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1 A World-Class Education for A World in Transition The collapse of communism in Central and Eastern Europe and Central Asia left a region rich in spirit.

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Presentation on theme: "1 A World-Class Education for A World in Transition The collapse of communism in Central and Eastern Europe and Central Asia left a region rich in spirit."— Presentation transcript:

1 1 A World-Class Education for A World in Transition The collapse of communism in Central and Eastern Europe and Central Asia left a region rich in spirit and potential but severely lacking in economic knowledge and understanding. Doctorate In Economics -

2 2 The Center for Economic Research and Graduate Education-Economics Institute (CERGE-EI), based in Prague, Czech Republic, is the premier U.S.-style Ph.D. program in economics in the former Soviet bloc countries.

3 3 Fall of the Iron Curtain The Velvet Revolution CERGE-EI was founded in 1991 in response to the post- communist countries’ acute need for a new generation of economists who would understand the functioning of market economies.

4 4 Education CERGE was created as an independent institute of Prague’s historic Charles University, its introduction of an American-style Ph.D. program in economics reflecting Charles’ commitment to scholarly endeavor since 1348. Research The Economics Institute (EI) was founded by the Academy of Sciences of the Czech Republic as a center of economics research, facilitating rigorous independent inquiry into both theoretical and applied economics.

5 5 Education The Rector of Charles University and the President of the Academy of Sciences have formally established CERGE-EI as a Joint Workplace of the two institutions. This strengthens CERGE-EI’s role as a model for breaking down the artificial division between education and research that prevailed during the communist regimes. and Research Working Together

6 6 CERGE-EI’s Mission 1.Economists for government, academia, and industry 2.Research in theoretical and applied policy-related economics, especially in the transition to free markets 3.Free and open inquiry, and nondiscriminatory training To Provide:

7 7 Accreditation: The degree at CERGE-EI is accredited by both the Czech government and the New York State Board of Regents, whose overwhelmingly positive site visit report confirmed CERGE-EI’s ranking as a world-class doctoral economics program. Czech Republic United States

8 8 Academic Management The Director CERGE-EI is administered by its Director, Jan Hanousek, whose quality and entrepreneurship was recognized in the New York State site visit report as a young “professor whose star is clearly rising.”

9 9 Executive Academic oversight is by the Executive and Supervisory Committee (ESC) composed of such leading scholars as Philippe Aghion (Harvard), Orley Ashenfelter (Princeton), Randall Filer (CUNY), Jan Kmenta (Michigan), Gerard Roland (Berkeley), Joseph Stiglitz (Columbia) and Jan Svejnar (Michigan) to assure the high quality of CERGE-EI appointments, research and teaching. and Supervisory Committee

10 10 Students Over 150 students are actively enrolled 40% are women

11 11 CERGE-EI Students Come From:

12 12 CERGE-EI Students Come From:

13 13 All Transition Countries Almost all countries in the region are represented at CERGE-EI. The student body is: 20% Russian 20% from the Balkans 20% Czech, 15% Ukrainian 15% from other fSU Republics 10% Polish, Hungarian & Slovak. CERGE-EI Students Come From:

14 14 Quality & Standards Average GPA of entering students is above 3.6 out of 4.0 Students accepted to CERGE-EI are outstanding scholars from a wide variety of cultural and educational backgrounds. Admission is based on academic qualification, motivation, and the potential future impact of each student.

15 15 Funding Students fully supported To work in the region For the benefit of the region All students from transition economies are awarded either a donor-sponsored fellowship covering tuition and living expenses or are offered an opportunity to earn their tuition and stipend as research or administrative assistants. Without debt for education, graduates can enter government service or academia in their home countries.

16 16 Filling the Gaps Education designed for students’ needs CERGE-EI’s Ph.D. is designed as a high-quality U.S.-style program, modified to meet the needs of its unique multinational student body, who typically have strong technical skills but little English or economics.

17 17 Filling the Gaps Introducing new concepts Encouraging new insights CERGE-EI not only gives its students top-flight technical training in economics, but also encourages their economic intuition, teaching them to think and function in new ways. The program includes a preparatory semester for those lacking sufficient background in economics. The best students may spend a semester visiting an institution in the West while writing their dissertations.

18 18 Filling the Gaps Training in English - the language of economics CERGE-EI operates entirely in English. Unparalleled in doctoral economics, the CERGE-EI English program is designed to provide support to both students and faculty. English instructors focus on teaching writing for academics and research.

19 19 Supplying the Region Fighting Brain Drain CERGE-EI plays a key role in increasing regional capacity by retaining promising students in the region and by attracting to the faculty scholars from the region who have been trained in the West.

