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ZOOM LINK lecture 17/02 online due to power cut (copy)

Assessment

Assignment 1 (AS1) 2024/25

Assignment 2 (AS2) 2024/25

Assignment 3 (AS3) 2024/25

Global Financial Markets Essay Questions --AS3 Guidelines

AS1 QUIZ

AS1 QUIZ SIP ONLY

AS2 QUIZ

AS2 QUIZ SIP ONLY

RESIT AS1 QUIZ

RESIT AS2 QUIZ

Week 1 Topic 1: Finance and Economic Development

Lecture Slides Topic 1

Khan, Mohsin S. and Abdelhak S. Senhadji, 2000. ‘Financial Development and Economic Growth: An Overview’, IMF Working Paper WP/00/209.

Chandrasekhar, C. 2005 Alexander Gerschenkron and Late Industrialization, in Jomo KS (ed.) The Pioneers of Development Economics: Great Economists on Development. London: Zed Books pp., 181-192.

Question Set 1

Week 2 Topic 2: Financial Systems and Structures

Allen F. and D. Gale. 2001. ‘Comparative Financial Systems: A Survey’, Center for Financial Institutions, Wharton, Working Paper 01-15.

Storm 2018 Financialization and Economic Development A Debate on the Social Efficiency of Modern Finance

Pistor 2013 A legal theory of finance

Question Set 2

Week 3 Topic 3: The International Monetary and Financial (non-)System

Ocampo, J.A. 2017. Resetting the International Monetary (Non)System. Oxford. CH 1 and 2

Dooley, M. P., Folkerts-Landau, D., &amp; Garber, P. (2003). An Essay on the Revived Bretton Woods System (NBER Working Paper No. 9971).

Murau S, Rini J, Haas A. The evolution of the Offshore US-Dollar System: past, present and four possible futures. Journal of Institutional Economics. 2020;16(6):767-783.

Question Set 3

Week 4 Topic 4: Financial Repression and Liberalisation

Levine, R. 2001. ‘International Financial Liberalisation and Economic Growth”, Review of International Economics 9(4), 688-702.

Arestis, P., &amp; Demetriades, P. (1999). ‘Financial Liberalization: The Experi- ence of Developing Countries’, Eastern Economic Journal, 25(4), 441–457

Chari, V. V., Dovis, A., &amp; Kehoe, P. J. (2020). ‘On the optimality of financial repression’, Journal of Political Economy, 128 (2), 710–739.

Question Set 4

Week 5 Topic 5: EMEs and Financial Crises

Stiglitz2008Is there a PostWashington Consensus Consensus

ReinhartReinhart2008Capital Flow Bonanzas An Encompassing View of the Past and Present

Obstfeld, M. (2012). Financial flows, financial crises, and global imbalances. Journal of International Money and Finance, 31 (3), 469-480.

Rodrik Subramanian 2009 Why did financial globalization disappoint

Kaminsky Reinhart 1998 Financial crises in Asia and Latin America Then and now

Question Set 5

Week 7 Topic 6: Financial Innovation and Financialisation

ZOOM LINK lecture 17/02 online due to power cut

Mehrling, P., Pozsar, Z., Sweeney, J. &amp; Neilson, D. (2013). Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance. Social Science Research

Pozsar, Z., Adrian T., Ashcraft A. &amp; Boesky H. (2013). Shadow Banking. Federal Reserve Bank of New York Economic Policy Review

Lapavitsas C. 2011. ‘Theorizing financialisation’, Work, Employment, and So- ciety, vol. 25, no. 4, December, pp. 611-626

Guttman R. 2008. ‘A Primer on Finance-Led Capitalism and its Crisis’, Revue de la regulation, 3 / 4

Krippner G. 2005. ‘The financialization of the American Economy’, Socio- Economic Review, 3, 173-208.

Stockhammer E. 2004. ‘Financialization and the slowdown of accumulation’, Cambridge Journal of Economics, 28: 719-741

Van der Zwan, N. 2014. Making sense of financialization. Socio-Economic Review, 12(1), 99–129.

