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KEMI 2005A - Governance and Accountability of Finance in a Globalized Era

Type d'enseignement : Seminar

Semester : Spring 2017-2018

Number of hours : 12

Language of tuition : English

Pre-requisite

aucun

Course Description

This class addresses the governance and accountability of finance in an era of globalized financial markets. It first asks what accountability of finance and its governance might mean and then focuses on the historical processes, which led to the unshackling of financial flows since the 1960s, clarifying the reasons for state action by the US and the UK to liberalize finance (Helleiner). It then investigates the hybridization of financial markets and the banking business (Hardie and Howarth, Konings), at the pinnacle of which stands the shadow banking system, a market based system of credit provisioning involving banks, hedge funds, mutual funds etc. Here we study the problems internal changes to banks and investment banks bring about for mechanisms of self-governance, then to focus on gatekeepers and why this mode of delegated regulation no longer holds, focusing then on the interplay of regulators and the regulated in this realm (Thiemann and Lepoutre). Subsequently, we assess the post-crisis changes and what could be done to impose more control over finance in society.

Teachers

THIEMANN, Matthias (Associate Professor)

Pedagogical format

Short presentation followed by class and group discussion, using if possible news media and other forms of media.

Required reading

  • Ewald Engelen et al. 2011. The misrule of Experts. Oxford University Press
  • John C. Coffee. 2006. Gatekeepers
  • Steven Mandis.2013. What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and its Unintended Consequences. Harvard University Press

Additional required reading

Hardie, Iain and David Howarth (eds).2013. Market-Based Banking and the International Financial Crisis. Oxford University Press