International financial market and regulations

Financial market failures - the case for regulation; History of financial markets and financial regulations; The post-2009 Eurozone crisis, its causes and consequences; European Central Bank and Eurogroup; Microprudential v. macroprudential supervision in the EU; European Supervisory Institutions; Three pillars of European Banking Union; CRD 4; CRR; MAR, BRRD; MIFID 2, PSD 2; Other financial market regulatory systems: USA, Japan; Law and economics of financial regulations.

The aim of the course is to present the mosaic system of domestic and international supervision over the financial market from the EU perspective and outside of the European Union. The European Union has been active within the financial sector, in particular after the financial crises of 2009. Students will learn about institutions involved in the European supervision, e.g. European Central Bank as well as they will be taught about various regulations over financial market including outside of the European Union. The course will pay particular attention to the law and economics. Not will only the details of financial market regulation be shown, but also their political economy and students will understand political reasons behind their creation and functioning.

Literatura podstawowa:

1. Allen N. Berger, Loretta J. Mester, Inside the black box: What explains differences in the efficiencies of financial institutions?, In Journal of Banking & Finance, Volume 21, Issue 7, 1997, Pages 895-947, ISSN 0378-4266, https://doi.org/10.1016/S0378-4266(97)00010-1.

2. Baker, Andrew. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy. 18. 112-139. 10.1080/13563467.2012.662952.

3. Beck, Thorsten (2012), Banking Union for Europe: Risks and Challenges, (London: Centre for Economic Policy Research)

4. Beldowski, Jaroslaw and Slomka-Golebiowska, Agnieszka, (2016), Banking Union as an institutional response of the European Union to the financial crisis 2008?2009, Ekonomia i Prawo, 15, issue 2, p. 153-165, https://EconPapers.repec.org/RePEc:cpn:umkeip:v:15:y:2016:i:2:p:153-165.

5. Beldowski, Jarosław & Kantorowicz, Jarosław. (2011). Nowa propozycja harmonizacji systemu gwarancji depozytów w Unii Europejskiej-uwagi na tle projektu dyrektywy z 12 lipca 2010 r.. Bezpieczny Bank. 1(43). 55-70.

6. Bełdowski, Jarosław, D. Prokop, Koncepcja resolution regime w Unii Europejskiej i Polsce, Bezpieczny Bank 2011, nr 2.

7. BENMELECH, E. and MOSKOWITZ, T. J. (2010), The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century. The Journal of Finance, 65: 1029?1073. doi:10.1111/j.1540-6261.2010.01560.x

8. De Rynck, S. (2016), Banking on a Union: the Politics of Changing Eurozone Banking Supervision. Journal of European Public Policy, Vol. 23, No. 1, pp. 119?135.

9. Drezner, D., & McNamara, K. (2013). International Political Economy, Global Financial Orders and the 2008 Financial Crisis. Perspectives on Politics, 11(1), 155-166. doi:10.1017/S1537592712003660

Literatura uzupełniająca:

10. Dragomir, L. (2010), European Prudential Banking Regulation and Supervision: The Legal Dimension (London: Routledge).

11. Goodhart, C.A.E. (2011), The Basel Committee on Banking Supervision: A History of the Early Years, 1974?1997 (Cambridge: Cambridge University Press).

12. Gros, D. and Schoenmaker, D. (2014), ?European Deposit Insurance and Resolution in the Banking Union?. JCMS, Vol. 52, No. 3, pp. 529?46.

13. Hennessy, A. (2014), ?Redesigning Financial Supervision in the European Union (2009?2013)?. Journal of European Public Policy, Vol. 21, No. 2, pp. 151?68.

14. Howarth, David & Quaglia, Lucia. (2013). Banking on Stability: The Political Economy of New Capital Requirements in the European Union. Journal of European Integration. 35. . 10.1080/07036337.2013.774780.

15. Richard Hynes, Eric A. Posner; The Law and Economics of Consumer Finance, American Law and Economics Review, Volume 4, Issue 1, 1 January 2002, Pages 168?207,

16. Kapstein, E.B. (1989), ?Resolving the Regulator's Dilemma: International Coordination of Banking Regulations?. International Organization, Vol. 43, No. 2, pp. 323?47.

17. Moloney N. (2014), European Banking Union: assessing its risks and resilience, Common Market Law Review 51(6), pp. 1609-1670.

