6BUS1002: Anatomy of Financial Crises

Topic 1- Introduction: Business cycles


Fisher, I. (1933)
‘The Debt-Deflation Theory of Great Depressions’. Econometrica, 1 (4), pp. 337-357


Topic 2 – Capitalist instability


Minsky, H. P. (1980)
‘Capitalist Financial Processes and the Instability of Capitalism’. Journal of Economic Issues, 14 (2), pp. 505-523


Minsky, H. P. (1981)

‘Financial markets and economic instability’. (1965-1980) Nebraska Journal of Economics and Business

Topic 3 – Banking  Crises
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Demirguc-Kunt, A. and Detragiache, E. (1998)
‘Determinants of Banking Crisis in Developing and Developed Countries’. IMF Staff Papers, 45 (1), pp. 81-109

Dymski, G. A. (2010)
‘Why the subprime crisis is different: a Minskian approach?’. Cambridge Journal of Economics, 34 (2), pp. 239-255

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Topic 4 – Financial Deregulation, Innovation and Debt

Caprio, G. Demirguc-Kunt, A. and Kane, E. J (2010)
‘The 2007 Meltdown in Structured Securitisation’. The World Bank Research Observer, 25 (1), pp. 125-155

Barba, A. and Pivetti, M. (2008)
‘Rising household debt: Its causes and macroeconomic implications—a long-period analysis’. Cambridge Journal of Economics, 33 (1), pp. 113-137

Topic 5 – BoP or Currency Crisis
​​

Krugman, P. (1979)
‘A Model of Balance-of-Payments Crises’. Journal of Money, Credit and Banking, 11 (3), pp. 311-325

Obstfeld, M. and Rogoff, K. (1995)
‘The Mirage of Fixed Exchange Rates’. The Journal of Economic Perspectives, 9 (4), pp. 73-96

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Topic 6 – Crisis in Europe

Arghyrou, M. G. and Tsoukalas, J. D. (2011)
‘The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes’, The World Economy, early view


EIU (2011)
‘State of the union: Can the euro zone survive its debt crisis?’, Special Report by The Economist Intelligence Unit


Mundell, R. (2012)
‘The European fiscal reform and the plight of the euro‘. Global Finance Journal, 23, 65–76


Topic 7 – Crisis and Policies (a) Effectiveness of Monetary Policy


Friedman, M. and Schwartz, A. J. (1963)
‘Money and Business Cycles’. The Review of Economics and Statistics, 45 (1), Part 2, Supplement, pp. 32-64


Ueda, K (2012)
‘Deleveraging and Monetary Policy: Japan Since the 1990s and the United States Since 2007’ Journal of Economic Perspectives, Vol. 26, No. 3, pp. 177–202


Topic 8 – Crisis and Policies (b) Effectiveness of Fiscal Response


Mankiw, N. G. (2010)
‘Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009’, Federal Reserve Bank of St. Louis Review, 92 (3), pp. 177-83.


Sawyer, M. (2012)
‘The tragedy of UK fiscal policy in the aftermath of the financial crisis’, Cambridge Journal of Economics, 36, 205–221

 


Topic 9 – Crisis and Policies (c) Regulatory Programmes


Conyon, C; Judge, W Q and Useem, M (2011)
‘Corporate Governance and the 2008–09 Financial Crisis’. Corporate Governance: An International Review, 19(5), pp. 399–404


Hoshi, T (2011)

‘Financial Regulation: Lessons from the Recent Financial Crises’. Journal of Economic Literature, 49 (1), pp. 120-128


Independent Commission on Banking (2011)
Final Report: Recommendations, Chapters 2, 6 and 9

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