Understand different financial crises, their causes and their impact. Analyse, understand and assess policies in the aftermath of financial crises, in particular financial regulation. Understand the advantages and disadvantages of the current financial regulatory framework.

PLEASE NOTE THAT THE INFORMATION ABOUT THE TEACHING AND ASSESSMENT METHOD(S) USED IN THIS COURSE IS WITH RESERVATION. THE INFORMATION PROVIDED HERE IS BASED ON THE COURSE SETUP PRIOR TO THE CORONAVIRUS CRISIS. AS A CONSEQUENCE OF THE CRISIS, COURSE COORDINATORS MAY BE FORCED TO CHANGE THE TEACHING AND ASSESSMENT METHODS USED. THE MOST UP-TO-DATE INFORMATION ABOUT THE TEACHING/ASSESSMENT METHOD(S) WILL BE AVAILABLE IN THE COURSE SYLLABUS.

The course builds on the experiences of the 2008 financial crisis (“Lehman”) and the ensuing policy reactions. In the first part of the course, the origins and types of financial crises are discussed, as well as their impact on economic growth. Second, it is discussed which post-crisis reforms policy makers have opted for after the 2008 financial crisis, in particular (European) regulation in the areas of banking and insurance. Finally, it is discussed whether the regulatory landscape has improved the resilience of the financial system. The course comprises (guest) lectures of experts in the field as well as visit to a European financial regulator.

Selected chapters from Financial Crises: Causes, Consequences and Policy Responses (edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven and Fabian Valencia), IMF Publications, 2014, and several articles.