Assignment and exams

Quiz:

There will be five quizzes throughout the course. The quiz will be given randomly between week 7 and week 16 at the beginning of the class (before the group presentation). Each quiz will take about 30-40 minutes. The questions are based on class materials. It is important to read the required readings before the class.

Group presentation:

Students will organize discussion groups. Each group will be responsible for the 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 critiques to the class. The presentation will be 45-60 minutes long. The presenters will provide discussion questions to the audience.

All exams and presentations will be in English.

Week 1 (2/20) Introduction to the course

Week 2 (2/27) Global Governance

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

Week 3 (3/5) 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 4 (3/12) Understanding the Global in global finance

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

Week 5 (3/19) Global Movement of Capital

Haldane, Andrew G, “Managing global finance as a system”, Speech given at the Maxwell Fry Annual Global Finance Lecture, Birmingham University, 29 October 2014

Moffett et. al., Chapter 3

Week 6 (3/26) Central Banking: Function, Role, and Evolution

Bank for International Settlements, Issues in the Governance of Central Banks (May 2009), Ch1 & 2

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 7 (4/2) holiday, no class

Week 8 (4/9) Financial Inclusion: Promises, Means and Governance

Mehrotra, Aaron N. and Yetman, James, “Financial Inclusion - Issues for Central Banks” (March 2015). BIS Quarterly Review March 2015. Available at SSRN: https://ssrn.com/abstract=2580310

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

Week 9 (4/16) Governance of the Global Financial System (I): The Architecture of Global Financial Governance

 Brummer, Ch2

Week 10 (4/23) Governance of the Global Financial System (II): Soft Law and Politics of Global Financial Governance

Brummer, Ch3

Week 11 (4/30) Governance of the Global Financial System (III): Important International Financial Organizations

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), Ch4.

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

Week 12 (5/7) International Financial Crisis (I): Banking

Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report, Conclusions of The Financial Crisis Inquiry Commission.

Recommended:

David Luttrell, Harvey Rosenblum and Jackson Thies, “Understanding the Risks Inherent in Shadow Banking: A Primer and Practical Lessons Learned”, Federal Reserve Bank of Dallas Staff Report (November, 2012)

Week 13 (5/14) International Financial Crisis (II): Sovereign Debt

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

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

Week 14 (5/21) Guest talk

Week 15 (5/28): The Rise of Fintech: Evolution and Governance

Buckley, Ross & Arner, Douglas & Barberis, Janos. (2016), “150 Years of FinTech: An Evolutionary Analysis”, JASSA - The FINSIA Journal of Applied Finance.

Brummer, Christopher J. and Yadav, Yesha, “Fintech and the Innovation Trilemma” (October 17, 2017). Georgetown Law Journal, 2018 Forthcoming; Vanderbilt Law Research Paper No. 17-46; Georgetown Law and Economics Research Paper No. 11-23. Available at SSRN: https://ssrn.com/abstract=3054770 or http://dx.doi.org/10.2139/ssrn.3054770

Week 16 (6/4) FinTech Regulation: Regulatory Sandbox and SupTech

Péter Fáykiss & Dániel Papp & Péter Sajtos & Ágnes Tõrös, 2018. "Regulatory Tools to Encourage FinTech Innovations: The Innovation Hub and Regulatory Sandbox in International Practice," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 17(2), pages 43-67.

Dias, Denise, “SupTech: Leveraging Technology for Better Supervision”, Toronto Centre Note (July 2018)

Week 17 (6/11) guest talk

Week 18 (6/18) Crypto-assets and Central Bank Digital Currency; conclusion: the future of global finance governance

Financial Stability Board, “Crypto-Asset Markets- Potential Channels for Future Financial Stability Implications” (October 2018)

Lagarde, Christine, “Winds of Change: The Case for New Digital Currency”, Speech given at Singapore Fintech Festival, November 14, 2018

N/A

Grading Policy

Quiz: 30%

Class participation: 30%

Group presentation: 40%

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-

59 and below F

A: Considerable evidence of original and critical thinking; demonstrated exceptional capacity to analyze and synthesize; an 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, http://tinyurl.com/yak55s3q

Recommended readings

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 the library.

Moffett, M. H., Stonehill, A. I., & Eiteman, D. K. (2016). Fundamentals of Multinational Finance. Pearson. (Global Edition)

Avgouleas, E. (2012). Governance of Global Financial Markets: The Law, the Economics, the Politics. Cambridge University Press.

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

*Please be aware of copyrights regulations and do not reprint these works.