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European Banking and the Financial Crisis

Kurs ID
FIN610
Art des Kurses
MSc Kurs
Wochenstunden
2,5
ECTS
5.0
Semester
FS 2019
Vortragssprache
Englisch
Vortragende/r
Prof. Dr. Axel Wieandt
Bitte beachten Sie, dass AustauschstudentInnen im BSc-Programm der WHU eine höhere Anzahl an Credits erwerben als hier aufgeführt. Für weitere Informationen wenden Sie sich bitte direkt an das [International Relations Office].
Freitag, 08.03.2019, 13:45-18:45 Uhr (E-103)

1. Introduction – Financial Systems and Banking

2. Introduction – Banking Crises, Regulation, Supervision and Bank Risk Management

Gastredner: Dr. Peter Neu, Divisional Head of Group Strategy & Controlling, DZ Bank AG – „Digitalization and business models - insights from DZ BANK” (13:45h)

Freitag, 15.03.2019, 13:45-18:45 Uhr (E-103)

3. Too Big / Too Interconnected to Fail: The Financial Crisis of 2007-2009

4. The Regulatory Reform Agenda for more resilient banks and banking systems

Gastredner: Matthias Gerhardt, Group Director Corporate Development, Lowell Group – „The European Banking System“ (13:45h)

Freitag, 22.03.2019, 13:45-18:45 Uhr (E-103)

5. The Sovereign Debt / Euro Crisis

6. The Banking Union

Gastredner: Dr. Norbert Metiu, Economist Directorate General Financial Stability, Deutsche Bundesbank – „Financial Stability and Macroprudential Supervision in the EMU“ (18:00h)

Dienstag, 26.03.2019, 13:45-18:45 Uhr (E-103)

7. Safe to Fail? – Bank Recovery and Resolution

8. Strategic Challenges and Opportunities for European Banks

Gastredner: Clemens Marckhoff, Founder & Managing Director, First Coin GmbH – „Blockchain/Distributed Ledger Technology DLT” (13:45h)

Freitag, 29.03.2019, 13:45-18:45 Uhr (E-103)

Individuelle Präsentation / Diskussion eines Artikels durch jeden Studenten (benotungsrelevant)

