Master
2024/2025
Financial Markets Regulation and Supervision
Type:
Elective course (World Economy)
Area of studies:
Economics
Delivered by:
Joint Department with the Bank of Russia
When:
2 year, 1, 2 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Instructors:
Henry I. Penikas
Master’s programme:
World Economy
Language:
English
ECTS credits:
6
Course Syllabus
Abstract
Course focuses on current practices and issues facing financial regulation and supervision, both on macro level and for particular industry players. Various structures and regulatory settings are examined, special attention paid to discussion of cases of regulatory failures both in Russia and abroad. The course will include the use of MS Excel, and financial databases The course provides students with: knowledge of regulatory environment, potential design, risks and opportunities; examples of different models’ implementation and consequences of regulators blind spots; trends in policy and practices, impact on financial markets and global governance; practice in analysis of situation as a decision-maker. The study of this discipline is based on the following basic disciplines: finance, accounting, theory of markets. The main competences and knowledge gained by study of the discipline can be used in the future while studying the following disciplines: finance; the theory of industrial markets and competition policy (as applied to financial markets and industry); modelling of credit ratings; modern research in corporate finance; economics of the public sector, etc.
Learning Objectives
- · The aim of the course is to provide students with knowledge and skills of financial regulation based on theory and author’s long experience in financial markets As a result of mastering the discipline, the graduate student must: • Know: the theoretical justification for various regulatory models and identify strengths and weaknesses • Understand policy decisions and evaluate regulatory impact of laws and regulations, as well as forecast decisions applied to particular institution
Expected Learning Outcomes
- Ability to solve set tasks using the latest domestic and foreign experience and with the use of modern technical means and information technologies.
- Names general terms of financial regulaton.
- Proposes an econometric model that approximates and explains the processes taking place in society, as well as an adequate method for its evaluation.
- Solves set tasks using the latest domestic and foreign experience and with the use of modern technical means and information technologies.
- The student is able to propose an econometric model that approximates and explains the processes taking place in society, as well as an adequate method for its evaluation..
Course Contents
- Introduction
- Theory and practice of financial regulation: sector model
- Theory and practice of financial regulation: mega regulators and twin peaks
- Global issues in regulatory design
- Banking regulation
- Pension funds and insurers
- Securities market
- Risk management , AML, KYC and other compliance
- Consumer protection and regulatory experiments
Assessment Elements
- Presentation on a seminar10-15 minute presentation by team of 2-3 students during class on particular company or bank – usually post mortem of a failed one
- Final presentation25-30 minute presentation by team of 5-7 students on systemic financial crisis, its causes, impact, failures and successes of regulators. Q&A from teacher and other students. Support materials are submitted
- EssayAn essay on particular relevant regulatory issue
- Current activity on seminars
Interim Assessment
- 2024/2025 2nd module0.2 * Current activity on seminars + 0.2 * Essay + 0.4 * Final presentation + 0.2 * Presentation on a seminar
Bibliography
Recommended Core Bibliography
- Andrew Godwin, Timothy Howse, & Ian Ramsay. (2017). A jurisdictional comparison of the twin peaks model of financial regulation. Journal of Banking Regulation, (2), 103. https://doi.org/10.1057/s41261-016-0005-0
- David T Llewellyn. (n.d.). 1 Institutional Structure of Financial Regulation and Supervision: The Basic Issues. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.F7DE0C4
- James R. Barth, Jie Gan, & Daniel E. Nolle. (n.d.). Global Banking Regulation & Supervision: What Are the Issues and What Are the Practices? Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.CE5F8301
Recommended Additional Bibliography
- Barth, J. R., Nolle, D. E., & Gan, J. (2009). Global Banking Regulation and Supervision : What Are the Issues and What Are the Practices? New York: Nova Science Publishers, Inc. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=380543