FESSUD Scientific Advisory Committee: Terms of Reference
Members:
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Diane Elson Professor of Sociology, University of Essex
Robert Pollin Professor and Co-Director of Political Economy Research Institute, University of
Massachusetts, USA
Bill Freund Professor Emeritus of Economic History, University of KwaZuluNatal, South Africa
Irene van Staveren Professor of Pluralist Development Economics, International Institute of
Social Studies, Erasmus University Rotterdam, Netherlands
Brigitte Young Professor of International Political Economy, Institute of Political Science, ,
University of Muenster, Germany. Sigrid Stagl Professor of Environmental Economics and
Policy, Institute for the Environment and Regional Development, Vienna University, Austria
Charles Goodhart, Professor of Economics, London School of Economics
Massimo Florio, Professor of Economics, University of Milan, Italy
Eric de Keuleneer, Professor Solvay School of Economics, Free University of Brussels
Krzysztof Jajuga, Professor of Finance, Wroclaw University of Economics
Goals:
1. To provide on-going and timely scientific advice on current and emerging issues related to the
2.
work carried out by each partner. To advise on specific questions raised by single partners, or
more generally by the SC and the EB. In addition to explore options and provide
recommendations for encountered difficulties. Strategic advice should be based on
international trends and scientific developments in the fields of interest to the project.
To provide assessments of the scientific excellence of the performance of the project.
Scope / Jurisdiction
1. The SAC will be consulted in all scientific areas of the project for advice and
recommendations, but the decision making responsibility remains with the partners.
Resources and Budget
There are funds available within the project to remunerate members for their assessments of the
FESSUD projects scientific output.
Governance
All Scientific Advisory Committee members have the same level of authority. The decision-making
technique of the committee is by consensus or majority vote.
Reporting and Feedback.
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Meetings of the Committee will be on an annual basis and so would ideally coincide with
Project annual conferences.
Members will be informed on the progress of the project on a 6 monthly basis in the form of a
short report and where appropriate on a quarterly basis by email
Feedback is intended to be in 3 formats:
o Comment on project 6 monthly reports.
o Summary reports of Scientific Advisory Committee meetings.
o Review of Project Scientific output.
Payment for reviewing will be paid at the official European Commission rate of €450 per day.
Deliverables to be reviewed are contained in Appendix 1
Additional Notes
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Communications outside of meetings will be conducted by email and where required by video
conferencing.
Shared information, such as plans and contact information, will be stored in the FESSUD
office at Leeds University Business School, and electronically on the members area of the
FESSUD website once this is functional.
[Note: the EC has requested that the members of the Scientific Advisory Committee should be used
as reviewers/referees on a proportion of the output of FESSUD. The budget would allow for around
100 pieces of work to be reviewed in this way: suggest allowing ½ day for review of a paper, 1 day for
review of a report. The EC has also requested that we set up the process for review, identify which
papers and potential reviewers. The deliverables are listed below. Can Work Package leaders please
indicate the papers and reports which should be reviewed, around 60% of the WP deliverables – one
thought is that those which are particularly important for the work package itself and for other work
packages should be reviewed. In other cases, it may well be that the allocation for review has to be
done on a random basis.]
FESSUD Scientific Advisory Committee: Terms of Reference
Appendix 1
Del. no.
Deliverable name
D2.01
D10.05
D10.02
Terms of Reference: Terms of Reference for individual country studies and for overall
EU study
Publication strategy for each work package
Project communication and exploitation strategy
D2.02
Reports on financial system of each country task 2
D2.03
Paper on financial system of a range of countries not included under D2.02
drawing on secondary data and on the financial system of the EU
D2.04
D2.09
Paper on financial system of the EU under task 3: Paper on financial system of the EU
under task 3
Synthesis of Perspectives on Financialisation: Lessons for Policy. The work on the above
five papers will be undertaken collaboratively and the precise division between partners
to be determined.
