Prof. Suresh Deman
Honorary Director & UNEP/UNCTAD Consultant, Centre for Economics & Finance, UK
Prof. Suresh Deman has an undergraduate degree in mathematics, two Masters degrees & ABD (from India & US) and was an M. Phil (UK) in Finance and Economics and a PhD (Japan). His major fields of interests are as follows: Real Estate Finance, Game theory, Microeconomics, Macroeconomics, Development Economics, Regional Urban Economics and Econometrics. He also has interest in the application of quantitative economics, econometrics and game theory to Economics, Finance and Accounting.
Speech Title: Strategic Approach to Global Financial Crisis
Abstract: A search of literature on the notion of contagion reveals that the diagnosis and prognosis of financial crises is mainly based on conventional wisdom of Neo-Classical theory within Arrow-Debreu (A-D) framework. The criticism of A-D model by Herbert Simon, Jean-Jacques Laffont and John Romer is widely accepted due to bounded rationality, asymmetric information and imperfect credit markets. Joan Robinson puts it very eloquently that neoclassical theories assume away the problem rather than addressing it. This leaves theory of "Random Walk" and "Invisible Hand", completely helpless in correcting failing markets. Thee rational expectations theory also leads to a suboptimal solution resulting in run on the Banks. The Asian crisis was largely a crisis of poor financial structure and inefficient institutions, but the present crisis is more serious. In short, it boils down to a single cause relating to a complete failure of the financial market regulatory mechanism due to the complicity between the regulatory authorities and dubious financial institutions operating through the shadow financial economy based on illegal speculative transactions of complex financial instruments. A lack of capital flows and inadequate financial structure would always signal financial trouble. It is worth exploring the causal nexus between the local and global crises. As to solution to the crises, it appears Communist Manifesto has become a bedside reading of many economists and politicians around the world in search for crash programs to achieve consumption-led growth. Despite G20s frequent meetings and partial success of 'Cash for Clunkers' package results of electro-cardiogram of US & UK economies is not very promising. Although India was not affected to that extent the prediction of growth rate has been somewhat intriguing from 9% to 6.5% currently. Budget appeared to be an obituary rather than any real stimulation for recovery. In defence of this criticism, Dr Manmohan Singh & Dr. Montek Singh (M-Squared Economics) relied upon the external help without realizing that the developed countries themselves are heading into a deep crisis. Contrary to public outcry and pre 20 submit in Pittsburgh for a healthy banking industry based on principal social purpose recent windfall for Gorman Sachs, JP Morgan and CitiGroup tells a different story as corporate sharks are already claiming share of their pie which was saved by the taxpayers without any certainty of the outcomes. Although France and German economies have shown little signs of recovery quick recovery does not seem to be on the menu. I have suggested some noneconomic remedial measures to overcome adverse selection and moral hazard such as social ostracism rather than economic ostracisms. In contrast to perfect competition, which theoretically allows an "Invisible Hand" to guide the market to efficiency, regardless of moral beliefs of the traders, noneconomic interference is important under adverse selection as it can be helpful instead of harmful. Dichotomy of government solutions introducing agency problem and the costly information problem that they solve by intervention will be addressed with probabilistic model using non-cooperative as well as cooperative games, which may help explaining the difference between a complete and incomplete interbank market leading to different outcomes, i.e., local and global crises.
Prof. Yılmaz Kılıçaslan
Department of Computer Engineering, Adnan Menderes University, Turkey
Yılmaz Kılıçaslan is a professor at the Department of Computer Engineering, Faculty of Engineering, Trakya University, Turkey. In 1992, he got his B.Sc. degree in computer science from the Middle East Technical University, Turkey, and then he received his M.Sc. and Ph.D. degrees in cognitive science from the Centre for Cognitive Science and Natural Languages, Division of Informatics, the University of Edinburgh, Scotland, in 1994 and 1998, respectively. His research interests are cognitive linguistics, computational linguistics, natural language processing and machine learning. He has authored papers in refereed journals and international conference proceedings, and has been actively serving as a reviewer for international journals and conferences.
Speech Title: The Lattice of Thematic Roles
Abstract: A theoretical position that treats thematic roles as atomic and distinct elements of a finite set is tenable neither empirically nor conceptually. I offer an argument based on linguistic observations and conceptual analyses that reveal that commonly used thematic roles have much to share among themselves. More specifically, I endeavor to demonstrate that thematic roles are intrinsically organized in a fractal lattice structure.