Bankar og fjármálamarkađir


Háskóli Íslands -Hagfrćđideild - Vormisseri 2013

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Kennari: Ásgeir Jónsson  (ajonsson@hi.is)

Dćmakennari: Davíđ Stefánsson (david.stefansson@arionbanki.is)

 

 

 

Kennslubćkur námskeiđsins eru tvćr;  Modern Financial Macroeconomics eftir Todd A. Knoop (TK) og Why Iceland eftir Ásgeir Jónsson. (ÁJ). 

Auk ţess eru teknir upp nokkrir kaflar úr bókunum: The Economics of Banking eftir ţá Kent Matthews og John Thompson (M&T), Investment Banking: Institutions, Politics, and Law eftir Alan D. Morrison og William J. Wilhelm Jr., Monetary Theory and Policy eftir Carl E. Walsh og Nauđsyn eđa val? Verđtrygging, vextir, verđbólga eftir ţá Ásgeir Jónsson, Sigurđ Jóhannesson og Valdimar Ármann.

 Til frekari fróđleiks er nemendum bent á heildaryfirlit yfir greinar um bankamál samkvćmt X. Freixas

Ţrjú verkefni verđa lögđ fyrir á ţessari önn sem hvert gildir 10%. Ţetta eru hópverkefni en kjörstćrđ hvers vinnuhóps er ţrír nemar. Lokapróf gildir 70% af lokaeinkunn.

 

Verkefni 1 - skiladagur 5. febrúar

Verkefni 2 - skiladagur 5. mars

Verkefni 3 - skiladagur 9. apríl

 

Gömul próf

 

Vorpróf 2012
Vorpróf 2011
Vorpróf 2010
Vorpróf 2009
Vorpróf 2008
Vorpróf 2007

Vorpróf 2006

 

 

Hluti I. Bankastarfsemi

 

Vika 1-2. Um hvađ snýst bankastarfsemi?

Skyldulesefni:

Kaflar 1-2 í TK
Kaflli 2 í ÁJ
Kafli 3 í M&T

Glósur

Glósur - Um framţróun íslenska bankakerfisins
Glósur - heppni Íslendinga
Glósur - Hvađ gera bankarnir?

 

Aukalesefni 

Ásgeir Jónsson Um framţróun íslenska bankakerfisins Jólablađ Vísbendingar, 2004

Jónas Haralz Hefđir og umbreyting – Landsbanki Íslands 1969–1988

 

 

Vika 3. Viđskiptabankar og fjárfestingabankar

 

Skyldulesefni:

 Kafli 3 í ÁJ

Katrina Lamb The Rise Of The Modern Investment Bank

An Institutional Theory of Investment Banking

 

Glósur
Glósur - tegundir bankastarfsemi
Leyndardómar fjárfestingabankastarfsemi
Fall Lehmans og Broker-Dealer líkansins

 

Aukalesefni 

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

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

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

 

Vikur 4-5: Rekstur  fjármálastofnana

Skyldulesefni

Kaflar 6 og  8 í M&T
Kafli 9 í M&T

Blađsíđur 49-56 í TK

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

Davíđ Stefánsson. Ađskilnađur viđskipta- og fjárfestingabankastarfsemi - breyting til batnađar? Greiningardeild Arion banka, apríl 2012.

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 - fjármagnsskömmtun

Glósur - Skuldavafningar

Glósur - Skuldavafningar Kaupţings

Glósur - Lánveitingar til ţrautarvara

 

Aukalesefni 

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.

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  

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

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

30 Group of Thirty Financial Reform A Framework for Financial Stability


Vika 6. Verđmat fjármálastofnana

 

Skyldulesefni

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

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

Greiningardeild Landsbankans. Val á ávöxtunarkröfu viđ verđmat

Is That a $100 Bill Lying on the Ground? Two Views of Market Efficiency

ABG Sundal Collier Nordic Banks Sector Preview Q4. 23. janúar 2013

 

Glósur

 Glósur - Verđmat banka

 

Aukalesefni

Nordic Banks. J.P. Morgan. 12. ágúst 2011.

Nordic Banks. Citigroup. 1. júní 2011

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

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.

Almennt um verđmat

 

Hluti II.  Peningar og fjármálakerfi

 

Vikur 7-8. Peningamagn og vaxtamyndun

Skyldulesefni

Kaflar 3, 4 og 7 í TK

Kafli 4-5 í ÁJ

Kafli 2 í Nauđsyn eđa val? Verđtrygging, vextir, verđbólga

 

Glósur

Glósur - Hvađa máli skiptir M?

Glósur -vaxtaróf og raunvaxtastig

 

 

Aukalesefni 

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

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

 

 

 

Vikaur 8-9: Miđlunarferliđ og alţjóđafjármál

Skyldulesefni
 

Kaflar 5 og 6 í KT

Kafli 1 og 4 í Nauđsyn eđa val? Verđtrygging, vextir, verđbólga

Kaflar 9 og 10 í KT

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- miđlunarferliđ

Glósur - Basel II og lítil opin hagkerfi

Glósur - verđtrygging, nauđsyn eđa val

 

Aukalesefni

Michael Joyce, Matthew Tong and Robert Woods  "The United Kingdom’s quantitative easing policy: design, operation and impact" Bank of England. Quarterly Bulletin 2011 Q3

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)

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

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

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

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.

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

Jon Danielsson og Hyun Song Shin (2002) Endogenous Risk 

 

 

 

Hluti III.  Seđlabankar og peningamálastefna

Vikur 10-13: Markmiđ og akkeri peningamálastefnunar

Skyldulesefni

Kaflar úr bók Carl E. Walsh "Monetary Theory and Policy)

Kafli 8 - discretionary policy and inflationary bias

Kafli 9 - Monetary Policy operating procedures

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

 

 

Glósur

 

Glósur - verkfćri og markmiđ Seđlabanka

Glósur - gjaldeyrisinngrip

Glósur - Vaxtareglur

 

Aukalesefni

Verđbólgumarkmiđ og fastgengi

Kafli 10 - Interest rate rules

Marvin Goodfriend "The Elusive Promise of Independent Central Banking" Keynote Speech, The Central Bank of Japan MONETARY AND ECONOMIC STUDIES/NOVEMBER 2012

Otmar Issing "Central Banks - Paradise Lost" Mayekawa Lecture Institute for Monetary and Economic Studies Bank of Japan, Tokyo, May 30, 2012

Lars E.O. Svensson "Inflation Targeting"  birtist  í Handbook of Monetary Economics 2010, Volume 3b, chapter 22

Carl E. Walsh "Inflation Targeting: What Have We Learned?" International Finance 12:2, 2009: pp. 195–233

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

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)

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

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

 

12 mánađa hćkkun nafnlauna og kaupmáttar 1989-2013