Liberalisation of capital account and currency, banking, debt and systemic crises

optional courses

The aim of the seminar is to familiarize participants with the issues of liberalization of capital transactions in the global economy and its undesirable aspects - currency, banking, debt crisis and, consequently, systemic crises. Free flow of capital is an opportunity for economies, it allows financing investment projects, consumption, budget deficits on a large scale, however recent years have brought many examples of misallocation, excessive private and public consumption, which results in problems of many financial institutions, enterprises and governments. Internal weaknesses, erroneous monetary and fiscal policy, deformations of the financial sector, lack of sound financial supervision may lead to a crisis and its eruption. Other undesirable phenomena that may occur in the economy after reducing flow control may be tax avoidance, transfer of profits or money laundering.

During the course the following topics will be presented and discussed:

1. Theoretical models of currency crises

2. Leading indicators of currency crises

3. Theoretical models of banking crises

4. Leading indicators of banking crises

5. Debt crises (theory)

6. Debt crises (examples)

7. Crisis of the European Monetary System 1992-1993

8. Mexican crisis 1994/95

9. Asian crisis 1997-1998

10. Russian crisis 1998

11. Brazilian crisis 1999

12. Argentinian crisis 2001/2002

13. Argentine's economic policy after the crisis 2002-2015

14. Central Bank of Switzerland policy - causes and consequences

15. Crisis in the United States

16. World Financial Crisis 2008-2009 (outside the US)

17. Greek crisis 2009-2015

18. Option crisis in Poland 2008

19. The evolution of Basel regulations

20. Banking Union and MIFID 2 - new security concepts

21. Behavioral finance in financial markets

22. Experience with gold currency (advantages and disadvantages)

23. Tax avoidance

24. Money laundering

25. Probability of the crisis in Poland

Gruszczyński M. [2013], Kryzysy walutowe bankowe i zadłużeniowe w gospodarce światowej, CeDeWu, Warszawa

Gruszczyński M. [2002], Kryzysy walutowe a liberalizacja. obrotów kapitałowych, PWN, Warszawa

Iwanicz-Drozdowska., red., [2002], Kryzysy bankowe. Przyczyny i rozwiązania, PWE, Warszawa

Kindleberger C., [1999], Szaleństwo, panika, krach. Historia kryzysów finansowych, WIG-Press, Warszawa

Małecki W., Sławiński A. et al. [2001], Kryzysy walutowe, PWN, Warszawa

Mishkin F. [2002], Ekonomika pieniądza, bankowości i rynków finansowych, PWN, Warszawa

Sławiński A. [1992], Polityka stabilizacyjna a bilans płatniczy, PWN, Warszawa

KNOWLEDGE Participant in the seminar should get knowledge about interdependence on the financial market, causes and consequences of crises in this market.

SKILLS The ability to properly assess the consequences of political economic decisions, observed market trends and sociological phenomena occurring on the financial market

SOCIAL COMPETENCE Awareness of the complexity and volatility of financial markets and their environment

KW01, KW02, KW03, KU01, KU02, KU03, KK01, KK02, KK03

An essay and a presentation