Master VWL Winter 2016/17  

Development of Financial Markets and Institutions

Lecturer: Dr. Andreas Hoffmann
Seminar Tutors: Dr. Andreas Hoffmann and Dr. Pablo Duarte                                Start: 10.10.2016
Date: Monday (11:15-12:45) and Wednesday (15:15-16:45)
Room: SR14 (I302)
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

 10.10.

Introduction

Part I: Origins of Financial Markets and Institutions

17.10.

Early Financial Markets: Coping with Transaction Costs and Risks

21.10.

(Friday)

11:15 SR13

Early Bubbles: Rational or Irrational

24.10.

Financial History of the 19th century

26.10.

Early US Financial Development and Growth

31.10.

Reformation Day

2.11.

Students Present Topics of Term Papers

 

 

9.11.

International Currencies

Part II: Financial Integration, Growth and Crisis

14.11.

Origins of Central Banking

16.11.

Day of Penance

21.11.

Financial Integration in Historical Perspective

23.11.

Political Economy of Capital Mobility

28.11.

Financial Liberalization and Repression

30.11.

Credibility and Borrowing Costs

5.12

EMU in Historical Perspective

7.12.

Performance of Monetary Institutions

12.12.

Financial Crises: An Overview

 

 

Part III: Two-Day Seminar/Term Paper Presentations (Broad Time Frame - Subject to Changes)

14.12.

 

Room S205

9:15-9:45 Corporate Governance (A. Behne)

9:45-10:15 Stock markets in BRICS (L. Kamolettinova)

Break

10:45-11:15 Deposit Insurance (F. Kurz)

11:15-11:45 Rationality of the Dot-com Bubble (K. Mladenov)

11:45-12:15 Capital Regulation (R. Günther)

Break

13:30-14:00 Six Pack Reforms (Th. Schober)

14:00-14:30 Inequality and Financial Crisis (V. Plümpe)

Break

15:00-15:30 Political Economy of ECB (Ph. Seidel)

15.12.

 

Room S017

9:30-10:00 Financial Regulation in the EMU (D. Warncke)

10:00-10:30 Cross-Border Banking and Crisis (F. Reimann)

Break

11:00-11:30 World War II and Stock Markets (N. Lasow)

11:30-12:00 Asian Financial Crisis (M. Buchholtz)

Break

13:00-13:30 Private Equity (T. Ovsiienko)

13:30-14:00 Renminbi Internationalization (E. Mock)

Part IV: Discussion on Hot Topics

9.1.

The Great Depression

11.1.

Monetary Policy and the Great Recession?

16.1.

Capital Flow Management in Emerging Markets

18.1.

Democracies in Deficit: Government Debt and Economic Growth

(Term Paper Due Date)

23.1.

Financial Regulation and Complexity

25.1.

Macroprudential Regulation

30.1.

Informal and Shadow Financial Markets

 

 

1.2.

Q&A (45 minutes)

10.2.

Exam (90 minutes)

Reading List

Origins of Financial Markets and Institutions

Financial Integration, Growth and Crises

Hot Topics

 

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

De Soto (30.01)

Miscellaneous

"The Ascent of Money" by Ferguson as Video

"Destabilizing Consequences of Central Banking" by Selgin 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: 26.01.2017