New books

The new titles that came during the last two weeks are:

1. Financial Econometrics by Peijie Wang

KINGSWAY BOOKS LEVEL 1 EEP WANG

2. Money and Monetary Stystems: selcted essays of Filippo Cesarano

KINGSWAY BOOKS LEVEL 1 EEC CESA

3. Main Economic Indicators, Vol 2008/8 August by the OECD

KINGSWAY BOOKS LEVEL 1 EE8 MAIN

If you would like me to put aside any of the above title, please let me know.

University news from the West

From campus to Capitol and back againIn America, it is common for academics to play a prominent political role. Jon Marcus reports



Still no call from No 10?

In the UK, the gulf between the political and the academic worlds seems all but unbreachable while Americans flit easily between lecture halls and halls of power. Matthew Reisz examines why Whitehall seems so inhospitable to scholars, while Jon Marcus looks at why Washington is so accommodating...

FE colleges plan low-cost degrees at bachelor level Vocational university envisaged as a way to meet expansion targets

Teaching ‘unsuited’ to the third millennium Personal relationships are lost in modern university ‘maelstrom’, v-c warns

‘Come out of the woodwork now’: MP’s challenge to standards critics Commons committee chair calls for evidence on ‘dumbing down’ as inquiry starts work

To get ahead, watch brows and britches Etiquette guide for staff covers personal grooming, dress and fine dining

Pick ’n’ mix not so sweet Many years ago, Frank Burnet fought for modularisation and credit transfer. The war was won, but the victory was pyrrhic Property magnetMoving house is the perfect way to begin a new chapter of your life, says Mary Warnock, even if those around you think you’re mad Devil’s advocate Milton expert Stanley Fish refuses to demonise the administrator and warns against influencing the moral character of students

A closed book to outsiders
Japan and South Korea want their universities to attract overseas academic talent, but doubts persist about their readiness for the global market. Michael Fitzpatrick reports

No change in ranking for Poppleton
For three decades, Laurie Taylor's fictitious university and its characters have mocked the absurdities of campus life, writes Matthew Reisz

You can lead cattle to water but you can't make them think
A lesson in animal behaviour helped Bob Blaisdell improve classroom comforts and student learning

The world’s top 1,000 business schools: See our exclusive supplement for a report on the top business schools around the globe. Click here for more.

US: Obama and higher education: promises and problems
Arlene Cherwin
With a "Yes we can" attitude and a five point platform for higher education, President-elect Obama represents a changing face for higher education and Americans are hopeful. Obama's platform targets loan programmes, access to higher education, community colleges, science and technology, and affirmative action.

CANADA: Benefiting from Bologna
Philip Fine
The Bologna process, the initiative that tries to smooth the jagged edges off Europe's differing degree and credit structure, has caught the world's attention in a big way. From the Caribbean to Canada, from China to Australia, the plan designed to solve a European problem and that then brought in bordering countries now has nations far beyond those borders looking at some academic retooling.

IRAQ: Killing academics is a war crime
Brendan O'Malley
The international community should explicitly recognise crimes against educators as crimes against humanity or war crimes, a conference of 150 Iraqi ministers, MPs, university presidents and international experts was told last week. Hosted in Paris by Unesco, in collaboration with the Qatari Foundation, the conference heard that more than 250 academics had been killed in a "campaign of terror" since the fall of Saddam Hussein, in targeted attacks.

GLOBAL: Saudi Arabia pays academics best, China worst
Karen MacGregor
Academics in Saudi Arabia are the best paid on earth while scholars in China are the worst off, according to a pioneering just-published global study of salaries conducted by the Boston College Center for International Higher Education in the US. The average academic salary across 15 countries surveyed is US$4,050 a month in purchasing power parity dollars - and lecturers can expect to earn triple their country's per capita estimate - International Comparison of Academic Salaries: An exploratory study.

NEW ZEALAND: Final Maori institution claim settled
John Gerritsen
The New Zealand government has settled the last of the claims made against it by Maori tertiary institutions for capital funding that will put them on an equal footing with other public tertiary institutions. At $50.6 million (US$29.8 million), the figure agreed with Te Wananga o Raukawa last month adds to nearly $10 million already paid to the institution and brings the total value of settlements for the three public wananga to $169 million.

GLOBAL: IFC opens private education forum
The International Finance Corporation has established an online discussion on what it calls "the evolving regulatory context for private education in emerging economies". Dr Svava Bjarnason, a senior education specialist with the IFC, says the purpose is to provide a forum for stakeholders to discuss key questions relating to the evolving nature of regulation of private education.

GLOBAL: Education under attack
Brendan O'Malley
A noticeable rise in targeted attacks on education staff, students and institutions in a number of countries constitutes a highly damaging assault on the provision of and access to education in the places worst affected. The dramatic increase in deliberate attacks in recent years and the subsequent loss of life are the result of an abhorrent tactic of sacrificing the lives of innocent young people and those trying to help them develop their potential for the sake of political or ideological aims.

GREECE: Far-reaching European Court ruling
Makki Marseilles
A controversial decision by the European Court of Justice is likely to have far-reaching effects on higher education in Greece. The court's decision, based on the 89/48 EC directive, held that the Greek rules on recognition of diplomas are contrary to community legislation. Moreover, the court ruled that only member states where a diploma was awarded may verify its basis, thereby denying any form of control, academic or administrative, to the host member states.

HE RESEARCH AND COMMENTARY
GLOBAL: Is internationalisation on the right track?
"As we progress into the 21st century, the international dimension of higher education is becoming increasingly important and at the same time, more and more complex. There are new actors, new rationales, new programmes, new regulations, and the new context of globalisation," writes respected internationalisation scholar Professor Jane Knight in the latest edition of the Canadian journal Academic Matters, titled The Global University.

