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w16/17: Financial crises /2547

>> Download and print the worksheet.

  • Read the articles below and answer the questions on the worksheet.
  • Remember that you will be marked on participation and engagement and that this contributes to your coursework grade for the module.

** Bring your completed worksheet to the tutorial (as well as the article) **

Primary reading

The Economist (2014), The slumps that shaped modern finance, The Economist, April 12th

Discussion questions

  1. Identify common aspects of the five financial crises discussed in the article.
  2. Identify any unique aspects that some crises may have exhibited (ie that were not common to others).
  3. Identify the financial policy or legal / regulatory changes (e.g. to banking) that followed particular crises.
  4. What parallels with the 2008 financial crisis seem present in previous crises?

Background reading

Murphy, AL (2014), The financial revolution and its consequences, in Floud, R, Humphries, J and Johnson, J (eds), The Cambridge Economic History of Modern Britain vol 1 1700-1870, Cambridge: CUP (pp321-343)

Reinhart, CM, and Rogoff, KS (2008), Is the 2007 US subprime financial crisis so different? An international historical comparison, American Economic Review, 98, no. 2: 339-344.

Reflective question [for your w25 Reflective Journals]

To what degree are speculative bubbles (and their subsequent collapses) simply an integral part of how financial markets have come to function?