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Future of finance – press release

Future of financeUniversity of Leeds press release – 26 May 2016

Europe’s financial sector to expand amid low growth and rising inequality

Europe faces a decade of low growth, rising inequality in income and wealth, and decline or stagnation in workers’ wages.

A wide-ranging survey of 50 business school economists about the future of financial services in Europe also found that the unregulated growth of the so-called ‘shadow banking’ (or non-bank financial) sector could cause another 2008-style financial crisis in the next five to ten years.

The economists were asked to make predictions on subjects including the future role, structure and regulation of the financial sector; the impact of the sector on society; growth and inequality in Europe; and the future remit and responsibilities of the European Central Bank (ECB) and of the central banks of developed countries.

The survey, part of the Financialisation, Economy, Society and Sustainable Development (FESSUD) research project led by the University of Leeds, found that the benefits of growth and employment of the financial system had been greatly overestimated prior to the 2008 financial crisis.

While Europe’s financial system would remain the same or grow in the next five to ten years, this would not translate into wider economic growth. Growth in the euro area is forecast to remain below 2% and rising unemployment, welfare cuts and austerity will contribute to greater inequality in society.

The economists also predicted that there would be a slight or significant increase in inequality in income and wealth distribution in developed countries in the next five to ten years, while wage income as a share of Gross Domestic Product (GDP) would fall or remain unchanged.

Future of financeProfessor Malcolm Sawyer of Leeds University Business School, project leader of FESSUD, said:
“The survey portrays a financial services sector in Europe continuing to grow, but with the benefits for the citizens of Europe being limited and likely negative. The person in the street will continue to see rising inequality, stagnating wages and sluggish growth, and the financial sector will continue to act as a drag on sustainable growth.

“The findings on the growth of shadow banking in Europe are particularly concerning. As banks are further regulated, shadow banking will continue to grow with, at best, loose regulation. This along with the inherent fragilities of the financial system will increase instability and contribute to the next financial crisis.

“The messages are clear: there has to be fundamental reforms of the financial sector, its scope and influence. It is time for the financial sector to serve society, and not society serving the interests of the financial sector.”

The survey shows that the role of the ECB is expected to change, with economists predicting that it would encompass generating real economic growth in addition to its chief objective of maintaining price stability in the Eurozone. This broadening would be mirrored in the role of national central banks, which will also focus more on financial stability as well as inflation price stability and economic activity. There was consensus that the central banks of developed countries would retain inflation targets of around 2%.

FESSUD is a €10m research programme funded by the European Union and led by Leeds University Business School and involves 14 business schools in Europe and South Africa. The project has examined the dominance of the financial system over other parts of the European economy in the last 30 years and suggests reforms to support economic, social and environmental sustainability.

Key findings of the Future Expansion and Proliferation of Finance Delphi survey include:

  • The ‘shadow banking’ sector will expand due to poor regulation and as banks seek to avoid the impact of tighter regulations by conducting more activities off-balance sheet. This may lead to instability and a financial crash in the next five to ten years
  • The number of small, locally-oriented savings banks and co-operatives will continue to fall or will be encouraged to adopt the business models of private banks
  • Household savings rates will remain the same or be slightly higher than savings rates which were registered before the financial crisis of 2008
  • The revival of household lending, mainly through mortgages, will pose a moderate or significant risk for the financial system

Paper author Jesus Ferreiro, University of the Basque Country, and Professor Giuseppe Fontana of the University of Leeds, said: “The finance industry has not learned the lessons from the global financial crisis, and deep reform is needed to make it more economically, socially and environmentally sustainable.”

Ends
Professor Malcolm Sawyer is available for interview. Contact Guy Dixon, Communications, University of Leeds, on: 0113 343 1028 or 07954 277 539 or g.dixon@leeds.ac.uk
A copy of the paper ‘The Future Expansion and Proliferation of Finance’, by Jesus Ferreiro, Carmen Gomez and Jon Landeta, is available upon request.

FESSUDNotes to editors
Financialisation, Economy, Society and Sustainable Development (FESSUD) is a research project investigating the growth and impact of the financial system in Europe which suggests ways that the system might be reformed to support economic, social and environmental sustainability.

FESSUD is funded by a near €8m grant from the European Commission. The partners are: University of Leeds (UK, lead partner), University of Siena (Italy); School of Oriental and African Studies (UK); Fondation National de Sciences Politiques (France); Pour la Solidarite (Belgium); Poznan School of Economics (Poland); Tallin University of Technology (Estonia); Berlin School of Economics and Law (Germany); University of Coimbra (Portugal); University of Pannonia (Hungary); National and Kapodistrian University of Athens (Greece); Middle East Technical University, Ankara (Turkey); Lund University (Sweden); University of Witwatersrand (South Africa); University of the Basque Country (Spain).