GLOBAL: International graduate student challenges
Globalisation has embraced the university, as it has other sectors. Many academics appreciate the benefits that cross-cultural exchange allows as the ivory tower turns global. Knowledge now belongs to a worldwide arena in which we are all connected, writes Dr Fengying Xu in the latest edition of the Canadian journal Academic Matters. But "there are enormous challenges for teaching, studying and research inside this globally-interdependent context".

As Economy Wavers, Online Enrollments Climb
Annual study finds double-digit gains in online education, in part due to fuel costs, surprising some who predicted the rate would eventually flatten.

'Condescending Negativism' and Other Transgressions Against Students
Professors increasingly bemoan student "incivility" in the classroom. But provosts discuss the steps colleges should take to deal with faculty members who mistreat students.

Encouraging Interdisciplinarity
Consortium of research universities considers steps to support cross-departmental research by making changes at faculty and administrative levels.

Making Higher Ed Research Matter
Association of scholars who study academe contemplate ways to make their work more relevant to those who shape policy.

Online Courses Offer Physical And Financial Access To Higher Education steven bell
A convenient way for busy students to squeeze education into their packed schedules, online courses are offering the added benefit of spending less on transportation, making education a little more affordable in a time of record high gas prices. This fall, area colleges are reporting rapid growth in enrollment of online courses, and administrators say whether the institutes are offering computer-based lessons or setting up new learning sites in communities away from Springfield, it's all about making education more accessible -- physically and financially -- to students.

New ERSA working papers

ERSA has released new working papers - and some are from UJ academics!

• Revisiting independence and stochastic dominance for compound lotteries Alexander Zimper

We establish mathematical equivalence between independence of irrelevant alternatives and monotonicity with respect to first order stochastic dominance. This formal equivalence result between the two principles is obtained under two key conditions. Firstly, for all m E N, each principle is de.ned on the domain of compound lotteries with compoundness level m. Secondly, the standard concept of reduction of compound lotteries applies.

• Modeling the Rand-Dollar Future Spot Rates: The Kalman Filter Approach Lumengo Bonga-Bonga

A number of studies have contended that it is challenging to explain exchange rate movement with macroeconomic fundamentals. A naive model such as a random walk forecasts exchange rate movements more reliably than existing structural models. This paper confirms that it is possible to improve the forecast of structural exchange rate models, by explicitly accounting for parameter instability when estimating these models. Making use of the Kalman filter as an estimation method that accounts for time-varying coefficients in the presence of parameter instability, this paper indicates that forward exchange rates with different maturities predict the future spot exchange rates more reliably than the random walk model for the Rand exchange rates.

• Costly Tax Enforcement and Financial Repression Rangan Gupta and Emmanuel Ziramba

Using an overlapping generations production-economy model characterised by financial repression, purposeful government expenditures and tax collection costs, we analyse whether financial repression can be explained by the cost of raising taxes. We show that with public expenditures affecting utility of the agents, modest costs of tax collection tend to result in financial repression being pursued as an optimal policy by the consolidated government. However, when public expenditures are purposeless, the above result only holds for relatively higher costs of tax collection. But, more importantly, costs of tax collection cannot produce a monotonic increase in the reserve requirements. Of critical importance in this regard, are the weights the consumer assigns to the public good in the utility function and the size of the government.

• Will availing credit incentives to Zimbabwean farmers trigger a maize output response? Sophia Musuna and Edwin Muchapondwa

This paper evaluates the impact of credit availability on communal and commercial sector maize output in Zimbabwe. This is important given the increased use of concessionary credit for agriculture as a policy strategy to increase agricultural output and food security, in response to the disruption caused by controversial land reform. The results show that communal sector maize output does not respond to credit availability. Neither does it respond to area under cultivation. Rainfall is the single most important driver of communal agriculture. The commercial sector responds to credit incentives albeit with a very low elasticity. Therefore, credit availability is a rather impotent device for enhancing maize output and, generally, agricultural output in Zimbabwe. Since most of the newly resettled farmers typically operate like communal farmers, both the land reform programme and concessionary credit for agriculture will not be likely to increase agricultural output. An urgent review of the beneficiaries of the controversial land reform programme is needed to ensure that only profit maximizing farmers will have their landownership confirmed, while unproductive farmers are replaced, if the agricultural sector is to help revive the Zimbabwean economy. Thus, commercialisation - rather than communalisation - of the agricultural sector is the appropriate strategy to trigger an increased agricultural output response.

Web presentation introducing the discussion paper on Financial Statement Presentation

In September 2008 the IASB and FASB jointly published a discussion paper on Financial Statement Presentation. The document is open for public comment until 14 April 2009.

Stephen Cooper, Member of the Board, together with Denise Gomez, project manager, will introduce the discussion paper on Financial Statement Presentation on 13 November 2008.

During the presentation participants are welcome to submit questions via the Web presentation facilities only. You need to register to be able to access the Web presentation. You can do this now or any time before the presentation. If you have registered for the event you will be sent a reminder 30 minutes before the start of the presentation with a direct link.

The presentation inclusive of the Q&A sessions will be recorded and made available on the project Web pages shortly after.

Registration
For the convenience of our constituents in the different time zones we have scheduled two time slots for the Web presentation:
13 November 2008 at 10 am (London time) - Register or log in here
13 November 2008 at 3pm (London time) - Register or log in here

Dialling in
If you would like to listen to the presentation over the phone, please register via the appropriate link below. Please note that questions can only be submitted using the online facilities.
13 November 2008 at 10 am (London time) - Register or log in here
13 November 2008 at 3pm (London time) - Register or log in here

Technical issues
Your computer must allow pop-ups. In case of doubt, please contact your technical department for information.
To access the presentation your computer must have Windows Media Player or Real Player installed.
For technical questions, please contact Chris Samarakkody on +44 (0)20 7246 6444 .

