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Macroeconomics of Financial Crises

  • Enseignant(s):   G.Benigno  
  • Titre en français: Marcroéconomie des crises financières
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre d'automne 2022-2023, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formation concernée: Maîtrise universitaire ès Sciences en économie politique
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The course provides an analysis of the different crisis episodes focusing on identifying key empirical and theoretical factors. After presenting the main concepts related to the external accounts, and addressing the implications of financial market integration, the course focuses on financial crises. First, it examines the sources and consequences of current account imbalances, sudden stops of capital inflows and debt crises. Then, it presents theory and evidence on currency crises, liquidity, and balance sheet crises.

Please check the course website on moodle for potential organizational updates prior to the first meeting.


Topics will include but are not limited to:

- An introduction to the intertemporal approach to the current account and external imbalances;

- Empirical evidence on financial crises

  • The Global Financial Crisis
  • The European Sovereign Debt Crisis
  • The Asian Crisis

- Currency Crisis Models

- Sudden Stop and Capital Flights

- Liquidity Traps and the Unconventional Monetary Policy

  • Credit-easing
  • Quantitative Easing

- Debt, Deleveraging and liquidity traps.

- Current events / Corona Crisis


No single textbook covers the contents of this course. A reading list consisting of journal articles and book chapters will be distributed in class. Lectures will be based on slides that will be made available online for each lecture.


1ère tentative

Ecrit 2h00 heures
Non autorisée

The course will be evaluated based on the a presentation (30%) on a research paper and a final exam (70%) Final exam: written, 2h, no material allowed, calculators permitted.


Ecrit 2h00 heures
Non autorisée

Make-up exam (100%)

Written, 2h, no material allowed, calculators permitted

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