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In the wake of the Global Financial Crisis (GFC) of 2008, the visibility of finance and financial regulation has increased dramatically. This subject will provide an overview of the global financial system and international efforts to build structures to support its proper functioning. Taking an integrative approach, the subject will look at the evolution of the global financial system, its structure and regulation. In doing so, it will analyse financial crises, especially the GFC, and responses to it, the Basel Committee on Banking Supervision (BCBS), the Financial Stability Board (FSB) and the International Monetary Fund (IMF).
Principal topics include:
- The historical evolution of the international financial markets from Bretton Woods to the present
- Costs and benefits of internationalisation and globalisation of finance
- International debt and derivatives markets
- International prudential regulation and capital adequacy
- The rise of emerging markets and their integration into the global financial system
- Major international financial crises, their causes and implications
- Regulatory responses to financial crises and mechanisms for crisis resolution
- The international financial architecture and its evolution
- The impact of technology on global finance and its regulation: FinTech and RegTech.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of the principal financial markets of the world and their interrelation with one another in the global financial system
- Have a sophisticated appreciation of the development of those markets over time and major crises therein
- Have the cognitive and technical skills to generate critical and creative ideas relating to the regulation of activities of those markets (principally through the Basel Accord and other activities of the Financial Stability Board)
- Be an engaged participant in debate regarding the options for reform of the architecture of the international financial system
- Have the cognitive and technical skills to independently examine, research and analyse the operations of these markets, including in the context of technological and other innovation
- Be able demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of international financial regulation.
Last updated: 8 September 2023