Yale University - The Global Financial Crisis 

Introduction to The Global Financial Crisis

Lecture: What is a Financial Crisis?

Lecture: Why Study the Global Financial Crisis?

Lecture: Course Themes

Lecture: Course Organization

Question and Answer

Introduction to The Global Financial Crisis Slides

Suggested Readings

Pre-Course Survey

Before You Begin

Recommended Additional Readings

Lecture: Why Does This Matter?

Lecture: What Causes Financial Crises? Part 1

Lecture: What Causes Financial Crises? Part 2

Lecture: Causes of the 2008-2009 Financial Crisis

Lecture: What did We Miss and Why Did We Miss it?

Why study the Global Financial Crisis? Slides

Suggested Readings

Module 2, Quiz 1

Module 2, Quiz 2

Module 2, Quiz 3

Module 2, Quiz 4

Module 2, Quiz 5

Module 2, Wrap Up

Housing and Mortgages

Introduction: Housing and Mortgages

Lecture: Housing Bubbles and Financial Crises

Lecture: Mortgages: Fixed and Adjustable

Lecture: Prime Mortgages

Lecture: Nonprime Mortgages

Lecture: Why Subprime Mortgages?

Lecture: Some Foreclosure Facts

Lecture: Crisis Terminology

Summary: Housing and Mortgages

Housing and Mortgages Slides

Suggested Readings

Module 3, Quiz 1

Module 3, Quiz 2

Module 3, Quiz 3

Module 3, Quiz 4

Module 3, Quiz 5

Module 3, Quiz 6

Module 3, Quiz 7

Module 3, Wrap Up

Safe Assets and the Global Savings Glut

Introduction: Safe Assets and the Global Savings Glut

Lecture: Shadow Banking

Lecture: Safe Assets

Lecture: The Global Savings Glut Hypothesis

Lecture: Global Savings Glut Data, Part I

Lecture: Global Savings Glut Data, Part II

Lecture: Safe Asset Supply

Lecture: Manufacturing Safe Assets

Lecture: Securitization: Overview

Lecture: Securitization: Data, Part I

Lecture: Securitization: Data, Part II

Summary: Safe Assets and the Global Savings Glut

Safe Assets and the Global Savings Glut Slides

Suggested Readings

Module 4, Quiz 1

Module 4, Quiz 2

Module 4, Quiz 3

Module 4, Quiz 4

Module 4, Quiz 5

Module 4, Quiz 6

Module 4, Quiz 7

Module 4, Quiz 8

Module 4, Quiz 9

Module 4, Quiz 10

Module 4, Wrap Up

The Housing Crisis

Introduction: The Housing Crisis

Lecture: What Caused the Housing Crisis

Lecture: 3 Hypotheses

Lecture: Bad Behavior, Part I

Lecture: Hypothesis 1: Bad Behavior, Part II

Lecture: Bad Behavior, Part III

Lecture: Government Failure, Part I

Lecture: Hypothesis 2: Government Failure, Part II

Lecture: Hypothesis 3: Bubble Thinking

Summary: The Housing Crisis

The Housing Crisis Slides

Suggested Readings

Module 5, Quiz 1

Module 5, Quiz 2

Module 5, Quiz 3

Module 5, Quiz 4

Module 5, Quiz 5

Module 5, Quiz 6

Module 5, Quiz 7

Module 5, Quiz 8

Module 5, Wrap Up

Anxiety, Part I

Introduction: Anxiety, Part I

Lecture: Some Notable Events in 2007

Lecture: ABX

Lecture: ABX Data

Lecture: Anxiety Spreads to Interbank Markets

Lecture: LIBOR-OIS

Lecture: LIBOR-OIS Data

Lecture: Asset-Backed Commercial Paper

Lecture: ABCP Data

Lecture: ABCP Runs, Part I

Lecture: ABCP Runs, Part II

Lecture: Module 6 Summary

Anxiety, Part I Slides

Suggested Readings

Module 6, Quiz 1

Module 6, Quiz 2

Module 6, Quiz 3

Module 6, Quiz 4

Module 6, Quiz 5

Module 6, Quiz 6

Module 6, Quiz 7

Module 6, Quiz 8

Module 6, Quiz 9

Module 6, Quiz 10

Module 6, Wrap Up

Anxiety, Part II

Introduction: Anxiety, Part II

Lecture: Northern Rock: Narrative

Lecture: Northern Rock and the Global Financial Crisis

Lecture: The "Monolines"

