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Tantárgy adatlap

Globalization, Financial Crises and Development

Tantárgy adatlap letöltése: Letöltés

A tantárgy kódja: KOZNXV4OG10
A tantárgy megnevezése (magyarul): Globalization, Financial Crises and Development
A tantárgy neve (angolul): Globalization, Financial Crises and Development
A tanóra száma (Előadás + szeminárium + gyakorlat + egyéb): 9 February – 9 May, 2016, Tuesdays in Room 336, main building, from 9.50 to 11.20 and 11.40 to 13.10
Kreditérték: 6
A tantárgy meghirdetésének gyakorisága: Spring 2016
Az oktatás nyelve: English
Előtanulmányi kötelezettségek: 
A tantárgy típusa: Advanced course
Tantárgyfelelős tanszék: Összehasonlító és Intézményi Gazdaságtan Tanszék
A tantárgyfelelős neve: Dr. Csaba László

A tantárgy szakmai tartalma: This course provides an introduction to the current
debates on global economic and finacial processes and on the political
economy of reforms in advanced and emerging economies. It does not
have a classical basic textbook, but individual contributions to the
literature, often taking conflicting positions. The latter are being
processed mostly in an individual fashion, and recommended readings
also in seminar discussions.



The basic aim is to acquaint those participating with the complexities
and findings of cutting edge research on open ended processes. While
background in econometrics and statistics is a plus, it is not a formal
requirement to take this course, open to studentos of IR, political
science, sociology and business studies as well. We aim to present useful


knowledge distilled from more abstract papers, meaning the
improvement of chances of participants to compete efficiently on the
labor market.

Évközi tanulmányi követelmények: Regular and active participation
in each and every lecture and seminar- altogether 11 weeks or 22
occasions- is a precondition for being graded. Each participant is
supposed to make one oral presentation/from among the recommended
reading, approved by the lecturer or the TA int he first to weeks/.



Seminar papers may be submitted electronically. In order to obtain the
grade all three items need to be acquired, i.e the final grade results from
the average of the following: 20 pc active participation, 20 pc seminar
presentation, 30 pc midterm and 30 pc final term paper. There is no
chance to save one assignment by overperforming a different one. No-
show at exam or presentation time triggers a fail.



Since most articles are accessible online, we do not typically discuss
required readings in class, unless positively demanded. Besides regular
consultations with the TA my office hours should be used- at my major
school, CEU at Nádor 9, Faculty Tower 304 on Mo and We, 17-19- to
manage points of clarifications and personal grievances of various sorts.
Advance registration via e-mail is necessary at: e-mail: csabal@ceu.edu
The format of midterm and end-term papers is essay plus bull-point
type of questions checking familiarity with lecture material and
required readings, as well as of contents of seminar presentations. A
passing grade requires 70 per cent of the maximum points attainable.



Deadlines, grades and assignments can not be changed or negotiated. In
case of force majeur, such as illness testified by a medical doctor, prior
agreement of the instructor is required.



Practical matters other than these should be arranged with the
administration of the Department/Ms Tünde Horváth during office
hours or by appointment// and with my TA.

Vizsgakövetelmény: 

Az értékelés módszere: 

Tananyag leírása: This course in comparative political
economy is offered to 4th and 5th year MA students as well as Erasmus
exchange students with a background in macroeconomics, international
economics, comparative economics and preferably also having taken
my Hungarian languague course on The Economics of Emerging
Markets in one of the preceding Fall semesters/though the latter is by no
means a formal prerequisite /. The course is aimed at understanding
the controversial causes and consequences of globalization, financial
instability and reversals in the process of economic development. While
adopting the perspective of emerging economies we interpret processes
in a global context. The course is composed of lectures and seminars, the
two may well not overlap. Familiarity with technical English and ability
to make oral presentations in seminar in English do constitute
prerequisites for taking this course.

Órarendi beosztás: 1.9th Febr,2016: a/ Introduction, course requirements.
b/Globalization and global problems as subjects of economic analysis

2. 16th Febr, 2016: Finalcial globalization: its emergence and heydeys.
The Great Depression and its aftermath.

3. 23d Febr.,2016: Bretton Woods and the new wave of globalization in
the post-1979 period, its new forms and its consequences.

4. 1st March,2016: The changing role of the IMF and the World Bank
in managing the global financial system

5. 8th March, 2016: The role of IMF in managing postcommunist
transition- the case of Hungary

15th March, 2016: national holiday, no class

6. 22d March, 2016:Financial crises in the global economy: history,
theory and experiences. Commonalities and differences of subsequent
crises in the post-1979 period.

7. 29th March, 2016: Midterm quiz/closed book, lecture and required
readings material, also seminar discussions/presentations/MISSING
THE MIDTERM IMPLIES AUTOMATIC FAIL.