Marketing Financial Services to the over 50's

Thought that only "young people" or as some of my colleagues say, "the kids" use social networks?

Not true, Dick Stroud, an expert on using interactive channels to communicate with the over-50s market, posted a blog on his website that includes a link to his presentation on the subject of marketing financial services to the 50+ age group.

Why should it matter? Because 11-12% of SA is between 50 and 65, which represents a large portion of the population.


Here are some interesting snippets from his presentation.

• Use of online banking is distributed evenly over the 25-55+ age demographic
• More than 30% of 50+ Internet users search for brokerage information (this is significantly higher than any other age group)
• The 50+ users have an average of 42% longer viewing time of web pages - this means they actually READ the information on the page.

Dick also gives five walk-aways:
"1. We spend lots of time talking about the 50+ market but most of the time we are really talking about the 60+ - probably the 65+ and in many instance the 70+ market. Certainly in the Finance Industry."
2. The consumer’s property is critical to so much of their future livelihood. I know that is an obvious thing to say but it really, really, really is."
3. How little we understand about the real reasons why older people behave the way they do. So much of the time we view the older market through the corporate window of generalisations and how we would like older consumers to behave"
4. There are large country differences, especially with regard to the post work finance available to people. But, there is a hell of lot in common between countries, certainly within Europe."
5. The impact of the credit crunch on consumer’s choice of channels to funnel their hard earned cash has probably changed forever. I don’t think the Financial Services industry has started to come to terms with that fact."

New StatsSA releases

P0351 - Tourism and Migration, August 2008
The total number of foreign travellers who visited South Africa from Africa, overseas and unspecified countries, arriving through all ports of entry during August 2008 was 752 942.

The August 2008 figure represents an decline of 4,5% as compared with the August 2007 figure of 788 117. During August 2008, 326 075 arrivals were recorded for South African residents while the total number of those departing was 340 057.

P0043 - Statistics of Liquidations and insolvencies, September 2008
The total number of liquidations recorded for September 2008 decreased by 35,3% (from 507 to 328) when compared with September 2007, mainly due to the public-service strike in June 2007 which created a backlog resulting in more liquidations being processed during September 2007.

The total number of liquidations recorded for the nine months ended September 2008 decreased by 4,1% (from 2 465 to 2 365) when compared with the same period last year.
The total number of insolvencies recorded for August 2008 increased by 17,7% (from 198 to 233) when compared with August 2007.

The total number of insolvencies recorded for the eight months ended August 2008 increased by 47,8% (from 1 276 to 1 886) compared with the eight months ended August 2007.

Obama's victory and the impact on the economy

Moneyweb has published an article outlining analysts' comments on Obama's election as president of the USA:

MARKETS

ALAN LANCZ, PRESIDENT, ALAN B. LANCZ & ASSOCIATES INC, AN INVESTMENT ADVISORY FIRM, TOLEDO, OHIO:
"A lot of this (Obama win) was already discounted in the market. You never know what's going to happen but basically I think any follow-through rally will be unsustainable. You might get a little euphoria with a big victory, but I don't think it's going to be a meter-changer."

WILLIAM LARKIN, PORTFOLIO MANAGER, CABOT MONEY MANAGEMENT, SALEM, MASSACHUSETTS:
"There is an uncertainty that is now behind us: worries about the election being too close or drawn out. People will be looking to see how Obama puts his cabinet together and the people he puts in place to deal with the housing problem. For Treasury Secretary, I am hoping he brings in a real heavy hitter."

EDDY CHEN, FUND MANAGER, PRUDENTIAL SECURITIES INVESTMENT TRUST, TAIWAN:
"The stock market has already factored in the results of the U.S. election to a certain extent, and so we should see much smaller rebounds in the coming days. The most important reaction we are looking at right now is still how Wall Street behaves in response to this Obama victory."

KIRBY DALEY, SENIOR STRATEGIST, NEWEDGE GROUP, HONG KONG:
"The knee-jerk complacency rally in Asia to an Obama win is likely creating an opportunity to sell. The bottom line is economic fundamentals in the U.S. are deteriorating faster than the market can keep up with. And there is very little an Obama administration can do to shield Asia from the effects of this downturn."

ROB HENDERSON, HEAD MARKET ECONOMICS, NATIONAL AUSTRALIA BANK:
"Well, it can't be negative for markets. It's a vote for change and has to inject a degree of optimism that America can again reinvent itself. It's not a good time for anyone to be elected President given the problems there. An early guide will be who he picks for the major positions, particularly Treasury Secretary."

PETER KENNY, MANAGING DIRECTOR AT KNIGHT EQUITY MARKETS IN JERSEY CITY, NEW JERSEY:
"The market was putting in an Obama bounce earlier today, and we are seeing a continuation of that rally around the world.
"Clearly the market was anticipating a fairly substantial referendum on change and an Obama presidency and a different path. The market called it and the market was right.
"If you drill down where you found sector strength today it was in raw materials, alternative energy, infrastructure plays -- that shows the market predicted an Obama victory.
"This will be the first election in several cycles where there will likely not be any contestation by the losing party about vote count, voter fraud. This will mean less uncertainty and give Obama more of a mandate to move forward and to put in place a series of policies quickly, for it to be a smooth, accelerated transition."