18. Miller, Geoffrey P., "Essential Papers on the Economics of Financial Law" (2016). New York University Law and Economics Working Papers. 425. http://lsr.nellco.org/nyu_lewp/425

19. Mourlon-Druol E. (2016), Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s-1970s, Journal of Common Market Studies 2016, pp. 913-927.

20. Marco Pagano, Paolo Volpin; The Political Economy of Finance, Oxford Review of Economic Policy, Volume 17, Issue 4, 1 December 2001, Pages 502?519,

21. Mügge, Daniel. (2013). THE POLITICAL ECONOMY OF EUROPEANIZED FINANCIAL REGULATION. Journal of European Public Policy. 20. . 10.1080/13501763.2012.752122.

22. Quaglia, L. (2010), Governing Financial Services in the European Union: Banking, Securities and Post-trading (London: Routledge).

23. Schoenmaker, D. and Gros, D. (2012), A European Deposit Insurance and Resolution Fund (Brussels: Centre for European Policy Studies).

24. Véron, N. (2015), Europe's Radical Banking Union (Brussels: Bruegel).

Kryteria oceniania:

egzamin tradycyjny-pisemny: 75.00%

referaty/eseje: 25.00%

Financial market failures - the case for regulation; History of financial markets and financial regulations; The post-2009 Eurozone crisis, its causes and consequences; European Central Bank and Eurogroup; Microprudential v. macroprudential supervision in the EU; European Supervisory Institutions; Three pillars of European Banking Union; CRD 4; CRR; MAR, BRRD; MIFID 2, PSD 2; Other financial market regulatory systems: USA, Japan; Law and economics of financial regulations.

The aim of the course is to present the mosaic system of domestic and international supervision over the financial market from the EU perspective and outside of the European Union. The European Union has been active within the financial sector, in particular after the financial crises of 2009. Students will learn about institutions involved in the European supervision, e.g. European Central Bank as well as they will be taught about various regulations over financial market including outside of the European Union. The course will pay particular attention to the law and economics. Not will only the details of financial market regulation be shown, but also their political economy and students will understand political reasons behind their creation and functioning.

Literatura podstawowa:

1. Allen N. Berger, Loretta J. Mester, Inside the black box: What explains differences in the efficiencies of financial institutions?, In Journal of Banking & Finance, Volume 21, Issue 7, 1997, Pages 895-947, ISSN 0378-4266, https://doi.org/10.1016/S0378-4266(97)00010-1.

2. Baker, Andrew. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy. 18. 112-139. 10.1080/13563467.2012.662952.

3. Beck, Thorsten (2012), Banking Union for Europe: Risks and Challenges, (London: Centre for Economic Policy Research)

4. Beldowski, Jaroslaw and Slomka-Golebiowska, Agnieszka, (2016), Banking Union as an institutional response of the European Union to the financial crisis 2008?2009, Ekonomia i Prawo, 15, issue 2, p. 153-165, https://EconPapers.repec.org/RePEc:cpn:umkeip:v:15:y:2016:i:2:p:153-165.

5. Beldowski, Jarosław & Kantorowicz, Jarosław. (2011). Nowa propozycja harmonizacji systemu gwarancji depozytów w Unii Europejskiej-uwagi na tle projektu dyrektywy z 12 lipca 2010 r.. Bezpieczny Bank. 1(43). 55-70.

6. Bełdowski, Jarosław, D. Prokop, Koncepcja resolution regime w Unii Europejskiej i Polsce, Bezpieczny Bank 2011, nr 2.

7. BENMELECH, E. and MOSKOWITZ, T. J. (2010), The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century. The Journal of Finance, 65: 1029?1073. doi:10.1111/j.1540-6261.2010.01560.x

8. De Rynck, S. (2016), Banking on a Union: the Politics of Changing Eurozone Banking Supervision. Journal of European Public Policy, Vol. 23, No. 1, pp. 119?135.

9. Drezner, D., & McNamara, K. (2013). International Political Economy, Global Financial Orders and the 2008 Financial Crisis. Perspectives on Politics, 11(1), 155-166. doi:10.1017/S1537592712003660

Literatura uzupełniająca:

10. Dragomir, L. (2010), European Prudential Banking Regulation and Supervision: The Legal Dimension (London: Routledge).

11. Goodhart, C.A.E. (2011), The Basel Committee on Banking Supervision: A History of the Early Years, 1974?1997 (Cambridge: Cambridge University Press).

