Банковские системы. Роль центрального банка

Бакалавриат 2024/2025

Статус: Курс по выбору (Мировая экономика)

Направление: 38.03.01. Экономика

Кто читает: Департамент мировой экономики

Где читается: Факультет мировой экономики и мировой политики

Когда читается: 3-й курс, 1, 2 модуль

Формат изучения: без онлайн-курса

Охват аудитории: для всех кампусов НИУ ВШЭ

Преподаватели: Мухаметов Оскар Рустямович

Язык: английский

Кредиты: 4

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Abstract

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.

Learning Objectives

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

Expected Learning Outcomes

analyze the key driving forces underlying the activity of, and differences in, international and multinational banks; know the specifics of the internationalization process of the banking activities amid the challenges of the contemporary economic environment.
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.
know the specifics of banking regulation and how it ensures stress resilience of the banking sector and financial stability; understand Basel III and how macroprudential policy contributes to the integrity of the post-crisis international regulatory order.
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.
understand and 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.
understand the background and organization (structure) of banking systems, including core differences between the banking systems of the developed and developing economies; 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.
understand what is bank, what are the differences between 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.
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.

Course Contents

What are banks and what are they for?
Banking systems
Multinational and international banks
Transformation of banking systems
Banking risks
Mergers and acquisitions (M&A) of banks
Central bank as an economic institution
International banking regulation

Assessment Elements

Control work 1
Seminars
Exam (for those graded 0-3 for the Program)
Control work 2
Essay
In case the student fails to submit an essay within the period stipulated by the Program, the student receives “0” (fail) grade for the essay, and the final grade (GF) is re-calculated based on the following formula: GF = 0,24*GS + 0,14*GCW1 + 0,24*GCW2 + 0,29*GE + 0,09*GA where GS is the grade for the seminars, GCW1 and GCW2 are the grades for the control work 1 (CW-1) and control work 2 (CW-2) accordingly, GE is the grade for the essay, and GA is the grade for class attendance. At the same time, the grades for each element of the final grade are re-calculated and rounded to the nearest smallest whole number, regardless of the decimal digit. The final grade for the Banking systems discipline is rounded in the same way. For example, a grade of 7.9 is rounded to 7.

Interim Assessment

2024/2025 2nd module
0.2 * Control work 1 + 0.25 * Control work 2 + 0.25 * Essay + 0.3 * Seminars

Bibliography

Recommended Core Bibliography

Ata Can Bertay, Asli Demirgüç-Kunt, & Harry Huizinga. (2019). Are international banks different? Evidence on bank performance and strategy. BIS Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.bis.biswps.790
Bostwick, E. D. (2019). The Little Bank That Could: An Examination of the Historical and Financial Records of One Bank That Survived the Great Depression. Accounting Historians Journal, 46(2), 17–31. https://doi.org/10.2308/aahj-52528
Chawla, O. P. (2019). Evolution of Banking System in India Since 1900. New Delhi, India: Sage Publications Pvt. Ltd. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2169021
Chey, H. (2014). International Harmonization of Financial Regulation? : The Politics of Global Diffusion of the Basel Capital Accord. New York: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=685067
Di Vittorio, F., Li, D., & Yun, H. (2018). On Bank Consolidation in a Currency Union. [N.p.]: INTERNATIONAL MONETARY FUND. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1812105
Elements of financial risk management, Christoffersen, P. F., 2012
Felix I. Lessambo. (2019). The U.S. Banking System : Laws, Regulations, and Risk Management (Vol. 1st ed. 2020). Cham: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2334751
Ferber, T. V. aut. (2016). European banking regulation after the financial crisis : franco-german conflict of interest during the negotiations on a single resolution fund / Tim Ferber. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.483038393
Gambacorta, L., van Rixtel, A., & Schiaffi, S. (2019). Changing Business Models in International Bank Funding. Economic Inquiry, 57(2), 1038–1055. https://doi.org/10.1111/ecin.12738
Ghosh, A. (2012). Managing Risks in Commercial and Retail Banking. Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=435168
Herger, N. (2019). Understanding Central Banks. Cham, Switzerland: Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2030954
King, B. (2019). Bank 4.0 : Banking Everywhere, Never at a Bank. Chichester, West Sussex, United Kingdom: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1995220
Lóránth, G., & Morrison, A. (2018). The corporate structure of multinational banks. CEPR Discussion Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.cpr.ceprdp.12688
Multinational banks and the global financial crisis: Weathering the perfect storm? (2014). Journal of Money, Credit and Banking, 46(SUPPL.1), 333–364. https://doi.org/10.1111/jmcb.12094
Quigley, E. (2018). Bank. Dublin, Ireland: Little Island Books. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1823626
Regular Banking System versus Shadow Banking System. A Comparative Assessment of Evidence from Romania. (2019). https://doi.org/10.26458/jedep.v8i4.650
Risk management and financial institutions, Hull, J. C., 2015
Risk management in banking, Bessis, J., 2015
Roxana Bădîrcea, Alina Manta, Ramona Pîrvu, & Nicoleta Florea. (2016). Banking Integration in European Context. Amfiteatru Economic, (42), 317. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsdoj&AN=edsdoj.6eeed79ae173470cbb8d3a06737e911e
Tognato, C. (2012). Central Bank Independence : Cultural Codes and Symbolic Performance (Vol. 1st ed). New York: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=521530
Warjiyo, P., & Juhro, S. M. (2019). Central Bank Policy : Theory and Practice (Vol. First edition). Bingley: Emerald Publishing Limited. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2026184
Went, P., Donohue, C., Apostolik, R., & Global Association of Risk Professionals. (2009). Foundations of Banking Risk : An Overview of Banking, Banking Risks, and Risk-Based Banking Regulation. Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=835736
Williams, G. (2019). The Evolution of China’s Banking System, 1993–2017. Abingdon, Oxon: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1840309
Yondo Belle, S. (Serge). (2016). Effects of mergers & acquisitions on financial performance of USA acquiror banks. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsndl&AN=edsndl.oai.union.ndltd.org.oulo.fi.oai.oulu.fi.nbnfioulu-201606072440

Recommended Additional Bibliography

Aleksandr, B. (2019). Influence of Modern Financial Technologies on the Institutional Structure of the Russian Banking System. Vestnik Universiteta, (9), 143–148. https://doi.org/10.26425/1816-4277-2019-9-143-148
Alexis Derviz, & Jiří Podpiera. (2011). Lending behavior of multinational bank affiliates. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.A4D3D81C
ALINA LIGIA DUMITRESCU. (2014). The Banking Union – the Solution to Reduce the European Banking System Risks? Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.D1561E91
Amiti, M., McGuire, P., & Weinstein, D. E. (2019). International Bank Flows and the Global Financial Cycle. IMF Economic Review, 67(1), 61–108. https://doi.org/10.1057/s41308-018-0072-6
Cochrane, J. H., Palermo, K., Taylor, J. B., & Auclert, A. (2019). Currencies, Capital, and Central Bank Balances. Stanford, California: Hoover Institution Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2037242
Diemer, M. (2016). Who should rescue subsidiaries of multinational banks? Journal of Financial Stability, (C), 159. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.finsta.v26y2016icp159.174
Donaldson, J., & Flagg, D. (2014). Using Derivatives to Hedge Interest Rate Risk: A Student Exercise. Research in Higher Education Journal, 24. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=eric&AN=EJ1064089
Frey, R., & Düwel, C. (2013). Competition between foreign affiliates: Multinational banks internal funding in the crisis. Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.zbw.vfsc13.80013
GARA, A., VARDI, N., & KAUFLIN, J. (2019). Fintech’s Secret Bank: The Forbes Investigation. Forbes, 202(10), 126–134. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=140351033
Hadir H. Shubbar, & Andrey V. Guirinsky. (2019). Contents and principles of stability of the banking system. RUDN Journal of Economics, (1), 63. https://doi.org/10.22363/2313-2329-2019-27-1-63-71
Hans, C. (2017). Systemic risk in the banking sector: a network perspective. Universitat Pompeu Fabra, 2017. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edstdx&AN=edstdx.10803.420878
Har Wai-Mun, Lee Teck-Heang, & Tam Cai-Lian. (2011). Readiness of ASEAN Banking Sector Integration: Recent Development and Statistical Evidence. IUP Journal of Monetary Economics, 9(1), 46–65. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=59337828
Knaack, P. V. (DE-588)1101844108, (DE-576)470004916, aut. (2017). An unlikely champion of global finance : why is China exceeding international banking standards? / Peter Knaack. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.495652792
Liu, K. (2019). Chinese Shadow Banking: The Case of Trust Funds. Journal of Economic Issues (Taylor & Francis Ltd), 53(4), 1070–1087. https://doi.org/10.1080/00213624.2019.1668338
Rafał, S. (2013). Remarks on the Transformation of the Polish Banking System by the Reforms After 1989. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.2FA0861E
Ramlall, I. (2016). Central Bank Ratings : A New Methodology for Global Excellence. Basingstoke, Hampshire: Palgrave Pivot. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1231425
Selgin, G. A., Bédard, M., & Dowd, K. (2017). Financial Stability Without Central Banks. London: London Publishing Partnership. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1679978
Yin-Pheng Lim, P., Khong, R. W. L., & Hui-Boon Tan. (2015). Bank Integration and Systemic Risk: Panacea or Pandemic? Journal of Developing Areas, 49(4), 301–312. https://doi.org/10.1353/jda.2015.0141

Authors

Dzhagitian EDUARD PAVLOVICH

Course Syllabus