HAAG SHERMAN, CO-FOUNDER AND MANAGING DIRECTOR, SALIENT PARTNERS, HOUSTON, TEXAS:
"Ultimately fundamentals will dictate where the markets go. At least in the near term you will see a more ebullient mood as it relates to the worldwide geopolitical scene with Obama's election and a more optimistic view than what we have had over the past few years.
"I think the Treasury market is reflecting concern over one party controlling government and what the ramifications of that will be, but I think the equity markets will be cheered by Obama's election."

MARK FREEMAN, SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER, WESTWOOD HOLDINGS GROUP IN DALLAS, TEXAS:
"Ultimately, what the markets like is clarity, and that's what they are getting here. At the margin that's a positive and was reflected in today's price action."
"Over the longer term, issuance is what comes to bear on the Treasury market but shorter term the market will focus on the more political or non-fundamental factors and how successful all the plans that are being implemented are in terms of their impact on the credit markets."

INTERNATIONAL MARKETS, TRADE:

KIM YOON-GEE, CHIEF ECONOMIST, DAEISHIN ECONOMIC RESEARCH IN SEOUL:
"What we worry about is the Democrats tend to put their policy priority on protecting the U.S.'s own economy, which may spread protectionism around the world.
"In light of the current situation when global cooperation is highly required, I do not believe the United States would exercise as strong a protectionist position as before.
"Under Obama's leadership, the U.S. is expected to speed up restructuring, so that financial markets will stabilize sooner than expected."

LEE SANG-JAE, ECONOMIST, HYUNDAI SECURITIES IN SEOUL:
"Obama's victory is good news for export-dependent Asian countries. There are a lot of expectations that the global economy will turn better.
"The new U.S. government is expected to help ease geopolitical risks globally, which will further stabilize oil prices. As seen during the Clinton administration, the U.S. trade deficit could narrow again and help reduce concerns over the global economic imbalance.
"There are concerns that Obama's government will be less pro-free trade and the U.S.-South Korea FTA deal would hit a snag, but we'll have to see how it works out."

ABHEEK BARUA, CHIEF ECONOMIST AT HDFC BANK, NEW DELHI:
"I think there were some niggling worries on Obama's stance on offshoring given the current recessionary forces blowing over the U.S. and the stance he may take. But on balance, I think there is much more faith is his bringing about a comprehensive change in the global economic architecture which is the need of the hour in fighting this global crisis.
"Global markets and the world economy are taking a huge sentiment booster from Obama's win as can be seen from the price actions today."

U.S. ECONOMIC POLICY

MARK KONYN, CEO OF ALLIANZ RCM ASIA PACIFIC IN HONG KONG
"We expect to see fiscal spending. Obviously there's some fear that the raising of taxes under a Democratic outcome as opposed to Republican will be more severe. But I think overall there needs to be more fiscal stimulus. In terms of how we were looking at markets we were pretty neutral on the outcome of the election.
"Markets like to see a decisive outcome. It's another area of uncertainty eliminated. But I think markets were bottoming out in any event."

GLENN B. MAGUIRE, ASIA PACIFIC CHIEF ECONOMIST, SOCIETE GENERALE, HONG KONG:
"You are likely to see Congress announce a second stimulus package, somewhere between $300 billion and $500 billion. It will probably be more focused on injecting money directly into the economy via infrastructure projects or tax breaks. Though Obama has enormous challenges, a $1 trillion plus deficit to deal with, ultimately part of the jigsaw is stabilizing and bolstering U.S. consumer sentiment. And if that happens its a positive for Asia."

DARIUSZ KOWALCZYK, CHIEF INVESTMENT STRATEGIST, CFC SEYMOUR, HONG KONG:
"The U.S. economy is still going into recession.
"There will continue to be monetary easing and fiscal loosening. This would happen under both presidents. The only difference is what the spending would go for ... but in terms of the budget position it would be pretty much similar, so I don't really think in the medium to long term it matters much for the markets."

TOMOMI YAMASHITA, FUND MANAGER, SHINKIN ASSET MANAGEMENT, TOKYO:
"His plan to tax higher income earners may dampen incentives a bit and this might limit U.S. competitiveness, and as far as the currency market is concerned a Republican victory might have been better."

ENERGY, COMMODITIES MARKETS

TOBIAS MERATH, HEAD OF COMMODITIES RESEARCH, CREDIT SUISSE, SINGAPORE:
"The victory for Obama will bring some certainty to the financial markets. And that's why currency analysts think that the dollar might rally for a slightly longer period. That could be negative for commodities in an indirect way. The direct impact of the Obama victory on commodities would be minimal."

JIM RITTERBUSCH, PRESIDENT OF RITTERBUSCH & ASSOCIATES IN THE UNITED STATES:
"I don't see any initial impact as far as energy trade is concerned. We already had a big rally in the oil market yesterday and it will take a few days to a few weeks before we get better clarity as to some of the policies that Obama plans to roll out.
"But by and large, this is a favorable longer-term development for the U.S. economy so with that in mind, this is basically a good thing."

ERSA workshop

ERSA is pleased to announce a one day workshop to take place on 26 November 2008.

The workshop serves two purposes.

The morning sessions will be devoted to a presentation and discussion of some of the papers written under the auspices of the South Africa Growth Initiative programme of the Center for International Development at Harvard University. Presenters will include Lawrence Edwards, Johannes Fedderke and Jim Fairburn.

The afternoon sessions will be given over to new work in the fields of international trade and industrial organization. Presenters will include Neil Rankin, Shakill Hassan and Witness Simbanegavi.

Those wishing to attend should contact Tania Jacobs (tania.jacobs@uct.ac.za)at ERSA before the 7th November 2008.

