Finance

The fact that the United Kingdom is still reeling under the economic pressures brought about by the global economic crisis is proof enough that the country is in dire need of policies which will help mitigate the risks that are brought about by such financial crises. In fact, it is a time measures were put in place to ensure such crises do not recur in the future as no-one is prepared to bear the huge burdens that come with them. Policy think-tanks and institutions of higher learning are expected to play a greater role in informing and advising the political class on the way forward if this country has to be safe from the debilitating effects of economic and financial crises.

The doctorate program Dphil in Financial Economics is one such program designed to help train postgraduate students in matters that are relevant to the country as far as economic policies are concerned. Under this research degree program, I intend to focus on the research topic Measuring Systemic Risk for Financial Stability and Prudential Bank Regulation, which I believe will equip me with the requisite skills to enable me contribute to government policies deigned specifically to mitigate risks brought about by financial crisis especially in the financial markets and commercial investment banks. The main objectives which I seek to achieve upon completion of my research is to be in a better position to prevent future financial crises by measuring systemic risk of financial institutions and therefore recommending to the relevant authorities the appropriate actions to take.

This is because the current global economic crisis had its roots in the financial sector which could not stand against the systemic risk that it was exposed to. This, coupled with a lack of prudential banking regulations, led to the spiraling effect which caused banks to fall one by one. However, as was evident in this crisis, this is usually too late a measure as the damage is usually already done. The tendency is also for unaffected banks to hold onto their assets and refuse to lend, plunging the economy into a state of stagnation or recession. Among the control measures is to ensure that financial institutions do not take unnecessary risks in their lending, and so prudential banking is an ideal recommendation.

Among the lifelong commitments of Green Templeton College is the ensuring that there is a blend of theoretical work and practical application of what has been learnt. The college seeks take a great part in current matters in the country through provision intellectuals and graduates with the skills necessary for solving problems in the corporate world, both in the private and public sectors. In addition, Green Templeton College has a duty to provide the country and the world at large with business leaders who will not only further promote the suitability of the college as an ideal destination for business graduates seeking to venture in different fields but also contribute to the much needed sustainable development.

Therefore, as one seeking to carry out this research, I will be contributing to the morals and policies for which the college stands for. I will be helping put Green Templeton College in particular and Oxford University at large at the place where they rightly belong and taking them where they want to go in the future. Green Templeton College also specializes in disciplines that are linked with contemporary life. My research proposal, Measuring Systemic Risk for Financial Stability and Prudential Bank Regulation, is a typical example of this goal. In essence, as I will be undertaking my research, I will not only be benefitting my own self but also adding to the value systems of the college.

Part of my motivation for choosing this research proposal is that my own family members are really of the view that it is the right kind of research as it is relevant to the emerging needs of the world today. My own father, who holds a PhD degree and is an Economics professor and current member of the Monetary Policy Committee of the Bank of Korea, has been a role model to me, making me to understand and appreciate the value of specialized training. Since GTC also seeks to develop professionals in the fields that they really are passionate about, and adopts a training approach that is geared toward making its graduates trained with the dream career in mind, I believe this will give the college the opportunity to play a role in developing my passion even as I contribute positively to the colleges core values and principles.

That aside, because my research is in an area that has caused a lot of controversy in the country and around the world, my work at the college will serve as a model to other institutions of higher learning what it really means to have programs in place which are designed to resolve problems in society. This will bring great honor to Green Templeton College, and place it on the forefront of institutions that are responsive to emerging needs in the contemporary world. As a new college, Green Templeton College is keen to assert its capability not only to adapt to the now popular good reputation and traditions of Oxford University of developing all-rounded intellectuals but also to do this with the required level of commitment and diversity.

Finally, the fact that I am currently undertaking my Master of Science in Financial Economics (MFE) degree at Said Business School, Oxford University - a school that collaborates a lot especially in the business and management disciplines with Green Templeton College - makes my doing of the research project at Green Templeton College an epitome of what collaboration can bring about as far as helping students is concerned. It is therefore on the basis of the factors mentioned, and on the basis of my academic qualifications, that I apply for the Green Templeton Management Dphil (PhD) Scholarship.