Course Description

Financial crises are a recurring feature of market economies and have appeared with notable frequency throughout history. But what exactly constitutes a financial crisis, and what are its underlying causes? Can such crises be anticipated—and perhaps even prevented? What roles can governments and policymakers play in mitigating their impact?

Financial crises may take different forms, including currency crises, banking crises, or a combination of both. For instance, the Asian financial crisis of 1997–1998 was primarily a currency crisis, while the global financial crisis of 2008 originated in the banking sector. More recently, the COVID-19 pandemic triggered a far-reaching crisis that has profoundly affected national economies, global financial systems, and personal finances, while also raising questions about the structure and resilience of modern capitalism.

This course offers an exploratory examination of financial crises and develops students’ understanding of the key concepts underpinning them. It surveys major historical episodes from around the world, evaluates policy responses, and considers possible strategies to break the recurring cycle of financial disruptions. In addition, the course equips students with the knowledge and perspective needed to better navigate their own financial futures in an increasingly uncertain global environment.

Course Learning Outcomes

On completing the course, students will be able to:

1. Describe the socio-economic background and the causes for financial crises.
2. Formulate critical questions and reflections regarding issues of economic development.
3. Critically evaluate the effectiveness of the various government and corporate policies for the rescue of the faltering economy and assess how these policies in one country can impact others in the global economy.
4. Assess how a crisis would form and shape the future path of development for the global, local and personal economy.

Offer Semester and Day of Teaching

Course will be offered twice:

Section 1 – First semester (Wed); Section 2 – Second semester (Wed)