Date Time
Friday, 15.03.2019 13:45 - 18:45
Friday, 08.03.2019 13:45 - 18:45
Friday, 22.03.2019 13:45 - 18:45
Tuesday, 26.03.2019 13:45 - 18:45
Upon completion of this course, students will be able to understand:
  • Financial Systems and Banking
  • Banking Crises, Regulation, Supervision and Bank Risk Management
  • The Financial Crisis of 2007-2009
  • The Sovereign Debt / Euro Crisis
  • Strategic Challenges and Opportunities for European Banks
There are two books recommended for purchase:Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 20151. Introduction – Financial Systems and BankingJean Dermine: Bank Valuation and Value-Based Management, McGraw Hill, Second Edition, 2014, pp. 32-42Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 5-35; pp. 320 – 328; pp. 336-349Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 13-23; pp. 27-42; pp. 43-532. Introduction – Banking Crises, Regulation, Supervision and Bank Risk ManagementJean Dermine: Bank Valuation and Value-Based Management, McGraw Hill, Second Edition, 2014, pp. 183-213; pp. 262-267; pp. 435-440Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 39-54; pp. 328 – 336; pp. 405-412Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 43-53; pp. 66-75; pp. 77-923. Too Big / Too Interconnected to Fail: The Financial Crisis of 2007-2009Viral V. Acharya, Thomas Philippon, Matthew Richardson, Nouriel Roubini: A Bird’s Eye View, The Financial Crisis of 2007-2009: Causes and Remedies, in: Viral V. Acharya, Matthew Richardson: Restoring Financial Stability – How to Repair a Failed System, Wiley, 2009, pp. 1-56Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 54-62; pp. 127 - 130Case Study:Sebastian C. Moenninghoff, Axel Wieandt: The Financial Crisis: Observations and Implications, the Case of HRE, Zeitschrift für betriebswirtschaftliche Forschung, 2011, Vol. 63, pp. 508-530Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 95-106; pp. 107-122; pp. 126-1384. The Regulatory Reform Agenda for more resilient banks and banking systemsJean Dermine: Bank Valuation and Value-Based Management, McGraw Hill, Second Edition, 2014, pp. 336-345G20, Pittsburgh Summit 2009, Leaders Statement, Strengthening the International Regulatory Framework, items 10-16Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 413-421Thomas F. Huertas: Safe to Fail: How Resolution will Revolutionise Banking, Palgrave/Macmillan, 2014, Chapter 1: “Too Big To Fail” is too Costly to Continue, pp. 4-20; Chapter 2: Less Likely to Fail: Strengthening Regulation, pp. 21-49Case Study:Darden School of Business Case: Deutsche Bank and the Road to Basel IIIAxel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 165-1835. The Sovereign Debt / Euro CrisisJakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective:Third Edition, Cambridge University Press, 2015, pp. 63-75Vitor Constancio: The European Crisis and the Role of the Financial System, Speech at the Bank of GreeceConference on “The Crisis in the Euro Area“, Athens, 23.05.2013Marco Pagano: Lessons from the European Financial Crisis, in: Ester Faia, Andreas Hackethal, Michael Haliassos,Katja Langenbucher (eds.): Financial Regulation: A Transatlantic Perspective, Cambridge University Press, 2015, pp. 23 – 48Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 139-150; pp. 153-164Case Study:Jeromin Zettelmayer, Christoph Trebesch, Mitu Gulati: The Greek Debt Restructuring, An Autopsy, Working Paper,The Peterson Institute for International Economics, August 20136. The Banking UnionIgnazio Angeloni: Towards A European Banking Union, in CeSifo forum 4/2012, pp. 10-14European Commission: Communication from the Commission to the European Parliament and the Council,A Roadmap towards a Banking Union, Brussels, 12.9.2012, COM (2012) 510 finalEuropean Commission: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the Eurozone, Memo, Brussels 28.3.2014European Commission: Updated version of first memo published on 15/04/2014 - Banking Union: restoring financial stability in the Eurozone, Fact Sheet, Brussels 24.11.2015Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions:A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 349-355; pp. 428 - 444Dirk Schoenmaker: Firmer Foundations for a stronger European Banking Union, Bruegel Working Paper, November 2015Axel Wieandt: Unfinished Business – Putting European Banking (and Europe) Back on Track, First Edition, V&R unipress, 2017, pp. 185-199; pp. 201-2097. Safe to Fail? – Bank Recovery and ResolutionDeutsche Bundesbank: Europe’s New Recovery and Resolution Regime for Credit Institutions,Deutsche Bundesbank Monthly Report June 2014, pp. 31-55Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions:A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 469-481Thomas F. Huertas: Safe to Fail, How Resolution Will Revolutionise Banking, Palgrave MacMillan, 2014, Chapter 4: Safe to Fail, pp. 82-133Europeans move to undercut new global capital rules, FT, October 13, 2015, p. 19European Parliament: Public Hearing with Elke König, Chair of the Single Resolution Board, Briefing, 16.06.2015Case Study:Hypo Alpe Adria/HETA ResolutionUntangling the Mess of Austrian Bank Hypo, Tracing the Losses Behind a Lending Debacle that Has Cost the Taxpayers Billions of Euros So Far, The Wall Street Journal, August 28, 2014Unicredit, Credit Flash, “Talking ´bout Resolution“, March 3, 2015Hypo Alpe Adria Collapse set to test Rules on Bank Failures, The Financial Times, April 30, 20158. Strategic Challenges and Opportunities for European BanksAccenture, FinTech Innovation Lab London: Fintech and the evolving landscape: landing points for the industry, 2016Bank for International Settlement (BIS): Speech by Stefan Ingves at the IIF Annual Membership Meeting, Lima, 09.10.2015The Economist: Financial Services – The Fintech Revolution, 09.05.2015The Economist: European Banks – Banking and Nothingness, 17.10.2015, pp. 75-77European Systemic Risk Board (ESRB), European System of Financial Supervisors: Report on Misconduct Risk in the Banking Sector, June 2015European Parliament: Briefing by B.Mesnard, A.Margerit, C.Power and M.Magnus: Non-performing loans in the Banking Union: stocktaking and challenges, 18.03.2016Hervé Hannoun: Ultra-low or negative interest rates: what they mean for financial stability and growth, remarks at the Eurofi High-Level Seminar, Riga, 22 April 2015Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker: Financial Markets and Institutions: A European Perspective: Third Edition, Cambridge University Press, 2015, pp. 130 - 145Thomas F. Huertas, Safe to Fail, How Resolution Will Revolutionise Banking, Palgrave MacMillan, 2014, Chapter 5: Setting up for Success, pp. 134 – 172International Monetary Fund (IMF): Global Financial Stability Report, April 2015, Chapter 2: International Banking after the Crisis: Increasingly Local and Safer?, pp. 55 - 91Frederic Oudea: Europe needs homegrown bulge bracket banks, Opinion, Financial Times, 12.10.2015, p. 7
Lecture, Case study, Reading assignments
Oral participationand ability to discuss the basic readings in class. Students are expected to come to class prepared and are required to use name plates.(20%)

Individual presentation(no more than 5 PowerPoint slides) and discussion of the background, context, etc. in class of an individually selected, recent (last 12 months) newspaper / journal article (preferred sources: WSJ, FT, Economist, The Banker) related to the topics covered in the course. The article is to be shared with the professor (axel.wieandt@whu.edu ), assistant (sascha.hahn@whu.edu ) and all enrolled students in advance of the presentation / discussion by email, at thelatest by 26th March 2019, eod. First come, first serve should give an incentive to select articles early.(30%)

Seminar paper(maximum 20 pages; pdf format; WHU formatting guidelines apply), the paper should provide an in-depth perspective on one of the topics of the class. Students may, but are not obliged to choose from the following list of potential topics:

- Brexit
- Nordea Case Study - Leaving Sweden to join the Banking Union
- Monte dei Paschi di Siena Case Study – Bail-In or Bail-Out?
- The Future of Banking Union
- Resolving the NPL Crisis
- Banco Popular, MPS and the Future of the Bail-in Regime
- Regulating Fintechs
- Basel IV
- Banking Package (BRRD II, CRD V/CRR II)
- Cryptocurrencies and its determinants
- Initial Coin Offering (ICO): The future of early-stage financing companies?
- Blockchain application within banking industries
- Distributed Ledger Technology (DLT)
- …

Topic is to be agreed with the professor by the end of 3rd class. Due date for the paper: 31st May 2019, eod, submission via email: axel.wieandt@whu.edu and ssascha.hahn@whu.edu(50%)

150
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