PhD Researcher at the World Tourism Organization (UNWTO)

UNWTOThe World Tourism Organization (UNWTO) is the United Nations agency responsible for the promotion of responsible, sustainable and universally accessible tourism.

In 2016, UNWTO will continue the PhD Research Programme, successfully started in 2014, which will offer again two PhD students the opportunity to contribute to the UNWTO programme for Sustainable Development of Tourism (SDT). The main aim of this programme is to support research to advance the general knowledge and further broaden ones’ understanding about the importance of sustainable and resilient tourism at the international level.

DEADLINE FOR APPLICATIONS: 15th June 2016

SUBMISSION OF APPLICATIONS: All applications must include the following documents:

  • Curriculum vitae that includes your contact details
  • 1-2 page motivation letter
  • Linkages between PhD study and UNWTO research
  • Academic transcripts
  • Letter of support from PhD supervisor
  • All applications must be written in English

Applications will only be accepted if completed and according to application requirements. Applications should be submitted via email to the following address: phdresearcher@unwto.org

REFERENCE: PhD Researcher at the World Tourism Organization (UNWTO)
(UNWTO/HHRR/CFE/09/SDTR/2016)

Important pointers for applicants:
Applicants are kindly requested:

  • To clearly indicate “PhD Researcher at the World Tourism Organization (UNWTO)” on the motivation letter.
  • To avoid sending their application via multiple routes.
  • To refrain from contacting the Organization on the status of their application. Applicants who do not receive any feedback within three months of the deadline should consider their application as unsuccessful

MORE INFORMATION >>>

SCHOLARSHIP OPPORTUNITY – Call for Applications

Kőszeg KampuszDo you want to participate in the work of a research institute while pursuing a graduate degree?
If your answer is yes, apply NOW!

The Institute of Advanced Studies Kőszeg (iASK) is now welcoming applications for 4-month research scholarships in order to support excellent students in their studies and their early-stage research careers. The scholarships are renewable based on performance and academic excellence.

The amount of scholarship is 250.000 HUF/month from October 2016 to January 2017.

Applicants are expected to

1. register for one of the graduate programs at the University of Pannonia Kőszeg Campus and

2. join one of the research centres of iASK and participate in their interdisciplinary research programs under the supervision of iASK research fellows.

With this iASK aims to encourage prospective students to

  • work in an international and interdisciplinary academic environment
  • besides new knowledge and useful skills, get a unique experience in doing research
  • work on concrete research problems
  • experience a personal, tutorial relationship with professors as research colleagues

If you are a motivated student that would like to benefit from this offer, apply now.

We are expecting applications in two interdisciplinary fields:

iASKCULTURAL HERITAGE MANAGEMENT AND SUSTAINABLE DEVELOPMENT with a focus on creative regions, historic cities, tourism, connecting the world of industry, commerce, and governance with education and science.

INTERNATIONAL STUDIES with a focus on globalisation and regional development, economic, environmental and social sustainability, global political economy and the impact of new information technologies.

We strongly encourage topics that specifically focus on Central Europe in a global context.

HOW TO APPLY:

First step:
all applicants submit their application packages to their chosen graduate program by June 15 2016! (for the application package please consult http://pek.uni-pannon.hu/)
Second step: all applicants are to send a personal research statement with bibliography (2000 words) in English AND 2 letters of recommendation detailing the research potential of the applicant SIGNED and SEALED by the deadline June 31 2016

For more information, please check out BOTH websites:
http://pek.uni-pannon.hu
http://ask.hu

All inquiries should be sent to Dr. Izabella Agardi at izabella.agardi@iask.hu

Pannon@IPSERA 2016 Dortmund

Pannon@IPSERA 2016 DortmundThe 25th Conference of the International Purchasing and Supply Education and Research Association (IPSERA) in Dortmund attracted more than 200 academics from all over the world, including 4 from Hungary. Out of the 127 papers presented, two of them came from Pannon University. The first paper, about the topic of Traceability was authored by Spanish colleague José Alfaro from and Pannon researchers Dirk-Jan Kamann and Szabolcs Sebrek. The second paper was on the use of Experiments and dealt with the impact of professional norms on behaviour. This paper was authored by Max Boodie (NL), Dirk-Jan Kamann (Pannon) and Jana Vyrastekova (NL). Both papers were received well and led to new cooperation with researchers from several German universities, Dublin, Michigan and Milano.

