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€915,000 grant awarded for Department of Economics research

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27 January 2012

Jan Toporowski and Ben Fine, Department of Economics, have won a European Commission Framework Seven five-year research grant worth €915,000. The research will cover the role of the European Union in the international financial system, the impact of financial trends on developed and developing countries and the way in which the financial crisis since 2007 is changing the role of finance in the economy and society.

Professor Toporowski, Head of the Department of Economics and principal investigator for the SOAS part of the research said the grant was important recognition of the systematic and critical work on finance that is being done in the Economics Department. “This will reinforce our position on the cutting edge of such research,” Toporowski said.

This project, entitled 'Financialisation, Economy, Society and Sustainable Development' (FESSUD), will be undertaken as part of a consortium of 15 partners led by the Leeds University Business School. The total award for the 15 partners is €7.92 million.

Professor Toporowski, will contribute to work packages on ‘Finance, Development and Global Governance’, ‘Causes and Consequences of the Financial Crisis’ and ‘Comparative Perspectives on Financial Systems in the EU’. Professor Fine will play a prominent role on the research themes of ‘Finance, Real Economy and the State’ and ‘Finance and Wellbeing’. Professors Toporowski and Fine will be joined in the research by Elisa van Waeyenberge, a Lecturer in Economics, and several doctoral students.

Terry McKinley and Hannah Bargawi, Centre for Development Policy and Research (CDPR) and the Research and Enterprise Office helped to organise the bid for SOAS. CDPR will help manage the SOAS part of the project, contribute to its dissemination and participate in the research on ‘Finance, Development and Global Governance’. CDPR will also coordinate the contributions of developing-country researchers from China, India and Brazil.

The consortium as a whole includes a broad range of research institutions, from Belgium, Estonia, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Spain, Sweden, Turkey and South Africa. Additional themes that these institutions will cover include ‘Regulation of the Financial Sector’, ‘Finance, Environment and Sustainability’ and ‘Financial Stability and Macroeconomic Policies’.