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Бакалавриат 2019/2020

Банковские системы. Роль Центрального банка

Статус: Курс по выбору (Мировая экономика)
Направление: 38.03.01. Экономика
Когда читается: 3-й курс, 3, 4 модуль
Формат изучения: Full time
Язык: английский
Кредиты: 3

Программа дисциплины


This program aims at training the undergraduate students so that they are well prepared for professional problem solving in the banking industry. Upon the successful completion of the program, students will acquire profound knowledge in international banking and will be confident when delving into the complex mechanisms of international banking regulation and financial stability. Students will also benefit from understanding of what is the effective and efficient international financial intermediation, including that brought by the systemically important financial institutions (SIFIs); how the processes of mergers and acquisitions (M&A) in the banking industry are run; and how the entire banking systems are transformed. They will also explore their understanding of risks in the international banking activity. Besides, the students will be in the know with role of the central bank in tailoring and fine-tuning the contemporary concept of the banking sector and the integrity of the national and regional economic systems. Upon the successful completion of this program, students will: • know the specifics of the development, operations, and transformation of banks and banking systems; • understand factors underlying the structure of banks and banking systems, as well as the international banking activity; • understand the urgency and inevitability of international regulation of banks and the banking sector; • possess skills required for the holistic view over banking risks, including those relevant to the M&A processes in the banking industry; • understand the role and specifics of the central bank for banking and financial sectors, its importance for financial stability, and how it manages sustainable economic growth.
Цель освоения дисциплины

Цель освоения дисциплины

  • To give students a holistic, updated, and unbiased understanding of how the international banking system works, why banks and banking systems are critical in shaping dynamics of the world economy, how the international financial markets depend on size and interconnectedness of larger banks, and how and the extent to which the international financial intermediation contributes to post-crisis recovery and financial stability
  • To provide students with the contemporary processes in international banking activity, make them understand the risks the internationally active banks face in their day-to-day activity and how those risks are managed and mitigated
  • To make students be cognizant with the specifics of systemically important financial institutions, complexity of their organizational structure and performance, the extent of their stress resilience to adverse externalities, and their effect on systemic stability amid the asymmetries of international financial markets and the processes of financial globalization and regionalization
  • To make students delve into the insights of central banking and the role of central banks in maintaining the well-being of banks and banking systems despite the challenges associated with sophisticated operating models of the banks and their increasing interconnectedness amid uncertainties and volatility of macro level dynamics
  • To focus students’ attention on various foci of the post-crisis reform of banking regulation and prudential banking supervision (a.k.a. Basel III), including institutional aspects of the reform, together with the issues of whether the banks are able to bring back their power as driving forces of economic development and sustainable economic growth
Результаты освоения дисциплины

Результаты освоения дисциплины

  • Students should be able to analyze the key driving forces underlying the activity of, and differences in, international and multinational banks. They should know the specifics of the internationalization process of the banking activities amid the challenges of the contemporary economic environment.
  • Students should know the objectives and driving forces of banking M&A, why banks need M&A and how banking M&A shapes the banking systems landscape, as well as the benefits and risks of the consolidation processes.
  • Students should possess the hands-on approach in dealing with when, why, and how banking systems transform and the extent to which they benefit from financial integration.
  • Students should understand and should be able to analyze various factors underlying risks associated with the international banking activity, as well as the tools and techniques applicable to the efficient risk mitigation approaches in the framework of risk management in banks.
  • Students should understand how regulation of the banking system ensures stress resilience of the banking sector and financial stability and the extent to which it can make banks to again become the locomotives of sustainable economic growth. They should also know the specifics of Basel III and how macroprudential policy contributes to the integrity of the post-crisis international regulatory order.
  • Students should understand the background and organization (structure) of banking systems, including core differences between the banking systems of the developed and developing economies. They should be able to make out the advantages and risks of interconnectedness of the financial institutions and its criticality on current developments of international banking activity and financial globalization.
  • Students should understand what is bank, what are the differences between a bank and non-bank financial company , what is the bank’s role in the economy and its economic specifics, as well as types of banks and perspectives of digitalization in the banking industry.
  • Students should understand when the central banks apply the known instruments of the monetary policy, and how the central banks mitigate crisis developments, deal with the post-crisis recovery, and ensure financial stability.
Содержание учебной дисциплины

