About FinCris

money-imageThe FinCris project is funded by a £0.7m grant from the AHRC.

Originally based at the University of Birmingham it has been based at the University of Warwick since January 2013. You can find details of the people working on the project on our FinCris Staff page.

This project seeks to enlarge the public understanding of the crisis and the understanding among officials, regulatory and consumer bodies of the ethical issues raised by the crisis, specifically, how responsibilities for what has gone wrong create obligations to some of those badly affected by the crisis.

The project addresses the question of which institutions are responsible; and the question of whether individuals, including ordinary consumers and sub-prime borrowers, are also partly to blame. Starting from some of the specialist literature on the causes of the crisis, including the financial management literature, it considers which institutions have the primary responsibilities.

The financial crisis is particularly important in the UK, where financial services constitute one of the largest economic sectors and one of the biggest sources of tax revenue.

The project will explore the impact of the financial crisis on the way that the risks of consumer lending, including mortgage lending, were spread – notably through

  • a market in securitized debt;
  • overconfidence in the strength of house prices;
  • and conflicts of interest among institutional lenders and those responsible for analysing credit risks.

It will contribute with regulatory and taxation proposals from its finance experts. But it will also consider bank irresponsibility from the point of view of the defining purposes of banks and from the standpoint of philosophical business ethics and theories of corporate social responsibility. It will also investigate the ethical aspects of different forms of lending to people on low incomes.

Project components

The project has three work-streams as follows:

Ethical analysis

A number of philosophical and quasi-philosophical theories will be exploited for ethical analysis: indirect utilitarianism, especially in relation to purposes of banks; stakeholder theory and the Friedmanite theory; the literature on the Rawlsian “basic structure” in relation to whether banks are among the institutions required for the operation of equal opportunity; and liberal justice theory. These different perspectives will initially be brought together in a workshop to be attended by an international group of philosophers who have worked on issues relevant to analysing the crisis. More detail on this workstream is available here.

Economics-based financial management

A high level seminar involving tax experts will be used to analyse the Mirrlees Review, financial VAT proposal and other proposals for special financial taxes on banks.  Special banks/financial taxes initiated and proposed in various countries will be reviewed, as will the chances of for an internationally agreed tax regime. This will entail substantial desk research on various country level reports for which research assistance will be required. The IMF produced a report on special bank taxes for the Financial Stability Board in 2010 and so a dialogue with its authors will be sought. More detail on this workstream is available here.

Empirical research from policy studies

This work-stream will explore different approaches to providing affordable credit to low-income groups.  These approaches will be considered under the following classifications: profit-making vs non-profit-making ; self-sustainable vs subsidised; individualised/personal vs mass/impersonal; broader social impact (eg reducing poverty, improving financial inclusion and capability) vs   narrower economic purpose (providing a commercial lending service).  The research will use case studies to explore these approaches.  The research will also consider issues around responsible lending and borrowing. More detail on this workstream is available here.

Date: 2012-2015
Sponsored by: Arts and Humanities Research Council


Top 7 Fisherman’s Tips to Avoid Losing Money on Your Web Site Design

What you don’t think a fisherman starts with research? How does he know not to fish in the bathtub? How does he know not to fish for dorado in USA? How does he know that his favorite lemon meringue pie on a sardine hook won’t catch sharks?

Imagine you’ve invented a 100% cure for Paraguayan piques. You pay a graphic designer to make your web site design. After a year you still haven’t been able to make money. Your host tells you that the few visitors that you had only stayed for ten seconds.

A little research at Overture would have told you that only 3791 people looked for pique in a month, but most of them were interested in polo, not in an insect. Does your potion kill Jiggers? 1432 people searched on that word, and they were mostly North Americans. Perhaps you could wholesale jerseys shop make money from them?

If your web site design could inspire 10% of these searchers to visit your sales page and 10% of these bought from you that would give you 14 clients per month. Would that make money enough to pay for your web site design? You’ve been fishing in your bathtub!

As a fisherman you’ve discovered what fish are in your area, what will attract them to where you are, and found a spot where you won’t get your line tangled up with other fisherman’s lines.

My research for this article showed that ‘web site’ had half a million searches but people could be totally uninterested in web site design. ‘Web site design’ had only a third of a million searches, but readers were more targeted. There were 239 advertisers on Overture, which shows that it is popular, and there are only 24 million competitors.

‘Build a website’ had less than 50 thousand searchers, but 337 million competitors. Ouch! I think my lines would get tangled!

So the rule is: find what people want then design your web site with pages filled with the information that they want. If nobody is interested in your subject, advertise offline or find another subject for your web site design.

You sprinkle oatmeal soaked in your secret ingredient on the water, and soon fish are following the scent back to where you are.

Your first task is to make your web site design attractive to visitors.

Tuna fishermen throw un baited hooks into the mass of fish and pull them out in a sort of rhythm. The hook, which has no barb, snags a fish which falls cheap jerseys china off into the hold, and the hook is thrown out again, with the whole process taking a few seconds.

Google Adsense is excellent to make money from this kind of web site design.

But that was in step 1 you object? Your research should never end. Talk to the other fishermen. Visit fishermen’s forums. Search Google for information. Your oatmeal has attracted fish, but when you put it on the hook it washes off.

You must find what bait will stay on the hook long enough for hungry wholesale jerseys fish to bite. This will vary from season to season. Experiment and record your results.

Research for your web site design should never stop. Try different ideas to make money and record your results.

OK. Your fish are crowding round you. Your bait has some colorful feathers disguising the hook. You want to persuade the fish that your bait is more attractive than the scraps of oatmeal.

Your web site design should start to describe your experience with whatever it is that you are selling to make money. You should try to communicate in all your web site design just how interesting you find what you are offering.

Keep pulling your bait through the water so that fish will think

I’d better act while the food is there!

It’s heading towards the other fish. I’d better be quick!

I may get a better offer, but what if I don’t?

If your web site design is aimed at affiliate income, don’t try cheap jerseys china to sell yet. You strike only after the bait is in the fish’s mouth. Let the vendor handle the last step.

Once the fish has the bait in it’s mouth you strike to drive the barbs home, then the fish can’t leave go. Then you pull the fish in, and eat it.

Oops! I’m not advocating cannibalism! Once your web site design has hooked a customer the same rules no longer apply.

To succeed, your web site design must have ways to keep your customers so happy that they will keep coming back again and again.Articles Connexes: