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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/money-banking
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课程名称：货币与银行经济学 课程概述：过去三四十年，现代货币体系中的机构经历了显著的演变。2007-2009年的金融危机警示我们需要在分析工具和理论上进行类似的演变。此课程由新经济思维研究所制作和赞助，旨在通过复兴和更新一些旧有的货币思想传统，开启新的经济思考进程。课程核心包含三个特点： 1. 资本市场与货币市场的相互交织，产生了新的动态和脆弱性，金融危机揭示了这些脆弱性。此后，中央银行进行了两年的创新尝试，以遏制崩溃。 2. 危机的全球特性体现了全球货币体系的特点，中央银行的合作在遏制崩溃中起到关键作用，暗示了新国际货币秩序的轮廓。 3. 关键衍生品合约（如信用违约掉期和外汇掉期）的运作是危机中心。现代货币与现代金融不可分割，本课程将资本市场与货币市场的交易者置于核心地位，作为市场流动性的利润驱动提供者。 课程大纲： 1. **介绍**：概述货币体系作为去中心化市场经济的基础设施，提供整体视角。 2. **继续介绍**：引入资产负债表法作为分析货币经济学的关键工具。 3. **银行作为清算系统**：分析银行作为支付系统的重要性，讨论交易市场在金融危机后的相对重要性。 4. **继续银行作为清算系统**：扩展支付系统框架到非银行和国际货币体系。 5. **银行作为市场制造商**：探讨市场流动性由交易者提供的方式及其在金融危机中的作用。 6. **中期回顾与考试**：考察前半部分的主要概念，并复习以准备下半部分的内容。 7. **国际货币与银行**：将货币视角扩展到国际货币体系，分析外汇市场中的银行功能。 8. **继续国际货币与银行**：使用Treynor模型理解外汇市场中汇率的确定。 9. **银行作为提前清算**：将货币视角扩展到资本市场，分析各种交换市场中的风险定价。 10. **继续银行作为提前清算**：适应Treynor模型，理解现代代币市场中风险价格的形成。 11. **现实世界中的货币**：整合课程内容，展示影子银行在现代金融全球化中的作用。 12. **期末考试**：回顾整个课程准备期末考试，帮助学员运用货币视角理解现实问题。 本课程的目的在于种下新的思维方式的种子，帮助学员运用这种思维方式应对现实中的各种问题。
Name:Introduction
Description:The first two lectures paint a picture of the monetary system as the essential infrastructure of a decentralized market economy. The second lecture, "The Natural Hierarchy of Money", is a kind of high-level overview of the entire course, so don't expect to fully understand it until you look back after completing the rest of the course. Nevertheless it provides essential orientation for what comes after. Lectures notes for these and subsequent lectures may be found in the very first segment of this module.
Name:Introduction, continued
Description:The next two lectures are meant to introduce a key analytical tool, the balance sheet approach to monetary economics, that we will be using repeatedly throughout the course. As inspiration, first I provide a concrete example of how the approach works by "translating" the Allyn Young reading into the balance sheet language. I follow that with a more systematic introduction to this essential tool.
Name:Banking as a Clearing System
Description:In the next four lectures, we build intuition by viewing banking as a payments system, in which every participant faces a daily settlement constraint (a survival constraint). From this point of view, the wholesale money market plays a key role by allowing banks to relax the discipline of a binding settlement constraint, delaying final payment by putting settlement off until a later date. The relative importance of the various money markets has changed since the 2008 crisis--Fed Funds is now less important--but the conceptual framework remains valid, indeed not only for dollar money markets but also for non-dollar money markets.
Name:Banking as a Clearing System, continued
Description:The next two lectures extend the payments system frame to non-banks by bringing in repo markets, and to the international monetary system by bringing in Eurodollar markets. Here, as in the previous two lectures, the emphasis is on settlement, and so implicitly on so-called "funding liquidity". The last three segments of the Eurodollar lecture, on the failure of two seemingly obvious arbitrage conditions, are meant to motivate the shift to market-making and "market liquidity" in the next module.
Name:Banking as Market Making
Description:"Market liquidity" is supplied by dealers who stand ready to absorb temporary imbalances in supply and demand by taking the imbalance onto their own balance sheets, for a price. From this point of view, banks can be considered a special kind of dealer, since they absorb imbalances in payment flows. The first lecture is meant to build intuition by using our familiar balance sheet method to make sense of how this all worked in a system much simpler than our own. The second lecture introduces a formal model of the economics of the dealer function, which we will be using throughout the rest of the course.
Name:Banking as Market Making, continued
Description:Here we adapt the Treynor model to banks, which we conceptualize as dealers in money, specifically term funding. Like Treynor's security dealers, banks supply market liquidity for a price. But sometimes, in a financial crisis, demand for market liquidity overwhelms supply, and that's where the central bank comes in, as dealer of last resort in money markets. And if the crisis is big enough, as 2007-2009, the central bank comes in as dealer of last resort in capital markets as well.
Name:Midterm review and exam
Description:The first twelve lectures have introduced all of the main concepts of the course. The midterm exam gives you a chance to test whether you have mastered these concepts before extending them into new areas in the second part of the course. But before you try the exam, first use the review lecture, and the questions from students, to review the main concepts.
Name:International Money and Banking
Description:The next four lectures extend the "money view" perspective to the larger world of multiple national monies by thinking about the international monetary system as a payment system, and by thinking of banks as market makers in foreign exchange. The first lecture is introductory and conceptual, while the second builds intuition by "translating" Mundell's account of the development of the international monetary system into money view language (similar to what we did at the beginning of the course for Allyn Young's account of the development of the US monetary system).
Name:International Money and Banking, continued
Description:The next two lectures use the Treynor model to understand how exchange rates are determined in dealer markets. In the second, we confront directly the puzzle we observed earlier in the course, namely why uncovered interest parity (UIP) fails to hold in real world markets.
Name:Banking as Advance Clearing
Description:The next four lectures extend the money view to the larger financial world of capital markets, where the price of risk is determined in dealer markets for swaps of various kinds. The first lecture is a kind of conceptual introduction, while the second translates the standard finance account of forwards and futures into money view terms, as key building block for what comes after.
Name:Banking as Advance Clearing, continued
Description:In the modern economy, the price of risk is determined in swap markets that distinguish specific forms of risk, most importantly interest rate swaps and credit default swaps. The Treynor model can be adapted to understand how the price of risk is formed in dealer markets.
Name: Money in the Real World
Description:In this final module, we bring the entire course together. These two lectures build on everything that came before, and show how all the pieces fit together into a unified whole. Specifically, the first lecture uses the conceptual apparatus of the money view to make sense of shadow banking as the quintessential form of banking for the modern financially globalized world. And the second lecture shows how the conceptual apparatus of the money view fits with standard economics view and finance view, by drawing attention to dimensions of the world from which the standard views abstract.
Name:Final Exam
Description:The previous module operated in effect as a review of the entire course, so if you were able to make sense of those lectures, you are ready for the final. But maybe you first want to have a look back at the second lecture, "The Natural Hierarchy of Money", for a high-level summary of the essential concepts of the money view. For almost everybody, the money view is a new and unfamiliar way of thinking about the world, and it takes a while to get used to it. The purpose of this course is to plant the seed, by demonstrating the value of this way of thinking for making sense of real world problems. Once you are done with the final exam, the real work begins, of using the money view to make sense of whatever real world problems confront you in your own daily life.
The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. The financial crisis of 2007-2009 is a wakeup call that we need a similar evolution in the analytical apparatus and theories that we use to understand that system. Produced and sponsored by the Institute for New Economic Thinking, this course is an attempt to begin the process of new economic thinking by reviving and updating some forgotten traditions in monetary thought that have become newly relevant. Three features of the new system are central. Most important, the intertwining of previously separate capital markets and money markets has produced a system with new dynamics as well as new vulnerabilities. The financial crisis revealed those vulnerabilities for all to see. The result was two years of desperate innovation by central banking authorities as they tried first this, and then that, in an effort to stem the collapse. Second, the global character of the crisis has revealed the global character of the system, which is something new in postwar history but not at all new from a longer time perspective. Central bank cooperation was key to stemming the collapse, and the details of that cooperation hint at the outlines of an emerging new international monetary order. Third, absolutely central to the crisis was the operation of key derivative contracts, most importantly credit default swaps and foreign exchange swaps. Modern money cannot be understood separately from modern finance, nor can modern monetary theory be constructed separately from modern financial theory. That's the reason this course places dealers, in both capital markets and money markets, at the very center of the picture, as profit-seeking suppliers of market liquidity to the new system of market-based credit.
