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Governments, Financial Markets and the Macroeconomy (M.Sc)

21-06-18 web.xrh 0 comment

U N I V E R S I T Y O F  P I R A E U S

SCHOOL OF FINANCE & STATISTICS

DEPARTMENT OF BANKING & FINANCIAL MANAGEMENT

GOVERNMENTS, FINANCIAL MARKETS AND THE MACROECONOMY

Angelos A. Antzoulatos

 

 

OBJECTIVE

This course analyzes the complex, and so often nowadays very subtle yet very powerful, interactions among policy-makers (governments and central banks), financial markets and the macroeconomy. It is essentially a course about the overall economic and financial environment in which economic agents –governments, cen- tral banks, firms, financial institutions, investors, households– operate. It is about identifying the major forces at work in the global economy and financial markets; understanding their complex interactions; recognizing the dilemmas they pose to national and international policy-makers; and identifying the risks and opportunities they create for all economic agents.

By necessity, the course covers many diverse topics, such as, business cycles, inflation and deflation, bal- ance of payments, exchange rates, international capital flows, stabilization policies, and the interactions be- tween financial markets and the “real” economy. Special emphasis is placed on interest rates and exchange rates, as well as on the role of asset prices in the workings of the economy and in the conduct of economic policy. In addition, it draws extensively on economic history and the current international environment in order to tie its conceptual tools to the “real world”.

 

Essentially, the course aims at teaching how to anticipate macroeconomic developments in the fast-changing global economy, taking into account financial conditions. As such, it is also a good introduction to the emerg- ing field of macroprudential regulation and supervision. Specialized courses in the program teach how to de- sign business and investment strategies to cope with the risks these developments entail and (possibly) profit from the opportunities they create.

 

BOOKS & READINGS

 

 Κυβερνήσεις, Χρηματαγορές και Μακροοικονομία (2η έκδοση), Άγγελος Α. Αντζουλάτος, Εκδόσεις ΔΙΠΛΟ- ΓΡΑΦΙΑ, 2019.

To put into perspective current economic trends and frictions, as well as the ongoing financial-market volatility, the following books are highly recommended (as leisure reading).

End this Depression Now, by Paul Krugman (2012), Norton.

The Age of Diminished Expectations, by Paul Krugman, third edition (1997), The MIT Press.

Manias, Panics and Crashes – A History of Financial Crises, by Charles P. Kindleberger, revised edition (1989), Basic Books, Inc..

ORGANIZATION & GRADING

  1. Grading:
    • Option A: Final exam: 100%
    • Option B (Covid permitting): Final exam: 70%; Case study: 30%.

 

  1. Three asterisks (***) denote required readings, two (**) strongly suggested readings and one (*) suggested readings.

 

  1. Understanding the objectives and policy instruments of major players in the international economic arena is of paramount importance for forward-looking business peopl It is highly recommended that the students visit the web pages of such players, like the IMF (International Monetary Fund) to learn about them. The addresses of some of them follow:

 

  1. Valuable market intelligence and economic analyses can be found in the online publications of the above organizations, as well as in the following sites (the list, of course, is far from exhaustive)