Bubbles, Panics and Crashes: A Long Period Analysis of the Causes & Consequences of Financial Crises - ECO00038H

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  • Department: Economics and Related Studies
  • Credit value: 20 credits
  • Credit level: H
  • Academic year of delivery: 2025-26

Module summary

This module explores the recurrence of financial crises in the international economy from a long-period perspective.

Related modules

Pre-requisite modules

Co-requisite modules

  • None

Prohibited combinations

  • None

Additional information

pre-requisite - principles of economics

Elective Pre-Requisites

These pre-requisites only apply to students taking this module as an elective.

Principles of Economics ECO00023C

Module will run

Occurrence Teaching period
A Semester 2 2025-26

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
Closed/in-person Exam (Centrally scheduled) 100

Special assessment rules

None

Indicative reassessment

Task % of module mark
Closed/in-person Exam (Centrally scheduled) 100

Module feedback

Feedback will be provided in line with University policy

Indicative reading

B. Eichengreen, Globalising Capital: A History of the International Monetary System, Princeton University Press 2022.

C. Kindleberger, Manias, panics and crashes: A history of financial crises, Palgrave MacMillan 2015.

K. Rogoff and C. Reinhart, This time is different! Eight centuries of financial follies, Princeton University Press 2010