Course Dates: September 4-7, 2019
Books
Firefighting: The Financial Crisis and Its Lessons (2019) by Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson [Read the last chapter in particular.]
Thursday, September 5
Speaker: Lance Eckel, "An Introduction to Financial Markets"
- Required: Banks Pick New Reference Rate to Replace U.S. Dollar Libor (PDF)
- Required: Libor vs. SOFR Guide (PDF)
Recommended: 1-2 page topic briefs (Fairly US specific, but relevant to advanced financial markets broadly.)
- CRS Series: Introduction to Financial Services, CRS Insight, updated January 11, 2019
- Introduction to Financial Services: Capital Markets
- Introduction to Financial Services: Systemic Risk
- Introduction to Financial Services: The Regulatory Framework
- Introduction to Financial Services: Banking
- Introduction to Bank Regulation: Leverage and Capital Ratio Requirements
- Introduction to Financial Services: Insurance
- Introduction to Financial Services: Derivatives
- Introduction to Financial Services: The Federal Reserve
- Introduction to Financial Services: The Securities and Exchange Commission (SEC)
- Introduction to Financial Services: The Bureau of Consumer Financial Protection (CFPB)
- Introduction to Financial Services: The Housing Finance System
Friday, September 6
Speaker: Michael Johannes, “Mortgage Markets & Derivatives”
- Required: A series of articles that appeared in the Wall Street Journal prior to the financial crisis.
- Recommended: Comradely capitalism- How America accidentally nationalized its mortgage market (The Economist)
Speaker: Karsten Mueller, "Financial Crises & Bubbles"
- Required: Bubbles, Credit, and Their Consequences (2016) Òscar Jordà, Moritz Schularick, and Alan M. Taylor. Federal Reserve Bank of San Francisco (FRBSF) Economic Letter 2016-27
- Required: Modeling Financial Crises (2019) Paul, Pascal. Federal Reserve Bank of San Francisco (FRBSF) Economic Letter 2019-0
- Recommended: Bubbles Tomorrow, Yesterday, but Never Today? (2013) John C. Williams. Federal Reserve Bank of San Francisco (FRBSF) Economic Letter 2013-27
- Recommended: Video Lecture of Atif Mian’s Nobel Symposium Talk (video - 25 minutes)
Saturday, September 7
- What is investment banking?
- Are Global Banks Cutting Off Customers in Developing and Emerging Economies? (World Bank)
- Credit Rating Agency Reform is Incomplete (Alice M. Rivlin and John B. Soroushian, The Brookings Institution)
- Financial Regulation: Complex and Fragmented Structure Could be Streamlined to Improve Effectiveness [two page highlights], U.S. Government of Accountability Office
- Time for a Post-Financial Crisis Review (Bipartisan Policy Center)
- A decade after the crisis’ first tremor, are we ready for another? (David Wessel, The Brookings Institution)
Other Books, Movies & Articles of Interest
- House of Debt (2014) by Atif Mian and Amir Sufi
- After the Music Stopped: The Financial Crisis, the Response and the Work Ahead (2013) by Alan Blinder
- Too Big to Fail (2009) by Andrew Ross Sorkin
- Movie: Too Big to Fail (2011)
- The Big Short: Inside the Doomsday Machine (2010) by Michael Lewis
- Movie: The Big Short (2015)
- When Genius Failed (2001) Roger Lowenstein (about the 1998 collapse of bond trading firm Long-Term Capital Management)
- Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon (2011) by Morgenson and Rosner
- Documentary film: “Inside Job” (2010)
- Markus Brunnermeier’s video series on “Money and Banking”
- Uncorking CDOs (Collateralized Debt Obligations (Paddy Hirsch, American Public Media, 6 minutes)
- Getting Naked in Short-Selling (Paddy Hirsch, American Public Media, 7 minutes)
- A Reader’s Guide to the Financial Crisis (A very good summary of academic work on the crisis.
Want More?
- A Decade After the Crisis – what have we learned? (Financial Times. Princeton students can access this with a university email account.)
- Global Financial Crisis (Financial Times Series)
- Did Policymakers Get Post-Crisis Financial Regulation Right? (Bipartisan Policy Center)
- Committee on the Global Financial System (Bank for International Settlements)
- Office of Financial Research – US Treasury