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Promoting the future of innovative higher education through thousands of master's programmes

STEM, interdisciplinary and business programmes in a changing labour market

Society and Economy
Authors:
Katalin Feher
,
Zsuzsanna Géring
, and
Gábor Király

Abstract

This paper discusses how leading innovative universities and their master's programmes reflect rapidly changing social-economic technological trends. The increasing focus on the STEM subjects, the changing profile of business and MBA programmes, and the ratio of interdisciplinarity provide insights into the development of future-oriented higher education. In the scope of this study, 2,708 master's programmes were surveyed globally based on their online representation, and 1,750 training programmes from this list were analysed in terms of employability rankings. According to our findings, Western Europe offers the largest number of master's programmes. STEM studies are overrepresented at the top innovative universities, and interdisciplinary studies account for fifteen percent of the programmes. Additionally, business studies with interdisciplinary programmes were identified in a higher proportion as compared to business-only studies. The findings signal the labour market's preferences toward future-oriented, personalised and responsive knowledge. The present study contributes to future education through a global analysis, and supports the strategy creation of higher education institutions (HEIs). Therefore, this article is especially informative to representatives, policy makers or researchers at future-oriented HEIs.

Open access
Society and Economy
Authors:
Edina Berlinger
,
Judit Lilla Keresztúri
,
Ágnes Lublóy
, and
Zsuzsanna Tamásné Vőneki

Abstract

The severity and frequency of operational loss events show high variability across the globe. In this paper, we first examine the extent to which the quality of country-level governance measured by the Worldwide Governance Indicators explains cross-country variation of operational losses. We use the comprehensive database of SAS OpRisk Global for the period of 2008–2019 covering 132 countries and 8,144 loss events with a total loss amount of almost 490 billion USD. Our findings indicate that the governance indicators lost their explanatory power over the past decades, which contradicts the academic consensus and calls for new explanatory variables. To find these variables, we hypothesize that the changes are driven by some important megatrends such as economic development and technological advancement, globalization, and sustainability. Accordingly, we propose an extended model where the number of mobile subscribers, the export to GDP ratio, and the poverty headcount ratio were significant for the frequency. For severity, only GDP is a significant and robust explanatory variable. Investors, regulators, and analysts should, therefore, concentrate on these factors if they wish to model, manage, or mitigate operational risks.

Open access

Abstract

A set of policy prescriptions based on Modern Monetary Theory (MMT) have been developed that are independent of the monetary model, which are often presented together, in a context that does not require taxation: guaranteed income, job guarantee and full employment. These are enabled by the ability of a government to deficit spend as needed, as long as government controls its sovereign currency.

Here I raise the concern that implementing MMT accounting could cause increases in political power inequality relative to citizens not seen since the medieval era or before. The assumption that spending and tax policy in an MMT system would occur as proponents expect is contradicted by the history of political choices regarding spending and taxation over the past half-century. The record of behaviour by politicians in the nations where foreign aid money “fell from the sky,” thus divorcing national income from the tax base, also contradicts this idea.

With removal of the formal requirement for taxation, politicians operating in an MMT system will have little inherent reason in the short term to treat citizens well except moral suasion. This should provide a foundation for tyranny unparalleled in modern history. Incorporating progressive taxation into MMT’s corpus, for the express purpose of economic and political stability, is suggested in order to achieve the overall aims of the MMT policy advocates. However, this may not be sufficient. In addition, considering increasing the role of governors/leaders of states within the monetary unions may be useful, because those governments do need to follow the old rules of taxation to support spending, and this may provide a counterweight.

Open access

Abstract

Government involvement in the venture capital (VC) market has become an important catalyst of the entrepreneurial ecosystem of young and innovative firms. There is an extensive literature describing the VC model, but the models of its government backed variants are not comprehensively discussed. The article focuses on the model of purely government backed venture capital (GVC) and hybrid venture capital (HGVC). The conclusion of this article is that, by the logic of their models, GVCs are destined to underperform than private VCs. Many articles see HGVCs as a step forward compared to GVCs, as they involve private participants. The novelty of the current article lies in bringing out the drawbacks deriving from the system of hybrid venture capital funding by creating a complex theoretical framework of the HGVC model. We show that due to the crowding in of private participants, this scheme creates a two-goal system where the private profit maximising interests conflict with the economic policy goals. The complex system of HGVC is exposed to increased moral hazard issues that might lead to higher distortions than GVC. The conclusions are especially relevant in the case of developing industries.