Tokyo Stock Exchange to launch arrowhead in 2010

Tokyo Stock Exchange, Inc. announces that after deliberating on the topic, it has decided to launch “arrowhead” (i.e. the next generation trading system) on January 4, 2010.


Beginning from when development on "arrowhead" began, the TSE has made announcements that it would launch the next generation trading system in the latter half of Year 2009. The TSE has since made all trading participants' smooth transition from the current trading system to "arrowhead" its top priority when deciding on a specific launch date.

As a result, the date of January 4, 2010 was decided upon for the following and related reasons:

1. it will allow the TSE and trading participants to secure an adequate test peirod of 6 months or more with regard to interface tests which will begin in May 2009; and
2. it will allow the TSE and all trading participants to utilize the four straight days of holidays at the year-end and new-year to conduct final system transition and confirmation tests. In addition, the launch date has been approved by the working group comprised of CIOs from trading participants.

The TSE maintains its commitment to continue develop and launch “arrowhead,”,and greatly appreciates your continued cooperation.
arrowhead

"arrowhead" is the next generation trading system that combines low latency, high reliability, and scalability. All cash equity products such as stocks and CBs will be traded by the auction method through this new system.Particularly striking characteristics of the new system are its low latency with an order response period of 10 milli-seconds or less, as well as high reliability for protecting trading information such as orders, executions, and order books by synchronized 3-node data back-up memory. These specifications place this new system at the highest level of exchange trading systems in the world.

Contact
Tokyo Stock Exchange Group, Inc.
Corporate Communications
TEL: +81-3-3666-1361

Cancellation of ProQuest

As most of you are aware (and for those who are not, perhaps you'd like to sit down for this), the Library is cancelling its subscription to ProQuest. This means we will lose access in January 2009.

The decision to cancel ProQuest was not taken lightly and involved a lengthy evaluation process of three months where we interrogated the following:

· The number of unique titles in our three aggregator (Gale, EbscoHost, ProQuest) databases
· The % of overlapping titles present in all three aggregators
· The number of core subject specific journal titles present in each aggregator
· The usage of each aggregator in terms of full text downloads
· And finally the subscription price

The results of the evaluation were as follows, ProQuest had:
· the least amount of unique titles - an average of 11% for ABI Inform and Academic Research Library compared to Gale’s 26% and Ebsco’s 18%
· the highest percentage of overlap
· the lowest number of core subject specific journals
· the highest usage
· the second highest renewal price

I realize that the cancellation is not a popular one, and personally I am also quite depressed about it. But with the renewed focus of UJ on research and scholarly publications, it becomes more important to apply our (dwindling) financial resources to information sources that will give us the most for our money.

And one cannot argue with the fact that ProQuest had the least amount of unique titles; which meant that we were paying almost R200 000 for only 11% of the database.

I am currently busy trying to obtain a title list of the unique titles in ABI Inform and Academic Research Library which will be applicable to your faculty research. This way I can set up alerts on their publisher’s web page for you so that you can still receive the tables of content (in abstract form) and request relevant articles via Inter Library Loans.

The list is very long (700+) and to speed up the process, PLEASE send me the names of titles that you frequently use in ProQuest so that I can guide you to the other databases that also carry those titles.

Remember that I am also available to show you how the Gale and EbscoHost databases work. This way we’ll (hopefully) lessen the impact of the cancellation on your research output.

(The full evaluation report is available from me on request)

How technology will shape learning in HE

The future of higher education: how technology will shape learning is an Economist Intelligence Unit white paper, sponsored by the New Media Consortium .

Here is the executive summary:

Technological innovation, long a hallmark of academic research, may now be changing the very way that universities teach and students learn. For academic institutions, charged with equipping graduates to compete in today’s knowledge economy, the possibilities are great. Distance education, sophisticated learning-management systems and the opportunity to collaborate with research partners from around the world are just some of the transformational benefits that universities are embracing.

But significant challenges also loom. For all of its benefits, technology remains a disruptive innovation—and an expensive one. Faculty members used to teaching in one way may be loath to invest the time to learn new methods, and may lack the budget for needed support.

This paper examines the role of technology in shaping the future of higher education. The major findings are as follows:

* Technology has had—and will continue to have—a significant impact on higher education. Nearly two-thirds (63%) of survey respondents from both the public and private sectors say that technological innovation will have a major influence on teaching methodologies over the next five years. In fact, technology will become a core differentiator in attracting students and corporate partners.

* Online learning is gaining a firm foothold in universities around the world. More than two-thirds of respondents from academia say that their institutions offer online courses. Many of them, especially those with a public-service mandate, consider online learning key to advancing their mission, placing advanced education within reach of people who might otherwise not be able to access it.

* Corporate-academic partnerships will form an increasing part of the university experience, at a time when locating funding and controlling costs are key concerns, and when only one-quarter of university chief information officers (CIOs) have a place at the table when it comes to setting strategy. To attract corporate partnerships, institutions will need to demonstrate a commitment to advanced technologies.

* University respondents view technology as having a largely positive impact on their campuses, but acknowledge that operational challenges may hinder the full benefits from being realised (for example, tenure, promotions and other organisational practices may need adjustment to encourage faculty members to adopt new technologies). In addition, technology may be disruptive in ways not intended: respondents note a rise in student plagiarism, cheating and distractability, which they attribute to easy and ready access to mobile technologies.

* Higher education is responding to globalisation. Respondents say that having an overseas presence will be the norm for the majority of universities over the coming years, and 54% of academic respondents say their institutions either already have foreign locations or plan to open them in the next three years. Distance education is also becoming increasingly global, with universities in the US and overseas leveraging advanced technologies to put education within reach of many more individuals around the world.

