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Course module: 310141-M-6
310141-M-6
Seminar Financial Economics
Course info
Course module310141-M-6
Credits (ECTS)6
CategoryMA (Master)
Course typeCourse
Language of instructionEnglish
Offered byTilburg University; Tilburg School of Economics and Management; TiSEM: Economics; Economics;
Is part of
M Economics
M Finance
Lecturer(s)
Lecturer
prof. dr. R.J. Berndsen
Other course modules lecturer
Lecturer
prof. dr. J.M. Groeneveld
Other course modules lecturer
Academic year2020
Starting block
BLOK 3
Course mode
Full-time
Remarks-
Registration openfrom 19/01/2021 up to and including 20/08/2021
Aims
The aim of the course is to provide an up-to-date view on Financial Economics from a practitioner┬┤s perspective, making sure you get the latest insights. Both professors are also active in the financial sector (prof. Groeneveld is at Rabobank and prof. Berndsen is at London Clearing House) and have substantial central bank working experience
Content
Content
 
The financial crises of 2007 - 2012 (Lehman, eurozone sovereign debt) has put the functioning of the financial system in the spotlight. Those crises have shown how the subsequent disruption of the financial system hurt the real economy, highlighted the failure to reign in systemic risk. Subsequently central banks and financial regulators have responded globally with unprecedented monetary policies and new regulations (e.g., for central counterparties). The rise in cryptocurrencies can be seen as a reaction to the crisis but also as a matter of innovation, both views are discussed. Furthermore, benefits and disadvantages of financial cooperatives are compared to other governance structures. The seminar consists of the following two parts:


1. Financial Market Infrastructures and Payments (lecturer prof. R.J. Berndsen)
In this part the student is introduced to the so-called 'plumbing' of the financial system by way of a metaphorical Warehouse. Although the infrastructure has performed relatively well during the Lehman crisis, you will study the crisis that did not happen yet: the failure of one or more financial market infrastructures. To assess the impact of future developments on the financial sector (FinTech), we discuss innovations in the Warehouse such as the increasing speed of settlement (Instant Payments) and innovations of the Warehouse (cryptocurrencies, stable coins and central bank digital currencies).       

Lecture topics of Prof. Berndsen
Retail Payments
Real-Time Gross Settlement and Financial supervision
Systemic Risk and Central Counterparties
FinTech and Cryptocurrencies


2. Financial Cooperatives and Central Banking (lecturer prof. J.M. Groeneveld)
In this part of the seminar, we discuss two highly topical and interconnected issues. Since the Great Financial Crisis and sovereign debt crisis in the Eurozone, the European Central Bank has pursued an unconventional monetary policy. The transmission of this extremely loose monetary policy to the real economy and the - political - independence of the ECB will be studied. The effectiveness of monetary policy depends on the behaviour of banks as financial intermediaries. Therefore, banking business models and ownership structures will be explored as well. These features are in turn partly shaped by the European Central Bank in its capacity as banking supervisor. In addition, attention will be paid to changes in banking market structures and the rise of alternative finance, which might alter the monetary transmission process drastically.

Lecture topics of Prof. Groeneveld
Monetary Transmission
Central Bank Independence
Banking Business Models
Banking Market Structures and Alternative Financing

 
Type of instructions
Each seminar consists of approx. one hour Flip The Classroom or lecture by the lecturer and approx. one hour of student group presentations/discussion.
The student group presentation consists of presenting preselected articles on the same topic, prepared in advance by a group of students (usually two or three students).
Student presentations are group work and students can sign up for a specific group on a specific day on a first come first serve basis.
The presentation is a prerequisite for taking part in the written exam.  


Course structure: An introductory session (A.) where students can ask (procedural) questions about the course, then prof. Berndsen's part ( B. through E.), followed by prof. Groeneveld's part (F. through I.)
  1. Thursday 28 Jan.  13.45 (starting time) introductory session
  2.  Thursday  4 Feb.  13.45 (starting time) online Flip The Classroom seminar and presentation group 1 and 2
  3.  Friday     12 Feb.  13.45 (starting time) online Flip The Classroom seminar and presentation group 3 and 4
  4. Thursday 25 Feb. 13.45 (starting time) online Flip The Classroom seminar  and presentation group 5 and 6
  5.  Thursday 4 Mar.  13.45 (starting time) online Flip The Classroom seminar and presentation group 7 and 8
  6. Thursday 11 Mar.    15.00 (starting time) hybrid lecture and presentation group 9 and 10 in Cube 01a
  7. Wednesday 17 Mar.  8.45 (starting time) hybrid lecture and presentation group 11 and 12 in Cube 01b
  8. Wednesday 24 Mar.  8.45 (starting time) hybrid lecture and presentation group 13 and 14  in Cube 01b
  9. Wednesday  31 Mar. 8.45 (starting time) hybrid lecture and presentation group 15 and 16  in Cube 01b
Type of exams
The final grade of this course consists of 20% of the group presentation grade and 80% by online exam grade. Minimum passing grade is a final grade (rounded to the nearest halve/whole number) of 6 (out of 10). The presentations are mandatory for taking the exam and will be graded by the teachers. 
 
 
Course available for exchange students
Master level, conditions apply
Contact person
prof. dr. R.J. Berndsen
Timetable information
Seminar Financial Economics
Written test opportunities
DescriptionTestBlockOpportunityDate
Schriftelijk (80%) / Written (80%)EXAM_01BLOK 3223-06-2021
Written test opportunities (HIST)
DescriptionTestBlockOpportunityDate
Schriftelijk (80%) / Written (80%)EXAM_01BLOK 3129-04-2021
Required materials
Literature
The literature consists of a mix of articles and a textbook. a) selection of articles (to be announced) (part of prof. Groeneveld) b) articles for group presentations (to be announced) (both parts) c) textbook (part of prof. Berndsen)
ISBN:978-90-827082-0-2
Title:Financial Market Infrastructures and Payments: Warehouse Metaphor Textbook
Author:Ron J. Berndsen
Publisher:available via studystore.nl
Edition:1
Recommended materials
-
Tests
Written (80%)

Final grade

Presentation (20%)

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