20 20 Rate of Return to the Region: Over 70% of CERGE-EI graduates remain in the region. This is in sharp contrast to the 5% of Central and Eastern Europeans who return to the region after receiving a Ph.D. in economics from leading American programs. CERGE-EI U.S. 70+ % 5 %5 % Supplying the Region

21 21 Student Placements CERGE-EI graduates are filling high-ranking posts in international organizations, regional Central Banks, Ministries, universities, and the private sector. In the near future, the fact that many top academic, government, and private sector economists will have common academic roots at CERGE-EI will promote cooperative and coordinated policy efforts throughout Central and Eastern Europe and the former Soviet Union. Alpha Bank, Romania Supplying the Region American University in Bulgaria Budapest University of Economics CASE Foundation, Warsaw Citibank Czech National Bank EU/PHARE Risk Capital Fund IMF International Labor Organization National Bank of Kazakhstan OECD Philip Morris Companies PriceWaterhouseCoopers World Bank EBRD

22 22 Supplying the Region Faculty CERGE-EI's strategy for building a first-rate faculty centers on hiring the best available young Ph.D.s from the U.S. The long absence of well-trained economists in the region means that senior faculty from the West are employed at CERGE-EI on a continuing but part-time basis until such time as permanent local faculty achieve tenured status.

23 23 Permanent Faculty CERGE-EI has a stable young faculty recruited from the world’s leading Ph.D. programs. New faculty hires in recent years have consisted of both scholars from Central Europe and Russia who left the region for Ph.D. studies in the West and those with no prior attachment to the region who were attracted to CERGE-EI by its intellectual environment and research opportunities. These scholars are natives of countries as diverse as the U.S., Germany, Venezuela, and Korea. University of Chicago University of Minnesota Washington University, St. Louis University of Pennsylvania University of Pittsburgh SUNY, Buffalo Texas A&M Supplying the Region

24 24 Senior Faculty Visiting senior professors teach and consult at CERGE-EI several times a month, acting as experienced mentors for junior faculty and students alike. The New York State Regents report cited them as being “of very, very high quality and providing leadership, mentoring and dissertation advising that puts this program on a par with very good U.S. Ph.D. programs.” Supplying the Region

25 25 Financial Management CERGE-EI’s financial resources are completely transparent, overseen by fundraising foundations in the United States and the Czech Republic. Tax-Exempt and Audited In the USA, the CERGE-EI Foundation holds tax-exempt IRS 501(c)(3) status and is subject to rigorous U.S. audits. Financial Oversight

26 26 Senior Executives Donated funds are administered by a board which includes Alan Brown (CIO and Chair, State Street Global Advisors), Louis C. Camilleri (CEO, Philip Morris Companies), Douglas N. Daft (Chair and CEO, Coca-Cola Company), Miriam Klipper, (Asst. District Attorney, New York County), and John S. Reed (Chairman, retired, Citigroup). at U.S. Corporations Provide Financial Leadership Financial Oversight

27 27  Czech Government To be financially secure, CERGE-EI requires an annual budget of $3,250,000. Current sources are providing approximately $2,500,000 of this need, leaving a gap of $750,000 that must be closed if CERGE-EI is to fully realize its potential to serve the region Partners Sharing the Vision  Private Sector  U.S. Government Resources:

28 28 Government of the The Czech government has been remarkably generous in supporting CERGE-EI. All students are funded equally, including the vast majority who come from elsewhere in the post- communist world. This far- sighted support from the Czech government currently totals over $1,000,000 a year. Czech Republic Partners Sharing the Vision Resources:

29 29 Private Sector Donors U.S. and European businesses, foundations, individuals, and international organizations are donating approximately $1,250,000 a year. In addition, CERGE-EI earns $250,000 a year from overheads on various grants and services Citigroup Andrew W. Mellon Foundation Philip Morris Companies Coca-Cola Company State Street Bank Siemens Credit Suisse First Boston Lehman Brothers Bank Austria Partners Sharing the Vision Resources: The World Bank Deutsche Bank

30 30 Closing the Gap It is critical that CERGE-EI meet its $750,000 unfunded operating needs in the near-term. In the long run, endowment funds must be raised to achieve financal stability and enable long-term contracts with faculty. Resources: Partners Sharing the Vision Czech Government Current Donors Earned Income UNFUNDED NEEDS

31 31 Key Needs Are: 10 Permanent Faculty ($30,000 per year or $500,000 endowment each) 5 Senior Visiting Faculty ($30,000 per year or $500,000 endowment each) 50 Student Fellowships ($13,500 per year or $200,000 endowment each) Any of these may be named as desired and may be directed to faculty in particular fields or students from specified countries. Partners Sharing the Vision Resources:

32 32 U.S. Government? In addition to seeking increased private support, CERGE-EI hopes the U.S. government will share in meeting the critical need for economists in the post communist world, as it did in establishing CERGE-EI during the Velvet Revolution. Partners Sharing the Vision Resources:

33 33 Shaping the Future Addressing the Critical Shortage of Economists CERGE-EI is a vital resource in addressing the severe shortage of well-trained economists in Central and Eastern Europe and Central Asia, helping to ensure that the emerging economies of the region remain on the path of freedom.

