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EJPR 12A05 - Winter Workshop - Behind the News: Understanding Financial Stability

Type d'enseignement : Lecture alone

Semester : Spring 2017-2018

Number of hours : 15

Language of tuition : English

Pre-requisite

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Course Description

Why do crises occur and what can we do about it? The purpose of this workshop is to provide students with a framework for thinking about money and financial stability figures from a historical, finance and economics perspective, with a focus on today's monetary system. The course is divided in three parts: as an introduction, we will briefly discuss the nature of money and liquidity by providing a historical overview of financial and monetary innovations. The second part will describe today's processes of settlement (money), valuation (finance) and allocation (banking) of credit, which are the main factors influencing the supply, demand and price of liquidity, at the heart of financial (in)stability. Finally, an overview of policy responses will be given.

Teachers

TCHENG, Céline (On-site controller of credit institutions)

Pedagogical format

Lecture in the morning, interactive workshop in the afternoon

Course validation

To validate the course, the student is expected to do: essay writing (5 pages max) on a topic that will be provided one month after the end of the workshop.

Required reading

“Money creation in the modern economy” – McLeay, Radia and Ryland - Bank of England Quarterly Bulletin – Q1 2014

Additional required reading

  • “Financialization and its discontents”- Perry Mehrling - Finance and Society -2017
  • “Shadow Banking” – Pozsar, Adrian, Ashcraft and Boesky – Federal Reserve Staff Report N. 458 – July 2010
  • “Brother, can you spare a Dollar? Designing an effective framework for foreign currency liquidity assistance” – Dan Awrey – Oxford Legal Studies Research Paper - 2017