8. 5th April, 2016: The east Asian and Latin American crises of 1997-
99: the two major explanations and lessons for the future.

9. 12th April, 2016:The financial meltdown in 2007-2009: „this time is
different”/Reinhart and Rogoff/

10.19th April, 2016: Trade globalization and its institutions. From
GATT to WTO- and beyond to TTIP?

11.26th April, 2016: Globalization and the welfare state: a race to the
bottom?

12. 3 May, 2016: Does the current financial meltdown trigger a
paradigm shift in European economic policies?

13. FINAL QUIZ!/closed book, facts anf figures, as at midterm/- on 10
May, 2016.

This is a course which is being evaluated on the base of work during the
semester, i.e. grades will be announced on 19 May, before the terms of
exams begins. All assignments, such as presentations, essays, voluntary
book reviews for grade enhancement etc must be concluded by that
date, and should by no menas procrastinate any farther.

Failed midterm/final can be made up for by volunteering for book
reviews. Volumes must come from the field and approved ex ante by the
instructor, submitted until 13 May, 2016/Friday. This also is a way to
improve the grade you may otherwise earn.

Budapest, 25 November, 2015.
Prof.László CSABA,
Corvinus University of Budapest

Department of Comparative Economics
Personal web: www.csabal.com

Kompetencia leírása: 

Félévközi ellenőrzések: 

A hallgató egyéni munkával megoldandó feladatai: NOTES: From among the books mentioned individual chapters may be
used for presentations. More than one chapter might be presented by
different participants, in the same or subsequent occasions.



The source material is extremely diverse in terms of places, approaches
and technical comlexity.Please read typically one article per week, else it
is impossible to digest. It is important to capture the main line of
argumentation and able to reproduce the findings/conclusions by each
author. Your individual judgement is best reflected in the essay, whch
may be normative and controversial. Also seminar discussions are
encouraged, and critical commentary in the academic manner is
positively encouraged. Opinions are typically not graded, but inability
to present facts and figures, missing deadlines, or not adhering to
academic standards/such as plagiarism and double submissions/ are.

Szak neve: 9 February – 9 May, 2016, Tuesdays in Room
336, main building, from 9.50 to 11.20 and 11.40 to 13.10

Irodalomjegyzék:
Kötelező irodalom:

  • 1/ DOCQUIER,F. – RAPOPORT,H./2012/: Globalization, brain drain and development. Journal of Economic Literature, vol.50.no.3.pp681-730.
  • 2/CSABA,L./2007/: Privatization, regulation and regulated markets. In: CSABA,L.: The New Political Economy of Emerging Europe-2d, revised and extended edition. Budapest: Akadémiai Kiadó, pp345-367.
  • 3/ LAW,S.-H. – TAN, H.-B. – AZMAN-SAINI,W./2015/: Globalization, institutional reforms and financial development in east Asian economies. The World Economy, vol.38.no.2.,pp379-398.
  • 4/ DEMIRGÜC-KUNT,A.et al/2013/: The evolving importance of banks and securities’ markets. World Bank Economic Review, vol.27.no.3.pp 476-490.
  • 5/ BIRD,G.et al/2012/: Is there a Beijing Consensus on international macroeconomic policy? World Development, vol.40.no.10.pp1933-1943.
  • 6/ CSABA,L./2009/: Economic conditions of shared growth. In: CSABA,L.: Crisis in Economics? Budapest:Akadémiai,pp197-223.
  • 7/ VILLAVERDE,J. – MAZA,A./2011/: Globalization, growth and convergence. World Economy, vol.34.no.6.pp952-971/also online/.
  • 8/ TRACHTMAN,J. –P./2013/: Review essay: the anti-globalization paradox. World Economy, vol.36.no.11. pp1442 – 1454.
  • 9/ CABALLERO,R./2010/: Macroeconomics after the crisis: time to deal with the pretense-of knowledge syndrome. Journal of Economic Perspectives, vol.24.no.4.pp85-102.
  • 10/ SERUÉN,L. – NGUYEN,H./2013/: Global imbalances: origins and prospects. World Bank Research Observer, vol.28.no.2.pp191-219.
  • 11/ KIMURA,F./2013/: Japan’s model of economic development: relevant and non-relevant elements for developing economies. In: FOSU,A.ed: Development Success: Historical Accounts from More Advanced Economies. Oxford: Oxford Univerity Press, pp 149-170.
  • 12/SNOWER,D.et al/2009/: Globalization and the welfare state. Journal of Economic Literature, vol.47.no.1.pp136-158.
  • 13/ BRUSZT,L. – McDERMOTT,G./2014/: The governance of transnational regulatory integration and development. In: BRUSZT,L. – McDERMOTT,G.eds: Leveling the Playing Field. Oxford- New York: Oxford University Press, pp1-29.
  • 14/CSABA,L./2011/: Financial institutions in transition: the long view. Post-Communist Economies, vol.22.no.1/available online/.