34 34 Preventing a New Iron Curtain CERGE-EI is allowing the future economic leaders of the transition states to study together, helping to secure Russia and other eastern post- Soviet countries firmly as part of the West and preventing the emergence of a new iron curtain farther east than the one that fell in 1989. Shaping the Future

35 35 Encouraging Growth, Reform & Stability CERGE-EI promotes economic reform and stability in turbulent regions such as the Balkans, Caucusus and Central Asia through its well-trained graduates and its policy-oriented research. Such stability is in the long-run strategic interest of the United States. Shaping the Future Balkans Caucusus Central Asia

36 36 Developing New Markets By enhancing economic growth in this vast region of over 400 million consumers, CERGE-EI and its graduates are aiding the development of markets with significant profit opportunities for American business. Shaping the Future

37 37 Shaping the Future Academic Economic Cultural As a model of American-style graduate education, CERGE-EI creates strong bonds between future Central and Eastern European economic leaders and the United States. Close links exist between CERGE-EI and the U.S. institutions from which its faculty have graduated, its visiting faculty is drawn, and where the best CERGE-EI students study on mobility semesters. Forging Links With the U.S.

38 38 CERGE-EI’s Success Recognized by External recognition of CERGE- EI includes being designated twice by both USAID and the European Commission's PHARE-ACE Program as a “Center of Excellence in Economics Education.” CERGE-EI has been selected as as a coordinating institution for the World Bank-sponsored Global Development Network to transfer knowledge and research skills to other research institutes in the region. Donor Agencies

39 39 CERGE-EI’s Success Recognized by In recommending CERGE-EI’s accreditation with “the highest level of enthusiasm,” the New York State Regents’ site visit team found that CERGE-EI “fills an important and singular niche…. CERGE-EI’s special focus is to be a high quality, U.S.-style research and training center. As such it is singular in Eastern Europe. The program is demanding, innovative and responsive to the special needs of Central Europe.” Accrediting Agencies

40 40 CERGE-EI’s Success Recognized by Joseph Stiglitz, Columbia University, 2001 Nobel Prize Winner: “A first-rate Ph.D. Program. The fact that CERGE-EI has such high quality students with such diverse backgrounds makes it unique in the world. Its distinguished faculty from the U.S. and Europe puts it in a singular position.” Scholars

41 41 CERGE-EI’s Success Recognized by Kresimir Zigic, CERGE-EI graduate: “I had studied graduate economics in Zagreb but CERGE pushed my thinking and analytical skills orders of magnitude further.” Graduates

42 42 CERGE-EI’s Success Recognized by John Reed, Chairman, retired, Citigroup: "CERGE-EI and its highly qualified faculty have played a critical role in the economic life of Eastern Europe by nurturing home-grown talent and retaining promising students within the region." Business Leaders

43 43 CERGE-EI’s Success Recognized by Vaclav Havel, President, Czech Republic: “The peace and prosperity of the post-communist world requires investment in economic education and understanding. CERGE-EI is making a critical contribution to filling the void left by decades of hiding the truth.” Policy Makers

44 44 From the beginning, CERGE-EI has been a regional institution seeking to promote links among economists throughout the transition economies. The need for CERGE- EI has become increasingly apparent as the heady expectations of the early transition have not been met, with the introduction of the mechanisms and mindset of a market economy taking far longer than initially anticipated. CERGE-EI

45 45 By emphasizing academic excellence and the Western values of openness, academic integrity, tolerance, and non- discrimination, CERGE-EI is having a major positive impact on both the quality of economic thinking and the socio- political culture in the post-communist countries. The future of these countries depends on the existence of government officials, university professors, and other leaders who fully understand the importance of free markets and the institutions of law and property rights that support them. These key leaders are being trained at CERGE-EI today. CERGE-EI

46 46 Academic Excellence Western Academic Environment Transparency Non Discrimination Tolerance Academic Integrity CERGE-EI

47 47

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