Faculty of Computer Science have developed a model capable of predicting protein–protein interactions with 95% accuracy. GSMFormer-PPI integrates three types of protein data (including information about protein surface properties) to analyse relationships between proteins, rather than simply combining datasets as in previous models. The solution could accelerate the discovery of disease molecular mechanisms, biomarkers, and potential therapeutic targets. The paper has been published in Scientific Reports.
HSE University Installs Geoscan Station at IIT Bombay
A Russian ground station for receiving SONIKS satellite data has been installed on the campus of the Indian Institute of Technology Bombay (IIT Bombay). Developed by Geoscan, the system will become part of a mirror laboratory project run jointly by HSE University and one of India’s leading universities.
HSE MIEM and MTS Launch Workshop on Innovative Solutions in Communication Networks
The HSE Tikhonov Moscow Institute of Electronics and Mathematics (MIEM) and MTS are launching a joint workshop in which students will work at the intersection of communications network engineering, data analysis, and digital technologies. The project is designed as a practice-oriented learning format, enabling students to tackle real industry challenges alongside company engineers and MIEM specialists. Registration to participate in the workshop is open until April 15, 2026.
HSE Scientists Uncover Mechanism Behind Placental Lipid Metabolism Disorders in Preeclampsia
Scientists at HSE University have discovered that in preeclampsia—one of the most severe complications of pregnancy—the placenta remodels its lipid metabolism, reducing its own cholesterol synthesis while increasing cholesterol transfer to the foetus. This compensatory mechanism helps sustain foetal nutrition but accelerates placental deterioration and may lead to preterm birth. The study findings have been published in Frontiers in Molecular Biosciences.
HSE Experts Reveal Low Accuracy of Technology Forecasts in Transportation
HSE researchers evaluated the accuracy of technology forecasts in the transportation sector over the past 50 years and found that the average accuracy rate does not exceed 25%, with the lowest accuracy observed in aviation and rail transport. According to the scientists, this is due to limitations of the forecasting method and the inherent complexities of the sector. The study findings have been published in Technological Forecasting and Social Change.