Содержание учебной дисциплины

  • What are banks and what are they for?
    Bank as an economic institution. Bank as a financial corporation. Role of banks in the contemporary economic systems. Banks as the locomotives of economic development and sustainable economic growth. Banking bases (core specifics of the concept of a bank). Types of banks (universal banks, commercial banks, investment banks) and their functional and structural specifics. Bank holding companies. Financial holding companies. Central banks. Theoretical and conceptual background and institutional aspects of the concept of domestic and global systemically important financial institutions (a.k.a. TBTF). Categorization of banks in the post-crisis era. Digitalization of banks and banking activity. Banks and fintech companies. Perspectives of “de-institutionalization” of banks, or the future of banks and the banking industry. Does society still need banks?
  • Banking systems
    Organization, structure, and functional specifics of the contemporary banking systems. Shadow banking sector and the system and mechanism of unregulated financial intermediation. Banking systems of the developed countries. Banking system of the U.S.A. (functional and organizational aspects). Specifics of the U.S. banking sector. Types of banks in the U.S. and specifics of their operating models and market activity. Banking system of the U.K. Structure and types of the U.K. banks. Recent transformations of the U.K. banking system. Banking system of the EU. Laws underlying the development and integration of the banking systems of EU member states. Perspectives of the EU-wide banking union. Banking systems of the emerging economies and their specifics. Foreign funded banks in the emerging markets. Banking system of China and its contemporary architecture. Shadow banking in China and its linkages to traditional banking system. Banking system of India and its structure. Type of banks in India. Banking system of Russia, its structure, specifics, and dynamics. Russian banks amid external economic sanctions.
  • Multinational and international banks
    Why do banks feel confined within their national boundaries and domestic financial markets? “Multinationalization” of banks and globalization of banking operations. Reasons underlying multinational banking and the driving forces of banking sector “multinationalization.” Difference between multinational and international bank. International financial centers and their core economic characteristics. Basic functions and functional specifics of the interbank financial market. Sample balance sheet structure of a multinational bank. Global banks and financial crises. The scope and limits of internationalization of the banking activities in 21st century and its driving forces.
  • Transformation of banking systems
    Macro- and micro-level aspects of transformation of banking systems. Regionalization of banking systems and its underlying reasons. Core characteristics of banking sector integration. ECB’s indicators of financial integration in the eurozone area. Core milestones of the EU financial regionalization and integration. Challenges and pitfalls of the processes of banking regionalization/integration and creation of a banking union (evidence from the EU banking sector experience). Perspectives of financial systems integration in the EAEU. Future scenarios of banking sector under transformation.
  • Banking risks
    Causes and sources of risks in the banking sector. Types of risks and their classification. Importance of market discipline in mitigation of the risk-driven factors. Major risks (credit risk, market risk, operational risk), other significant risks (liquidity risk, business risk, reputational risk), unrelated (secondary) risks (systemic risk, risk of moral hazard). Systemic and systematic risks (not to be confused!). Risk management framework and risk management mechanisms. Perspectives of risk function in the bank’s operating model. Sovereign and country risks as idiosyncratic risks of the macro level. Bank failures and their main determinants.
  • Mergers and acquisitions (M&A) of banks
    Core M&A statistics in the banking sector worldwide. Why banks go for M&A? or: Background, rationality, and expedience of the M&A deals in the banking industry. M&A deal drivers. Cross-border banking M&A and their importance in shaping the dynamics of international financial markets. Banking M&A objectives and stages. M&A as a tool for economies of scope and economies of scale in the banking sector. M&A measurement. Herfindahl–Hirschman index (HHI). Controversies of banking M&A. Benefits and risks of M&A in the banking industry. Balancing between M&A deals and systemic risks. The effect of M&A on competition (level playing field) in the banking system. Latest priorities associated with the M&A deal making. The effect of the Volcker Rule on the M&A processes. M&A as an inorganic growth of banks.
  • Central bank as an economic institution
    What is central bank? Difference between central bank and commercial banks. Structure of central banking in the world. Core functions of the central bank. Balance sheet structure of the central bank. Central bank as a national lender of last resort. Central Bank as an international lender of last resort? International reserves held by central banks and their structure. Monetary policy of the central banks and monetary policy “administration.” Criticality of monetary policy in ensuring the balanced economic development and sustainable economic growth. Functional specifics of the central banks (evidence from the U.S. Federal Reserve System). Central banks and financial stability. Why the economic systems and society at large cannot forgo central banks?
  • International banking regulation
    Background and evolution of national banking regulation (evidence from the U.S., U.K., and Russia). Evolution and core milestones of international banking regulation. Global regulatory authorities. Deregulation (1980s–2008). Specifics of the contemporary paradigm of banking regulation and its criticality for the post-crisis recovery. Core elements of banking regulation and prudential banking supervision. Difference between banking regulation and banking supervision. Specifics of the post-crisis regulatory order and the supervisory mechanism. Post-crisis regulatory standards (Basel III). Post-Basel III, or: Perspectives of Basel IV. Regulatory objectives. Regulatory instruments. Regulatory institutions. Regulatory models. Macroprudential regulation. Difference between micro- and macroprudential regulation. Stress testing of banks. Regionalization and supranationalization of banking regulation. Vulnerabilities and outstanding issues of the international banking regulation reform.
Элементы контроля