12. Gros, D. and Schoenmaker, D. (2014), ?European Deposit Insurance and Resolution in the Banking Union?. JCMS, Vol. 52, No. 3, pp. 529?46.

13. Hennessy, A. (2014), ?Redesigning Financial Supervision in the European Union (2009?2013)?. Journal of European Public Policy, Vol. 21, No. 2, pp. 151?68.

14. Howarth, David & Quaglia, Lucia. (2013). Banking on Stability: The Political Economy of New Capital Requirements in the European Union. Journal of European Integration. 35. . 10.1080/07036337.2013.774780.

15. Richard Hynes, Eric A. Posner; The Law and Economics of Consumer Finance, American Law and Economics Review, Volume 4, Issue 1, 1 January 2002, Pages 168?207,

16. Kapstein, E.B. (1989), ?Resolving the Regulator's Dilemma: International Coordination of Banking Regulations?. International Organization, Vol. 43, No. 2, pp. 323?47.

17. Moloney N. (2014), European Banking Union: assessing its risks and resilience, Common Market Law Review 51(6), pp. 1609-1670.

18. Miller, Geoffrey P., "Essential Papers on the Economics of Financial Law" (2016). New York University Law and Economics Working Papers. 425. http://lsr.nellco.org/nyu_lewp/425

19. Mourlon-Druol E. (2016), Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s-1970s, Journal of Common Market Studies 2016, pp. 913-927.

20. Marco Pagano, Paolo Volpin; The Political Economy of Finance, Oxford Review of Economic Policy, Volume 17, Issue 4, 1 December 2001, Pages 502?519,

21. Mügge, Daniel. (2013). THE POLITICAL ECONOMY OF EUROPEANIZED FINANCIAL REGULATION. Journal of European Public Policy. 20. . 10.1080/13501763.2012.752122.

22. Quaglia, L. (2010), Governing Financial Services in the European Union: Banking, Securities and Post-trading (London: Routledge).

23. Schoenmaker, D. and Gros, D. (2012), A European Deposit Insurance and Resolution Fund (Brussels: Centre for European Policy Studies).

24. Véron, N. (2015), Europe's Radical Banking Union (Brussels: Bruegel).

Kryteria oceniania:

egzamin tradycyjny-pisemny: 75.00%

referaty/eseje: 25.00%

Financial market failures - the case for regulation; History of financial markets and financial regulations; The post-2009 Eurozone crisis, its causes and consequences; European Central Bank and Eurogroup; Microprudential v. macroprudential supervision in the EU; European Supervisory Institutions; Three pillars of European Banking Union; CRD 4; CRR; MAR, BRRD; MIFID 2, PSD 2; Other financial market regulatory systems: USA, Japan; Law and economics of financial regulations.

The aim of the course is to present the mosaic system of domestic and international supervision over the financial market from the EU perspective and outside of the European Union. The European Union has been active within the financial sector, in particular after the financial crises of 2009. Students will learn about institutions involved in the European supervision, e.g. European Central Bank as well as they will be taught about various regulations over financial market including outside of the European Union. The course will pay particular attention to the law and economics. Not will only the details of financial market regulation be shown, but also their political economy and students will understand political reasons behind their creation and functioning.

Literatura podstawowa:

1. Allen N. Berger, Loretta J. Mester, Inside the black box: What explains differences in the efficiencies of financial institutions?, In Journal of Banking & Finance, Volume 21, Issue 7, 1997, Pages 895-947, ISSN 0378-4266, https://doi.org/10.1016/S0378-4266(97)00010-1.

2. Baker, Andrew. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy. 18. 112-139. 10.1080/13563467.2012.662952.

3. Beck, Thorsten (2012), Banking Union for Europe: Risks and Challenges, (London: Centre for Economic Policy Research)

4. Beldowski, Jaroslaw and Slomka-Golebiowska, Agnieszka, (2016), Banking Union as an institutional response of the European Union to the financial crisis 2008?2009, Ekonomia i Prawo, 15, issue 2, p. 153-165, https://EconPapers.repec.org/RePEc:cpn:umkeip:v:15:y:2016:i:2:p:153-165.

5. Beldowski, Jarosław & Kantorowicz, Jarosław. (2011). Nowa propozycja harmonizacji systemu gwarancji depozytów w Unii Europejskiej-uwagi na tle projektu dyrektywy z 12 lipca 2010 r.. Bezpieczny Bank. 1(43). 55-70.