Open access

Abstract

The 2008 crisis highlighted the importance of using stress tests in banking practice. The role of these stress tests is to identify and precisely estimate the effect of possible future changes in market conditions on capital adequacy and profitability. This paper seeks to show a possible methodology to calculate the stressed point-in-time probability of default (PD) parameter. The presented approach contains a linear autoregressive distributed lag model to determine the connection between the logit of default rates and the relevant macroeconomic factors, and uses migration matrices to calculate PDs from the forecasted default rates. The authors illustrate the applications of this methodology using the Hungarian real credit portfolio data.

Open access
Acta Oeconomica
Authors:
Gergely Csurilla
,
András Gyimesi
,
Erika Kendelényi-Gulyás
, and
Tamás Sterbenz

Abstract

We describe a statistical approach for the measurement of the newly defined luck-based noise factor in sports. It is defined as the difference between the actual outcome and the expected outcome based on the model predictions. We raise the question whether some sports exhibit a higher level of noise-factor than others, making investments in that sport riskier. Data from 14 individual sports in six Summer Olympic Games between 1996 and 2016 were included in the analysis. Market shares are predicted by the autoregressive linear and zero-inflated beta regression models with exogenous variables, where the higher Normalized Mean Squared Error indicates a higher noise-factor. Modern pentathlon, tennis and cycling showed the highest noise-factors, whereas swimming, table tennis and athletics were the least noisy. Possible reasons are discussed in the paper. Our analysis indicates that countries with suitable resources producing leading elite Olympic athletes are predicted to achieve higher success in sports with a lower noise-factor such as swimming. In contrast, investments in noisy sports, such as e.g., modern pentathlon, are associated with a higher risk.

Open access

Abstract

Although a number of studies have been conducted over the past decade to understand the factors influencing the willingness of producers to operate in a short supply chain (SSC), the intention to adapt can still be identified as an unexplored area. The main aim of the present study is to determine the extent to which Hungarian fresh sour cherry producers show a willingness to operate in a short supply chain and what investments they would make to do so. The sour cherry producers involved in the study clearly show a willingness to operate in a short supply chain. Some producers approach this in a “complex” manner, so they would even meet individual consumer needs and deliver orders to the consumer. Farmers opting for a “simpler” solution would prefer to sell their products to the consumer at their premises or at farmer’s markets. Further results support the fact that the more producers believe in the viability and future of SSCs and the higher their level of education is, the more willing they are to adapt in terms of resources or production processes in order to achieve complete transition. The results reflect the importance of examining the factors that determine farmers’ intentions to operate in the short supply chain, but it is also worthwhile and justified to explore how willing they are to “sacrifice” and invest in order to completely adapt.

Open access

Abstract

Studying in Hungary has become a new trend among Chinese students under the Belt and Road Initiative. The spectacular tripling of the growth of incoming Chinese students has influenced the number of international students in Hungary. In this paper, 26 in-depth narrative interviews with Chinese students in Hungary were conducted and analysed, employing the grounded theory method. This research reveals that beyond considerable uncertainty regarding future plans and career trajectories, three paths are open for Chinese students in Hungary. The largest group intends to return to China after graduation, although they have doubts concerning whether their acquired skills and knowledge can be utilised. The second group aims to find niche jobs, in which they can utilise their in-betweenness. Finally, a small proportion consciously builds their network and aims to remain in Hungary or Europe, engage in further studies or seek employment. The findings contribute to policymakers who support Chinese international educational mobility and to individual Chinese students that wish to widen their horizons and find alternative career paths.

Open access
Society and Economy
Authors:
Harun Ercan
,
Ilhami Karahanoglu
, and
György Walter

Abstract

Islamic Finance receives more attention due to the growing need for financial services in countries with a Muslim population. However, the rules of Islam and its applications in daily life cause conflicts in today's conventional financial system. Since interest gains are prohibited in Islam according to the Quran, Islamic banks develop and use interest-free methods, unlike the conventional banking system. Islamic Finance introduced profit-sharing ratios to replace interest rates and to increase the participation of religious investors in the financial system. In this research, we compare interest rates with profit-sharing ratios in the Turkish banking market. We use wavelet and historical correlation analysis as a new methodology in evaluating the association between these two factors. Although it is presumed that Islamic banks operate as interest-free banks, our analysis confirms former studies and finds that profit-sharing ratios are highly correlated and coherent with interest rates in Turkey. We also find small differences among Islamic banks on how quickly profit-sharing ratios follow the market interest rate changes.

Open access