D2.11
Paper: Integrating economics with the other human (and related) sciences: some initial
considerations
Paper: Methodological issues in theorising the financial, economic and social system:
realistic and systematic abstraction
D4.01
Terms of Reference for country regulation studies
D2.05
Paper on Theories of finance including theories relating to efficient markets,
behavioural finance, those based on information theoretic approaches; and covering
the roles of finance in growth and development, theories of financial repression
D2.06
Paper on Theories of financial crisis including those related to the work of authors such
as Keynes, Schumpeter, Fisher, Kindleberger, Minsky, Shiller
D2.07
Paper and theories of crisis based on information theoretic approaches and on
behavioural finance
D7.01
Paper providing a literature review of research into relations between financialisation,
the real economy, sustainability and political ecology
D1.03
Organisation of annual conference
D2.08
Paper on comparative literatures on financial, economic and social systems.
D2.12
Synthesis report under task 6
D3.01
Paper on theories of financial crisis
D2.10
D3.02
A literature review of key works on previous crises to help identify specificities of the
most recent crisis as well as what may happen subsequently, including stylised facts of
previous crises and emergence from them. A brief review of the policy lessons that have
been drawn and the disputes on these will also be included
D3.03
An overview paper on changes in the relationship between the financial sector and the
real sector of the economy (“financialisation”), and the effects on distribution, growth
and crisis
D3.04
A series of papers on the factors generating and transmitting the financial crisis, 8 in
total
D3.05
An overview paper on the factors generating and transmitting the financial crisis
D4.02
Report on the fundamental principles of prudential regulation of financial institutions
D4.03
Seven papers on national regulatory systems in a range of EU countries
D5.01
D5.02
Report on financialisation and well-being
Report on material and cultural aspects of financialisation
D5.03
Empirical report on cross-national comparative analysis of household financial
behaviour– recent trends
D5.04
Empirical report on cross-national comparative analysis of household well-being – micro
analysis
D6.01
Review of the Literature on the Impact of the Changing Impact of Finance on
Development over the past decades, as part of the stock-taking task
D7.02
Paper on the implications of different understandings of financial crisis – grounded in
mainstream, heterodox, Marxist, versus ecological economics – for divergent
conclusions on the connections between finance and sustainability.
D7.03
Paper on the interaction between nte the evolution of financial markets and sustainable
development
D7.04
Paper on the ways in which this interaction might evolve to enable financial markets to
better support a progressive improvement in the sustainability of social and economic
life
D7.05
Paper on the effects of the Great Recession and the Fukushima nuclear accident on the
transition to a sustainable energy system
D7.06
Paper on the effects of fossil fuel prices on the transition towards a low carbon energy
system
D7.19
Paper providing literature review of research into financialisation of the built
environment, especially in relation to urban politics, social geographies, material flows
and sustainability
D8.01
Concept paper on effects of finance on industry under different financial systems
D8.02
Report on the structure of ownership in the financial sector across the EU (Poland and
Czech Republic or Hungary; Germany, UK, France and Sweden or Denmark; Italy,
Greece or Spain)
D9.01
Paper involving a comparative work about EU countries, eurozone and the USA with
regard to price and financial stability
D9.02
Survey paper on literature on microeconomic financial stability
D9.03
Paper on empirical relationship between microeconomic financial stability and
economic performance
D9.04
Survey paper on the links between tax policies and financial development encompassing
the savings-investment nexus, the revenues and margins for maneuver issues and the
tax bias issue, and including an attempt at a synthesis on these three facets
D9.05
Paper on the definition of financial stability and the implementation of measures of
financial stability, including the dimension related to tax/budgetary policies
D4.04
Paper on secondary literature review of national regulatory systems in a range of other
countries.
D4.05
Synthesis paper on national regulatory systems
D4.06
Seven papers on how different EU countries have supervised banking directives
D4.07
D4.08
Synthesis paper on supervised banking directives.
