SOAS University of London

AXA Chair in Global Finance

Who is the AXA Chair Holder at SOAS University of London?

In 2017, Professor Victor Murinde was appointed to the AXA Chair in Global Finance at SOAS University of London. The AXA Chair in Global Finance is a full-time permanent academic position, endowed by the AXA Research Fund.

It is to be noted that the AXA Chair is a highly competitive scheme, designed to support research excellence involving significant advancement in a research field within a host institution. Only 13 Chairs have been awarded globally in socio-economic risks and the AXA Chair in Global Finance is the first ever AXA Chair in socio-economic risks in the UK.

Supported by the AXA Chair scheme, the AXA Chair holder – Professor Murinde has founded a world-leading Centre for Global Finance (CGF) at SOAS University of London.

CGF undertakes rigorous research that explores mega-trends in global finance and how they impact on new developments in the international financial system and the world economy. The Centre also incorporates two large research projects funded by (i) ESRC and DFID; funded under DEGRP Call 3, on Delivering Inclusive Financial Development and Growth (ESRC Reference: ES/N013344/2),  (ii) ESRC and NSFC, on Developing financial systems to support sustainable growth in China – The role of innovation, diversity and financial regulation.

Where is the Centre for Global Finance (CGF) located at SOAS?

The host research laboratory for CGF is the School of Finance and Management (SFM), created in 2016 via the award of School status to the former Department of Financial and Management Studies (DeFiMS) created in 1992. SFM is ranked 6th in the UK and 1st in London for Business and Management in the 2016 Guardian league table.

SFM/DeFiMS (hereafter SFM) has an outstanding track record of research in finance and management. It was placed within the top quintile (top 20%) of Business and Management Schools in the country by the UK’s official Research Excellence Framework 2014 (REF2014) Research Intensity/Quality League Table. The result was achieved by research publications that were judged to be ‘world leading’ or ‘internationally excellent’ and to have outstanding or excellent impact.The international reach of the SFM’s research is marked by its strong and continuing research relationship with universities in the EU (such as Universita di Roma ‘Tor Vergata’, academic exchanges, joint research, PhD student exchanges); China (such as Shanghai University of Finance and Economics); Africa (such as Witwatersrand University Business School and School of Economics); the United States (University of Maryland) and beyond. SFM hosts an average of one international visiting scholar per academic year (recent professorial research hosted includes professors from University of Vienna, Ben Gurion University Beersheba, University of Rome, and conducting joint research).

Learn more about SFM’s Strong Research Environment

What is the AXA Chair’s Research Programme ?

The Chair Research Programme revolves around the theme of Global Finance.

The AXA Chair’s Research fields at SOAS University of London are:

  • Flow of Funds: Identifying mega trends
  • Bank Risk and Regulatory Architecture
  • Inclusive Finance and Growth

The scientific aims of the research programme will provide a step enhancement on
Murinde’s earlier work in at least three main dimensions:

  1. Introduce dynamics and uncertainty to a static flow-of-funds framework, to investigate mega trends in global finance and risk, given evolving competitiveness, institutional change and technological innovations
  2. Build large datasets and apply new developments in econometrics to research bank behavior in the evolving global financial regulation
  3. Track megatrends and model their impact on global financial systems

The potential outputs, for academia and society, will include:

  1. Articles published in top-rated journals
  2. Large datasets, real time indicators, forecasts and simulations, and policy/practitioner briefs, on emerging mega trends
  3. Evidence for new financial products and instruments (e.g., from RCT).
  4. Annual conference and flagship report, Mega Trends in Global Finance and Risk. How will the Chair’s research programme make a step change in existing research

How will the Chair’s research programme make a step change in existing research?

Read more about the Chair's research programme

How will the AXA Chair contribute to creating new knowledge?

The research by the AXA Chair in Global Finance will use the flow-of-funds framework to construct a large database for econometric work (estimation, simulation and forecasting) in order to identify and monitor mega trends in global finance, allowing for dynamics of competitive conditions (among households, firms, banks, and governments), which are engendered by the interplay between institutional economics and technological innovations.

We conceptualise mega trends as clear, persistent and long-term trajectories which dominate and influence many other financial outcomes; a historical example is the sharp rise in petrol prices in the 1970s that led to the recycling of petro-dollars, followed by the debt crisis in the 1980s. In our scientific program, identified mega trends will provide an input into the process of building theory and specification of econometric models. Hence, the step change in our scientific work involves: the construction of large flow of funds datasets; identification and analysis of mega trends; internalising the permeating power of uncertainty as well as the mega trends in dynamic models; the explicit incorporation of non-price factors especially the endogenous role of government in models of regulation; and non-linearity and configuration of thresholds in modelling key finance metrics.

Learn more about the AXA Chair's contribution to creating new knowledge

What are the AXA Chair’s main work packages?

Overall, the program of scientific work under the AXA Chair in Global Finance will involve FOUR work packages:

  • Work Package 1: Research methodology and large database
  • Work Package 2: Identifying mega trends
  • Work Package 3a: Modelling household portfolio decision, with uncertainty including mega trends, non-price factors and non-linearity
  • Work Package 3b: Modelling company financing and investment, with uncertainty, non-price factors and non-linearity plus mega trends signal
  • Work Package 3c: Modelling government fiscal (revenue and expenditure) decisions, with mega trends and uncertainty, non-price factors and non-linearity
  • Work Package 3d: Modelling private and public capital flows, with uncertainty, non-price factors and non-linearity
  • Work Package 4: Modelling financial sector and real sector (growth) linkages, with uncertainty, non-price factors and non-linearity.

Read more about the AXA Chair’s Work Packages

Meet The AXA Chair Research Team