ࡱ> TVSq` RF<bjbjqPqP2D::D+*******$,h/D**c+l#l#l#*l#*l#l#:`(,( T\ ( *y+0+(RG/"G/(G/(2Hl#Y-**b# +$    Microeconomics of Banking China Center for Economic research (CCER) Peking University ( Fall, 2008) Prof. Ping, xin-qiao Starting: September 22, 2008. Time: Monday: 6:00-9:00 pm; Location: room 508/2; Textbook: Xavier Freixas and Jean-Charles Rochet: Microeconomics of Banking 2nd edition, MIT Press 2008. (refers as FR) Syllabus: 1.Introduction: Sept.22 FR, Chapter 1. Greenlaw, D., Hatziu, J., Kashyap, A., and H. Song-Shin (2008) "Leveraged Losses: Lessons from the Mortgage Meltdown" University of Chicago mimeo, February. On Basel II, J.C. Rochet (2008) Why Are There So Many Banking Crises? Princeton University Press. A.K.Kashyap and J.C.Stein:  Cyclical implications of the Basel II capital standards , 1Q/2004, Economic perspectives. 2.Theory of Financial intermediaries. Sept.29. FR, Ch.2; Saidenbertg M. and T. Schuermann (2003), "The New Basel Capital Accord and Questions for Research", Working Paper Wharton Financial Institutions Center (03-04). Dierick F., F. Pires, M. Scheicher and K. Spitzer (2005), "The New Basel Capital Framework and its Implementation in the European Union , ECB Occasional Papers no. 42, ( HYPERLINK "http://www.ecb.int" www.ecb.int). 3. Capital adequacy and liquidity requirements. Oct.6.-13. Adrian, T., and H. Shin (2008) "Pro-cyclical Leverage," mimeo, Princeton University and New York Fed. Biais, B., Mariotti, T., Plantin, G. and J.C. Rochet (2007) Dynamic Security Design , Review of economic Studies, 74: 345-390. Allen, F. and E. Carletti (2006)  Mark-to-Market Accounting and Liquidity Pricing , mimeo. 4. The Industrial organization Approach to Banking. Oct.20. FR.Ch.3. Duffie, D. (2007)  Innovations in Credit Risk Transfer , mimeo. 5. The Lender-Borrower Relationship. Oct.27-Nov.3. FR. Ch.4. MasonJ. and J. Rosner, "Where Did the Risk Go? How Misapplied Bond Ratings Cause Mortgage Backed Securities and Collateralized Debt Obligation Market Disruptions , mimeo. Bouvard, M., and R. Levy (2008) "Humouring Both Parties: A Model of Two-Sided Reputations," mimeo TSE. Farhi, E., Lerner, J., and J. Tirole (2008) "Fear of Rejection? Tiered Certification and Transparency," mimeo, Harvard University and TSE. Rochet, J.C., Mathis, J., and J. Mc Andrews (2008) "Rating the Raters," mimeo, New York Fed, and TSE. 6. Equilibrium in the Credit Market and Macroeconomic Implications Nov.10-17. FR.Ch.5  $*  < = V W Y [ ;͛򍁍occJ0hQ}5B*CJKHOJQJ\^JaJo(phhD'B*CJKHph#hQ}hQ}B*CJH*KHo(phhQ}B*CJKHphhQ}B*CJKHo(ph!h'5B*CJKHaJo(ph#h'h'5B*CJKHo(phh'5B*CJKHo(ph!h'5B*CJ KHaJ o(ph'h'h'5B*CJ KHaJ o(phh'B*CJKHo(ph%W|  " `  (   x . $7$8$H$a$gd[ $7$8$H$a$gdQ} $7$8$H$a$gdPs $7$8$H$a$gdFF<  " & ^ ` d 締vaOCaC,O,hQ}hFB*KHOJQJ\^JaJphhFB*CJKHph#hFB*CJKHOJQJ^Jph)hQ}B*KHOJQJ\^JaJo(ph/hQ}hQ}B*KHOJQJ\^JaJo(ph#hQ}B*CJKHOJQJ^Jph-hQ}B*CJKHOJQJ\^JaJo(ph-hPsB*CJKHOJQJ\^JaJo(ph0hQ}5B*CJKHOJQJ\^JaJo(ph0h'5B*CJKHOJQJ\^JaJo(phd & ( , b d   x ~ .024tvxĶĶyyhQhDhyh[0JCJKH,jhyh[B*CJKHUph jh[B*CJKHUph#hFB*CJKHOJQJ^Jph h[h[B*CJKHo(phhPsB*CJKHo(phh[B*CJKHphh[B*CJKHo(ph#h[B*CJKHOJQJ^JphhFB*CJKHo(phhF6B*CJKH]phhFB*CJKHph060b|LN,...