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Czech Republic

Dcotoral school - recruitment


Research Field
Social sciences
Funding Type
Career Stage
European Research Programme
Not funded by an EU programme


Outline Financial markets, institutions and systems

[supervisors: prof. dr hab. Magdalena Osińska, NCU/prof. dr Mathias Moersch, University of Heilbronn].

Financial markets developed rapidly over last decades bringing to life a variety of financial instruments and derivatives, institutions and systems. The role of financial sector became so huge that it dominated not only single economies but also the world economy. Financialization of the world economy became an issue of concern, particularly because of the global crisis in the years 2008-2009. At present the role of finance in economy is not decreasing however it seems to be better understood and modeled although the long run policy is often broken by unusual phenomena like COVID pandemic in 2020. It realizes that ways of adjustment should be included into financial solutions. The project is focused on finding the optimum proportion between financial and real side of economy, considering different financial markets, insurance institutions, pension systems and so on. The general hypothesis is that among many possible models one can find the optimal one taking into account specific institutions that are important in a given economic environment. The variety of individual projects can be considered. The open issues are related with financial risk evaluating and management, portfolio optimization and pension systems optimization. In the case of considering the proportion between saving, investment and consumption the life cycle hypothesis is important since it changes the perspective of the individuals towards their future.

The methodology used in solving the mentioned problems is related with numerical simulations, econometric time series models including volatility models (univariate and multivariate GARCH and SV models), optimization models, univariate and multivariate distribution models. The problem of business cycle must be considered when the long run is considered. The qualitative analysis, particularly interviews with experts will be helpful in determining contemporary and future trends. The initial conditions and budget constraints must be defined to provide a reasonable solution. Familiarity and experience in R, Eviews, Mathlab and other computer packages is strongly recommended.

What is funded

A doctoral student who does not hold a degree of doctor shall receive a doctoral scholarship.


The amount of a monthly doctoral scholarship shall be at least:1) 37% of a professor’s salary – up to the month in which the mid-term evaluation was conducted*; 2) 57% of a professor’s salary – after the month in which the mid-term evaluation was conducted*.

[*According to the legal status in 2020, the scholarship is gross: 1) 2.371,70 PLN, 2) 3.653,70 PLN.]


4 years.


A Master degree (a magister or a magister inżynier degree) or an equivalent degree, or the diploma, entitling to apply for the award of a degree of doctor in the country in the education system of which the higher education institution which issued it operates.


Taking part in the recruitment process.


Organisation name
Nicolaus Copernicus University in Toruń
Organisation Country
More Information

The responsibility for the funding offers published on this website, including the funding description, lies entirely with the publishing institutions. The application is handled uniquely by the employer, who is also fully responsible for the recruitment and selection processes.