Le Grand Syllabus 2016/2017
physical and intellectual resources and a favorable regulatory environment for private-sector growth but social and ecological sustainability as well ? What kind of future public-private sector relationship will be optimal to take the most of the huge opportunities offered by science, technology and innovations ? The course will put focus in understanding interaction between global technological trends and creation of sustainable economic growth potential, and to identify and analyze future potentials in business and government collaboration. Required reading : to be deﬁned.
Course Description : This course is designed to explore the economic, social, legal, and political issues that arise around debt policy and renegotiation, for national governments, public bodies, ﬁnancial institutions, corporate ﬁrms or even households. The discussion will take the perspective of each of these different types of debtors, and that of their creditors, regulators or other stakeholders, whether individuals or institutions, states or hedge funds. Understanding the mechanisms of international debt capital markets and the fundamental drivers of credit risks is at the core of the course. But this objective will be achieved through the discussion of practical situations. While studying real cases, we will focus on decision-making processes in critical situations such as sovereign and banking crises, major corporate restructurings or national debates on household ﬁnance. In particular, we will discuss the recent ﬁnancial crisis, from its origins as a national housing problem to its development as a one of the major international economic and political crises of the last decades. In our sessions, particularly when exploring ﬁnancial crises, we will debate the challenges that these pose to the ways in which market players have traditionally assessed and managed credit risk and what changes this may imply to the approach that governments, regulators, or international ﬁnancial institutions follow. This fundamental course on credit is designed for all students, irrespective of their concentrations and future career choices, as it tackles concerns relevant to investors, entrepreneurs, regulators, academics or journalists, consumers and mere citizens alike. Thus, while it introduces basic ﬁnancial concepts related to debt, the course will not be taught as a quantitative curriculum for ﬁnancial credit analysts. Instead, it will focus on a general understanding of debt issues, emphasize some usual conceptual pitfalls and encourage creative thinking among participants. Tthe class will host occasional guests : senior executives from the private or public sector will provide their perspective on the cases and issues discussed, often ones which they or the institutions they represent played a major role in. Guests will also be available to answer questions about their experience and their present jobs. Required reading : to be deﬁned.
Semester : Spring Number of hours : 24 Language of tuition : English
Teachers : Ariel WEIL (Vice-President, Moody's SAS). Prerequisite : There are no academic pre-readings but students are encouraged to regularly read newspapers and have a general sense of major international credit issues in recent news. Students will also need to read business cases prior to each class. These cases will serve to illustrate graphically each session and guide our class discussion. Other materials, such as short movie clips, may be used during the class, whenever relevant. Pedagogical format : Seminar Course validation : Grades will be based primarily on the quality and consistency of class participation. There will also be a mini-test on key course concepts and a short ﬁnal paper to elicit creative thinking and teamwork. Pedagogical method : The entire course will be taught in the spirit of the case method : we will build each session around business cases, short research pieces or newspaper articles, leveraging the inputs and background of class participa