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Bubbles, Panics & Crashes: A Long Period Assessment of the Causes & Consequences of Financial Crises - ECO00018H

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  • Department: Economics and Related Studies
  • Credit value: 20 credits
  • Credit level: H
  • Academic year of delivery: 2022-23

Related modules

Pre-requisite modules

Co-requisite modules

  • None

Prohibited combinations

  • None

Module will run

Occurrence Teaching period
A Spring Term 2022-23

Module aims

To introduce students to the:

  • Recurrent nature of financial crises
  • Nature and causes of speculative booms
  • Importance of the role of the lender of last resort
  • Role played by regulation, liquidity and credit constraints
  • Extent to which monetary expansion underpins such crises

To enable students to:

  • Evaluate the economic cost of such crises
  • Appreciate how, in given time periods, policy responses may or may not have been appropriate

Module learning outcomes

On completing the module, students will have a clearer understanding of the:

  • Recurrent nature of financial crises
  • Nature and causes of speculative booms
  • Importance of the role of the lender of last resort
  • Role played by regulation, liquidity and credit constraints
  • Extent to which monetary expansion underpins such crises
  • Economic cost of such crises, and
  • How, in given time periods, policy responses may or may not have been appropriate

Indicative assessment

Task % of module mark
Online Exam -less than 24hrs (Centrally scheduled) 100

Special assessment rules

None

Indicative reassessment

Task % of module mark
Online Exam -less than 24hrs (Centrally scheduled) 100

Module feedback

Feedback will be given in line with University guidelines

Indicative reading

Carmen M. Reinhart & Kenneth S. Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press, 2009.
Charles P. Kindleberger and Robert Z. Aliber. 2011. Manias, panics and crashes : a history of financial crises. 6th Edition. Basingstoke, Hampshire: Palgrave Macmillan, 2011.


The information on this page is indicative of the module that is currently on offer. The University constantly explores ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary. In some instances it may be appropriate for the University to notify and consult with affected students about module changes in accordance with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.