Le Grand Syllabus 2016/2017
Prerequisite : none Pedagogical format : Elective Course validation : The evaluation of the course will be based on both a take home exam (40%), an oral exam (50%), and class participation (10%). Workload : 12 seminars of two hours each (24 hours). Credits : 4. Pedagogical method : Lecturing and case studies. Course Description : This course is aimed at understanding the principles and the role of microﬁnance in developing countries. The topics covered will include ﬁnancial exclusion, informal ﬁnance, microﬁnance products, ﬁnancial analysis of the microﬁnance institutions, funding of microﬁnance institution and methodologies of assessment. This course will take an applied approach to introduce the main actors of the microﬁnance sector such as microentrepreneurs, MFI, regulators, donors and investors. The question of social performance and impact study will be analysed in order to identify the best practices and discuss polemic topics. At the end of the course the students should have a sound knowledge of the main challenges of the ﬁnancial inclusion. Required reading : Economics of microﬁnance, Beatriz Armendáriz de Aghion, Jonathan Morduch. Available in electronic version : http :// www.fgda.org/dati/ContentManager/ﬁles/Documenti_microﬁnanza/Economics-of-Microﬁnance. pdf ; Portefolio of the poor, Daryl Collins, Jonathan Morduch, Stuart Rutherford & Orlanda Ruthven. 1st chapter available in electronic version : http ://www.portfoliosofthepoor.com/ pdf/Chapter1.pdf ; Repenser la pauvreté, Esther Duﬂo, Abhijit V. Banerjee. Website : http ://pooreconomics.com ; Microﬁnance Handbook : An Institutional and Financial Perspective, Joanna Ledgerwood, 2009, Word bank.
Prerequisite : A good understanding of the basic macro-economic principles (economic growth, unemployment, interest rates, inﬂation and budgetary policy), is necessary for this course. Pedagogical format : Elective Course validation : Quick Multi-Choice Questionnaires on readings and previous session in each class (10%) ; 1 focused case study presentation (groups of 4 students, 30%), lecture note taking (groups of 4, 20%), active class participation (30%). Final MCQ in class (10%). Workload : 6 seminars of two hours each (12 hours). Credits : 2. Some preparation is required before each class : brief reading, lecture note taking and presentation for the case studies (group work). Pedagogical method : Mix of presentations, case studies (some done in classroom and some prepared by students as home work ; all groups prepare on different subjects of their choice from a list). Analysis and comments of documents (written and video). Active class participation is strongly encouraged. Course Description : Students will learn how to assess credit risk through the use of credit ratings and how a credit rating is made. Role of credit rating agencies, their functions on the capital markets, their relationships with other industry players (issuers, investors, regulators) and their limitations. Identify qualitative, quantitative and market indicators of vulnerability. The course will be based on case studies, in particular the current and previous crises in various regions of the world. The analytical overview will encompass the history of sovereign defaults and episodes of acute macro-economic crises. The risk analysis will include macro-economic policies, public ﬁnance, external ﬁnances and ﬁnancial sector (systemic risk). See short video teaser : http ://youtu.be/iFa2POSKaQI Required reading : Rating methodologies on Sovereign Credits (available on the rating agencies websites) ; Allen, F., Gale, D., 2000, Bubbles and Crises, The Economic Journal, vol. 110 (January), 236-255 ; Fitch Macro-prudential Risk Monitor (to be distributed to registered students) ; 85th Annual Report (2014-2015, dated 28 June 2015), Bank for International Settlements ; "Is the unthinkable becoming routine ?".
RATINGS - SOVEREIGN AND MACRO RISKS
Semester : Spring Number of hours : 12 Language of tuition : English