FM447      Half Unit
Global Financial Systems

This information is for the 2020/21 session.

Teacher responsible

Dr Jon Danielsson


This course is available on the MSc in Accounting and Finance. This course is available with permission as an outside option to students on other programmes where regulations permit.

This course is not open to students on the MSc Economics and Managements and students from the following departments: Economics, Finance, Mathematics, and Statistics


Students should have some background in economics, and be comfortable with formal arguments

Course content

This course examines the academic and policy debates on the operation of the global financial system. The course will aim to be topical, where the analysis of the issues will be based on economic arguments. The course begins with analysis of systemic risk, followed by an overview of important financial crisis and key institutions. The role of cryptocurrencies, fintec, artificial intelligence and machine learning on the financial system will be discussed. Several theories of financial crises are then developed in some detail, and are assessed by reference to historical experience. The course concludes by analysis of the 2008 crisis, the latest policy and regulatory developments (including Basel III), monetary policy and interest rate normalization and their relationship with inequality, the current situation in the European Union, Brexit, Trump, the role of China and the impact of Coronavirus on the financial system.


20 hours of lectures and 10 hours of seminars in the LT.

Formative coursework

Students are expected to attempt the problem sets and essay questions set in the classes.

Indicative reading

Most material will be provided by the book Global Financial Systems (, by Jon Danielsson, published by Pearson


Exam (100%, duration: 2 hours) in the summer exam period.

Important information in response to COVID-19

Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Finance

Total students 2019/20: 84

Average class size 2019/20: 21

Controlled access 2019/20: Yes

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Problem solving
  • Application of numeracy skills
  • Specialist skills