IMF releases

IMF new releases included:

Surveys

IMF Set to Lend Ukraine $16.5 Billion, In Talks With Hungary
The IMF says it has reached a tentative agreement with Ukraine to lend the eastern European country $16.5 billion to help it combat a series of economic problems tied to the international financial turmoil and announced broad agreement with Hungary on a set of policies designed to bolster near-term stability.

Latin America, Caribbean Grapple With Global Crisis
The outlook for the Latin America and Caribbean region is increasingly clouded by the global financial turmoil and policymakers face tough choices, the IMF says in its latest regional outlook.

Foreign Currency Borrowing More Risky for Eastern Europe
Europe's emerging markets are increasingly exposed to currency risk, heightening these countries' exposure to the banking crisis that is currently sweeping across Europe, and raising the alarm among those concerned with financial stability.

Current Crisis Highlights Importance of Data
In an interview, the IMF's new Statistics Director Adelheid Burgi-Schmelz speaks about how statistics can shed further light on the current financial crisis, the relevance in measuring national wealth, and what she views as her priorities for the department.

IMF, EU, and World Bank Line Up $25 Billion for Hungary

The IMF, the European Union, and the World Bank announce a joint financing package for Hungary totaling $25 billion to bolster its economy, hit by recent financial market turbulence. The announcement followed earlier outline agreements on IMF financing for Iceland and Ukraine.

IMF to Launch New Facility for Emerging Markets Hit by Crisis
The IMF says it will create a new short-term lending facility to channel funds quickly to emerging markets that have a strong track record, but that need rapid help during the current financial crisis to get them through temporary liquidity problems.

Working Papers

Trade Effects of Currency Unions: Do Economic Dissimilarities Matter?
Author/Editor: Albertin, Giorgia
Summary: This paper provides a general equilibrium analysis of the trade effects of the formation of a currency union, and of its subsequent enlargement to include an economically dissimilar country. Furthermore, it investigates how economic dissimilarities among countries affect the magnitude of the trade effects fostered by a common currency. We show that sharing a common currency enhances the volume of bilateral trade among countries. However, the more economically dissimilar is an accession country, compared to the original members of a currency union, the smaller are the gains in trade that would follow the enlargement of a currency union.


Banks' Precautionary Capital and Credit Crunches
Author/Editor: Valencia, Fabian
Summary: Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a "credit crunch". This paper develops a bank model to study credit crunches and their real effects. In this model, banks maintain a precautionary level of capital that serves as a smoothing mechanism to avert disruptions in the supply of credit when hit by small shocks. However, for larger shocks, highly persistent credit crunches may arise even when the impulse is a one time, non-serially correlated event. From a policy perspective, the model justifies the use of public funds to recapitalize banks following a significant deterioration in their capital position.

Writing Clearly: ECB's Monetary Policy Communication
Author/Editor: Bulir, Ales; Cihák, Martin; Smídková, Katerina
Summary: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.

The Use of Blanket Guarantees in Banking Crises
Author/Editor: Laeven, Luc; Valencia, Fabian
Summary: In episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often opted for issuing blanket guarantees on bank liabilities to stop or avoid widespread bank runs. In theory, blanket guarantees can prevent bank runs if they are credible. However, guarantee could add substantial fiscal costs to bank restructuring programs and may increase moral hazard going forward. Using a sample of 42 episodes of banking crises, this paper finds that blanket guarantees are successful in reducing liquidity pressures on banks arising from deposit withdrawals. However, banks' foreign liabilities appear virtually irresponsive to blanket guarantees. Furthermore, guarantees tend to be fiscally costly, though this positive association arises in large part because guarantees tend to be employed in conjunction with extensive liquidity support and when crises are severe.

Perspectives on High Real Interest Rates in Turkey
Author/Editor: Kannan, Prakash
Summary: The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors- doubts about the sustainability of disinflation and the existence of a risk premium-have a significant impact on the level of real interest rates in Turkey. Importantly, fiscal policy variables are shown to affect both these factors, suggesting that a more credible and prudent fiscal policy can help reduce real interest rates in Turkey.

Country Reports

Kenya, Uganda, and United Republic of Tanzania: Selected Issues
Grenada: 2007 Article IV Consultation-Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
Grenada: Statistical Appendix
Grenada: Poverty Reduction Strategy Paper-Preparation Status Report
Kingdom of Swaziland: Selected Issues and Statistical Appendix

FTSEFocus newsletter

FTSE has released their first edition of FTSEFocus, the new bi-monthly newsletter from FTSE.

In each issue they will keep you updated with news and views from the indexing experts at FTSE, including development of our indices, partnership news, and opinions on the issues affecting investors today. They will also inform you of the major index review dates, and index-related events around the globe.

Here is what is available in the issue:

Opinion Piece
Our guide to the new investment destinations
As traditional emerging markets begin to take on the risk and return characteristics of their developed counterparts, many investors... Read the rest of the article »

Recent Launches
FTSE4Good Australia 30 Index
FTSE RAFI All-World 3000 Index
FTSE/JSE All Africa Index Series
ETF Update

Launch Horizon
FTSE Environmental Opportunties Index Series
FTSE EPRA/NAREIT Emerging Index Series
FTSE Frontier Index Series

Calendars
FTSE Events Q4 2008
Index Review Calendar

FTSE News
FTSE Teams up with China's largest research firm
Triple award success for FTSE

University news from the West

Unwelcome complements
Scientists say degree courses in complementary therapies and alternative medicine are 'baloney' and 'mumbo-jumbo'. CAM academics disagree passionately. Zoe Corbyn checks out the fray

Big bang theories
Sex is researched across many disciplines, but there are no certificated courses in sexology in the UK. Matthew Reisz considers some of the scientists who are focusing on sexual functioning and behaviour

Feeding a fine hunger
Whatever their social and cultural backgrounds, students will flourish if we take them seriously and impart a love of our subject, says Frank Furedi

Obama on Higher EdPresident-elect has called for reform of loan programs, a tuition tax credit in exchange for service, new investments in research, and a broader concept of affirmative action.

