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: Historical statistics •Maddison, A. (2007) Contours of the World Economy 12030 AD. Essays in MacroEconomic History. Oxford: Oxford University Press. •Gilpin, R. (2000) The Challenge of Global Capitalism. Princeton, New Jersey: Princeton University Press.
2 Different perspectives on economic and financial crises •Rasmus, J. (2010) Epic Recession. Prelude to Global Depression. London: Pluto Press. •Begg, D., Fischer, S. and Dornbusch, R. (1997) Economics. Chapters 30 &31. London: McGrawHill. •Kindleberger, Ch. (1996) Manias, Panics, and Crashes: A History of Financial Crises. New York: John Wiley.
3 The institutions of global economic governance •Coffey, P. and Riley, R. (2006) Reform of the International Institutions: The IMF, World Bank and the WTO. Northampton, Mass: Edward Elgar. •Stiglitz, J. (2003) Globalization and its Discontents. New York: W.W.Norton.
4 The crisis of the 1970s and the advent of neoliberalism and supply side economics •Harvey, D. (2005) A Brief History of Neoliberalism. Oxford: Oxford University Press. •Glyn, A., Hughes, A., Lipietz, A. and Singh, A. (1990) “The Rise and Fall of the Golden Age”, in Marglin, S. and Schor, J. (ed.) The Golden Age of Capitalism. Reinterpreting the Postwar Experience. Oxford: Clarendon Press. •Canto, V., Joines, D. and Laffer, A. (1983) Foundations of SupplySide Economics. New York: Academic Press.
5 The liberalization of financial markets •Eatwell, J. and Taylor, L. (2000) Global Finance at Risk. The Case for International Regulation. New York: The New York Press. •Soros, G. (1998) The Crisis of Global Capitalism: Open Society Endangered. New York: Public Affairs.
6 Economic growth and human development •UNDP (2010) Human Development Report 2010. New York: UNDP. http://hdr.undp.org/en/media/HDR2010ENCompletereprint.pdf •Baumol, W. Litan, R. and Schramm, C. (2007) Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity. London: Yale University Press. •Sen A. (1999) Development as Freedom. Oxford: Oxford University Press.
7 The banking system, Greenspan’s bubbles and the panic of 2008 •Stiglitz, J. (2010) Freefall. America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton & Company •BIS (2009) 79TH Annual Report. Basel: Bank for International Settlements. http://www.bis.org/publ/arpdf/ar2009e.pdf •Krugman, P. (2009) The Return of Depression Economics and the Crisis of 2008. New York: W.W.Norton..
8 Midterm exam
9 Causes and effects I: the downgrading of wage labour •EspingAndersen, G. (1999) Social Foundations of Postindustrial Economies. Oxford: Oxford University Press. •Gray, J. (1998) False Dawn. The Delusions of Global Capitalism. New York: The New Press.
10 Causes and effects II: the burden of debt •European Commission (2010) Household Indebtedness in the EU. Briefing paper IP/A/CRIS/NT/201006, Brussels: European Commission. •Hertz, N. (2004) The Debt Threat. New York: HarperCollins.
11 Responses to the crisis •Keeley, B. and Love, P. (2010) From Crisis to Recovery. The Causes, Course and Consequences of the Great Recession. Paris: OECD. http://www.oecdilibrary.org/docserver/download/fulltext/0110071e.pdf?expires=1314480337&id=id&accname=guest&checksum=A5E814D1E5CD3606D2DDBDAE900B9216 •Stiglitz, J. (2010) Freefall. America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton & Company. •IMF (2009) World Economic Outlook. Crisis and Recovery. Washington, DC: IMF. http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/text.pdf
12 The problems of European monetary and economic integration •Angeloni, I., BénassyQuéré, A., Carton, B., Darvas, Z., Destais, Chr., PisaniFerry, J., Sapir, A. and Vallée, Sh. (2011) Global Currencies for Tomorrow: A European Perspective. Brussels: European Commission. http://ec.europa.eu/economyfinance/publications/economicpaper/2011/pdf/ecp444en.pdf •Scheller, H. (2006) The European Central Bank. History, Role and Functions. Frankfurt: The European Central Bank. http://www.ecb.int/pub/pdf/other/ecbhistoryrolefunctions2006en.pdf?f43c0760cf15c59153f1e6807f0338b9
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
2
20
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
2
40
Final Exam
1
30
Total

Weighting of Semester Activities on the Final Grade
60
Weighting of End-of-Semester Activities on the Final Grade
40
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
2
16
Presentation / Jury
Project
Seminar / Workshop
Oral Exam
Midterms
2
25
Final Exam
1
31
    Total
225

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

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

To improve and deepen actual and advanced level knowledge in economics in the level of expertise by inventive thoughts and/or research and to get inventive contributions to science.

2

To comprehend the interaction between economics and related fields; to achieve inventive results by using knowledge requiring expertise in analysis, synthesis and evaluation of new and complex ideas.

3

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

4

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

5

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

6

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

7

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

8

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

9

To possess the communication network to put the economic and social needs of the region of residence on the agenda.

10

To have adequate social responsibility and conciousness about the needs of society and to have the experience and authority  to organize and support the operations that can affect and drive  the social dynamics when necessary.

11

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

12

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

13

To be able to use the skills of modeling, empirical analysis and formulating policy options that are developed for financial economics, in interdisciplinary contexts.

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