6. Bełdowski, Jarosław, D. Prokop, Koncepcja resolution regime w Unii Europejskiej i Polsce, Bezpieczny Bank 2011, nr 2.

7. BENMELECH, E. and MOSKOWITZ, T. J. (2010), The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century. The Journal of Finance, 65: 1029?1073. doi:10.1111/j.1540-6261.2010.01560.x

8. De Rynck, S. (2016), Banking on a Union: the Politics of Changing Eurozone Banking Supervision. Journal of European Public Policy, Vol. 23, No. 1, pp. 119?135.

9. Drezner, D., & McNamara, K. (2013). International Political Economy, Global Financial Orders and the 2008 Financial Crisis. Perspectives on Politics, 11(1), 155-166. doi:10.1017/S1537592712003660

Literatura uzupełniająca:

10. Dragomir, L. (2010), European Prudential Banking Regulation and Supervision: The Legal Dimension (London: Routledge).

11. Goodhart, C.A.E. (2011), The Basel Committee on Banking Supervision: A History of the Early Years, 1974?1997 (Cambridge: Cambridge University Press).

12. Gros, D. and Schoenmaker, D. (2014), ?European Deposit Insurance and Resolution in the Banking Union?. JCMS, Vol. 52, No. 3, pp. 529?46.

13. Hennessy, A. (2014), ?Redesigning Financial Supervision in the European Union (2009?2013)?. Journal of European Public Policy, Vol. 21, No. 2, pp. 151?68.

14. Howarth, David & Quaglia, Lucia. (2013). Banking on Stability: The Political Economy of New Capital Requirements in the European Union. Journal of European Integration. 35. . 10.1080/07036337.2013.774780.

15. Richard Hynes, Eric A. Posner; The Law and Economics of Consumer Finance, American Law and Economics Review, Volume 4, Issue 1, 1 January 2002, Pages 168?207,

16. Kapstein, E.B. (1989), ?Resolving the Regulator's Dilemma: International Coordination of Banking Regulations?. International Organization, Vol. 43, No. 2, pp. 323?47.

17. Moloney N. (2014), European Banking Union: assessing its risks and resilience, Common Market Law Review 51(6), pp. 1609-1670.

18. Miller, Geoffrey P., "Essential Papers on the Economics of Financial Law" (2016). New York University Law and Economics Working Papers. 425. http://lsr.nellco.org/nyu_lewp/425

19. Mourlon-Druol E. (2016), Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s-1970s, Journal of Common Market Studies 2016, pp. 913-927.

20. Marco Pagano, Paolo Volpin; The Political Economy of Finance, Oxford Review of Economic Policy, Volume 17, Issue 4, 1 December 2001, Pages 502?519,

21. Mügge, Daniel. (2013). THE POLITICAL ECONOMY OF EUROPEANIZED FINANCIAL REGULATION. Journal of European Public Policy. 20. . 10.1080/13501763.2012.752122.

22. Quaglia, L. (2010), Governing Financial Services in the European Union: Banking, Securities and Post-trading (London: Routledge).

23. Schoenmaker, D. and Gros, D. (2012), A European Deposit Insurance and Resolution Fund (Brussels: Centre for European Policy Studies).

24. Véron, N. (2015), Europe's Radical Banking Union (Brussels: Bruegel).

Kryteria oceniania:

egzamin tradycyjny-pisemny: 75.00%

referaty/eseje: 25.00%

Financial market failures - the case for regulation; History of financial markets and financial regulations; The post-2009 Eurozone crisis, its causes and consequences; European Central Bank and Eurogroup; Microprudential v. macroprudential supervision in the EU; European Supervisory Institutions; Three pillars of European Banking Union; CRD 4; CRR; MAR, BRRD; MIFID 2, PSD 2; Other financial market regulatory systems: USA, Japan; Law and economics of financial regulations.

The aim of the course is to present the mosaic system of domestic and international supervision over the financial market from the EU perspective and outside of the European Union. The European Union has been active within the financial sector, in particular after the financial crises of 2009. Students will learn about institutions involved in the European supervision, e.g. European Central Bank as well as they will be taught about various regulations over financial market including outside of the European Union. The course will pay particular attention to the law and economics. Not will only the details of financial market regulation be shown, but also their political economy and students will understand political reasons behind their creation and functioning.

Literatura podstawowa:

1. Allen N. Berger, Loretta J. Mester, Inside the black box: What explains differences in the efficiencies of financial institutions?, In Journal of Banking & Finance, Volume 21, Issue 7, 1997, Pages 895-947, ISSN 0378-4266, https://doi.org/10.1016/S0378-4266(97)00010-1.

