Écoles, masters et doctorats / Schools, Masters and Doctorates / Enseignements / Teachings
Recent issues of the The Economist frequently discuss important aspects and most recent developments. Additional readings and a detailed reading list will be announced within the class ; Mishkin, Frederic S. and Stanley G. Eakins, Financial Market and Institutions, Prentice Hall, Boston, 7th Edition, 2016 ; De Larosière, Jacques et al., "The de Larosière Group". Report of the High Level Group on Financial Supervision in the EU, Brussels, 2009.
The course provides an overview of the main theoretical and empirical knowledge available on the causes and consequences of ﬁnancial instability. It discusses the policies that have been considered and/or implemented so as to limit the negative consequences of future crises. The institutions in charge of ﬁnancial stability at the domestic, European and international levels and the instruments at their disposal are also presented. Required reading : Tirole, J. (2011), Illiquidity and All Its Friends, Journal of Economic Literature, 49(2), 287-325 ; Reinhart, C. M., Rogoff, K. S. (2009), This time is different : eight centuries of ﬁnancial folly, Princeton N. J., Princeton University Press ; Bell, B., Van Reenen, J. (2014), Bankers and their Bonuses, Economic Journal, 124(574), 1-21 ; Reinhart, C. M., Rogoff, K. S. (2011), From ﬁnancial crash to debt crisis, American Economic Review, 101, 1676-1706 ; Tirole, J. (2012), The euro crisis : some reﬂexions on institutional reform, Banque de France, Financial Stability Review, 16, 225-242, https :// www.banque-france.fr/fileadmin/user_upload/ banque_de_france/publications/Revue_de_la_ stabilite_ﬁnanciere/2012/rsf-avril-2012/FSR16article-22.pdf.
Semester : Spring Number of hours : 24 Language of tuition : English
Teachers : Françoise DRUMETZ (Directrice de la Coopération Extérieure, Banque de France), Christian PFISTER (Directeur Général adjoint, Banque de france). Prerequisite : Sound background in macro and microeconomics. Mathematical skills are not required. Reading “Stabilité ﬁnancière” (De Bandt, Drumetz and Pﬁster, de Boeck, 2013) will help but is not required. Pedagogical Format : Elective Course validation : Participation in the course : 10%. Mid-term exam (1 hour, during the 6th course) : 45%. Final exam (1 hour, during the 12th and last course) : 45%. For both exams, students are encouraged to use their lap-tops. Workload : Some reading is required after or preferably before each course. Pedagogical Method : The course is taught basically on an ex cathedra basis, although students will be encouraged to react, express their own views, and ask questions. Course Description : The objective of the course is to help the students understand the reasons for ﬁnancial instability and the merits as well as the limits of policies aiming at ﬁnancial stability. To that end, theory, facts, and policies are systematically brought together and compared.
FINANCING FOR DEVELOPMENT
Semester : Spring Number of hours : to be deﬁned Language of tuition : English
Teachers : Enrico BOZZA CANZIO (Chief Counsel European Bank of Reconstruction and Development), Paul Edouard CLOS (Associate Director, Senior Counsel European Bank for Reconstruction and Development). Prerequisite : No prerequisites. Pedagogical Format : Elective Course validation : 1. Case study : 60%. 2. Short-essay on a relevant topic to be agreed with the teachers at the beginning of the course : 30%. 3. Participation : 10%. Workload : The students will be required to read documents provided by the teachers at the beginning of the semester and prepare some case studies. 1333