Paper on US reforms of regulatory structure
D4.09
Paper on implications of US reforms on global system and on EU in particular
D6.02
D6.03
Report on Scenarios for Future Global Engagement. The Report would map out possible
scenarios of international financial development and global governance, and identify
opportunities for positive engagement by the EU and developing countries
Report on Financialisation and Development: Mapping the Issues
D7.14
Paper on factors and sensitivities shaping flows of finance into low carbon transitions,
with a multi-level focus connecting macro level financial markets to meso and micro
level investment needs
D8.03
Paper on Privatization and nationalization of financial sector institutions: an impact on
performing the sector’s functions towards national economy, business units and
households.
D8.04
Paper on Role of private non-profit financial institutions in performing particular
functions of financial sector (including supply of funds to different sectors of the
economy include SMEs)
D8.05
Paper on Internationalization of banks and its influence on economic development and
stability
D8.06
Paper on System of financing innovation activities in the EU Countries
D8.07
Paper on the relationship between stability and instability of the financial system and
industrial growth performance within the EU
D8.08
Paper on Analysis of economic behaviour of financial organizations (by forms of
ownership)
D8.09
Paper on Roles and effects of different types of financial institutions (e.g. investment
banks, private equity funds) and different forms of ownership (public, private, and
social, including credit unions and cooperative banks) on the economic performance
and stability of the real sector.
D8.10
Synthetic paper on the effects of different financial systems on economic performance
D8.24
Paper on theoretical framework for assessing impact of finance on public provision
D11.01
Report on task 1: Setting the framework:
D1.04
Organisation of annual conference
D3.06
A series of papers on changes in the relationship between the financial and the real
sector and the and the present financial and economic crisis
D3.08
A series of papers on changes in the relationship between the financial and the real
sector and the present financial and economic crisis: sectoral and market studies
(housing’ currency, energy markets)
D4.10
D4.11
D4.12
Paper on the current and future regulatory role of the ECB.
Paper on BIS/FSB proposals and their integration into European framework
Paper on taxation and the financial sector :financial transactions taxes
D4.13
Paper on taxation and the financial sector :taxes and regulation of bonuses and bankers’
pay, taxes on assets and other dimensions of banks
D6.04
Two papers on the assessment of the implications for financial flows between the EU
and developing countries of the rising needs and demands of developing countries and
emerging economies
D7.07
Survey on the policy options to internalize the externalities associated to the use of
fossil fuels
D7.08
Report on the design, delivery and impact of carbon markets within the context of
broader policy strategies
D7.09
Review of the evolution of the EU Emission Trading System (EU ETS), and the prospects
for a global network of emission trading system
D7.10
Report on the proposals for a more efficient and effective procedure for the allocation
carbon emission permits
D7.11
Case study: Paper on the energy efficiency evolution in the European road freight
transport sector
D7.15
Paper on the co-evolution of financial instruments and institutions and low carbon
transitions, focusing on drivers for and barriers to innovation and co-evolution.
D7.16
Paper on historical changes in the relations between a sample of national currencies
and finite material assets such as bullion, the incentives behind these changes, and their
consequences for the environment and sustainability
D7.17
Paper providing a literature review of different theoretical perspectives on how to
define the ‘real economy’, including mainstream, heterodox, Marxist, and ecological
economics, and their implications for deliberations on sustainability.
D7.18
Paper on the implications of a semiotic perspective on money for visions of systems of
alternative currencies that would enhance sustainability.
D7.20
Case study paper relating financialisation of the built environment to changing urban
politics, social geographies, material flows and environmental
improvement/degradation in Stockholm.
D7.21
Case study paper relating financialisation of the built environment to changing urban
politics, social geographies, material flows and environmental
improvement/degradation in Ankara.
D7.22
Paper comparing results of the three case studies relating financialisation of the built
environment to changing urban politics, social geographies, material flows and
environmental improvement/degradation.
