事例研究(金融のグローバル化と地域通貨統合)

担当教員

中林 伸一

単位数・配当学期・曜日・時限

2単位 冬学期 金曜5限

内容・進め方・主要文献等

This course will study the global financial crisis and regional monetary integration by using the theory of open economy macroeconomics, banking regulation, and the optimum currency area.

Economic analysis of banking regulation (or lack thereof) offers answers as to what went wrong during the sub-prime loan crisis, and ensuing global financial crisis post Leman Brothers collapse. We will look at issues of moral hazard and adverse selection in the context of credit risk transfer and government supported enterprises, touching upon ongoing regulatory reform discussions regarding pro-cyclicality, compensation practices, and cross-border cooperation. The transmission mechanism of monetary policy will be explored in order to judge the effectiveness of policy responses aimed at avoiding economic stagnation. We will use the theory of macroeconomic policy and coordination as a foundation from which current affairs, the global economic landscape, and government policy responses are evaluated.

Regional monetary integration has progressed at the same time as financial market globalization, and international capital flows have dramatically increased their volume and speed. Will this integration mitigate or aggravate a national economy’s vulnerability to sudden reversal of international capital flows? We will look into the case of Latvia, which maintains its peg to the Euro under severe economic conditions, and examine the possibilities surrounding monetary integration in East Asia.

Basic knowledge of micro- and macro- economics is required. Basic knowledge of statistics and econometrics will be helpful. Before each class, you are expected to read the relevant articles, copies of which will be provided at least one week before the class. To facilitate discussion during class, a reporter will be assigned for each article.

教材等

Copies will be provided. Relevant chapters of the following texts and others.

The Economics of Money, Banking, and Financial Markets: Mishkin, 2007
International Economics: Krugman & Obstfeld, 2009
Regional Monetary Integration: Kenen & Meade, 2008

成績評価の方法

Class Participation: 25%; Individual Assignment (Reporter of Reading Assignment): 25%;
Group Presentation: 25%; Final Report: 25%

関連項目