SoSe 22: Ausgewählte Themen der Makroökonomie - Economic Crises (V)
Steffen Ahrens
Zusätzl. Angaben / Voraussetzungen
Eligibility:
Master Economics, Schwerpunktbereich Volkswirtschaftstheorie (6LP)
Master Public Economics, Schwerpunktbereich Makro und Wirtschaftspolitik (6LP)
Registration: Campus-Management
Exam: Final exam at the end of semester (120 minutes)
3 voluntary group assignment (up to 6 additional points each for the final exam)
Assignment no. 1 will be on Part I
Assignment no. 2 will be on Part II
Assignment no. 3 will be on Part III
Course language: English
Contact: steffen.ahrens@fu-berlin.de
SchließenKommentar
Content & learning objectives:
This Masters-level course introduces the theory of financial crises. The theory is discussed against the backdrop of the recent financial crises of 2007/2008 and other historical accounts of previous financial-, banking-, and currency crises. Many of these crises can be viewed as coordination games where markets suddenly swing from a socially efficient equilibrium to a socially inefficient equilibrium. An emphasis on the analysis of coordination will overarch this course and lead us to the current frontier of the research on financial crises.
In this course, students learn why financial crises occur, how they evolve, and by which means they can be prevented or, as the case may be, resolved. They should become familiar with modern methods of solving coordination games and learn to apply these methods in the context of financial crises models.
Planned course structure:
Part I. Characteristics and Origins of Financial Crises
- Historical overview of financial crises
- The anatomy of a typical crisis
- The role of speculation for financial crises
- (Rational) asset price bubbles
Part II. Banking Crises
- Bank runs
- Moral hazard in banking
- Banking regulation
Part III. The Financial Crises of 2007/2008
- Historical overview of the subprime crisis of 2007/2008
- Securitization
Part IV. Currency Crises
- Refreshment of open-economy monetary economics
- 1st Generation Currency crises
- 2nd Generation Currency crises
- 3rd Generation Currency crises (Connection between banking and currency crises)
Literaturhinweise
Suggested Readings:
- Allen, Franklin and Douglas Gale (2007). Understanding Financial Crises. Oxford: Oxford University Press.
- Kindleberger, Charles P. and Robert Z. Aliber (2011). Manias, Panics, and Crashes: A History of Financial Crises. New York: Palgrave Macmillan.
- Research articles supporting each lecture will be litsed during the course.
14 Termine
Regelmäßige Termine der Lehrveranstaltung