//80 $7$8$H$a$gdF 06ǹyj㹫XJhB*CJKHo(ph#hPsB*CJKHOJQJ^JphhF6B*CJKH]ph hPshFB*CJKHo(ph#hFB*CJKHOJQJ^JphhPshFB*CJKHphhD'B*CJKHo(phhPsB*CJKHo(phh[B*CJKHo(phhFB*CJKHo(phhFB*CJKHph jh[B*CJKHUph  46:bf|.0JLظا؉wh؉؉ZhFB*CJKHo(phhhFB*CJKHph#hFB*CJKHOJQJ^Jph333hFB*CJKHph#hFB*CJKHOJQJ^Jph hhB*CJKHo(ph#hB*CJKHOJQJ^JphhD'B*CJKHo(phhB*CJKHo(phhB*CJKHphh2FB*CJKHo(ph,,,,,,,,---....p//////004080<0L0N0T011˿˿˿˿qcR˿ h2Fh2FB*CJKHo(phhD'B*CJKHo(phhFB*CJKHo(phh2FB*CJKHo(ph#h2FhF6B*CJKH]ph h2F6B*CJKH]o(phhF6B*CJKH]phhFB*CJKHph#hFB*CJKHOJQJ^JphUhB*CJKHo(ph#h2FB*CJKHOJQJ^Jph Rochet, J.C., and J. Tirole (1996) "Interbank Lending and Systemic Risk," Journal of Money, Credit and Banking, 28: 733-762. Farhi, E., and J. Tirole (2008) "Competing Liquidities: Securities, Real Bonds, and Bubbles," mimeo, Harvard University and TSE. Brunnermeier, M. and L.A. Pedersen (2008)  Market Liquidity and Funding Liquidity , mimeo Princeton and NYU. Allen, F. and D. Gale (2004)  Financial Intermediaries and Markets , Econometrica, 72: 1023-1061. 7. The Macroeconomic Consequences of Financial Imperfections. Nov.24. FR Ch.6. Farhi, E., Golosov, M., and A. Tsyvinsky (2008)  A Theory of Liquidity and the Regulation of Financial Intermediation , mimeo, Harvard University. Guerrieri, V., and G. Lorenzoni (2008) "Liquidity and Trading," mimeo, University of Chicago and MIT. Kiyotaki, N., and J. Moore (2008) "Liquidity, Business Cycles and Monetary Policy," mimeo, Princeton University. Lorenzoni, G. (2008) "Inefficient Credit Booms," forthcoming, Review of Economic Studies. 8. Individual Bank Runs and Systemic Risk. Dec.1. FR. Ch. 7. Allen, F., Carletti, E., and D. Gale (2008) "Interbank Markets Liquidity and Central Bank Intervention," mimeo, University of Pennsylvania, University of Frankfurt, and New York University. Bolton, P., Scheinkman, J., and T. Santos (2008) "Maturity Transformation and Liquidity," mimeo, Princeton University and Columbia University. Kharroubi, E., and E. Vidon (2008) "Increasing Returns in Interbank Liquidity Market," mimeo, Banque de France. Biais, B., and P.O. Weill (2008) "Liquidity Shocks and Order Book Dynamics, mimeo, TSE and UCLA. 9. The Regulation of Banks. Dec.8. FR. Ch.8. 10. International aspects. Dec.15. Caballero, R., Farhi, E., and P.O. Gourinchas (2008) "An Equilibrium Model of Global Imbalances and Low Interest Rates," American Economic Review, 98(1): 358-393. 11. China s Gradualist Banking Reforms and Risks. Dec.22. W. Dobson and A.K.Kashyap (2006)  The Contradiction in China s Gradualist Banking Reforms. 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