2. Baker, Andrew. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy. 18. 112-139. 10.1080/13563467.2012.662952.

3. Beck, Thorsten (2012), Banking Union for Europe: Risks and Challenges, (London: Centre for Economic Policy Research)

4. Beldowski, Jaroslaw and Slomka-Golebiowska, Agnieszka, (2016), Banking Union as an institutional response of the European Union to the financial crisis 2008?2009, Ekonomia i Prawo, 15, issue 2, p. 153-165, https://EconPapers.repec.org/RePEc:cpn:umkeip:v:15:y:2016:i:2:p:153-165.

5. Beldowski, Jarosław & Kantorowicz, Jarosław. (2011). Nowa propozycja harmonizacji systemu gwarancji depozytów w Unii Europejskiej-uwagi na tle projektu dyrektywy z 12 lipca 2010 r.. Bezpieczny Bank. 1(43). 55-70.

6. Bełdowski, Jarosław, D. Prokop, Koncepcja resolution regime w Unii Europejskiej i Polsce, Bezpieczny Bank 2011, nr 2.

7. BENMELECH, E. and MOSKOWITZ, T. J. (2010), The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century. The Journal of Finance, 65: 1029?1073. doi:10.1111/j.1540-6261.2010.01560.x

8. De Rynck, S. (2016), Banking on a Union: the Politics of Changing Eurozone Banking Supervision. Journal of European Public Policy, Vol. 23, No. 1, pp. 119?135.

9. Drezner, D., & McNamara, K. (2013). International Political Economy, Global Financial Orders and the 2008 Financial Crisis. Perspectives on Politics, 11(1), 155-166. doi:10.1017/S1537592712003660

Literatura uzupełniająca:

10. Dragomir, L. (2010), European Prudential Banking Regulation and Supervision: The Legal Dimension (London: Routledge).

11. Goodhart, C.A.E. (2011), The Basel Committee on Banking Supervision: A History of the Early Years, 1974?1997 (Cambridge: Cambridge University Press).

12. Gros, D. and Schoenmaker, D. (2014), ?European Deposit Insurance and Resolution in the Banking Union?. JCMS, Vol. 52, No. 3, pp. 529?46.

13. Hennessy, A. (2014), ?Redesigning Financial Supervision in the European Union (2009?2013)?. Journal of European Public Policy, Vol. 21, No. 2, pp. 151?68.

14. Howarth, David & Quaglia, Lucia. (2013). Banking on Stability: The Political Economy of New Capital Requirements in the European Union. Journal of European Integration. 35. . 10.1080/07036337.2013.774780.

15. Richard Hynes, Eric A. Posner; The Law and Economics of Consumer Finance, American Law and Economics Review, Volume 4, Issue 1, 1 January 2002, Pages 168?207,

16. Kapstein, E.B. (1989), ?Resolving the Regulator's Dilemma: International Coordination of Banking Regulations?. International Organization, Vol. 43, No. 2, pp. 323?47.

17. Moloney N. (2014), European Banking Union: assessing its risks and resilience, Common Market Law Review 51(6), pp. 1609-1670.

18. Miller, Geoffrey P., "Essential Papers on the Economics of Financial Law" (2016). New York University Law and Economics Working Papers. 425. http://lsr.nellco.org/nyu_lewp/425

19. Mourlon-Druol E. (2016), Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s-1970s, Journal of Common Market Studies 2016, pp. 913-927.

20. Marco Pagano, Paolo Volpin; The Political Economy of Finance, Oxford Review of Economic Policy, Volume 17, Issue 4, 1 December 2001, Pages 502?519,

21. Mügge, Daniel. (2013). THE POLITICAL ECONOMY OF EUROPEANIZED FINANCIAL REGULATION. Journal of European Public Policy. 20. . 10.1080/13501763.2012.752122.

22. Quaglia, L. (2010), Governing Financial Services in the European Union: Banking, Securities and Post-trading (London: Routledge).

23. Schoenmaker, D. and Gros, D. (2012), A European Deposit Insurance and Resolution Fund (Brussels: Centre for European Policy Studies).

24. Véron, N. (2015), Europe's Radical Banking Union (Brussels: Bruegel).

Kryteria oceniania:

egzamin tradycyjny-pisemny: 75.00%

referaty/eseje: 25.00%