Type of Credit: Elective
Credit(s)
Number of Students
國際金融治理
Spring 2024 (112.2) 中文授課
This course surveys issues and problems in international finance. It cultivates students’ understanding of regulatory development of cross-national financial activities. The course includes macroeconomics theories on currency politics, instruments of international finance, financial crisis, and international regime on commercial banking. This course is designed for students in the college of international affairs and college of law. The goal of this course differs from which offered by the college of commerce. It focuses on the governance of international finance and regulatory reform on new instruments of finance.
能力項目說明
| 教學週次Course Week | 彈性補充教學週次Flexible Supplemental Instruction Week | 彈性補充教學類別Flexible Supplemental Instruction Type |
|---|---|---|
Midterm:
an exam on basics of global finance. May include oral exam. Please note the exam date is earlier than the university’s assigned date.
Discussion leader:
Each student will take one week after the midterm to be the discussion leader. The discussion leaders will briefly introduce the required readings and then discuss governance problems related to the readings. The discussion can go beyond the class materials, but it must be related to the topic of the week. Please do not use power point slides to lead the discussion.
Presentation:
In addition to discussion on class materials, the discussion leaders will also be assigned a term. These terms could be a concept, a problem, or a case. The discussion leader will make presentation on the term. The presentation will be no longer than 30 minutes. Power point slides are allowed. Note: the discussion leaders for the international financial crises do not have presentation. Instead, they will go through 2008 global financial crisis and 2012 Greek debt crisis.
Week 1 (2/22) Introduction to the course, the basic of finance, debt, exchange rate and financial commodities
Moffett et. al., Chapter 2, 5
Week 2 (2/29) Global Governance in global finance, structure, actors, and institutions
Frieden, Jeffry. “The Governance of International Finance.” Annual Review of Political Science 19, no. 1 (2016): 33–48. https://doi.org/10.1146/annurev-polisci-053014-031647.
Moffett et. al., Chapter 3 read the part “capital mobility”
Week 3 (3/7) Understanding the financial system and goals of financial regulation
Armour, John, Daniel Awrey, Paul Lyndon Davies, Luca Enriques, Jeffrey N. Gordon, Colin P. Mayer, and Jennifer Payne. 2016. Principles of Financial Regulation. Oxford University Press, Ch2-3.
Haldane, Andrew G, “Managing global finance as a system”, Speech given at the Maxwell Fry Annual Global Finance Lecture, Birmingham University, 29 October 2014 (skip Appendix)
Week 4 (3/14) Understanding global financial regulatory framework
Baxter, Lawrence G., “Understanding the Global in Global Finance and Regulation”, in Reconceptualizing Global Finance and Its Regulation, (Buckley et al. eds, 2016), Ch3
Helleiner, Eric. 2009. “Reregulation and Fragmentation in Internal Financial Governance Special Forum: Crisis and the Future of Global Financial Governance.” Global Governance 15(1): 16–22.
Prasad, Eswar S. 2015. The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, NJ Oxford. Ch2
Week 5 (3/21): 「疫情後中國大陸與印太區域的機遇與挑戰」國際研討會(Opportunities and Challenges for China and the Indo-Pacific After the Pandemic)movement of Capital, exchange rate politics
Week 6 (3/28) Central Banking: Function, Role, and Evolution
【the history, organization, and the function of the Fed】
Bank for International Settlements, Issues in the Governance of Central Banks (May 2009), Ch1 & 2
Garriga, Ana Carolina. 2016. “Central Bank Independence in the World: A New Data Set.” International Interactions 42(5): 849–68.
【introduction on BASEL Committee on Banking Supervision (BCBS) and the BASEL Accord】
Brummer, Ch2
Brummer, Ch3
【Introducing the organization and function of G30】
Douglas W. Arner and Michael W. Taylor, “The Financial Stability Board and the Future of International Financial Regulation”, in Reconceptualizing Global Finance and Its Regulation (Buckley et al. eds, 2016), Ch4.
Renate Mayntz. 2015. “International institutions in the process of financial market regulatory reform” in Negotiated Reform: The Multilevel Governance of Financial Regulation. Campus Verlag. CH3
【The New Development Bank】
Neumayer, Eric. “The Determinants of Aid Allocation by Regional Multilateral Development Banks and United Nations Agencies.” International Studies Quarterly 47, no. 1 (March 1, 2003): 101–22. https://doi.org/10.1111/1468-2478.4701005.
Reisen, Helmut. “Will the AIIB and the NDB Help Reform Multilateral Development Banking?” Global Policy 6, no. 3 (2015): 297–304. https://doi.org/10.1111/1758-5899.12250
Week 12 (5/9) International Financial Crisis (I): Banking, shadow banking
Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report, Conclusions of The Financial Crisis Inquiry Commission.
David Luttrell, Harvey Rosenblum and Jackson Thies, “Understanding the Risks Inherent in Shadow Banking: A Primer and Practical Lessons Learned”, Federal Reserve Bank of Dallas Staff Report (November, 2012)
Recommended film: The Big Short
Week 13 (5/16) International Financial Crisis (II): Sovereign Debt
Reinhart, Carmen & Kenneth Rogoff這次不一樣 800年金融危機史，CH5 「國家外債違約循環」
Zettelmeyer et al, The Greek Debt Restructuring: An Autopsy, 28 Economic Policy 513-563 (2013) DOI: 10.1111/1468-0327.12014
Week 14 (5/23) The Rise of Fintech and its Regulation, Regulatory Sandbox, SupTech
【introduction on the regulations and operations of financial regulatory sandbox in Taiwan】
Buckley, Ross; Arner, Douglas and Dirk Zetzsche. (2024). “Evolution of FinTech” “RegTech and the Reconceptualisation of Financial Regulation”, in Fintech: finance, technology and regulation.
Yadav, Yesha, and Chris Brummer. 2019. “Fintech and the Innovation Trilemma.” Georgetown Law Journal 107: 235.
Week 15 (5/30): Crypto-assets and Central Bank Digital Currency
【the issue of regulating stablecoin】
Financial Stability Board. 2023. “High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets” (17 July 2023)
The Bank of Canada et al. 2020. Central Bank Digital Currencies: Foundational Principles and Core Features. BIS, Innovation Hub Other. https://www.bis.org/publ/othp33.htm (December 11, 2020).
Week 16 (6/6) BigTech and Financial Governance
【digital divide and financial inclusion】
Juan Carlos Crisanto, Johannes Ehrentraud and Marcos Fabian, “Big tech in Finance: Regulatory Approaches and Policy Options”, Financial Stability Institute (March 2021)
Financial Stability Board, “BigTech Firms in Finance in Emerging Market and Developing Economies” (October 2020)
Carstens, Agustín, Stijn Claessens, Fernando Restoy, and Hyun Song Shin. 2021. “Regulating Big Techs in Finance.” https://www.bis.org/publ/bisbull45.htm (December 20, 2023).
Week 17 (6/13) no class
Week 18 (6/20) no class
Midterm exam: 30%
Class participation: 30%
Discussion leader: 20%
Group presentation: 20%
Grade Scale:
100-90 A+ 89-85 A 84-80 A-
79-77 B+ 76-73 B 72-70 B-
69-67 C+ 66-63 C 62-60 C-
59 and below F
A: Considerable evidence of original and critical thinking; demonstrated exceptional capacity to analyze and synthesize; an outstanding grasp of subject matter; evidence of extensive knowledge base beyond minimum requirements; constructive contribution to class discussion.
B: Evidence of grasp of subject matter, some evidence of critical capacity and analytical ability; reasonable understanding of relevant issues; evidence of familiarity with the literature; good engagement with the class on relevant issues.
C: Evidence of some understanding of the subject matter. Some participation in class.
D: Evidence of minimally acceptable familiarity with subject matter, critical and analytical skills
F: Insufficient evidence of understanding of the subject matter; weakness in critical and analytical skills; limited or irrelevant use of the literature.
Source: Adapted from Dalhousie University, http://tinyurl.com/yak55s3q
This course uses the following books, which can be found on Moodle or university library. Please acquire journal articles for this class from the research resources of the library.
Moffett, M. H., Stonehill, A. I., & Eiteman, D. K. (2016). Fundamentals of Multinational Finance. Pearson. (Global Edition)
Avgouleas, E. (2012). Governance of Global Financial Markets: The Law, the Economics, the Politics. Cambridge University Press.
Brummer, Chris. (2015). Soft Law and the Global Financial System: Rule Making in the 21st Century (New York: Cambridge University Press 2d ed.).
*Please be aware of copyrights regulations and do not reprint these works.