At the end of the 4 day Conference, the next year’s Conference to be organised by Pannon – together with Corvinus – in Budapest and Balatonfüred was presented by the Chairman of the organising committee, Dirk-Jan Kamann. It received a warm welcome from the participants. “See you next year in Budapest-Balatonfüred” was the slogan used by everyone.

International Week – 3-5 November 2015

International Week

Knowledge Management course – Feedbacks

Professor Constantin Bratianu’s Knowledge Management courseProf. Constantin Bratianu held an intensive Knowledge Management course for the students of Faculty of Business and Economics and the ERASMUS students of University of Pannonia between 21 and 25 September 2015. Here are few feedbacks regarding the course from the students.

Balogh Edina (Human Resources, bachelor):

“It was a nice course, the professor was kind, direct and open minded from the very first second. My personal favourite aspect of the course was that we needed to get back to our rusty high school studies – refresh the terms that we have already learned once before. The other thing: the professor shared us many interesting examples from his life, his own experiences – which made understanding much easier. It was great to meet such a globetrotter, I’ve learnt so much about different cultures, and I want to learn more on my own, get such experiences as the professor.”

Yana Dimitrova (Tourism Department-Erasmus, MSc):

“It was a genuine pleasure and honor for me to attend Professor Bratianu’s course in Knowledge Management. He was a guest lecturer in the Tourism Department at the University of Pannonia for 1 week. During the classes we spent considerable time learning new things and experiences. Professor Bratianu’s presentation was very educative and beneficial for increasing our knowledge not just in the field of management but also in life as general. He was very much a people person, easy going and always attentive to our questions. I have no hesitation in recommending Professor Bratianu for any management-related teachings, training and practices. I feel confident he would be an asset to every university and academic organization.”

Course 2. Hegyi Szabina (Business Administration and Management, bachelor):

“In my opinion, the most interesting story was when Professor Bratianu told about story of cultural differences between Europeans and Americans. I liked the picture in the whole curriculum and lots of interesting things from Professor Bratianu for example he loves to travel the world.”

Horváth Zsanett (Applied Economics, bachelor):

“I really liked the knowledge management course. Professor Bratianu was very sympathetic, competent and knowledgeable. There were a lot of interesting stories about the professors personal experiences, which made the course really interesting. My favourite story is: „Hospitality and greeting forms”. I really appreciate taking part in such a good course.”

Péter Martina (Technical Management, BSc):

“I really liked the way the professor’s lecture and the lessons were very interactive. The teacher was interested in our beliefs as well and there are many interesting things we learned in the curriculum and in addition to talking about personal experiences as well. My favourite story is: ‘Two men and bear”- it is an istructive story. I am pleased to attend this course and I got to know a new way of thinking. Thank you!”

Course 3.Mohlasz Anita (Tourism and catering, bachelor):

“I actually do not have any negative feedback about this course. I liked the way of Prof. Constantin Bratianu talking. People could feel he is enjoying teaching and share knowledge with us. I found „Knowledge sharing and communities of practice” very interesting topic. He explained the types of knowledge sharing very well to us and before I didn’t even think about this. I learned a lot in that week and I absolutely enjoyed of his teaching. It is funny to say but it was short time for me, I could listen more of his experience, stories and ideas. The other thing I really liked it that he always took his own experience of his life and tried to explain with this way to us. I think with real stories people will remember easier. I can just say positive things.”

Molnár Réka (Technical Management, BSc):

Professor Bratianu is a really inspiring person and teacher. His stories were amazing; from places, where he was, from people, who he met etc. On the slide were many photos of his adventure, and it was really interesting. It was exceptional to participate on this course.

Sárkány Orsolya (Business Administration and Management, bachelor):

I liked the knowledge management course because throw new light upon knowledge and knowledge management. The course was very interesting to me because the professor not only talked about definition and theory but interesting story. And the professor was very kind and helpful. In my opinion the most interesting lecture was the emotional knowledge and in this I like the iceberg metaphor, where we knew the explicit and tacit knowledge connection.

Barka Fanni (Business Administration and Management, bachelor):

I can just say positive things about this course. The teacher Prof. Constantin Bratianu is inspiring teacher who helpful and friendly. He loves his job and it is very important. He has very amazing stories, pictures and adventures which are shared with us. His class was different than other classes I really enjoyed it. I learned a lot of new thing about knowledge (when I changed to switched my brain  ) and other cultures. Thank you very much, it was very interesting and gaiety week.

Academic Calendar 2015/16

Diplomaátadó 2.The fall and spring semesters consist of 15 weeks and the examination periods.

The schedule of the academic year is described in the academic calendar.

