Informations du cours

The subprime crisis of 2008 and the debt and banking crises in Europe have renewed the interest of policymakers in history. Past experiences of financial crises may provide useful tools to understand the challenges stemming from the fragilities in the financial sector. Historical and sociological approaches have also been used in reforms to prevent future financial meltdowns. This course presents some of the main issues that have been analyzed in the academic literature and that prevail in the public debate. We will look in detail at certain episodes of the history of financial crises, and look for potential lessons and parallels. Emphasis will be given to the organizational structure of financial markets and to the role of international organizations and financial actors (regulators, rating agencies and financial intermediaries) from both an economic and a sociological perspective.

The course is divided into three blocks. The first block includes an introductory session that provides a general perspective on the history of financial crises. The remaining sessions present some basic concepts from financial and economic theory and describe the crises of the 18th and 19th century. The second block focuses on the financial crises of the early 20th century and the interwar period. The topics to be discussed focus on international capital flows, monetary arrangements, the historical role of central banks, the emergence of regulation and the impact of new agents such as rating agencies or multilateral organizations. The third block revisits the financial crises from the 1980s to the present. We look at the sociological, political and economic variables that explain the crises.