Swaps and Forwards - Appendix-Optional

Question Set 6

Week 8 Topic 7: Financial Innovation and Financialisation II

Understanding Securitisation

Securitization Key Legal and Regulatory Issues

Introduction to asset-backed securities

Lapavitsas C and A. Soydan. 2020. Financialisation in Developing Countries: Approaches, Concepts, and Metric.

Becker, J., Jager, J., Leubolt, B., and Weissenbacher, R. 2010. Peripheral Fi- nancialization and Vulnerability to Crisis: A Regulationist Perspective. Com- petition and Change, 14(3-4), 225–247.

Bonizzi, B., Kaltenbrunner, A., and Powell, J. 2019. Subordinate Financializa- tion in Emerging Capitalist Economies. Greenwich Papers in Political Economy, No. 23044. University of Greenwich, Greenwich Political Economy Research Centre.

Murau, S., Pape, F. And T. Pforr. 2021. The hierarchy of the offshore US-dollar system.on Swap Lines, the FIMA Repo Facility and Special Drawing Rights. GEGI Study

Question Set 7

Week 9 Topic 8: The Global Financial Crisis

Lapavitsas C. and I. Mendieta-Munoz, 2018, ‘Financialisation at a watershed in the USA’, Competition and Change

Crotty (2009) Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’

Gorton G. and A. Metrick. 2012. ‘Securitized Banking and the Run on Repo’, Journal of Financial Economics, 104 (3): pp. 421-560.

Gorton G. and A. Metrick. 2010. ‘Regulating the Shadow Banking System’, Brookings Papers on Economic Activity, 41(2), Fall, pp. 261-312

Acharya V. and M. Richardson. 2009. ‘Causes of the Financial Crisis’, Critical Review, 21(2): pp. 195-210.

Brunnermeier M.K. and L.H. Pedersen. 2009, ‘Market Liquidity and Funding Liquidity’, Review of Financial Studies, vol. 22, no. 6, pp. 2201-2238

Gowan P. (2009). Crisis in the Heartland: Consequences of the New World System. New Left Review, 55, pp.5-29

Question Set 8

Week 10 Topic 9: Deflations and Deleveraging

Koo (2011) The world in balance sheet recession: causes, cure, and politics

Koo (2014) Balance sheet recession is the reason for ‘secular stagnation’

Richard Koo - A "Balance Sheet Recession" 9 min video

Koo 2023 Podcast

PODCAST TRANSCRIPT PDF Richard Koo on China’s Risk of a Japan-Style Balance Sheet Recession - Bloomberg

Koo Podcast transcript

Recent Conference with Koo: Has China entered a balance sheet recession? 29th November 2023

Toporowski (2020) Credit and Crisis from Marx to Minsky, Ch. 5-7

Bezemer (2020) Credit Cycles in Toporowski &amp; Michell (eds.) Handbook of Critical Issues in Finance, Ch. 10

Dooley, M. P., Folkerts-Landau, D., & Garber, P. (2003). An Essay on the Revived Bretton Woods System (NBER Working Paper No. 9971).

Arestis, P., & Demetriades, P. (1999). ‘Financial Liberalization: The Experi- ence of Developing Countries’, Eastern Economic Journal, 25(4), 441–457

Chari, V. V., Dovis, A., & Kehoe, P. J. (2020). ‘On the optimality of financial repression’, Journal of Political Economy, 128 (2), 710–739.

Mehrling, P., Pozsar, Z., Sweeney, J. & Neilson, D. (2013). Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance. Social Science Research

Pozsar, Z., Adrian T., Ashcraft A. & Boesky H. (2013). Shadow Banking. Federal Reserve Bank of New York Economic Policy Review

Bezemer (2020) Credit Cycles in Toporowski & Michell (eds.) Handbook of Critical Issues in Finance, Ch. 10

Davanzati & Pacella (2014) Thorstein Veblen on credit and economic crises

Stenfors & Toporowski (2020) Unconventional Monetary Policy and Financial Stability. The Case of Japan