Description
Please write a double-spaced, two-to-three-page essay on the videos and readings indicating: 1) the one or two major ideas you took away, and 2) your perspective on those ideas. Some questions to consider: Do you agree? Do you have a different view? Do you have a fundamental question about the substance of the material that you would like to see answered?
Topics:
1. Central Banking
What has been the traditional role of central banks?
How has that role been changing?
What are some of the ongoing pressures of central banks that could impinge on their future operations?
2. Regulation
The regulatory pendulum
Global markets, national regulation, and the tension between them
What are the central features of a good regulatory structure?
The shadow banking system – how big a problem?
3. Financial Stability
What is the meaning of financial stability?
Why is it so difficult to achieve and maintain it?
Are we safer today – that is, less likely to experience a major financial crisis – than we were in 2007-08, and why?
What are some of the potential sources of future financial crises?
This Writing Assignments (Required):
QUESTION TO CONTEMPLATE: IS THE WORLD SAFER FROM A FINANCIAL STABILITY POINT OF VIEW SINCE THE FINANCIAL CRISIS OF 2008, AND WHAT ARE THE CRITICAL VULNERABILITIES FOR THE NEXT SEVERAL YEARS?
QUESTION TO COMTEMPLATE: HOW HAS THE ROLE OF CENTRAL BANKS BEEN CHANGING, AND WHY DOES IT MATTER?
Read and PICK ANY TEN ITEMS FROM THE FOLLOWING:
Video interview with ANDREW HALDANE, Chief Economist, Bank of England (Former Executive Director for Financial Stability)
Eichengreen, B. “New model central banks.” Project Syndicate, 9 February 2021.
The Economist. “The Fed That Failed: Why the Federal Reserve Has Made a Historic Mistake on Inflation.”23 Apr. 2022.
The Economist. “Special Report: Central Banks.” 23 Apr. 2022, pp. 3–12.
Smialek, J. “The Fed faces criticism as it wades into climate and equity issues.” New York Times, 19 April 2021.
Irwin, N. “Move over nerds. It’s the politicians’ economy now.” New York Times, 9 March 2021.
Pisani-Ferry, J. “Central banking’s brave new world.” Project Syndicate, 26 February 2021.
Stiglitz, Joseph E. “No Confidence in the Fed.” Project Syndicate, 26 April 2023.
Noonan, Laura. “Global regulators to step up scrutiny of risks outside banking system.” Financial Times, 5 January 2023.
Micklethwait, John and Adrian Wooldridge. “A New Chapter of Capitalism Emerges From the Banking Crisis.” Bloomberg, 22 March 2023.
Sharma, Ruchir. “The unstoppable rise of government rescues.” Financial Times, 26 March 2023.
Wolf, Martin. “Four ways to fix the bank problem.” Financial Times, 21 March 2023.
Sternberg, Joseph C. “You Don’t Need a Banking Crisis for a Financial Meltdown.” Wall Street Journal, 6 April 2023.
Tett, Gillian. “What I learnt from three banking crises.” Financial Times, 6 April 2023.
Palma, Stefania and Patrick Temple-West. “US private funds face more disclosures under new SEC rule.”Financial Times, 3 May 2023.
Chipolina, Scott. “Regulators get tough on crypto funds after FTX collapse.” Financial Times, 24 April 2023.
Bookstaber, Richard. “US approach to financial regulation is set up to fail.” Financial Times, 1 May 2023.
Flitter, Emily, Jeanna Smialek and Alan Rappeport. “Key Takeaways From Regulatory Review of Bank Failures.” New York Times, 28 April 2023.
Tett, Gillian. “Stress testing needs to reverse to move forward.” Financial Times, 22 June 2023.