Canada Tops U.S. in Faculty Salaries, Report FindsResearch center starts new project to compare academic salaries in 15 countries. For senior professors, Saudi Arabia leads by far.



SPECIAL REPORT: The global crisis and universities
The effect of the world financial upheaval on higher education institutions around the globe varies markedly from one nation to another, depending on the extent that their banks and currencies have been affected by what is taking place in America and Europe.

Universities in countries experiencing an economic downturn, with consumer confidence shattered and unemployment on the rise, are already curtailing their spending and some have begun putting off staff.

Even if they face no immediate threat, many institutions that rely for a significant part of their income on student fees – and foreign fees in particular – will be gravely concerned by the problems confronting local students in taking out loans, and the rapid slowing of economies in countries whose students go abroad to study.

For universities that have come to rely on the money paid by Chinese students enrolled offshore, the thought of large numbers staying home is alarming.

Our correspondents report:
US: Waiting for the worst
Geoff Maslen
Reports from the US suggest that American universities have yet to feel the full impact of the monetary cyclone that has shattered the financial sector and left the world's most powerful nation facing a full-scale depression. The air of confidence displayed on many US campuses, however, may be masking fears that no one person and no institution will be spared.

CHINA: Fall in student numbers expected
UWN correspondents
Far fewer students from China will go abroad to study next year as a result of the global crisis which is already having an impact on Chinese industries - especially those relying on the export market. UWN China correspondent Michael Delaney reports that the Chinese economy is slowing and companies across the nation have begun laying off workers with the result that many families do not have the money even for living expenses, much less foreign study. Universities heavily reliant on the fees from these students will be in serious trouble.

UK: Crisis, what crisis?
Diane Spencer
So far, British universities are taking a sanguine approach to the financial crisis. John Denham, the Higher Education Secretary, claimed that no institution was in jeopardy despite 12 English universities having £77 million (US$133.3 million) at stake through the failure of Icelandic banks. Oxford has £30 million, 5% of its overall cash deposits, invested in three of Iceland's troubled banks and subsidiaries while Cambridge faces losses of £11 million, 3% of its deposits.

SPAIN: Universities hit by sweeping cuts
Rebecca Warden
Even before the global financial crisis struck, Spain was confronting an economic recession. It was the effects of that downturn that has led to universities in Madrid facing the threat of major cuts that could leave them unable to pay staff wages. Their main funder, the regional government of Madrid, cut its block grant for fixed running costs by 30% late in September without prior notice. Now universities in Valencia are also threatened by similar action.

AUSTRALIA: Crisis has already arrived
Geoff Maslen
Universities Down Under had begun reducing their outlays, and their staffing numbers, even before the full effect of the financial turmoil on the global stock markets had been felt. Falling investments, shrinking government grants and growing concern about the overseas student market are increasing pressure on institutions to slash their costs and, in the past month, more than 500 academics and general staff have been laid off or are facing redundancy.

SOUTH AFRICA: Universities taking financial knocks
Karen MacGregor
The international financial crisis is impacting on universities in South Africa in various ways, including lower returns on investments and a weakened currency that is making imports more expensive. The crisis is exacerbating pre-existing strains on finances while the prospect of cuts to public spending on universities as a result of an economic downturn is of great concern, says the vice-chancellors' body Higher Education South Africa.

GREECE: Truth of the myths and the myths of the truth
Makki Marseilles
If there is something positive from the financial meltdown it is the complete and total collapse of several myths: that there is no money for education (or health, or the environment, or pensions), and that the neo-liberal market can be self-regulating for the benefit of the consumer - to mention just two.

FRANCE: No plans to reduce university spending
Jane Marshall
France has no intention at present of cutting its planned funding for higher education and research as a result of the global financial crisis, the Education Ministry says. The sector is the government's highest priority, and ambitious and costly reforms include renovation and updating of campuses and introducing university autonomy.

GLOBAL: How other countries are faring
The global financial meltdown has not yet hit some countries as much as it has the US where the crisis began. Those nations still faring reasonably well include Russia, Germany, the UK, France, New Zealand, some Asian and African nations, and even America's next-door neighbour, Canada.




The Presidential Perspective on Academic Freedom
Academic leaders discuss Middle Eastern branch campuses, restrictions on so-called "sensitive" research, and other topics related to academic freedom -- including confusion about the term.

Clicker U.
Large universities report that once they start using student response technology in class, popularity grows -- as do policy issues.

Academic Freedom Under Many Assaults
Conference explores the state of free inquiry at "universities in dangerous times."


If Yale Is An Indicator The Ivies Are Not Hurting For Donations steven bell
By all accounts, September was not a good month for the American economy. Stock prices plummeted, and 159,000 jobs were lost, the worst such decline in five years. But at Yale, it was a record month for fundraising. Figures obtained by the News show that the University raked in over $28.25 million in donations last month, more than double the $14 million raised in September last year. Most of Yale’s most generous donors are not facing unemployment or foreclosure; some are so wealthy that even the most dramatic downturn has a negligible effect on their ability to give.

Facts Suggest US Higher Education Is Not Recession Proof steven bell
Higher education in the United States has been viewed as recession-proof, but the global financial crisis is already having an impact. Here are some facts about enrollment, endowments, and finances at the nation's colleges universities. For the nation's public universities, which educate three out of four students, state subsidies covered a little over half of their budget costs last year, down from two-thirds in 1998.

