Bankar og fjármálamarkađir 04.07.55

Háskóli Íslands - Viđskipta- og hagfrćđideild - Haustmisseri 2007

drög ađ leslista

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 2 verkefni međ 15% 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

Lokapróf 2004
Lokapróf 2005
Lokapróf 2006

 

 

 

Verkefni 1

Hjálparefni viđ verkefni 1

Merril Lynch Icelandic Banks: Not what you are thinking. European Credit Research. 7. mars 2006

Morgan Stanley Icelandic Banks: Chill out European Banks, 13. mars 2006

JP Morgan (2006) "Icelandic banks Typical investor Q&A, and our response" European Credit Research 24 March 2006

Moody´s Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology mars 2007

Frequently Asked Questions on Moody’s JDA and BFSR Methodologies mars 2007

Unicredit  SUMMARY OF MOODY'S JDA FOR BANKS May 29, 2007

 

Verkefni 2 - skiladagur 26. nóvember

Hjálparefni viđ verkefni 2

Lender of last resort: a review of the literature.– Financial Stability Review: November 1999

Mervyn King TURMOIL IN FINANCIAL MARKETS: WHAT CAN CENTRAL BANKS DO? Paper submitted to the Treasury Committee, 12 september 2007.

Toby Helm and Christopher Hope Northern Rock made Mervyn King panic.Telegraph 21 september 2007

Stanley Fischer On the Need for an International Lender of Last Resort The Journal of Economic Perspectives > Vol. 13, No. 4 (Autumn, 1999), pp. 85-104

Icelandic banks: After our Reykjavik Roadshow: still nervous near term. European Credit Research 11 April 2006

Áfallasamkomulag Íslands og Norđurlanda

 

Vika 1. Um hvađ snýst bankastarfsemi?

 

Skyldulesefni:

Kafli 1 í M&T

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

Ásgeir Jónsson Um framţróun íslenska bankakerfisins Jólablađ Vísbendingar, 2004

 

Glósur

Glósur - Um framţróun íslenska bankakerfisins

 

Aukalesefni 

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

 

Vikur 2-3: Vaxtamyndun og fjármálamarkađir

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 - millibankamarkađurinn

Glósur -vaxtaróf og raunvaxtastig

 

 

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.

Halldór Sveinn Kristinsson Millibankamarkađur međ krónur Peningamál, ágúst 2002

James B. Bullard and Eric Schaling Why the Fed Should Ignore the Stock Market The Federal Reserve Bank of St. Louis Review

 

 

Vika 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.

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

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

Glósur

Glósur - Hvađ gera bankarnir?
Glósur - tegundir bankastarfsemi
Glósur - viđskiptavaktir og bankakerfi

Bankar og bakađar baunir

Aukalesefni 

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 skuldavafningar

Skyldulesefni

Kaflar 6, 8 og 9 í M&T

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  

 

Glósur

Glósur - fjármagnsskömmtun

Glósur - Skuldavafningar

Glósur - Skuldavafningar Kaupţings

 

Aukalesefni 

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

Arturo Estrella Securitization and the Efficacy of Monetary Policy New York Fed Economic Policy Review 2004.

 

Vika 7. Reglun á fjármálamarkađi og lánveitingar til ţrautavara

Kaflar 11 í M&T

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 

 

Glósur

Glósur - Basel II og lítil opin hagkerfi

Glósur - regluverk bankakerfisins

Glósur - eiginfé banka og rekstraráhćtta

 

Aukalesefni 

Ásgeir Jónsson (2006) "10 dagar sem skóku heiminn" Grein rituđ í Fréttablađiđ í mars 2006

 

Vikur 8-9 : Miđlunarferli peningamálastefnunar  

 

Skyldulesefni

Kafli 13 í M&T

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

Frederic S. Mishkin  Ţýđing fjármálastöđugleika fyrir efnahagslífiđ

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

Glósur

Glósur- miđlunarferliđ
Glósur - Hvađa máli skiptir M?

 

Aukalesefni

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.

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

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

Daniel L. Thornton."The Effect of Monetary Policy on Short-Term Interest Rates" Federal Reserve Bank of St. Louis Review,May/June 1988, 70(3), pp. 53-72.

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)

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

 

 

Vikur 10-12: Markmiđ og akkeri peningamálastefnunar

Skyldulesefni

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)

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 - hagstjórnarađgerđir og hagstjórnarreglur.

Glósur - Verđbólgumarkmiđ

 

Aukalesefni

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

 

Vika13: Gjaldeyrismarkađur og peningamálastefnan

 

Skyldulesefni

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

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.

Glósur

Um gengisspár međ óvörđu vaxtajafnvćgi

Glósur - gjaldeyrisinngrip

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

 

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.

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)

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