Bankar og Fjármálamarkađir

Háskóli Íslands -Hagfrćđideild - Vormisseri 2009

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Kennari: Ásgeir Jónsson  (ajonsson@hi.is)

 

 

 

Í ţessu námskeiđi verđur fariđ yfir helstu eignamarkađi hérlendis, ţađ er međ skuldabréf, hlutabréf, fasteignir, gjaldeyri og lausafé. Fjallađ er um verđmyndun á ţessum mörkuđum bćđi í frćđilegu samhengi og međ tilvísun viđ íslenskan veruleika. Einnig er fariđ yfir rekstur bankastofnana og ţýđingu millibankamarkađa fyrir verđmyndun á fjármálamarkađi. Ţá er fjallađ um hlutverk seđlabanka í hagstjórn, stjórntćki peningamála, miđlun ađgerđa hans um fjármálamarkađina og áhrif á hagkerfiđ. Lögđ er sérstök áhersla á ađ tengja námsyfirferđina viđ ţau málefni sem efst er á baugi í efnahags- og ţjóđmálaumrćđu á hverjum tíma, ţannig ađ nemendur öđlist hagnýta frćđilega ţekkingu íslenskum fjármálamörkuđum og grunnatriđum í hagstjórn.

 

Í ţessu námskeiđi verđa lögđ fyrir 3 verkefni međ 10% vćgi hvort í lokaeinkunn. Loks mun lokapróf hafa um 70% vćgi í lokaeinkunn. 

Ađalkennslubók er The Economics of Banking eftir ţá Kent Matthews og John Thompson. Auk ţess verđur fariđ yfir ýmsar ađrar greinar samhliđa bókinni. Til frekari fróđleiks er nemendum bent á heildaryfirlit yfir greinar um bankamál samkvćmt X. Freixas

 

Verkefni_1 - nánar

Verkefni 2 - nánar

Verkefni 3 - nánar

 

Gömul próf

Vorpróf 2008
Vorpróf 2007

Vorpróf 2006

 

Vika 1. Um hvađ snýst bankastarfsemi?

 

Skyldulesefni:

Kafli 1 í M&T

Originative sin: the future of banking

Ásgeir Jónsson Um framţróun íslenska bankakerfisins Jólablađ Vísbendingar, 2004

 

Glósur

Glósur - Um framţróun íslenska bankakerfisins

 

Aukalesefni 

Simon Kwan. "Financial Modernization and Banking Theories", FRBSF ECONOMIC LETTER, December 2001.

The paradox of Banking 2015 Achieving more by doing less IBM Institute for Business Value, 2005

Jónas Haralz Hefđir og umbreyting – Landsbanki Íslands 1969–1988

 

Vikur 2-3. Fjármálaleg milliganga og lausafjártrygging

 

Skyldulesefni:

Kaflar 3-5 í M&T

Douglas W. Diamond; Philip H. Dybvig Banking Theory, Deposit Insurance, and Bank Regulation The Journal of Business, Vol. 59, No. 1. (Jan., 1986), pp. 55-68.

Katrina Lamb The Rise Of The Modern Investment Bank

Valentine V. Craig Merchant Banking: Past and Present FDIC Banking Review

Matt King  Understanding the CP Crunch Citigroup Fixed Income Quantitative Research 16 August 2007

Glósur

Glósur - Hvađ gera bankarnir?
Glósur - tegundir bankastarfsemi
Bankar og bakađar baunir

 

Aukalesefni 

George J. Benston Universal Banking The Journal of Economic Perspectives > Vol. 8, No. 3 (Summer, 1994), pp. 121-143

Marc R. Saidenberg and Philip E. Strahan Are Banks Still Important for Financing Large Businesses? Current Issues in Economics and Finance. Federal Reserve Bank of New York,1999

Robert N McCauley, Judith S Ruud and Philip D Wooldridge Globalising international banking BIS Quarterly Review, March 2002

Douglas W. Diamond Financial Intermediation as Delegated Monitoring: A Simple Example

Anil K. Kashyap; Raghuram Rajan; Jeremy C. Stein Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking  The Journal of Finance > Vol. 57, No. 1 (Feb., 2002), pp. 33-73

Douglas W. Diamond; Philip H. Dybvig Bank Runs, Deposit Insurance, and Liquidity  The Journal of Political Economy > Vol. 91, No. 3 (Jun., 1983), pp. 401-419

 

 

Vika 4: Rekstrarhagfrćđi fjármálastofnana og fjármagnsskömmtun

Skyldulesefni

Kaflar 6 og 8

 

Glósur

Glósur - fjármagnsskömmtun

Glósur- miđlunarferliđ

Gjaldţrot Lehmans

 

