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109028, Москва,
Покровский бульвар 11, Администрация департамента: офисы S1029, S1030; тел: +7(495) 772-95-90 *27172, 27173, 27174                                                                                 
 

Руководство
Департамент теоретической экономики: Руководитель департамента Тарасов Александр Игоревич

PhD, Университет Штата Пенсильвания

Департамент теоретической экономики: Заместитель руководителя департамента Серегина Светлана Федоровна
Департамент теоретической экономики: Менеджер Мальбахова Диса Анзоровна
Департамент теоретической экономики: старший администратор Ибрагимбейли Зулихан Хаджи Муратовна
Департамент теоретической экономики: старший администратор Байбузенко Наталья Николаевна
Департамент теоретической экономики: Администратор Юдина Марина Валентиновна
Книга
Ричард Кантильон. Опыт о природе коммерции: общие вопросы

М.; СПб.: Издательство Института Гайдара, 2024.

Глава в книге
Экономическая наука: вызов фрагментации

Ананьин О. И.

В кн.: Сегментация экономической науки и проблемы синтеза. Сборник материалов IV Октябрьской международной научной конференции по проблемам теоретической экономики.. СПб.: Алетейя, 2024. С. 27-50.

Препринт
The optimal design of elimination tournaments with a superstar

Tabashnikova D., Sandomirskaia M.

Economics. EC. Высшая школа экономики, 2023. No. 263.

The Global Financial Crisis

2018/2019
Учебный год
ENG
Обучение ведется на английском языке
3
Кредиты
Статус:
Курс по выбору
Когда читается:
3-й курс, 3 модуль

Преподаватель

Козловцева Ирина Дмитриевна

Козловцева Ирина Дмитриевна

Course Syllabus

Abstract

This course is aimed to discuss the last global financial crisis in details. This is a very important historical event. Only four times in the last 200 years has there been a financial crisis that has been global, that has affected multiple regions around the world. Sun an event has an enormous effect on economic growth and on the lives of everybody who is around for the financial crisis. So it is very important to see in details what lead to the buildup of the crisis, reactions of policy makers, etc. One important goal of this course is to help people to understand financial crises, take a look at the world through eyes of policymakers and see how the world looked like in real time. The course prerequisites include Financial economics (basic level) and Macroeconomics (Basic level). The course is based on classes, online lectures and materials and self-study.
Learning Objectives

Learning Objectives

  • This course is aimed to discuss the last global financial crisis in details
Expected Learning Outcomes

Expected Learning Outcomes

  • Understands the causes and consequences of the Global financial crisis
  • Reads and analyzes professional literature on the topic
Course Contents

