Eesti Pank, the national bank of Estonia, has awarded its prestigious research awards, recognizing exceptional contributions from emerging economists. Milen Arro-Cannarsa won the doctoral category, while the Master’s category saw four joint winners: Igor Mohhov, Heli Song, Jiahao Zhu, and Asko Tamm.

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On October 29, 2026, Eesti Pank announced the recipients of its annual research awards, celebrating the achievements of young economists. 

Milen Arro-Cannarsa received the prestigious doctoral award for her research focusing on the effects of monetary policy in an open economy. Her innovative work explores the influence of international demand for secure assets on the economy and presents novel monetary policy options in an environment of stagnant interest rates. Arro-Cannarsa is a research associate at Study Center Gerzensee in Switzerland, which is part of the Foundation of the Swiss National Bank.

The Master’s category was particularly competitive this year, leading to four winners sharing the prize. Igor Mohhov, an early stage researcher at the Tallinn University of Technology (TalTech) analyzed the impact of credit risk assessment methods on financial stability, providing significant insights into financial crises management and macroprudential supervision. Heli Song's research illuminated how home ownership enhances life satisfaction in the UK, contributing vital understanding for housing policy development. She graduated from Cambridge University in 2024 and is now a PhD candidate at University College London (UCL).

Additionally, Jiahao Zhu, a Master's graduate and now junior research fellow from the University of Tartu in Estonia, who earlier this year also won first prize in the student research paper competition organised by Latvijas Banka, examined the correlation between green technology adoption and productivity in Estonian companies, advocating for policy support for the green transition. Asko Tamm, also an early stage researcher at TalTech, evaluated investment support's effects on district heating prices, offering critical insights into public subsidies and energy efficiency measures. Each of these winners received €500, while the doctoral winner received €3,000.

Tairi Rõõm, Head of the Research Division at Eesti Pank, praised the high academic quality of submissions, emphasizing the award’s success in promoting further academic exploration among young researchers. This year's awards, granted in memory of Urmas Sepp, mark the 24th edition of the initiative aimed at stimulating exceptional research in economics.

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Read the full report at eestipank.ee

Find out more about Milen Arro-Cannarsa on her personal github website or on her profile page at Study Center Gerzensee.

Find out more about Igor Mohhov on his TalTech Profile.
Find out more about Heli Song on her UCL Profile.
Find out more about Jiahao Zhu on his Instagram profile or on the University of Tartu webpage. You can read his winning thesis in full here.
Find out more about Asko Tamm on her TalTech Profile.