The Global Financial Crisis (Yale University) [5410]
About this Course
Former U.S. Secretary of the Treasury Timothy F. Geithner and Professor Andrew Metrick surveys the causes, events, policy responses, and aftermath of the recent global financial crisis.
Subtitles available in English
11 weeks of study, 4-6 hours/week
Instructors
Andrew Metrick
Michael H. Jordan Professor of Finance and Management
Yale School of Management
Timothy Geithner
Lecturer in Management, Yale SOM, Former U.S. Secretary of the Treasury
Yale School of Management
Syllabus
- Introduction to The Global Financial Crisis
- What is a Financial Crisis?
- Why study the Global Financial Crisis?
- Course Themes
- Course Organization
- Why Does This Matter?
- What Causes Financial Crises? Part 1
- What Causes Financial Crises? Part 2
- Causes of the 2008-2009 Financial Crisis
- What Did We Miss and Why Did We Miss It?
- Quiz: Module 2, Wrap Up
Week 2
Housing and Mortgages
- Introduction
- Housing Bubbles and Financial Crises
- Mortgages: Fixed and Adjustable
- Prime Mortgages
- Nonprime Mortgages
- Why Subprime Mortgages?
- Some Foreclosure Facts
- Crisis Terminology
- Summary
- Quiz: Module 3, Wrap Up
Week 3
Safe Assets and the Global Savings Glut
- Introduction
- Shadow Banking
- Safe Assets
- The Global Savings Glut Hypothesis
- Global Savings Glut: Data
- Global Savings Glut Data, Part II
- Supply of Safe Assets
- Manufacturing Safe Assets
- Securitization: Overview
- Securitization: Data, Part I
- Securitization: Data, Part II
- Summary
- Quiz: Module 4, Wrap Up
Week 4
The Housing Crisis
- Introduction
- What Caused the Housing Crisis?
- 3 Hypotheses
- Hypothesis 1: Bad Behavior, Part I
- Hypothesis 1: Bad Behavior, Part II
- Hypothesis 1: Bad Behavior, Part III
- Hypothesis 2: Government Failure, Part I
- Hypothesis 2: Government Failure, Part II
- Hypothesis 3: Bubble Thinking
- Summary
- Quiz: Module 5, Wrap Up
Week 5
Anxiety, Part I
- Introduction
- Some Notable Events in 2007
- ABX
- ABX Data
- Anxiety Spreads to Interbank Markets
- LIBOR-OIS
- LIBOR-OIS Data
- Asset-Backed Commercial Paper
- ABCP Data
- ABCP Runs, Part I
- ABCP Runs, Part II
- Summary
- Quiz: Module 6, Wrap Up
Week 6
Anxiety, Part II
- Introduction
- Northern Rock: Narrative
- Northern Rock and the Global Financial Crisis
- The "Monolines"
- Auction Rate Securities
- Bear Stearns, Part I
- Bear Stearns, Part II
- Bear Stearns, Part III
- Summary
- Quiz: Module 7, Wrap Up
Week 7
Panic
- Introduction
- Shadow Banking
- Repo
- The GSEs
- Lehman Brothers
- MMMFs
- AIG
- The Run on Repo
- Summary
- Quiz: Module 8, Wrap Up
Week 8
Our Responses to the Crisis
- United States Financial Capacity
- Phase 1: Letting It Burn
- Phase 1: Letting It Burn - Framework for Crisis Resolution
- Phase 2: Early Escalation - The Policy Response
- Phase 3: Breaking the Panic - Market Developments
- Triage in a Panic
- Phase 4: Resolution - Market Developments
- Phase 4: Resolution - What We Did
- The Stress Test
- Housing Response
- Quiz: Module 9, Wrap Up
Week 9
Responding to Future Crises
- What Have We Learned? Outcomes: Prisms 1-5
- What Have We Learned? Outcomes: Prisms 6-10
- Unfinished Business
- Playbook: Rule 1-5
- Playbook: Rule 6-10
- Conclusion
- Quiz: Module 10, Wrap Up
Week 10
Europe in the Global Financial Crisis
- Introduction
- The Euro: Background
- European Growth and Unemployment
- Three Connected Crises
- Timeline
- Ireland
- Iceland
- Summary
- Quiz: Module 11, Wrap Up
Week 11
The Eurozone Crisis
Course Summary
- Introduction
- Eurozone Crisis: Overview
- Eurozone Crisis: Timeline, Part I
- Eurozone Crisis: Timeline, Part II
- Eurozone Crisis: Timeline, Part III
- The Economics of the Euro
- Ireland and Iceland Revisited, Part I
- Ireland and Iceland Revisited, Part II
- Ireland and Iceland Revisited, Aftermath
- Internal Devaluations
- The Euro and the Gold Standard: Lessons from the Great Depression
- Summary
- Course Summary
- Quiz: Module 12, Wrap Up
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