Ajánlott irodalom:

  • 1/SOCCORO,M.et al./2014/: Corporate institutions in Asian markets: financial conditions, financial development and financial constraints. World Development, vol.57/May/, pp63-78.
  • 2/ CORNIA,G.A./2014/: Inequality trends and their determinants : Latin America int he period 1990-2010. In. CORNIA,G.A.ed: Falling Inequality in Latin America. Oxford-New York: Oxford University Press, pp23-48./available in the library of CEU/.
  • 3/ DOI,T. – HOSHI,T. – OKIMOTO,O./2011/: Japanese government debt and sustainability of fiscal policy. Journal of the Japanese and International Economies/Elsevier/, vol.25.no.4.pp 414-433.
  • 4/ PASSARI,E. – REY,H./2015/: Financial flows and the international monetary system. Economic Journal, vol.125.issue 584., pp675 -698.
  • 5/ GRABEL, I./2011/: Not your grandfather’s IMF: global crisis, ’productive incoherence’ and developmental policy space. Cambridge Journal of Economics, vol.35.no.5.pp805-830.
  • 6/LANE, J.-E./2011/: Religion or tradition: the lack of modernization in the Arab world. Zeitschrift für Staats- und Europawissenschaften, vol.9.no.1.pp99-114.- print version available in Corvinus library.
  • 7/ LO, A.W./2012/: Reading about the financial crisis: a twenty-one-book review. Journal of Economic Literature, vol.50.no.1.pp151-178.
  • 8/ FISCHER, S./2015/: The Federal reserve and the global economy. IMF Economic Review, vol.63.no.1., pp 8-21
  • 9/ATLAS,V.et al/2012/: Targeting the poor: evidence from a field experiment in Indonesia. American Economic Review, vol.102.no.4.pp1206-40.
  • 10/ HEYLAND,B. – MOENE,K. – WILLUMSEN,F./2012/: The tyranny of international index rankings. Journal of Development Economics, vol.97.no.1.pp1-14.
  • 11/ BRANDT,L. – MA,D. – RAWSKI,Th./2014/: From divergence to convergence: re-evaluating history behind China’s economic boom. Journal of Economic Literature, vol.52.no.1.pp45-123.
  • 12/ CALOMIRIS,Ch. – KHAN,U./2015/: An assessment of the TARP assistance to financial institutions. Journal of Economic Perspectives, vol.29.no.2., pp53 -80.
  • 13/ REINHART ,C. – REINHART, V./2015/: Financial crises, development and growth: a long-term perspective. World Bank Economic Review, vol.29.suppl.1., S53 – S76.
  • 14/ OBSTFELD,M./2012/: Does the current account deficit still matter? American Economic Review, vol.102.no.3.pp1-23.
  • 15/ NORBAECK,P.-J. – PERSSON,L./2014/: Born-to-be global and the globalization process. The World Economy, vol.37.no.5.pp 672-689.
  • 16/ BESLEY,T./2015/: Law, regulation and the business climate: the nature and influence of the World Bank Doing Business project. Journal of Economic Perspectives, vol.29.no.3., pp99 – 120.
  • 17/ CANUTO,O. – PINTO,B. – PRASAD,M./2014/: Orderly sovereign restructuring: missing in action!/And likely to remain so/. World Bank Research Observer, vol.29.no1/available online/
  • 18/ TRONCOSO-BALTAR,C./2015/: Inflation and economic growth in an open developing country: the case of Brazil. Cambridge Journal of Economics, vol.39.no.5., pp1263 -1280.
  • 19/ ROSE,A./2011/: Exchange rates in the modern era: fixed, floating and flaky. Journal of Economic Literature, vol.49.no.3.pp652-672.
  • 20/ BENÁCEK,V et al./2014/: Political risk, institutions and FDI: how do they relate in various European countries? The World Economy, vol.37.no.5.pp 625-653.
  • 21/ RICHARDS,A.et al/2013/: A Political Economy of the Middle East. 3d uopdated edition. Boluder/Col., Westview Press/the concluding chapter on the roots of the Arab Spring/.
  • 22/ QUAH,E./2015/: Pursuing economic growth in Asia: the environmental challenge. World Economy, vol.38.no.10, pp1487-1504.
  • 23/ La PORTA,R. – SHLEIFER,A./2014/: Informality and development. Journal of Economic Perspectives, vol.28.no.3. pp109 – 126.
  • 24/ ROBERTS,K.M./2014/: The politics of inequality and re-distribution in Latin America’s post-adjustment era. In: CORNIA,G.A.ed: Falling Inequality in Latin America. Oxford-N.Y.: Oxford University Press, pp49-69/available at CEU Library/.