Many IHEs Reporting Cuts To Their IT Budgets steven bell
Nearly half of public universities and public four-year colleges in the United States reported central IT budget cuts in fall 2008, according to new research released Wednesday by The Campus Computing Project. That's up significantly over last year. At the same time, open source software is looking more appealing to campuses wiith about a fourth reporting a "high likelihood" that they will migrate to an open source LMS within the next five years. Large percentages of institutions experiencing cuts in fall 2008, including 45.4 percent of public universities (up from 16.3 percent in 2007) and 44.4 percent of public four-year colleges (up from 16.7 percent in 2007)

A Quick Guide To Understanding Author's Rights steven bell
Author's Rights, Tout de Suite, the latest Digital Scholarship publication, is designed to give journal article authors a quick introduction to key aspects of author's rights and to foster further exploration of this topic though liberal use of relevant references to online documents and links to pertinent Web sites.

How global executives view sociopolitical issues

Sociopolitical issues are less feared today in executive suites around the globe than they were a year ago, according to the third McKinsey Quarterly survey on business and society,1 which was conducted in mid-September as the financial crisis began to hit the global community with full force. Compared with a year ago, when executives saw environmental issues and human rights standards more as risks than opportunities,2 they now see these two issues and many others primarily as the latter.

In this survey, executives answered questions on which issues matter most to the public and which will have the greatest impact on shareholder value, as well as which issues are emerging as important, how companies try to manage social issues, and which stakeholders have the most influence on companies. Environmental issues, including climate change, catapulted to the top of executives’ sociopolitical agendas in the previous survey and continue to gain prominence.

Around half of the 1,453 executives we surveyed pick the environment as one of three issues they expect will attract the greatest amount of public and political attention and most affect shareholder value. In contrast, the issue expected to generate the second-highest degree of attention—privacy and data security—is selected by less than one-third of the respondents.

Producer Price Index (PPI) for September 2008

The annual percentage change in the PPI is lower at +16,0% at September 2008 (i.e. the PPI at September 2008 compared with that at September 2007).

The Producer Price Index (PPI) for domestic output shows an annual rate of change of 16,0%at September 2008 (i.e. the PPI at September 2008 compared with that at September 2007).

This rate is 3,1 percentage points lower than the corresponding annual rate of 19,1% at August 2008 (i.e. the PPI at August 2008 compared with that at August 2007). From August 2008 to September 2008 the PPI for domestic output decreased by 3,5%.

PPI for September 2008=16,0

IASB education guidance on fair value measurement

The International Accounting Standards Board (IASB) today published educational guidance on the application of fair value measurement when markets become inactive.

The educational guidance takes the form of a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue.

The summary document sets out the context of the expert advisory panel report and highlights important issues associated with measuring the fair value of financial instruments when markets become inactive. It takes into consideration and is consistent with recent documents issued by the US Financial Accounting Standards Board (FASB) on 10 October and by the Office of the Chief Accountant of the US Securities and Exchange Commission (SEC) and FASB staff on 30 September.

Related documents:

Read a full, print-friendly version of the press release [PDF]

Download the final report of the expert advisory panel [PDF, 649 KB]

Download the IASB staff summary [PDF, 126 KB]

Good luck to all GR 12 parents!

Good luck to all the parents of Grade 12 pupils as the NCS starts today!

This is the first time that all Grade 12 learners in public schools write the same examinations, which are set on the new curriculum known as the National Curriculum Statement.

With the NSC, there is no longer Higher and Standard Grades, only one grade of examination paper is set and all learners must choose either mathematics or mathematical literacy. All learners must also take Life Orientation which is assessed internally.

Jobs are going Green

Image: spekulator

There is a very strong movement growing worldwide for Green Jobs, or the Green Economy.

Recently the Australian Council of Trade Unions (ACTU) and the Australian Conservation Foundation released a report, Green Gold Rush , on the possibilities for Green jobs.

Based on an analysis of 30 key industries, the report concludes that Australian is very well placed to develop hundreds of thousands of green jobs by 2030. Areas that would generate lots of work, and money, include renewable energy, energy efficiency, sustainable water systems, biomaterials which include biodegradable packaging and plastics, bio-based chemicals, metallurgical and fossil fuel product substitutes, green buildings, waste and recycling.

With the right policy settings, six market sectors currently valued at $US15.5 billion and employing 112,000 people could grow by 2030 to a value of $243 billion and 847,000 jobs.

Forbes also released a report on the Six-figure Green Jobs in the USA, according to CFO.com jobs will appear that never existed before, and according to an EU-commissioned study, the global economy is losing more money from the disappearance of forests than through the current banking crisis.

If you are looking for academic articles on the Green Economy, use EbscoHost's GreenFile - it has a collection of scholarly, government and general-interest titles includes content on global warming, green building, pollution, sustainable agriculture, renewable energy, recycling, and more.

The financial crises and the BRICs

Image: sundstrom

As the financial crisis continues to roil credit and stock markets around the globe, it seems that no country or continent is being spared the consequences.
Brazil, Russia, India and China--the BRIC countries--are no exception.

In a recent Knowledge@Wharton podcast on the Forbes website, Shiv Khemka, vice chairman of Sun Group, based in London, New Delhi and Moscow; Silas K.F. Chou, president and CEO of Novel Holdings, based in Hong Kong; and Odemiro Fonseca, founder of Viena Rio Restaurantes in Rio de Janeiro, discuss their countries' response to the crisis, its impact on specific sectors, the decoupling hypothesis and the dangers of protectionism, among other topics.

The edited transcript of the conversation is available here.