D8.11
Paper on the scope and nature of privatisation in the financial sector (Poland and Czech
Republic or Hungary; Germany, UK, France and Sweden or Denmark; Italy, Greece or
Spain
D8.14
Paper(s) on the effects of internationalization, privatisation and de-mutualisation of the
financial sector on supply of finance and stability
Paper on review of effects of private equity companies on economic behaviour and
performance
D8.15
Paper on policy implications of private equity companies
D8.16
Paper on review of effects of hedge funds on economic behaviour and performance
D8.17
D8.18
Paper on policy implications of effects of hedge funds
Paper on roles, performance and effects of investment banks
D9.06
D9.07
D9.08
D9.09
D9.10
Paper on the theoretical and empirical links between financialization (proxied by
prices/volumes of financial instruments’ issuances), policies (including tax policies),
short term and long term interest rates, and financial stability
Survey paper on economic policies during the financial crises and the recession
Paper on taxonomy of good (bad) policies to dampen the crisis
Report on the dataset constructed under Task 2
Paper on econometric work as described under Task 2
D9.11
Paper presenting empirical results on the relationship between financial stability and
the macroeconomy , including a specific investigation of the relationship between the
default risk and tax/budgetary policies
D9.12
Paper on implications of the transformation of the state-owned banking system into
system of foreign-owned universal banks in new member states for macroeconomic and
financial stability
D9.18
Paper on the fiscal policy responses and evaluation of their impact by EMU and other
EU countries during the financial crisis and after (period 2007-2010)
D9.19
Paper on the monetary policy responses and evaluation of their impact (interest rates,
quantitative easing etc) by the European Central Bank in the period 2007-2010
D9.20
Paper on policy alternatives for monetary policy including issues of financial stability
and objectives of monetary policy
D9.21
D12.01
D3.07
Three papers on policy alternatives addressing divergence and disparities between EMU
member countries (on resolving current account imbalances; on addressing differential
inflation; on trends in competitiveness)
Reports by work packages leaders on dealing with synthesis
A synthesis paper on the results from papers under D3.6.
D3.09
A synthesis paper on the relationship between financial and real sectors from the
sectoral and market studies
D8.12
D5.10
Literature review on alternative forms of finance such as co-operative, mutual, including
on their role, effects, and potential.
D6.05
Three papers on the new roles that key developing countrieng countries finance
provision for Europe papers to cover a number of major countries
D8.19
Report on the genesis and evolution of CSR self-regulation with special reference to the
case of financial institutions.
D8.20
Report on the effects of the processes of financialisation on corporate and social
responsibility in the non-financial sector
D8.21
Report on the strength and characteristics of ethical preferences of investors based on
experimental work in different countries.
D8.22
Report on the impact of reputation on the performance of corporations with special
reference to financial corporations.
D8.23
Report on the policy implications of the three preceding reports
D8.25
A series of case study reports with an analysis of the systems of provision (SOP)
including the roles of finance for housing and for water for each of the six case study
countries
D8.26
Two synthesis reports for the water sector and the housing sector, bringing together
findings from the case study countries
D8.27
A series of thematic cross country synthesis papers on relevant themes. Anticipated
topics include financialisation and provision housing, ownership of water and
distribution.
