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8196 Comparative financial systems

8196 Comparative financial systems. Second part Topics Assignments. Topics. General issue: the microeconomic implications of the crisis The impact of the crisis on main business models The cluster of Large Complex Financial Institutions

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8196 Comparative financial systems

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  1. 8196Comparative financial systems Second part Topics Assignments

  2. Topics • General issue: the microeconomic implications of the crisis • The impact of the crisis on main business models • The cluster of Large Complex Financial Institutions • The main issues about future regulation from the point of view of the strategy of the main banks • What should banks do? • What is the “normal” rate of return? • Is financial innovation always useful or sometimes harmful? • What were the main flaws of Basel regulation?

  3. Documents to be published in the next two months • Bank of England, Financial Stability Review, April 2010 • IMF, Global Financial Stability Report, April 2010

  4. Topics for individual assignments • Case studies of individual banks • Analyis of KPIs • Comment on the business model • Comment on the impact of the crisis • Case studies on specific bank crises • Northern Rock • Lehman Brothers • Comment on recent economic literature

  5. A tentative list of banks • Barclays • Royal Bank of Scotland • Deutsche Bank • Goldman Sachs • Bank of America • Santander • Unicredit • Banca Intesa • Citigroup • Société Générale • BNP Paribas

  6. Possible articles (bibliography enclosed) • Gorton, Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007, May 2009 • Statement of Sheila C. Bair Chairman Federal Deposit Insurance Corporation on the Causes and Current State of The Financial Crisis Before The Financial Crisis Inquiry Commission • John Geanakoplos, Solving the Present Crisis and Managing the Leverage Cycle, December 22, 2009 • Anil K Kashyap, Lessons from the Financial Crisis for Risk Management • The risk of relying on reputational capital: a case study of the 2007 failure of New Century Financial BIS Working Papers No 294

  7. The output • A short paper ca. 5000 words excluding tables and charts • A 10 minutes intervention in class (possibly with a few slides) when the topic will be covered • Papers will be graded as a substitute for final written exam • Attendance in the whole second part of the course is mandatory for this kind of arrangement

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