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26 February 2025 | Story Martinette Brits | Photo Supplied
Prof Maxim Finkelstein, A1-rated researcher from the University of the Free State, has been selected as the 2024 - 2026 Ewha Global Fellow by Ewha Womans University.

An esteemed researcher from the University of the Free State (UFS), Prof Maxim Finkelstein, has been named a 2024 - 2026 Ewha Global Fellow (EGF) by Ewha Womans University in South Korea.

Prof Finkelstein, an A1-rated researcher from the Department of Mathematical Statistics and Actuarial Science, received this honour in recognition of his outstanding collaboration with Prof Ji Hwan Cha from Ewha’s Department of Statistics. Prof Cha nominated him as a leading expert in his field, highlighting their long-standing partnership and significant contributions to mathematical sciences.

According to Hyang-Sook Lee, President of the Ewha Womans University, the EGF programme “encourages distinguished scholars from all over the world to actively collaborate in research and education with Ewha faculty members.”

 

The genesis of a unique collaboration

Prof Finkelstein has collaborated extensively with researchers across Europe and the United States but his partnership with Prof Cha is particularly notable. “I started working at the UFS as a Professor in 1998 when he had just obtained his PhD,” recalls Prof Finkelstein.

At the time, Prof Finkelstein was already an established researcher, while Prof Cha was in the early stages. “His letter to me about one of my articles was sent to me by regular mail to my previous working address in Saint Petersburg, Russia, and did not reach me. We eventually connected around 2006, and our collaboration gradually took shape,” he explains.

Over the years, their partnership evolved into a balanced and mutually enriching research relationship. Their joint efforts have resulted in over 120 published papers and two books, setting new standards in the Mathematical Theory of Reliability and its applications. This collaboration has significantly influenced both their careers and contributed to Prof Finkelstein’s recognition with South Africa’s highest research accolades, including an NRF A1 rating in "Mathematical Sciences" in 2021, following his A2 rating in 2015.

 

A breakthrough in stochastic modelling

One of the major achievements of Prof Finkelstein's collaboration with Ewha has been their pioneering work in stochastic modelling. Their research led to the development of the Generalised Polya Process, a novel model for understanding natural and industrial point events - such as failures in electricity generation, lightning strikes, and hurricanes. By incorporating the ‘history’ of previous events, this model offers a more precise stochastic description of real-world phenomena.

The results of their research have been widely published and have paved the way for further exploration into more complex stochastic processes. Some of their key findings were summarised in the 2018 Springer book Point Processes for Reliability Analysis.

 

Looking ahead: Future collaboration and continued innovation

Despite being in the later years of his career, Prof Finkelstein remains deeply engaged in research and committed to his partnership with Ewha. Due to the challenges posed by the COVID-19 pandemic, his visits to Ewha were limited, but plans are now in place for future visits. During these visits, he will deliver lectures to students and collaborate with faculty members.

For Prof Finkelstein, continuing his nearly two-decade-long collaboration with Prof Cha remains a vital and exciting part of his academic journey. 

News Archive

Deputy Governor of SA Reserve Bank inspires students
2016-08-19

Description: Deputy Governor of SA Reserve Bank  Tags: Deputy Governor of SA Reserve Bank

Dr Lyndon du Plessis, Head of Department of Public
Administration and Management, Francois Groepe,
Deputy Governor of the South African Reserve Bank,
Prof Philippe Burger, Head of the
Department of Economics and B.Com Hons student,
Mosoeu Mabote.

Photo: Siobhan Canavan

Students from the Faculty of Economic and Management Sciences had the opportunity to learn from the best in the field when the Deputy Governor of the South African Reserve Bank, Francois Groepe, presented a seminar on the changing roles of central banks.

According to Groepe, we are currently living in challenging times as central banks are called on to do more.

“Central banks have limits, and these limits are not always understood,” he said on 11 August 2016 in the Equitas Auditorium on the Bloemfontein Campus.

How central banks contribute to inflation

There are two main generally-expected roles from central banks: the obvious one of providing bank notes and coins, and the other, maintaining price stability.

According to Groepe, the aim of keeping prices stable is to ensure easier planning for the future, and to assist the poor.

“The poor are the ones more vulnerable to higher inflation because they hardly have enough to get by,” he said.

A negative impact on monetary policies could affect the economy negatively. This is as a result of higher inflation caused by the increase in food prices.

Furthermore, the 12% government debt renders a negative yield in the economy.

The stability of finances in South Africa


Financial stability is not an end in itself, but, like price stability, is generally regarded as an important precondition for sustainable economic growth, development, and employment creation.

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