👋 New here? This is one of many YSI projects happening around the world, all year round. All projects are hosted by members of the YSI community. They provide an opportunity to advance your knowledge, and build research collaborations around a pressing economic issue.
- This project has passed.
Week 12 — Lectures 21 & 22, Reading 11
Perry Mehrling's Money and Banking MOOC
Location:
Online
Type:
Other
YSI Presenters
Description
We're discussing the following for week 12:
Lecture 21 Shadow Banking, Central Banking, and Global Finance
Lecture Slides
Everything in the shadow-banking system is a market price. Derivative dealers and their swap books are central to the modern market-based shadow-banking system. It's the derivative dealers who need a backstop.
Lecture 22: Touching the Elephant: Three Views
Lecture Notes
The economics view explains how the past determines the present. The finance view explains how the future determines the present. The money view explains how the present—by virtue of the pattern of cashflows being locked in—determines the present. Evolution from Fischer Black: Market liquidity is not free. It comes from the dealer system. And the dealer system depends on funding liquidity, which comes from the central bank.
Reading 11: *Bagehot Was a Shadow Banker: shadow banking, Central Banking, and the Future of Global Finance by Mehrling, Pozsar, Sweeney, and Neilson (2014)
NOTE: The above link is the final published 2014 version of the paper instead of the 2013 version included in the Coursera materials. Mehrling says that this paper supersedes the content from Lecture 21.
Study Questions
A big thing that this article brings in over and above Lecture 21 is the comparison to Bagehot's world, which we learned about in Lecture 9.
Hosted by Working Group(s):
Organizers
Attendees
Alex Howlett
Win Monroe
Jennifer Judge
Bethany Burum
Ádám Kerényi
Rok Piletic
D. Matthew Millar
Jim Bramlett
Larissa de Lima
Lindsay McGrath
Alfonso Noé Martínez Alejandre
Lauren Goodwin
Ramon Gimenez
Raphaele Chappe
Not the right project for you?
Take a look at the below.
They are open for applications.
AMHE Economic History Summer School
YSI @ WAPLAC Workshop 3
YSI Pre-conference @ 49th Federation of ASEAN Economic Associations Conference
YSI Pre Conference: 67th Annual Scientific Meeting of the Italian Economic Association (SIE)
Winter School on Applied Economics for Sustainable Development (WiSED) 2027
Zimbabwe’s Reconfigured Political Economy: Implications in Research, Theory, and Public Policy
Development in Latin America: Current Challenges and Future Perspectives
Be the first to know:
Subscribe to the YSI newsletter to find out when new projects go live.