Aukalesefni 

Frederic S. Mishkin. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," in Aspects of the Transmission Mechanism of Monetary Policy, Focus on Austria 3-4/2001. (Osterreichische Nationalbank: Vienna 2001): 58-71. (view PDF)

Lawrence J. White."Fannie Mae, Freddie Mac, and Housing Finance Why True Privatization Is Good Public Policy" Policy Analysis, október 2004

Doris Neuberger Industrial organization of banking: A review . International Journal of the Economics of Business. Abingdon: Feb 1998.Vol.5, Iss. 1; pg. 97, 22 pgs  

 

Vika 5 : Miđlunarferli og vaxtaróf 

Skyldulesefni

Kafli 2  í M&T

William Poole Understanding the Term Structure of Interest Rates, Federal Reserve Bank of St. Louis, júní 2005

Deutsche Bundesbank Real interest rates: movements and determinants. Monthly Report July 2001.

 

Glósur

Glósur - ákvörđun raunvaxta í lokuđu hagkerfi

Glósur -vaxtaróf og raunvaxtastig

Glósur - Hvađa máli skiptir M?
 

Aukalesefni

Marvin Gooodfriend Using the Term Structure of Interest Rates for Monetary Policy  Richmond Federal Reserve Bank Economic Quarterly

Christian Upper and Andreas Worms. Real long-term interest rates and monetary a cross-country perspective, BIS paper no. 19, (2003)

Christopher Bliss. The real rate of interest: A theoretical analysis. Oxford review of Economic Policy, summer 1999.

Mervyn King, No money, no inflation—the role of money in the economy The Bank of England Quarterly Bulletin, summer 2002

Ásgeir Jónsson  Bankar, peningar og verđbólga sérrit KB banka (2004)

Daniel L. Thornton and Michelle R. Garfinkel  The Multiplier Approach to the Money Supply Process: A Precautionary Note
Federal Reserve Bank of St. Louis Review, July/August 1991, 73(4), pp. 47-64.

Halldór Sveinn Kristinsson Millibankamarkađur međ krónur Peningamál, ágúst 2002

 

 

Vika 6. Skuldavafningar, seljanleiki og lánveitingar til ţrautavara

Kafli  9 í M&T

A Black Wednesday on Credit Markets; 'Heaven Help Us All' Wall Street Journal, SEPTEMBER 20, 2008

Eschatological. Time to go long. Merril Lynch High Grade Credit | Europe | Banks 12 March 2008

CURZIO GIANNINI Enemy of None but a Common Friend of All? An International Perspective on the Lender-of-Last-Resort Function IMF Working Paper No. 99/10 January 1999
(Athugiđ ađ ţađ nćgir ađ lesa 12 fyrstu síđurnar um domestic lender of last resort)

 

Glósur

Glósur - Skuldavafningar

Glósur - Skuldavafningar Kaupţings

Glósur - Lánveitingar til ţrautarvara

 

Aukalesefni 

The Next Phase in Financial Intervention, US Daily Financial Market Comment, Goldman Sachs, 18 september 2008

Allen, Mark, Rosenberg, Christoph B.,  Keller, Christian, Setser, Brad og Roubini, Nouriel. (2002) "A Balance Sheet Approach to Financial Crisis" IMF Working Paper No. 02/210 
(ATH.Nćgir ađ lesa fyrstu 20 síđurnar)

Frederic S. Mishkin  Ţýđing fjármálastöđugleika fyrir efnahagslífiđ

Indie I-Banks: Dieing Dinosaurs or Burgeoning Behemoths? Credit Sights, 18 Sep 2008

 

Vika 7: Reglun á fjármálamarkađi

Skyldulesefni - kafli 11 M&T

30 Group of Thirty Financial Reform A Framework for Financial Stability

Harald Benink, Jón Daníelsson og Ásgeir Jónsson "On the Role of Regulatory Banking Capital" Financial Markets, Institutions & Instruments,  February 2008 - Vol. 17 Issue 1 Page 1-136

 

Glósur

Glósur - Basel II og lítil opin hagkerfi

Glósur - regluverk bankakerfisins

Glósur - eiginfé banka og rekstraráhćtta

 

Aukalesefni

Kaminsky, G. L og Reinhart, C. M. (1999) " The Twin Crisis: the Causes of Banking and Balance-of-Payments Problems"  American Economic Review Vol. 89 473-500.

Jon Danielsson og Hyun Song Shin (2002) Endogenous Risk 

Jón Daníelsson og Ásgeir Jónsson  Gengisvarnir á eiginfé banka og fjármálalegur stöđugleiki Fjármálatíđindi 53. árgangur fyrra hefti 2006, bls. 22-33

Skander J. Van den Heuvel Does Bank Capital Matter for Monetary Transmission?