For the academic calendar 2015/16 click HERE.

Courses in Foreign Languages

For the Courses in Foreign Languages for Academic Semester 2015/16/I. autumn click here!

(Latest update: 17.09.2015)

“Youth Entrepreneurship and Generation Y” by Scott Gerber (USA)

American Corner

Knowledge Management course by Prof. Bratianu in September 2015

Prof. Dr. Constantin BratianuProf. Dr. Constantin Bratianu is professor of Strategic Management and Knowledge Management at the Faculty of Business Administration, Bucharest University of Economic Studies, Romania. He is Director of the Research Centre for Intellectual Capital, same university. He obtained his Ph.D at Georgia Institute of Technology, Atlanta, Georgia, USA. He is a member of the American Academy of Management, USA, and International Association of Knowledge Management. He has been Visiting Professor at universities in USA, Japan, Austria and Egypt. He is a member of the Scientific Committee of the European Conference of Knowledge Management. He published over 30 books, and over 200 papers in international journals and international conference proceedings. His main academic interests are: knowledge dynamics, knowledge management, intellectual capital, and strategic management.

In Prof. Bratianu’s course (21st-25th September 2015) the students can learn about the theory and practice of knowledge management and relating approaches including:

Knowledge economy. Knowledge management. Understanding knowledge by using metaphors. Explicit and tacit knowledge. Nonaka’s model for knowledge dynamics. The multifield model for knowledge dynamics. Emotional knowledge. Spiritual knowledge. Knowledge creation and acquisition. Knowledge sharing. Organizational learning and learning organization. Intellectual capital.

The textbook for the course is: Bratianu, C. (2015). Organizational Knowledge Dynamics: Managing Knowledge Creation, Acquisition, Sharing, and Transformation. Hershey, PA: IGI Global. ISBN: 978-1-4666-8318-1

This course invites bachelor and master students of the Faculty of Business and Economics and ERASMUS students of University of Pannonia.

The Knowledge Management [Tudásmenedzsment in the Neptun] (VEGTVESV44T) is free of charge for the students and 6 credits can be obtained.

In case of any question please feel free to contact Dr. Anikó Csepregi (e-mail:csepregia@gtk.uni-pannon.hu; building A, 1st floor, office A129c) at the Department of Management, Faculty of Business and Economics.

Read the latest Newsletter magazine

Newsletter Vol. 7. No. 1. 2014/15/II. NEW!

The latest issue of the Newsletter magazine has been published.

The Newsletter is available in the Centre of Marketing and International Relations and electronically here.

Browse the previous issues here.

Success at the XXXIIth National Youth Conference

At the XXXIIth National Youth Conference organised by Budapest Business School on 9-11 April 2015, the students received: two Pro Scientia Awards, two 1st prizes, six 2nd prizes and two 3rd prizes.

The list of awards:

Pro Scientia Award:

  • Attila I., KATONA – Supervisor: Zsolt T. KOSZTYÁN PhD. habil.
  • Marcell T., KURBUCZ – Supervisor: Zsolt T. KOSZTYÁN PhD. habil.

Gold Medal Award for Supervisors

  • Judit BADICS PhD.

1st prizes:

  • Attila I., KATONA – Supervisor: Zsolt T. KOSZTYÁN PhD. habil.
  • Marcell T., KURBUCZ – Supervisor: Zsolt T. KOSZTYÁN PhD. habil.

2nd prizes:

  • Nóra, FRIEDRICH – Supervisor: Petra, GYURÁCZ-NÉMETH PhD.
  • Éva, HEGEDŰS – Supervisor: Petra, PATÓ-SZŰCS PhD.
  • Attila I., KATONA – Supervisor: Zsolt T. KOSZTYÁN PhD. habil., Ildikó, NEUMANN-VIRÁG
  • Flórián, STRACK – Supervisor: Krisztina, PRISZINGER
  • Cintia, SZENTELEKI – Supervisor: Edit M., KOMLÓSI
  • Ákos, URBÁN – Supervisor: Annamária, SAS-GRÓSZ PhD.

3rd prizes:

  • Péter, RÉMESI – Supervisor: Judit, BADICS PhD.
  • Nóra, FRIEDRICH – Nikolett, HORN – Supervisor: Petra, GYURÁCZ-NÉMETH PhD.

Extra prizes:

  • Éva, HEGEDŰS – Supervisor: Petra, PATÓ-SZŰCS PhD.
  • Anikó, SÓDLI – Supervisor: Petra, GYURÁCZ-NÉMETH PhD.
  • Andrea, STRELITZ – Supervisor: Zsolt T. KOSZTYÁN PhD. habil.
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