Issue 12 (Summer 2011) - Cardiff Business School - Cardiff University

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CBS_Synergy Profile A programme Nina Zhang is Senior Vice President, Country Approval Head for SME Credit, Citibank (Shanghai). Academic curiosity led Nina to pursue a PhD while building a career in banking. Synergy reports You first came to Cardiff to complete a Masters. What made you choose Cardiff Nina Zhang (NZ): I was in the UK and found the International Economics, Banking & Finance (IEBF) course on the web. I emailed Kent Matthews, who replied asking me to come to see him. He interviewed me and gave me a 20 minute lecture to see if I was up to doing the course. The level of commitment shown by him made me choose Cardiff. What was the difference between Masters study and the PhD NZ: The Masters course was a taught course: it was also my first time in the UK, so I had to work very hard on my English. I was working full time back in China while undertaking my PhD and the level of personal commitment and motivation required was much higher. Initially Kent, my supervisor, helped me a lot, but in the last stages you work a lot by yourself. Kent Matthews (KM): We had quite a few arguments. NZ: We did! I was living in Shanghai, finishing work then coming back for calls with Kent late at night. for success I’d like to be the first Chinese national to be made Senior Credit Officer at Citibank KM: It’s the nature of the relationship between a supervisor and a PhD student. Initially the supervisor gives lots of help and guidance but, inevitably, the PhD student emerges as the expert in this particular field. What prompted you to do the PhD NZ: I did my IEBF dissertation in Chinese banking and I really didn’t feel that I’d finished with the subject. There was very little academic study of Chinese banking. Before I’d done my Masters I had worked in local Chinese banks, so I knew quite a bit about the industry. Before getting my job at Citibank I went to the Beijing State Library to research more academic work on the subject but found nothing. KM: Then I got a research grant from the British Academy looking at Chinese banking. I needed Nina Zhang someone on the ground in China who could speak Mandarin and had the academic capacity to do research. Nina joined the PhD programme. What effect has the PhD had on your career NZ: My colleagues respect me for it. Also, for the past five years I’ve been very sensitive to macro-economic policy which is really important in my work. The training has been very useful and my ability to write in English has been greatly improved: this is really important as all business in Citibank is done in English. What would you say to anyone considering doing a PhD NZ: Make sure that your heart is in it. Don’t do it because your parents want you to, or because you want status. You need a strong motivation. What do you miss about Cardiff NZ: My life as a student was far more relaxed. Here, I’m constantly in meetings and conference calls. Cardiff is green, there are plenty of parks, trees and birds. Shanghai is home to 20m people and is full of tall buildings. People even walk fast in Shanghai. What are your future ambitions NZ: In the short term, I’d like to address my work-life balance. Now that I’ve finished the PhD I have my spare time back – before I was spending 90% of my free time on my PhD. I typically work from about 9am to 7:30pm so free time is precious. In the longer term, I’d like to be the first Chinese national to be made Senior Credit Officer at Citibank. Currently, everyone who holds this position in China is from Hong Kong or from overseas. To achieve this would be a great honour. 16 www.cf.ac.uk/carbs
Feature The European Monetary Union sovereigndebt crisis Dr Michael Arghyrou explains the reasons behind the EMU debt crisis and why Greece has been hardest hit What has happened in the European Monetary Union Before the credit crunch, markets priced neither macro fundamentals nor the international risk factor, which at the time was very low. Markets have changed their pricing drastically since 2007 – during the crisis period, markets have been pricing both the international risk factor and macro fundamentals on a country-bycountry basis. Why did the Greek spread escalate in such a dramatic fashion Greece’s problems are as much about trust as they are about economics. Before November 2009, Greece was thought to be a country with a fully credible commitment to future EMU participation under the perception of fully guaranteed fiscal liabilities – Greece was effectively underwritten by other EMU countries. However, Greece’s commitment to the EMU is now more doubtful, and the country comes without fiscal guarantees. This regime shift explains the sudden escalation of the Greek debt crisis in November 2009, and also the difference in spread values observed between Greece and the EMU periphery countries. Compared with Ireland, Portugal and Spain, markets perceive a much higher probability of a Greek voluntary exit from the EMU and/or a Greek default. But the Greek problem has become an EMU-wide problem. What happens next The spreads of EMU periphery countries need to decline – this can only be achieved by a marked improvement in fiscal position and external competitiveness. The EMU countries then need to pursue a reversal of private expectations to a more favourable status than the present one. Greece’s problems are as much about trust as they are about economics This can be achieved only through structural reforms, backed by evidence of determined implementation. Without this evidence, markets will continue to doubt the sustainability of these countries’ participation in the EMU, and the risk that these expectations will become self-fulfilling will remain. And in the longer term The crisis has highlighted the need for institutional reform in two directions. The EMU must develop effective mechanisms of fiscal supervision and policy coordination in order to avoid another debt crisis. If a crisis does occur, it is important to prevent its escalation in the affected country and its contagion to others. This can be achieved through the creation of a permanent EMU-run mechanism of emergency financing. For such a mechanism to be successful in stabilising expectations, its rules and terms must be transparent. At the same time, the terms of emergency finance must include eliminating the risk of moral hazard discouraging fiscal discipline and necessary reforms. Identifying rules achieving both objectives simultaneously is a challenging task calling for significant attention from academics and policy makers alike. The right framework An independent report by Professor Hargreaves reviews how the intellectual property framework supports growth and innovation The independent review of how the intellectual property (IP) framework supports growth and innovation was announced by Prime Minister David Cameron in November 2010. Currently Chair in Digital Economy at Cardiff Business School and the School of Journalism, Media and Cultural Studies, Professor Ian Hargreaves chaired the review, assisted by a panel of experts who reported to Government in May 2011. The review emphasised IP’s importance for growth: in the last 10 years, investment by UK business in intangible assets has outstripped that in tangible assets. The review makes 10 recommendations to Government designed to ensure that the UK has an IP framework best suited to supporting innovation and promoting economic growth in the digital age. It also outlines the creation of a Digital Copyright Exchange to boost UK firms’ access to transparent, contestable and global digital markets. Professor Hargreaves says: “Responses to the review have been pouring in thick and fast. Ministers across Government have expressed their support for the thinking in the review and there has been strong support from bodies like the British Library and the UK Research Councils for its key recommendations. “Creative industry business leaders have also made a number of positive comments. The Government will respond shortly.” www.cf.ac.uk/carbs 17
Page 1 and 2: Synergy Cardiff Business School www
Page 3 and 4: Contents The greening of supply cha
Page 5 and 6: Max Clifford shares secrets at laun
Page 7 and 8: A day in the life of... The Centre
Page 9 and 10: Feature Cardiff has much to offer b
Page 11 and 12: triumphs of Leaders went to uncommo
Page 13 and 14: Research Leaning the NHS The NHS ha
Page 15: Research Villains or victims... ban
Page 19 and 20: The importance of internet analytic

Issue 12 (Summer 2011) - Cardiff Business School - Cardiff University

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