R. Glenn Hubbard "Is There a 'Credit Channel' for Monetary Policy?  Federal Reserve Bank of St. Louis Review 1995

 

Vika 8-9 Verđlagning bankastofnana.

 

Skyldulesefni

C H A P T E R 8 STOCK VALUATION AND INVESTMENT DECISIONS

PABLO FERNÁNDEZ Company Valuation Methods: The Most Common Errors in Valuations  University of Navarra - IESE Business School  February 28, 2007

Clifford Asness Bubble Logic Or, How to Learn to Stop Worrying and Love the Bull Partial Book Draft

 

Glósur

Glósur - Company Valuation

Glósur - verđmat banka

 

Aukalesefni

Jeremy J. Siegel & Richard H. Thaler Anomalies: The Equity Premium Puzzle The Journal of Economic Perspectives, Vol. 11, No. 1. (Winter, 1997), pp. 191-200.

Kaupthing Research Swedish banks 3Q07 Previews ▪ Banks ▪ Sweden 5 October 2007

UBS Investment Research Icelandic banks: A question of risk-reward Global Equity Research 5. December 2007

 

 

Vikur 10-12: Markmiđ og akkeri peningamálastefnunar

Skyldulesefni

R.W. Hafer and David C. Wheelock The Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986

Frederic S. Mishkin, "Inflation Targeting," in Howard Vane and Brian Snowdon,
Encyclopedia of Macroeconomics (Edward Elgar: Cheltenham U.K., 2002): 361-65.
(view PDF)

Governor Frederic S. Mishkin  Monetary Policy Flexibility, Risk Management, and Financial Disruptions Speech at the Federal Reserve Bank of New York, New York January 11, 2008

Paul van den Noord Economics (2004) " Euro: the experience to date" Opinber fyrirlestur viđ Háskóla Íslands september 2004 fyrir hönd The economics department OECD. +

 

Glósur

Glósur - verkfćri og markmiđ Seđlabanka

Glósur - hagstjórnarađgerđir og hagstjórnarreglur.

Glósur - Verđbólgumarkmiđ

Glósur - gjaldeyrisinngrip

 

Aukalesefni

Um gengisspár međ óvörđu vaxtajafnvćgi

Frederic S. Mishkin, "What Should Central Banks Do?" Federal Reserve Bank of St. Louis Review, vol. 82, #6 (November/December 2000): 1-13. (view PDF)

Ţórarinn G. Pétursson Útfćrsla verđbólgumarkmiđsstefnu víđa um heim Peningamál Seđlabanka Íslands 2004/1
(Glósur - Ţórarinn G. Pétursson - Peningastefna međ verđbólgumarkmiđi)

Már Guđmundsson Verkefni og starfshćttir nútíma seđlabanka Peningamál nóvember 2002

Michael Woodford "Inflation Targeting and Optimal Monetary Policy," October 2003. [Presented at the Annual Policy Conference, Federal Reserve Bank of St. Louis, Oct. 16-17, 2003.] Ţađ nćgir ađ lesa fyrst 15 síđurnar

Michael Woodford og Lars E.O. Svensson "Implementing Optimal Policy through Inflation-Forecast Targeting," with , November 1999, revised April 2003. [To appear in: B.S. Bernanke and M. Woodford, eds., Inflation Targeting, University of Chicago Press.]

William Poole "Monetary Policy Rules"  The Federal Reserve Bank of St. Louis Review 1999

Ţórarinn G. Pétursson Nýjar áherslur í starfsemi seđlabanka: aukiđ sjálfstćđi, gagnsći og reikningsskil gerđa Peningamál, nóvember 2000

 Ţórarinn G. Pétursson. Miđlunarferli peningastefnunnar.  Peningamál Seđlabanka Íslands. Nóvember 2001
h
ttp://www.sedlabanki.is/uploads/files/pm014_7.pdf

Lucio Sarno; Mark P. Taylor "Official Intervention in the Foreign Exchange Market: Is It Effective and, If so, How Does It Work?" Journal of Economic Literature, Vol. 39, No. 3. (Sep., 2001), pp. 839-868.

Mark P. Taylor "The Economics of Exchange Rates"  Journal of Economic Literature, Vol. 33, No. 1. (Mar., 1995), pp. 13-47.

Ásgeir Jónsson, Snorri Jakobsson og Steingrímur A. Finnsson. Sérefni um gengi krónunnar. KB banki desember 2004.

Stephen G. Cecchetti "Distinguishing Theories of the Monetary Transmission Mechanism"
The Federal Reserve Bank of St. Louis Review 1995