Risques macro-financiers
Les objectifs du cours
The foundation of the course concerns the relationship between the real economy and the financial market, which branches out to encompass credit risk and the methods and tools used for evaluating risk. These lectures focus on the consequences of financial structuring on the financing of large companies and the impact of the current financial crisis on the real economy. Additional topic areas include balancing economic freedom of the financial market with efforts to regain the trust of investors, as well as capital adequacy ratios and the management of regulatory capital by the banks who favoured risk assignment and securitization operations. Risk transfer and risk returns to investors will also be discussed. In sum, the course will examine financial regulations and the feasibility of economic freedom in financial markets in light of the loss of trust.
Plan du cours
Bibliographie
Books:
Vernimmen: Finance d'entreprise
Patrick Artus et Marie Paul Viard: Globalization, le pire est à venir
Paul Jorian: La crise des subprime au séisme financier planétaire - Fayard, October 2008
Augustin Landier, David Thesmar: Le grand méchant marché financier - Flammarion, 2007
Media Articles:
Joseph Stiglitz: The fruit of hypocrisy - The Guardian 16.09.2008
Joseph Stiglitz: The fall of Wall Street is to market fundamentalism what the fall of the Berlin wall was to the communism. Interview by Nathan Gardel - Huttington Post 16.09.08
Examen
Each seminar includes presentations by students and an interactive class debate based on course content. Students will thus be graded for both oral discussion in the class and written work. The final grade results from a combination of the two.