Lecture: Course Organization

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The Global Financial Crisis

1197 calificaciones

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Yale University

The Global Financial Crisis

1197 calificaciones

Former U.S. Secretary of the Treasury Timothy F. Geithner and Professor Andrew Metrick survey the causes, events, policy responses, and aftermath of the recent global financial crisis.

De la lección

Introduction to The Global Financial Crisis

Lecture: Course Organization5:30

Conoce a los instructores

Andrew Metrick
Michael H. Jordan Professor of Finance and Management
Yale School of Management
Timothy Geithner
Lecturer in Management, Yale SOM, Former U.S. Secretary of the Treasury
Yale School of Management

[MUSIC]

So this course is organized into 13 modules.

The introductory module is what you're listening to right now.

Following this introductory module, in module two,

Secretary Geithner will lecture on the common causes of financial crises.

Bit of a history lesson on what leads to financial crises and

their regularity across different economies over time.

Then in module three, I will introduce housing and mortgages and

many terms that we will need to know to work on this throughout the entire course.

Then in module four, we turn to the other side of the equation.

Because in order to understand why housing grew so fast in the United States and

why there was a bubble in housing in the United States, we need to know why

there was such a willingness for lenders to give money to the borrowers.

And we'll do that in talking about safe assets,

which is a term that we will describe and the Global Savings Glut, which was a term

coined by Chairman Ben Bernanke before he was Chairman Ben Bernanke when

he was talking about the large amount of savings in the developing world and

in the oil producing countries in the early part of this century.

Once we have these two pieces, the pieces of understanding of the dynamics of

the housing market and the demand for

housing coming from buyers, and the supply of the willingness of lenders,

because of the Global Savings Glut, to supply a lot of funds for

housing, we can turn to understanding the housing crisis.

And there are several different explanations of the housing crisis, and

in module five, what we will do is we'll go through these explanations, and

also talk about how the different definitions of housing crisis,

subprime crisis, financial crisis, and Great Recession, all fit together.

In module six,

we turn to understanding the dynamics of actually how the crisis happened.

And this is very important because before we can really get a feeling for

or any kind of understanding for the different tools that were used to fight

the crisis, you have to see what a modern financial crisis looks like.

Modern financial crisis is different than the old style runs on the banks

that we would see throughout history.

In this new financial crisis, it happened in the wholesale banking system,

also called the shadow banking system or the parallel banking system.

And we will trace through exactly how that happened beginning in the summer of 2007

when anxiety started to hit the markets, working through the beginning of 2008 and

the rescue of Bear Stearns by JPMorgan aided by the federal government.

And we will do that through module six and seven.

It's a very important build up period and

it's important to see this kind of slow motion disaster and

to understand why the reactions that we took to it were necessary.

In module eight, we'll turn to the panic, and the panic begins with the failure,

the bankruptcy of Lehman Brothers on September 15th, 2008.

This led to a chain reaction of events over the subsequent several months

in the United States and in Europe that required policy makers to intervene in

markets in ways that they had never done before.

In module nine, Secretary Geithner will talk about those responses.

And as Secretary Geithner was in the middle of making many of these

decisions and was seeing first hand just how damaging the crisis was,

his perspective on this is very, very valuable.

In module ten, Secretary Geithner will continue on this discussion, expanding

on some of the policy actions that were taken following the panic period,

particularly with regards to housing markets.

And also talk about what methods we really think we might have,

to respond to crises in the future.

In modules 11 and 12, I will turn to talking about the Euro crisis.

First, in module 11, what went on in Europe

during the global financial crisis period of 2007 to 2009.

Many of the things that were happening in various European countries

mirrored what was going on in the United States.

Ireland had a housing crisis.

Iceland had a full on banking crisis.

And many of the peripheral countries in Europe had a very, very, deep recession.

This led to what we now call, the Eurozone Crisis.

The Eurozone Crisis follows on the Global Financial Crisis.

It's the lingering after effects and also the fact that in Europe

because of the rigidities of having a single currency, it was more difficult to

adjust following the financial crisis than it was in the United States.

The Eurozone Crisis, as I stand here today, is still flaring.

And in addition to module 12,

giving us the basics of what went on in the Eurozone Crisis since 2009,

I will also prepare an extra module that will bring us up to date whenever

that date is to see where the Eurozone Crisis is at that point.

Finally in module 13, I will do a course summary and bring together some

of the themes that we have learned over the course of all of these modules.

[MUSIC]

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