Course Contents

  • Introduction.
    What is a Financial Crisis? Causes of the crisis in 2008-2009 and reasons for missing it. Common causes of financial crises. A history lesson on what leads to financial crises and their regularity across different economies over time. Causes of the crisis of 2008-2009. Moral hazard as one of the main reasons. Difference between typical economic Crisis and the financial crisis.
  • Housing and Mortgages
    Key terms about housing and mortgages. Relationship between housing bubbles and financial crisis. Difference between fixed and adjustable rate mortgages. Prime mortgages and non-prime mortgages. Subprime mortgages. Subprime crisis and its role in the financial crisis. Foreclosure crisis in the US. Relation between housing crisis, financial crisis, and great recession.
  • Safe Assets and the Global Savings Glut
    Shadow banking as a parallel banking system. Safe assets and information insensitivity. Definition and reasons of Global Savings Glut. Supply of the save assets. Securitization and the mechanics behind this process.
  • Housing Crisis
    Three different hypotheses for the causes of the housing crisis, and the evidence for each of these hypotheses. Hypothesis 1, which is that it was moral hazard, bad behavior, a kind of inside job and manipulation that caused the housing crisis. Hypothesis 2, which that it was government failure, both actions by government that caused the housing crisis and then inactions by regulators that didn't see the problem early enough. Hypothesis 3, which is that it was bubble thinking, really mistakes made in forecasting what was going to happen in housing markets by both buyers of houses and lenders to them that coincided with a period of macroeconomic upheaval and the global savings glut that put together were the primary cause of the housing crisis.
  • Anxiety
    Notable events in 2007. ABX (asset-based index). LIBOR-OIS spread. ABCP, markets of these assets and their collapse. Case-study of Northern Rock in September of 2007. Casestudy of Monolines and auction rate securities. Bear Stearns liquidity drain in the summer of 2007.
  • Panic
    Institutions involved in the shadow banking. Repurchase agreements (repo) and its role in freezing up of the financial system. Government-sponsored enterprises (Fannie Mae and Freddie Mac). Bancrupcy of Lehman Brothers on September 15th, 2008. AIG rescue. Run on short-term money markets.
  • Responses to the Crisis.
    Four phases of the crisis and government actions during each of the phases.Available framework of policies. Fire-sales. Monetary and fiscal tools used in each period.Triage in a panic. Powell doctrine. Stress tests. Housing response.
  • Responding to the Future Crisis
    Ten different prisms for looking at impact of the policy actions. Unfinished business of policymakers: broken financial system, fragmented regulatory system, etc. Ten main rules for fighting future crisis.
  • Europe in the Global Financial Crisis.
    Some parallels to what happens in the US that happened in Europe during 2007-2009. Monetary structure in Europe. Some statistic data on growth and unemployment rate in Europe. The role of single currency for the following downturn. Case studies of Ireland and Iceland.
  • Eurozone Crisis.
    Background to Eurozone crisis and its. Fundamental structural reason that Europe has these continuing problems. Ireland and Iceland case study. Means of devaluation in a country. Historical parallel between today's Eurozone crisis and the Great Depression of the 1930s.
Assessment Elements

Assessment Elements

  • non-blocking Test 1 Introduction
  • non-blocking Test 2 Housing and Mortgages
  • non-blocking Test 3 Safe Assets and the Global Savings Glut
  • non-blocking Test 4 Housing Crisis
  • non-blocking Test 5 Anxiety
  • non-blocking Test 6 Panic
  • non-blocking Test 7 Responses to the Crisis
  • non-blocking Test 8 Responding to the Future Crisis
  • non-blocking Test 9 Europe in the Global Financial Crisis
  • non-blocking Test 10 Eurozone Crisis
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.1 * Test 1 Introduction + 0.1 * Test 10 Eurozone Crisis + 0.1 * Test 2 Housing and Mortgages + 0.1 * Test 3 Safe Assets and the Global Savings Glut + 0.1 * Test 4 Housing Crisis + 0.1 * Test 5 Anxiety + 0.1 * Test 6 Panic + 0.1 * Test 7 Responses to the Crisis + 0.1 * Test 8 Responding to the Future Crisis + 0.1 * Test 9 Europe in the Global Financial Crisis
Bibliography

Bibliography

Recommended Core Bibliography

  • Gary B. Gorton, & Andrew Metrick. (2012). Getting up to Speed on the Financial Crisis: A One-Weekend-Reader’s Guide. NBER Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.nbr.nberwo.17778
  • Geithner, T. F. (2014). Stress Test : Reflections on Financial Crises (Vol. First edition). New York: Crown. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=750248
  • Moritz Schularick, Freie Universität Berlin, & Alan M. Taylor. (2009). Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008. CEPR Discussion Paper No 7570. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.2A1EB725
  • Pozsar, Z. (2011). Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System. [N.p.]: INTERNATIONAL MONETARY FUND. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2083717

Recommended Additional Bibliography

  • Ben S. Bernanke, Carol C. Bertaut, Laurie Pounder Demarco, & Steven B. Kamin. (2011). International capital flows and the returns to safe assets in the United States, 2003-2007. International Finance Discussion Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.fip.fedgif.1014