Antonio Fatás can hardly believe how it all worked out.
As a professor of economics at Insead in Singapore, Mr Fatás receives a sabbatical every seven years. And it just so happened his last leave of absence was spent with the IMF during the onset of the worst economic shock since the Great Depression.
"It started in 2008. [That autumn] Lehman Brothers fell, so it was during the biggest part of the crisis," says Mr Fatás, who travels to the Middle East regularly for Insead, which has a campus in Abu Dhabi.
"It was also the US election. It was a very exciting year to be in Washington DC and at the IMF. I cannot say I planned all this to happen at the same time," adds the Spanish economist, who joined Insead in 1994 after studying for an undergraduate degree in economics at the University of Valencia in Spain and a PhD at Harvard University.
The collapse of Lehman Brothers sparked panic across the global markets - and inside the IMF, Mr Fatás recalls.
"Oh yes [it was the] same because obviously at that point everyone calls everyone to try to understand what is your advice because these are things you don't see everyday."
The fund immediately set about trying to understand what led to the crisis. As an outsider, Mr Fatás did not take part in all debates but he was involved in a project that strove to understand central banks' roles asset price bubbles. Some believed the Federal Reserve had contributed to the crisis by keeping interest rates low, creating more borrowing.
But Mr Fatás and others discovered the Fed was responsible for some of it but the majority of the problem had nothing to do with central banks.
"It is much more to do with the behaviour of the individuals who are buying a house. Interest rates don't influence our behaviour that much. That was a little bit of a surprise," says Mr Fatás.
His research became part of the IMF's regular World Economic Outlook report, which was cited by the Fed Reserve chairman Ben Bernanke in a speech. And he also had the opportunity to explain his position to Mr Bernanke first-hand two years ago when he was called in as one of three professors for informal talks on fiscal policy.
They spoke about what they knew, what would happen as a result of the large debt problems in the United States - which now stands at almost US$16 trillion (Dh58.77tn) - and what other countries had done.
"[Mr Bernanke] is a very, very normal person. He made a joke, which I thought was good. Some of us were saying we need a crisis to wake up politicians and he said, 'Just tell me what crisis you need and I will create one,'" says Mr Fatás.
But if central banks, governments and financial institutions rely on professors to help explain what is happening in the economy, how have business schools responded to the crisis?
Professors at the Hult International Business School, which has a campus in Dubai decided to commission research on the banking meltdown. "Hult has taken the implications of the events subsequent to 2008 very seriously indeed," said Nick van der Walt, an executive director of the school.
Professors have been reviewing the reasons for the crises for the past five years, while a global research project has been commissioned to see how the requirements of employers have changed to determine how Hult's syllabuses may need to be adjusted.
But professors at the school have already started emphasising certain areas, such as corporate ethics. It is an approach that has been mirrored by institutions elsewhere.
"It's caused the school to revisit how we teach and what we need to emphasise again or reinforce," said Rickie Moore, an associate professor of entrepreneurship at Emlyon Business School in France.
"We are the factory for these people. We kind of fuelled this race, this ambition for extreme competition," added Mr Moore, who came to the Emirates this month as part of a week-long visit by a delegation of Emlyon students and faculty to study business in the UAE.
Four years on from the onset of the crisis in the world economy, professors are still researching the causes. But it was not the world's first financial storm, and it will not be the last.
"This will happen at some point in China. It will happen at some point in Brazil, because it happens in many countries," Mr Fatás says.
gduncan@thenational.ae
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The%20specs
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
COMPANY%20PROFILE
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UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai
Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45' 1, 83'
Huddersfield 0
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
