Bubbles, Panics & Crashes: A Long Period Assessment of the Causes & Consequences of Financial Crises - ECO00018H

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Module will run

Occurrence	Teaching period
A	Spring Term 2022-23

Module aims

To introduce students to the:

• Recurrent nature of financial crises
• Nature and causes of speculative booms
• Importance of the role of the lender of last resort
• Role played by regulation, liquidity and credit constraints
• Extent to which monetary expansion underpins such crises

To enable students to:

• Evaluate the economic cost of such crises
• Appreciate how, in given time periods, policy responses may or may not have been appropriate

Module learning outcomes

On completing the module, students will have a clearer understanding of the:

• Recurrent nature of financial crises
• Nature and causes of speculative booms
• Importance of the role of the lender of last resort
• Role played by regulation, liquidity and credit constraints
• Extent to which monetary expansion underpins such crises
• Economic cost of such crises, and
• How, in given time periods, policy responses may or may not have been appropriate

Indicative assessment

Task	% of module mark
Online Exam -less than 24hrs (Centrally scheduled)	100.0

Special assessment rules

None

Indicative reassessment

Task	% of module mark
Online Exam -less than 24hrs (Centrally scheduled)	100.0

Module feedback

Feedback will be given in line with University guidelines

Indicative reading

Carmen M. Reinhart & Kenneth S. Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press, 2009.
Charles P. Kindleberger and Robert Z. Aliber. 2011. Manias, panics and crashes : a history of financial crises. 6th Edition. Basingstoke, Hampshire: Palgrave Macmillan, 2011.