Financial Crises - EC603

Location Term Level Credits (ECTS) Current Convenor 2018-19 2019-20
Canterbury Autumn
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6 15 (7.5)
Canterbury Spring
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6 15 (7.5) DR A Klein


EC502 Macroeconomics and EC580 Introduction to Econometrics are prerequisite modules





The aim of the module is to introduce the students to the evolution of the financial crises. Since financial crises are infrequent (though often occurring) events, a long-run perspective is necessary. This module will look at financial crises from the Tulip mania in 1636 through 1997 Asian financial crisis to the financial crisis of 2008. It will combine theoretical approaches, empirical facts, and case studies to fully understand their causes and consequences.


This module appears in:

Contact hours

18 Lectures
4 Seminars

Method of assessment

20% Essay (3000 words)
80% Examination (2 hours)

Preliminary reading

• Reinhard, C. M., and K.S. Rogoff (2008), This time is different. Princeton University Press.
• Kindleberger, C.P and R. Aliber (2011), Maniacs, Panics, and Crashes: A History of Financial Crises.
• Eichengreen, B. (2008), Globalizing Capital: A History of the International Monetary System, 2nd ed., Princeton University Press.
• Eichengreen, B. (1992), Golden Fetters: The Gold Standard and The Great Depression, 1919-1939, Oxford University Press.

See the library reading list for this module (Canterbury)

See the library reading list for this module (Medway)

Learning outcomes

• Understand the evolution of financial crises over the past 300 years
• Identify causes of financial crises and the various sources of their origins
• Understand the nature of speculative booms and recurrent nature of financial crises
• Critically analyse the connection among currency crises, banking crises, debt crises, and balance of payment crises
• Demonstrate critical knowledge and understanding of the importance of the lender of last resort and the role of regulation
• Critically evaluate the costs of financial crises and efficacy of policy responses

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