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University Bulletin
Undergraduate Degree Programs

These course descriptions are not being updated as of August 1, 2016. Current course descriptions are maintained in LionPATH.

Economics (ECON)

ECON 452W Financial Crises (3) Examination of causes and consequences of financial crises; asset pricing theory, market efficiency, speculative bubbles; policy considerations.

ECON 452W Financial Crises (3)

This course focuses on the causes and consequences of financial crises. We study famous crashes from the South Sea Bubble to Long-Term Capital Management, as well as international financial crises such as the Asian Crisis of 1997-98 and the Argentine Crisis of 2001. We examine both the history of the crises and the economic factors that are the fundamental causes, in part with a view to determining if these crises were the inevitable outcome of speculative markets, or the result of regulatory error.

The instructional and educational objectives of the course are to provide students with the opportunity to explore financial crises in a small, advanced seminar setting. The course objectives are to provide students with a theoretical framework for examining financial crises, to examine evidence on historical and more recent financial crises using that theoretical framework, and to consider policies aimed at avoiding and/or alleviating the effects of financial crises in light of the theoretical framework and the empirical evidence.

The course is part of a curriculum overhaul of 400-level courses in economics, in which advanced seminar courses are being created in seven broad areas of economics. This seminar is in the area of macroeconomics. This course may be used to meet major or minor requirements.

General Education: None
Diversity: None
Bachelor of Arts: None
Effective: Summer 2008
Prerequisite: ECON 451

Note : Class size, frequency of offering, and evaluation methods will vary by location and instructor. For these details check the specific course syllabus.


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Course descriptions are stored in LionPATH, the University-wide student information system. Please visit the LionPATH Course Catalog to access current course descriptions. At that point, you will be leaving the University Bulletin website.

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