The Global Financial Crisis

Former U.S. Secretary of the Treasury Timothy F. Geithner and Professor Andrew Metrick surveys the causes, events, policy responses, and aftermath of the recent global financial crisis.

Subtitles available in English
11 weeks of study, 4-6 hours/week
Created by:

Yale University

Week 1: Introduction to The Global Financial Crisis
  • Introduction to The Global Financial Crisis
  • What is a Financial Crisis?
  • Why study the Global Financial Crisis?
  • Course Themes
  • Course Organization
  • Why Does This Matter?
  • What Causes Financial Crises? Part 1
  • What Causes Financial Crises? Part 2
  • Causes of the 2008-2009 Financial Crisis
  • What Did We Miss and Why Did We Miss It?

To read more about this course, click here!

Week 2: Housing and Mortgages

  • Introduction
  • Housing Bubbles and Financial Crises
  • Mortgages: Fixed and Adjustable
  • Prime Mortgages
  • Nonprime Mortgages
  • Why Subprime Mortgages?
  • Some Foreclosure Facts
  • Crisis Terminology
  • Summary

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Week 3: Safe Assets and the Global Savings GlutThe Global Financial Crisis

  • Introduction
  • Shadow Banking
  • Safe Assets
  • The Global Savings Glut Hypothesis
  • Global Savings Glut: Data
  • Global Savings Glut Data, Part II
  • Supply of Safe Assets
  • Manufacturing Safe Assets
  • Securitization: Overview
  • Securitization: Data, Part I
  • Securitization: Data, Part II
  • Summary

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Week 4: The Housing Crisis

  • Introduction
  • What Caused the Housing Crisis?
  • 3 Hypotheses
  • Hypothesis 1: Bad Behavior, Part I
  • Hypothesis 1: Bad Behavior, Part II
  • Hypothesis 1: Bad Behavior, Part III
  • Hypothesis 2: Government Failure, Part I
  • Hypothesis 2: Government Failure, Part II
  • Hypothesis 3: Bubble Thinking
  • Summary

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Week 5: Anxiety, Part I

  • Introduction
  • Some Notable Events in 2007
  • ABX
  • ABX Data
  • Anxiety Spreads to Interbank Markets
  • LIBOR-OIS
  • LIBOR-OIS Data
  • Asset-Backed Commercial Paper
  • ABCP Data
  • ABCP Runs, Part I
  • ABCP Runs, Part II
  • Summary

Week 6: Anxiety, Part II

  • Introduction
  • Northern Rock: Narrative
  • Northern Rock and the Global Financial Crisis
  • The “Monolines”
  • Auction Rate Securities
  • Bear Stearns, Part I
  • Bear Stearns, Part II
  • Bear Stearns, Part III
  • Summary

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Week 7: Panic

  • Introduction
  • Shadow Banking
  • Repo
  • The GSEs
  • Lehman Brothers
  • MMMFs
  • AIG
  • The Run on Repo
  • Summary

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Week 8: Our Responses to the Crisis

  • United States Financial Capacity
  • Phase 1: Letting It Burn
  • Phase 1: Letting It Burn – Framework for Crisis Resolution
  • Phase 2: Early Escalation – The Policy Response
  • Phase 3: Breaking the Panic – Market Developments
  • Triage in a Panic
  • Phase 4: Resolution – Market Developments
  • Phase 4: Resolution – What We Did
  • The Stress Test
  • Housing Response

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Week 9: Responding to Future Crises

  • What Have We Learned? Outcomes: Prisms 1-5
  • What Have We Learned? Outcomes: Prisms 6-10
  • Unfinished Business
  • Playbook: Rule 1-5
  • Playbook: Rule 6-10
  • Conclusion

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Week 10: Europe in the Global Financial Crisis

  • Introduction
  • The Euro: Background
  • European Growth and Unemployment
  • Three Connected Crises
  • Timeline
  • Ireland
  • Iceland
  • Summary

To read more about this course, click here!

Week 11: The Eurozone Crisis

  • Introduction
  • Eurozone Crisis: Overview
  • Eurozone Crisis: Timeline, Part I
  • Eurozone Crisis: Timeline, Part II
  • Eurozone Crisis: Timeline, Part III
  • The Economics of the Euro
  • Ireland and Iceland Revisited, Part I
  • Ireland and Iceland Revisited, Part II
  • Ireland and Iceland Revisited, Aftermath
  • Internal Devaluations
  • The Euro and the Gold Standard: Lessons from the Great Depression
  • Summary
  • Course Summary

To read more about this course, click here!

How to Pass the Course

Pass all graded assignments to complete the course.

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