ECON 534 | Course Introduction and Application Information

Course Name
The Global Economic and Financial Crisis
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 534
Fall/Spring
3
0
3
5

Prerequisites
None
Course Language
English
Course Type
Elective
Course Level
Second Cycle
Course Coordinator
Course Lecturer(s)
Assistant(s) -
Course Objectives This course aims to analyze the causes and effects of the current economic and financial crisis and to present alternative perspectives on developments affecting the world economy.
Course Description The students who succeeded in this course;
  • will be able to develop awareness of the problems facing the global economy
  • will be able to identify the main reasons behind financial volatility
  • will be able to assess the role of the various institutions of global economic governance
  • will be able to critically reflect on the policies adopted in response to the crisis
  • will be able to obtain comprehensive knowledge of economic data banks and statistical series and develop the ability to use them systematically
Course Content This course will start with a macroscopic view of developments affecting the operation of the global economic system. Alternative perspectives on how to explain economic crises and determine the priorities of economic policy will be discussed. Finally, the flawed response to the crisis will be analyzed.

 



Course Category

Core Courses
Major Area Courses
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 The world economy: Introduction
2 Historical Background: The evolution of the global financial systems Obstfeld, M. and Taylor, A. (2017). "International Monetary Relations: Taking Finance Seriously", Journal of Economic Perspectives 31 (3)
3 Fİnancial Globalization 1: Financial Integration •Köse, M.A., Prasad, E., Rogoff, K. and Wei, S. (2006). "Financial Globalization: A Reappraisal", IMF Working Paper, WP/06/189; Henry, P. B (2007). "Capital Account Liberalization: Theory, Evidence, and Speculation", Journal of Economic Literature Vol. XLV (December 2007), pp. 887–935; Köse, M. A., Prasad, A, and Taylor A.(2009). "THRESHOLDS IN THE PROCESS OF INTERNATIONAL FINANCIAL INTEGRATION",NATIONAL BUREAU OF ECONOMIC RESEARCH, WP 14916
4 The Impact of Financial Flows on emerging markets Prasad, E and Rajan, R. (2008). "A PRAGMATIC APPROACH TO CAPITAL ACCOUNT LIBERALIZATION", NATIONAL BUREAU OF ECONOMIC RESEARCH, W14051; Reinhart, C. and Reinhart, V. (2008). "CAPITAL FLOW BONANZAS", NBER W14321; Rodrik, D and Subramanian, A (2009). "Why Did Financial Globalization Disappoint?" IMF Staff papers No 51; Abraham, F and Schmukler, S. (2019). "Financial Globalization A Glass Half Empty?", World Bank ,WPS 8194
5 Global Financial Crisis 2007/2008 Claesssens, S, Köse, M. A. and Terrones, M (2014). "The Global Financial Crisis: How Similar? How Different? How Costly?", Journal of Asian Economics, Vol. 21, No. 3, pp. 247–64; Crotty, James (2009). "Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture", Cambridge Journal of Economics, Volume 33, Issue 4, July 2009, Pages 563–580
6 Crisis in Europe
7 Aftermath of the Crisis: Policy Responses Akyüz, Y. (2017), PART I: The Financial Crisis, Policy Response, and the Global South in Playing with Fire, Oxford, Oxford University of Press
8 Midterm Exam
9 Dynamics of Financial Globalization: Trilemma Obstfeld, M., Ostry,J. and Qureshi, M. (2019). "A TIE THAT BINDS: REVISITING THE TRILEMMAIN EMERGING MARKET ECONOMIES", The Review of Economics and Statistics, May 2019, 101(2): 279–293
10 Dynamics of Financial Globalization: Debt Köse, M. A., Nagle, P., Ohnsorge, F. and Sugawara, N. (2020). Global Waves of Debt: Causes and Consequences. Advance Edition. Washington, DC: World Bank.
11 Dynamics of Financial Globalization: Financialization Orhangazi, Ö. (2008). " Journal Article Financialisation and capital accumulation in the non-financial corporate sector:: A theoretical and empirical investigation on the US economy: 1973–2003", Cambridge Journal of Economics, Volume 32, Issue 6, November 2008, Pages 863–886; Hein. E. (2019). "Financialisation and tendencies towards stagnation: the role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007–09", Cambridge Journal of Economics, Volume 43, Issue 4, July 2019, Pages 975–999
12 Global Crisis or Crisis of Capitalism Harvey, David (2010), The Enigma of Capital and the Crises of Capitalism, New York, Oxford University Press
13 Project presentations
14 Project presentations
15 Review of the semester
16 Review of the Semester

 

Course Notes/Textbooks
Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
16
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
Presentation / Jury
Project
1
30
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
30
Total

Weighting of Semester Activities on the Final Grade
70
Weighting of End-of-Semester Activities on the Final Grade
30
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: 16 x total hours)
16
Study Hours Out of Class
16
4
Field Work
Quizzes / Studio Critiques
Homework / Assignments
16
Presentation / Jury
Project
1
Seminar / Workshop
Oral Exam
Midterms
1
25
Final Exam
1
31
    Total
168

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To improve and deepen expertise in economics and finance.

2

To be able to comprehend the interaction between economics, finance and related fields.

3

To be able to apply the advanced level knowledge acquired in economics and finance.

4

To be able to create new knowledge by combining the knowledge of finance and economics with the knowledge coming from other disciplines and be able to solve problems which requires expert knowledge by applying scientific methods.

5

To be able to use computer programs needed in the fields of economics and finance as well as information and communication technologies in advanced levels.

6

To be able to think analytically to identify problems in finance and economics and to be able to make policy recommendations in economics and finance based on scientific analysis of issues and problems.

7

To be able to develop new strategic approaches for unexpected, complicated situations in finance and economics and take responsibility in solving it.

8

To protect the social, scientific and ethical values at the data collection, interpretation and dissemination stages and to be able to institute and observe these values.

9

To be able to critically evaluate the knowledge in finance and economics, to lead learning and carry out advanced level research independently.

10

To be able to use a foreign language for both following scientific progress and for written and oral communication.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest