Asset price bubbles: Globalization and Financial crisis (2225.YR.014743.1)

Datos generales

Tipo:	OPT	Curso:	2,3,4	Periodo:	S semestre
Créditos ECTS:	3 ECTS

Profesorado:

Grupo	Profesor	Departamento	Idioma
Year 2	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad	ENG

Grupo	Profesor	Departamento	Idioma
Year 3	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad	ENG

Grupo	Profesor	Departamento	Idioma
Year 4	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad	ENG

There are no specific requirements.

This is an advanced macroeconomic course. It's recommended that the student has taken some macroeconomics course.

This elective course is for students interested in macroeconomics. Indeed, the goal of the course is to examine the origins and consequences of asset price bubbles and its relation with economic and financial crises.

The student will learn what is an asset price bubble and how economists explain its emergence. There will be a discussion on how the spread of financial globalization has changed the direction of capital flows and may have influenced the emergence of bubbles. Given the importance of housing, as the main asset in most countries, the consequences of housing bubbles will be examined. Lastly, other financial crises (like bank runs and currency crises) will be analyzed along with their relationship with asset price bubbles.

1. Topics 1- What is a bubble? A brief story of bubbles 2- Two Models of Bubbles: Rational vs Irrational 3- Globalization and Global Imbalances 4- Globalization, Global Imbalances ¿. And Bubbles! 5- Oops¿ the Housing Bubble Burst 6- Liquidity Traps and Bubbles 7- Financial Crises: Bank Runs 8- Financial Crises (II): Currency Crises 9- Taking Stock: Empirical Evidence on Financial Crises

There will be lectures where the material of the course will be explained and discussed. An active participation of students is required. Participation is an important part of the final grade. The students are encouraged to make comments, questions and participate in the debates during the lecture. Even though it is no required, it is recommended that the students read the material before the lectures.

Actividades de evaluación

Aliber, R.Z and C.P. Kindleberger (2015): Manias, Panics, and Crashes: A History of Financial Crises, Palgrave Macmillan.
Basco, S. (2018), Housing Bubbles: Origins and Consequences, Palgrave Macmillan
Krugman, P., Obstfeld, M and Melitz, M., (2018), International Economics, Pearson.

Grupo	Profesor	Departamento
Year 2	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad

Grupo	Profesor	Departamento
Year 3	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad

Grupo	Profesor	Departamento
Year 4	Sergi Basco Mascaro	Economía, Finanzas y Contabilidad