Lecture: Auction Rate Securities

Lecture: Bear Stearns, Part I

Lecture: Bear Stearns, Part II

Lecture: Bear Stearns, Part III

Summary: Anxiety, Part II

Anxiety, Part II Slides

Suggested Reading

Module 7, Quiz 1

Module 7, Quiz 2

Module 7, Quiz 3

Module 7, Quiz 4

Module 7, Quiz 5

Module 7, Quiz 6

Module 7, Quiz 7

Module 7, Wrap Up

Panic

Introduction: Panic

Lecture: Shadow Banking

Lecture: Repo

Lecture: The GSEs

Lecture: Lehman Brothers

Lecture: MMMFs

Lecture: AIG

Lecture: The Run on Repo

Lecture: Module 8 Summary

Panic Slides

Suggested Readings

Module 8, Quiz 1

Module 8, Quiz 2

Module 8, Quiz 3

Module 8, Quiz 4

Module 8, Quiz 5

Module 8, Quiz 6

Module 8, Quiz 7

Module 8, Quiz 8

Module 8, Wrap Up

Our Responses to the Crisis

Lecture: United States Financial Capacity

Lecture: Phase 1: Letting It Burn

Lecture: Phase 1: Letting it Burn - Framework for Crisis Resolution

Lecture: Phase 2: Early Escalation - The Policy Response

Lecture: Phase 3: Breaking the Panic - Market Developments

Lecture: Triage in a Panic

Lecture: Phase 4: Resolution - Market Developments

Lecture: Phase 4: Resolution: What We Did

Lecture: The Stress Test

Lecture: Housing Response

Our Responses to the Crisis Slides

Suggested Readings

Module 9, Quiz 1

Module 9, Quiz 2

Module 9, Quiz 3

Module 9, Quiz 4

Module 9, Quiz 5

Module 9, Quiz 6

Module 9, Quiz 7

Module 9, Quiz 8

Module 9, Quiz 9

Module 9, Quiz 10

Module 9, Wrap Up

Responding to Future Crises

Lecture: What Have We Learned? Outcomes: Prisms 1-5

Lecture: What Have We Learned? Outcomes: Prisms 6-10

Lecture: Unfinished Business

Lecture: Playbook: Rule 1-5

Lecture: Playbook: Rule 6-10

Lecture: Responding to Future Crises Conclusion

Responding to Future Crises Slides

Module 10, Quiz 1

Module 10, Quiz 2

Module 10, Quiz 3

Module 10, Quiz 4

Module 10, Quiz 5

Module 10, Wrap Up

Europe in the Global Financial Crisis

Introduction: Europe in the Global Financial Crisis

Lecture: The Euro: Background

Lecture: European Growth and Unemployment

Lecture: Three Connected Crises

Lecture: Timeline

Lecture: Ireland

Lecture: Iceland

Summary: Europe in the Global Financial Crisis

Europe in the Global Financial Crisis Slides

Suggested Readings

Module 11, Quiz 1

Module 11, Quiz 2

Module 11, Quiz 3

Module 11, Quiz 4

Module 11, Quiz 5

Module 11, Quiz 6

Module 11, Wrap Up

The Eurozone Crisis

Introduction: The Eurozone Crisis

Lecture: Eurozone Crisis: Overview

Lecture: Eurozone Crisis: Timeline, Part I

Lecture: Eurozone Crisis: Timeline, Part II

Lecture: Eurozone Crisis: Timeline, Part III

The Economics of the Euro

Lecture: Ireland and Iceland Revisited, Part I

Lecture: Ireland and Iceland Revisited, Part II

Lecture: Ireland and Iceland Revisited, Aftermath

Lecture: Internal Devaluations

The Euro and the Gold Standard: Lessons from the Great Depression

Summary: The Eurozone Crisis

The Eurozone Crisis Slides

Suggested Readings

Module 12, Quiz 1

Module 12, Quiz 2

Module 12, Quiz 3

Module 12, Quiz 4

Module 12, Quiz 5

Module 12, Quiz 6

Module 12, Quiz 7

Module 12, Quiz 8

Module 12, Quiz 9

Module 12, Quiz 10

Module 12, Wrap Up

Course Summary

Summary Slides

Post-Course Survey