Master VWL Winter 2016/17  

Development of Financial Markets and Institutions

Lecturer: Dr. Andreas Hoffmann
Start: 10.10.2015
Date: Monday (11:15-12:45) and Wednesday (15:15-16:45)
Room: SR16 (I315)
Language: English
Level: Master
Module Number: 07-202-3319
Requirements: 1.) a final examination worth 1/3; and 2.) a term paper worth 2/3. 
Credits: 10 LP

Objective

The course aims to provide an understanding of the development of international financial markets and institutions. It covers important aspects of monetary and financial history, as well as some key issues in international money and finance. Main topics include the origins of financial markets and institutions, the history of the international monetary system, the link between finance and growth, the political economy of capital mobility, capital flows to emerging market economies, and the recurrence of financial crises.

Syllabus

Contents (subject to changes) and Reading List

MondayWednesday

 12.10.

Introduction

Part I: Origins of Financial Markets and Institutions

19.10.

Early Financial Markets

21.10.

Early Bubbles

26.10.

European Financial Markets in the 19th Century

28.10.

Early US Financial Development

(Suggest a Term Paper Topic)

2.11.

Origins of Central Banking

4.11.

International Currencies

Part II: International Financial Integration

9.11.

Financial Integration in Historical Perspective

11.11.

Gold Standard and Credibility

16.11.

Financial Liberalization in Emerging Markets

18.11.

Day of Penance

Tuesday

24.11

Guest Lecture: Steffen Orben (Deutsche Bank und Deutsche Börse): 2015: The Impact of Central Banks on Financial Markets

17.15, Room SR1

25.11.

Political Economy of Capital Mobility

30.11.

EMU in Historical Perspective

2.12.

Dies Academicus

Seminar/Term Paper Presentations

7.12.

Central Banking in France, Reading (P. Neyrand)

 Social and Solidarity Economy

(M. Delette)

Weather Shocks and Systemic Crisis (Albert Baena)

9.12.

(15:15-18:45)

A Russian John Law Reading(A. Pakhomova)

 

Speculation in IPO's and the Dot-Com Bubble (I. Valenzuela)

 

Problem or Solution? The Merger of the Spanish Savings Banks (M. Dörr)

 

The Effects of the Global Crisis 2008 on the Turkish Economy (T. Aydemir)

 

Turkey During Bretton Woods (M. Köse)

 

A New Generation of Banking: Chances and Challenges of Private Banking (M. Wojcik)

14.12.

Was the Colombian Peso Devaluation Predictable? (I. Müller)

 

What are the Causes of Argentina's Inflation? (K. Hanke)

 

Financial Supervision in Poland

J. Kulinski

 

Causes of High Inflation in Turkey (B. Kagan)

 

16.12.

Liberalization of Financial Services - the Case of TTIP (V. Brockman)

 

Y. Sato

 

Corporate Debt in Emerging Markets - The Role of the Exchange Rate Regime

Reading(Ph. Stoll)

Part III: Financial Crises

4.1.

Financial Crises: An Overview

6.1.

Exchange Rates. Capital Flows and Crises in Emerging Markets

11.1.

The Great Depression

13.1.

The Great Recession and Monetary Policy (Term Paper Due Date)

18.1.

Weltwirtschaftsseminar

19.1.

Tuesday

Weltwirtschaftsseminar

25.1.

Monetary Policy Issues in Emerging Markets

27.1.

Financial Regulation and Supervision

1.2

Outlook / Q&A

12.2.

Exam (Check with examination office for details)

Reading List

Part I: Origins of Financial Markets and Institutions

Part II: International Financial Integration

Part III: Financial Crises

Exam Reading List

Most readings are available online or in the university library. You have access to the journal articles via the intranet / eduroam.

Unavailable Readings

Part I:

Early Bubbles, Book Chapters

Schuler - History of Central Banking

 Part II:

Schularick - Steger

Miscellaneous

"The Ascent of Money" by Ferguson as Video

 

 

Term Paper

The term paper can be on any topic that is related to the class. It shall be original, detailed, and well-argued. Empirical studies are especially welcome. Term papers shall comprise at least 5,000 but need not exceed 7,000 words, excluding footnotes and bibliography. Include a word count on the front page of the paper. Papers should meet the standard formal requirements. No plagiarism!

I want two copies of your paper: Send one copy (pdf file) to ahoffmann[at]wifa.uni-leipzig.de. Also hand in one hardcopy of the paper. Feel free to submit the paper early. Late submissions are not accepted.

Papers written by students in previous years include

Empire Effects in the EMU?

The Medici's Contributions to Modern Finance

Books

Background Readings

J.B. Baskin and P.J. Miranti, A History of Corporate Finance, Cambridge, 1999.

E. Chancellor, Devil Take the Hindmost - A History of Financial Speculation, Farrar Straus Giroux, 1999.

B. Eichengreen, Globalizing Capital: A History of the International Monetary System, Princeton, 2008.

M. Obstfeld and A. Taylor, Global Capital Markets, Cambridge, 2004.

Further Suggestions

N. Ferguson, The Great Degeneration: How Institutions Decay and Economies Die, Pinguin Books, 2012.

F. A. v. Hayek, Monetary Nationalism and International Instability, Longmans, Green, 1937.

L. Neal, The Rise of Financial Capitalism, Cambridge University Press, 1993.

R. I. McKinnon, The Unloved Dollar Standard, Oxford University Press, 2013.


letzte Änderung: 14.09.2016