  • 25/ DERCON,S./2014/: Is green growth good for the poor? World Bank Research Observer, vol.29.no.2.,pp163-185.
  • 26/CABRALES,A.- HAUK,E./2011/: The quality of political institutions and the curse of natural resources. Economic Journal, vol.121.no551,pp58-88.
  • 27/ McCAULEY,R./2014/: De-internationalizing global banking? Comparative Economic Studies, vol.56.no.2.pp257-270.
  • 28/ TANZI,V./2015/: Fiscal and monetary policies during the Great recession: a critical evaluation. Comparative Economic Studies, vol.57.no.2.,pp243-275.
  • 29/CLEEVE,E. – DEBRAH,Y. – YIHEYIS,Z./2015/: Human capital and FDI inflow: an assessment of the African case. World Development,vol.74/October, 2015/, pp1-14.
  • 30/ VÉGH,C. – VULETIN,G./2014/: The road to redemption: policy responses to crises in Latin America. IMF Economic Review, vol.62.no.4., pp526-568.
  • 31/ KRAAY,A. – McKENZIE,D./2014/: Do poverty traps exist? Assessing the evidence. Journal of Economic Perspectives, vol.28.no.3. pp127 – 148.
  • 32/ WEDER,B. – WEDER,R./2013/: Switzerland’s rise to a wealthy nation:competition and contestability as key factors. In. FOSU, A.ed: Development Success/op.cit/pp192-215/as req-reading 11/.
  • 33/ TEAGUE,P. – CURRIE,D./2013/: Committing to economic openness in Ireland: the importance of domestic institutional capabilities. IN: FOSU,A.ed: Development Success/as in reading 11/, pp171-191.
  • 34/GORTON,G. – METRICK,A./2013/: The Federal Reserve and panic prevention: the roles of financial regulation and lender of last resort. Journal of Economic Perspectives, vol.27.no.4.pp45-64.
  • 35/ MYERSON,R.B./2014/: Rethinking the principles of bank regulation. Journal of Economic Literature, vol.52.no.1.pp197 – 210.
  • 36/ EICHENGREEN,B. /2013/: Does the FED care about the rest of the world? Journal of Economic Perspectives,vol.27.no.4.pp87 – 104.
  • 37/ LUCEY,B.et al./2014/: Learning from the Irish experience: a clinical case study in banking failure. Comparative Economic Studies, vol.56.no.2.pp295-312.
  • 38/NG,S. – WRIGHT,J./2013/: Facts and challenges from the great recession for forecasting and macroeconomic modeling. Journal of Economic Literature, vol.51.no.4.pp 1120-1154.
  • 39/ SIMON, H./2014/: Hidden champions: the vanguard of globalia. In: KOLODKO, G.W.ed.: Management and Economic Policy for Development. New York: Nova Science, pp33-52.
  • 40/ HOSHI,T. – ITO,T./2014/: Defying gravity: can Japanese sovereign debt continue to increase without a crisis? Economic Policy/Blackwell, vol.29.no.77, pp5-44.
  • 41/ WEIL,L. – GODLEWSKI,Ch./2014/: Why do large firms opt for Islamic loans? Comparative Economic Studies, vol.56.no.1.pp 132-153.
  • 42/ McCLOSKEY,D./2014/: Measured, unmeasured, mismeasured and unjustified pessimism: a review essay of Thomas Piketty’s’ Capital in the 21st century’. Erasmus Journal for Philosophy and Economics, vol.7.no.2., pp73-115 /open access/.
  • 43/ ARIFF, M./2014/: Whither Islamic banking? The World Economy, vol.37.no.6.pp 733- 746.
  • 44/ van ARK, B. – McMAHONEY, M. – TIMMER, M./2013/: Europe’s productivity performance in comparative perspective: trends, causes and projections. In: PRASADA RAO,D.S. – van ARK,B.eds/2013/: World Economic Performance: Past, Present and Future. Cheltenham: E.Elgar, pp290-315.
  • 45/ BERDEN,K.et al./2014/: Governance and globalization. The World Economy, vol.37.no.3.pp 353-386.
  • 46/ KNIGHT,J./2014/: Inequality in China: an overview. World Bank Research Observer, vol.29.no.1., pp1-19.
  • 47/ MORIN,J.-F. et al/2015/: The Politics of Transatlantic Trade Negotiations: TTIP in a Globalized World.Farnham/UK: Ashgate/take one chapter, the book is available in the Library of CEU/.
  • 48/ XU,G.-D./2015/: The institutional foundations of China’s unbalanced economy. Europe-Asia Studies, vol.67.no.9., pp1351-1370.
  • 49/WINIECKI,JH./2016/: Shortcut or Piecemeal?Economic Development Strategies and Structural Change. Budapest-New York: CEU Press/take any one chapter, more than one student may take chapters if different/.
Ajánlott irodalmak:
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