Элементы контроля

  • Seminars (неблокирующий)
  • Control work 1 (неблокирующий)
  • Control work 2 (неблокирующий)
  • Essay (неблокирующий)
  • Class attendance (неблокирующий)
  • Exam (for those graded 0-3 for the Program) (неблокирующий)
Промежуточная аттестация

Промежуточная аттестация

  • Промежуточная аттестация (4 модуль)
    0.1 * Class attendance + 0.15 * Control work 1 + 0.25 * Control work 2 + 0.25 * Essay + 0.25 * Seminars
Список литературы

Список литературы

Рекомендуемая основная литература

  • How big banks fail and what to do about it, , ISBN: 978-0-691-14885-4, 2011
  • An introduction to banking : principles, strategy and risk management, , ISBN: 9781119115892, 2018
  • Bank regulation : effect on strategy, financial accounting, and management control, Stockenstrand, A.- K., Nilsson, F., ISBN: 9781138680500, 2017
  • Banking regulation and globalization, , ISBN: 978-0-19-921881-3, 2009
  • Banking systems in the crisis : the faces of liberal capitalism, Konzelmann S. J., Fovargue-Davies M., ISBN: 978-0-415-51789-8, 2013
  • Banking: services, opportunities and risks, Jerzy, K., ISBN: 9781536128376, 2017
  • Banks as multinationals, Jones G., ISBN: 978-0-415-53271-6, 2012
  • Business models in European banking : a pre-and post-crisis screening, Arbak E., Groen de W. P., Llewellyn D., ISBN: 978-94-613-8120-0, 2011
  • Domectic and multinational banking : the effects of monetary policy, , ISBN: 978-0-415-53853-4, 2012
  • Elements of financial risk management, , ISBN: 978-0-12-374448-7, 2012
  • European banking : enlargement, structural changes and recent developments, , ISBN: 978-0-230-23171-9, 2011
  • European banking union : prospects and challenges, Castaneda, J. E., Mayes, D. G., Wood, G., ISBN: 9781138495456, 2017
  • European banking union : prospects and challenges, Castaneda, J. E., Mayes, D. G., Wood, G., ISBN: 9781138906501, 2016
  • European banking union : the new regime, Hinojosa - Martinez, L. M., Beneyto, J. M., ISBN: 9789041152633, 2015
  • Financial innovation, regulation and crises in history, Clement P., James H., Wee van der H., ISBN: 978-1-84893-504-4, 2014
  • Financial stability in practice : towards an uncertain future, Tsomocos D. P., ISBN: 978-1-84720-893-4, 2012
  • Global bank regulation : principles and policies, Taylor M. W., ISBN: 978-0-12-641003-7, 2010
  • Bank mergers & acquisitions, Amihud Y., Miller G., ISBN: 978-0-7923-9975-9, 1998
  • M&A from planning to integration : executing acquisitions and increasing shareholder value, Borgese P. F., ISBN: 0-07-137521-X, 2002
  • Mergers and acquisitions, , ISBN: 978-1-405-12248-1, 2007
  • Monetary policy : goals, institutions, strategies, and instruments, , ISBN: 0-19-924057-4, 2001
  • Monetary policy and central banking : new directions in Post-Keynesian theory, Rochon L.- P., Olawoye S.'Y., ISBN: 978-1-84980-735-7, 2012
  • Money, banking, and financial markets, Schoenholtz, K. L., ISBN: 9781259922251, 2017
  • Reforming the Central Bank : the top-level design of the Chinese financial system in the new normal, Chen, X., ISBN: 9789814704793, 2016
  • Risk management and financial institutions, , ISBN: 978-1-11-895594-9, 2015
  • Risk management in banking, , ISBN: 9781118660218, 2015
  • Shadow banking within and across national borders, Claessens S., Evanoff D., Kaufman G., Laeven L., ISBN: 978-981-460-270-9, 2015
  • The economics of money, banking, and financial markets, , ISBN: 978-0-273-76573-8, 2013
  • The essence of mergers and acquisitions, , ISBN: 978-0-13-310889-7, 1995
  • The European Banking Union : a compendium, Cortsos C. V., ISBN: 978-3-84872-401-7, 2016
  • The financial system, financial regulation and central bank policy, , ISBN: 9781107689763, 2017
  • The future of large, internationally active banks, Demirguc-Kunt, A., Evanoff, D. D., Kaufman, G. G., ISBN: 9789813141384, 2017
  • The international banking system : capital adequacy, core businesses and risk management, , ISBN: 978-1-13-727512-7, 2013
  • The multinational banking industry, , ISBN: 978-0-415-53876-3, 2012
  • The role of central banks in financial stability : how has it changed?, Evanoff D. D., Holthausen C., Kaufman G. G., Kremer M., ISBN: 978-981-444-991-5, 2014

Рекомендуемая дополнительная литература

  • A century of banking consolidation in Europe : the history and archives of mergers and acquisitions, Pohl M., Tortella T., Wee van der H., ISBN: 0-7546-0263-X, 2001