D9.13
Paper on effects of ECB monetary and financial policies on new member states during
and immediately after the financial crisis
D9.14
Paper on policy alternatives for the relationship between ECB monetary and financial
policies and new member states
D9.15
Two reports on interactions between macroeconomic policies of EMU and economic
performance of new member states divided into NMS countries who are members of
EMU and those who are not
D9.16
Paper presenting empirical results on the relationship between fiscal policies and
economic and financial performances in candidate countries
D9.17
Paper presenting empirical results on the relationship between monetary policy
implemented by the ECB and economic and financial performances in candidate
countries
D11.02
Report on task 2 : The future expansion and proliferation of finance
D6.06
Report on Financial Implications of the New Relationship between the EU and the
Developing World
D6.07
A series of studies: a) Three major studies of Brazil, China and India on the impact of the
trend of financialisation on the development of these countries, b) two additional
studies on the impact of the trend of financialisation on the development of Turkey and
South Africa, and c) a major combined study on the impact of the trend of
financialisation on the development of other major emerging economies, i.e., Egypt,
Nigeria, Indonesia and Pakistan
D6.11
A First Series of Research Briefs on Scenarios for Future Global Engagement
Financialisation and Development, and the Financial Implications of the New
Relationship between the EU and the Developing World: number of research briefs,
circa five
D3.10
Paper on changes in the relationship between the financial and the real sector and the
present financial and economic crisis: effects on euro and non-euro area countries and
the coherence of the monetary union
D3.11
Report on causes and consequences of the financial crisis in the EU. It is intended to
cover the EMU as a whole and the member countries inside and outside the EMU
mentioned above
D3.12
Synthesis Report on characteristics of more resilient financial and economic systems
D4.14
Synthetic report on EU regulatory systems
D4.15
Paper on relative efficiency of separate national regulators versus a single EU regulatory
agency
D4.16
Paper on relative merits of monetary authority being the regulatory agency and of
separation of regulatory agency from the monetary authority
D4.17
Synthesis report on the future of regulation
D5.05
Empirical report on cross-national comparative analysis of household financial wellbeing
D5.06
Research report synthesizing the results of the national workshops
D7.12
Report on the requirement of financial instruments on energy commodities considering
the investors’, corporate and banking point of view
D7.13
Paper on the regulatory and self-regulatory styles aimed at controlling the use of
innovative financial instruments on energy commodities.
D7.23
Paper on ways in which the financialisation of the built environment has impacted upon
the politics, social constitution and sustainability of European cities
D7.24
Report on the relations between the financialisation of the built environment, urban
regeneration and development, and urban sustainability.
D8.13
Papers on disintermediation and alternative forms of financing the real economy (social
lending, local money schemes, credit unions, etc)
D8.28
Report on the relationships between finance, state and the economy
D9.23
Report on financial stability and macroeconomic performance
D11.03
Report on task 3: The regulatory future
D12.02
Report on ‘the causes, consequences and costs of the financial crisis relevant for
development of policies (financial, regulatory, structural) towards the financial sector’
D12.03
Report on ‘macroeconomic and financial sector policies to better serve the economy
and society’
D12.04
Report on ‘financialisation, development and sustainability’
D12.05
Report on ‘improving economics’
D11.04
Report on task 4: Relationships between finance and industry
D11.05
Report on task 5: Financialisation and inequality
D5.07
The differential impact of financialisation
D6.08
Synthesis report on the empirical analysis for New Ways of Global Engagement.
D6.09
Synthesis report on policy
recommendations for New Ways of Global Engagement including recommendations for
financial policies for A New Generation of Economic Partnership Agreements
D6.10
Synthesis report on the impact of financialisation on major emerging economies (based
on individual reports on Brazil, China, India, South Africa and Turkey and a combined
report on Egypt, Nigeria, Indonesia and Pakistan), including major policy
recommendations
D5.08
Policy report on financialisation and well-being on issues given in Task 7
D5.09
Policy report on social impact of the crisis and of austerity measures across the EU
D6.12
A Second Series of Research Briefs on New Ways of Global Engagement including the
financial aspects of A New Generation of Economic Partnership Agreements: number of
research briefs, circa five
D7.25
D11.06
Synthesis report including policy recommendations.
Report on task 6: Finance and economic and social reproduction
D11.07
Report on task 7: The future of financialisation
D12.06
Report : Synthesis and conclusions (organized around the structure indicated under task
6)
D9.22
Quarterly policy briefs on the macroeconomic policies (broadly conceived) of EMU, their
evolving nature and assessments of their effectiveness.
D10.03
Project e-newsletters – every 6 months beginning with month 6 of the project
D10.04
Policy briefs on a six monthly basis