Module Directory

This module studies international financial institutions such as the IMF, the Federal Reserve, the European Central Bank and the European Stability Mechanism. The focus is on the reasons for their existence, their policies and the effects of their policies on the international monetary system.

The module focuses on the period since the Second World War, especially the period of instability following the collapse of the Bretton Woods System. The 1980s Latin American debt crisis, the 1997-8 East Asian Financial crisis, the 2007-9 subprime crisis and the recent problems of the eurozone are covered in detail. The role of institutions in shaping the policy response to these crises, and how crises have reshaped the institutions, are studied.

The aim of this module is:

• To develop an understanding of the role played by international institutions in shaping the international monetary system and policies to deal with financial and currency crisis at international level.

By the end of this module, students will be expected to be able to:

1. Gain an understanding of the institutional framework within which international financial relations are organised.


2. Acquire a grasp of the relationship between aspirations of national economic policy and the constraints of the international environment.


3. Gain some insight into the roles of the developed and the developing countries in managing the financial institutions of the world economy.


4. Improve their ability to gather information and enhance their essay-writing.

Transferable Skills

The module will encourage independent enquiry, communication skills and will contribute to professional working abillity. It will thus develop students' academic skills and enhance their employability.

Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on the website for the module that will give you written guidance on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed.

You should be sure that you use these methods to understand how to improve your own performance. For modules including a term paper, the term paper will be returned with individualised feedback that addresses what the marking criteria are and how you could improve your own work.

The module will be delivered via:

• Two lecture hours per week, in one term.