Assignment

Reflection papers:

Each student will submit four reflection papers. Students will choose four weeks and write their reflections on course materials. Each paper should be at least 400 words or 1 page (times new roman, 12 pt font, single space). Presentation will be 30 minutes long. The presenters will provide discussion questions to the audience.

Group presentation:

Students will organize discussion groups. Each group will be responsible for presentation for one week. The instructor will announce the group responsible for presentation one day before the class. The presentation should include the summaries of reading materials and provide several critique to the class.

All assignments and presentation will be in English.

Class Organization

This is an advanced undergraduate course. The majority part of the class will be group discussion. Students have a reading list for each week. It is the responsibility of the students to study the required reading. Starting from week seven, students will form groups and make presentation in the beginning of the class. The group responsible for presentation will raise critique and questions. The instructors will follow up those questions and lead discussions.

Attendance and Class Activities

Students are required to attend class regularly unless excused in advance or you have proof of emergency. Class participation takes 30% of final grade. It is very important to share views during the class. Students should feel free to express their views throughout the class. Please be respectful to other students and deliver your comments in normal tones and a non-aggressive manner. The instructors will not allow any form of violence, harassment, and discrimination based on sex, gender, ethnicity, race, social class, or national origin.

We will accept notes from the student attesting to the date of the illness as an excused absence. Student may also use the university’s online system to register excused absence. A student who experiences a prolonged absence or an illness preventing attendance is required to provide written documentation of the illness from the relevant healthcare provider, verifying the dates of the treatment and the period during which the student was unable to meet academic responsibilities. 

Course Description:

Week 1 (3/1) Introduction to the course

Week 2(3/8) Understanding the financial system

Armour, John, Daniel Awrey, Paul Lyndon Davies, Luca Enriques, Jeffrey N. Gordon, Colin P. Mayer, and Jennifer Payne. 2016. Principles of Financial Regulation. Oxford University Press, Ch2-3.

Week 3 (3/15) Understanding the Global in global finance

Baxter, Lawrence G., “Understanding the Global in Global Finance and Regulation”, in Reconceptualizing Global Finance and Its Regulation Ch3 (Buckley et al. eds, 2016)

Schmukler, Sergio, “Financial Globalization: Gain and Pain for Developing Countries”, in Lake, David A., and Jeffry A. Frieden. 2010. International Political Economy: Perspectives on Global Power and Wealth,5th ed. Taylor & Francis, Ch18.

Week 4 (3/22) Global Governance

Hall and Biersteker. “The Emergence of Private Authority in the International System.” In The Emergence of Private in Global Governance, ed., Rodney Bruce Hall, Thomas J. Biersteker, Cambridge: Cambridge University Press, 2002, Ch1.

Rosenau, James and Ernst-Otto Czempiel. 1992. Governance without Government: Order and Change in World Politics. Cambridge: Cambridge University Press. Ch1.

Week 5 (3/29) Global movement of capital

Moffett et. al., Chapter 2, 3.

Week 6 (4/5) holiday, no class.

Week 7 (4/12) Central Banking: Function, Role, and Evolution (I)

Cohen, Benjamin, “The Triad and the Unholy Trinity: problems of international monetary cooperation” in Lake, David A., and Jeffry A. Frieden. 2010. International Political Economy: Perspectives on Global Power and Wealth, Fourth Edition. 4th ed. Taylor & Francis, Ch 15.

Dincer, Nergiz, and Barry Eichengreen. 2013. “Central Bank Transparency and Independence: Updates and New Measures.” SSRN Scholarly Paper ID 2579544. Rochester, NY: Social Science Research Network. https://papers.ssrn.com/abstract=2579544.

Week 8 (4/19) Central Banking: Function, Role, and Evolution (II)

Neil Irwin, The Alchemists: Three Central Bankers and a World on Fire (Penguin Books; Reprint edition (March 25, 2014)

Central Banking and Fintech—A Brave New World?, speech By Christine Lagarde, IMF Managing Director at Bank of England conference, London, manuscript available at: https://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking-and-fintech-a-brave-new-world

Week 9 (4/26) Guest Speaker

Week 10 (5/3) International Financial Organizations (I)

Armour et al, ch 28

Douglas W. Arner and Michael W. Taylor, “The Financial Stability Board and the Future of International Financial Regulation”, in Reconceptualizing Global Finance and Its Regulation (Buckley et al. eds, 2016), Ch3.

Week 11(5/10) International Financial Organizations (II)

Vreeland, J.R. 2003. The IMF and Economic Development. Cambridge Univ Press, Ch6.

Week 12 (5/17) Governance of the Global Financial System (I)

Avgouleas, “the evolution of global financial governance and development of international financial regulation.” Governance of Global Financial Markets, 2012, Ch4

Tsingou, Eleni. 2015. “Club Governance and the Making of Global Financial Rules.” Review of International Political Economy 22 (2):225–56. https://doi.org/10.1080/09692290.2014.890952.

Week 13 (5/24) Governance of the Global Financial System (II)

Avgouleas. 2012, Ch5, “The ‘softness of soft law and global financial governances.”

Week 14 (5/31) International Financial Crisis (I): Banking

Avgouleas. 2012, Ch3

Buckley, Ross, and Douglas Arner. 2011. From Crisis To Crisis. The Global Financial System and Regulatory Failure. Alphen aan den Rijn?: Frederick, MD: Kluwer Law International.

Week 15 (6/7) International Financial Crisis (II): Sovereign Debt

Tomz, M. 2007. Reputation and International Cooperation: Sovereign Debt across Three Centuries. Princeton Univ Pr. Ch2.

Stiglitz, Joseph E. 2016. The Euro: How a Common Currency Threatens the Future of Europe. 1 edition. New York: W. W. Norton & Company.

Zettelmeyer et al, The Greek Debt Restructuring: An Autopsy, 28 Economic Policy 513-563 (2013) DOI: 10.1111/1468-0327.12014

Week 16 (6/14) The Rise of Fintech: Evolution and Governance (I)

Arner et al., FinTech, RegTech and the Reconceptualization of Financial Regulation (October 1, 2016), Northwestern Journal of International Law & Business (Forthcoming)

FSB, Financial Stability Implications from FinTech (June 2017)

Week 17 (6/21) The Rise of Fintech: Evolution and Governance (II)

GPFI, G20 High-Level Principles for Digital Financial Inclusion (Sept. 2016)

GPFI, Global Standard-Setting Bodies and Financial Inclusion: The Evolving Landscape (White Paper 2016), Part I – Part III

Week 18 (6/28) conclusion: the future of global finance governance

to be annouced 

Reflection papers: 20%

Class participation: 30%

Group presentation: 50%

Grade Scale:

100-90  A+   89-85   A    84-80   A-

79-77   B+   76-73   B    72-70   B-

69-67   C+   66-63   C    62-60   C-

60 and below F

A: Considerable evidence of original and critical thinking; demonstrated exceptional capacity to analyze and synthesize; outstanding grasp of subject matter; evidence of extensive knowledge base beyond minimum requirements; constructive contribution to class discussion.

B: Evidence of grasp of subject matter, some evidence of critical capacity and analytical ability; reasonable understanding of relevant issues; evidence of familiarity with the literature; good engagement with the class on relevant issues.

C: Evidence of some understanding of the subject matter. Some participation in class.

F: Insufficient evidence of understanding of the subject matter; weakness in critical and analytical skills; limited or irrelevant use of the literature.

Source: Adapted from Dalhousie University, https://www.dal.ca/campus_life/academic-support/grades-and-student-records/grade-scale-and-definitions.html

This course uses the following books, which can be found on Moodle or university library. Please acquire journal articles for this class from the research resources of library.

Moffett, Arthur I. Stonehill, David K. Eiteman Michael H. 2015. Fundamentals of Multinational Finance, Global Edition. 5th edition edition. Boston Columbus Indianapolis New York San Francisco Hoboken Amsterdam Cape Town: Pearson Education Limited.

Avgouleas, Professor Emilios. 2012. Governance of Global Financial Markets: The Law, the Economics, the Politics. Cambridge: Cambridge University Press.

Chris Brummer, Soft Law and the Global Financial System: Rule Making in the 21st Century (New York: Cambridge University Press 2d ed. 2015).