The Global Financial Crisis
Yale University
About this Course
Former U.S. Secretary of the Treasury Timothy F. Geithner and Professor Andrew Metrick survey the causes, events, policy responses, and aftermath of the recent global financial crisis.
Skills you will gain
Financial MarketsFinanceEconomicsRisk Management
Syllabus - What you will learn from this course
1
Section
Introduction to The Global Financial Crisis
6 videos (Total 76 min), 5 readings
6 videos
Lecture: What is a Financial Crisis?3m
Lecture: Why Study the Global Financial Crisis?2m
Lecture: Course Themes6m
Lecture: Course Organization5m
Question and Answer50m
5 readings
Introduction to The Global Financial Crisis Slides10m
Suggested Readings10m
Pre-Course Survey10m
Before You Begin10m
Recommended Additional Readings10m
The Common Causes of Financial Crises
5 videos (Total 33 min), 2 readings, 6 quizzes
5 videos
Lecture: What Causes Financial Crises? Part 16m
Lecture: What Causes Financial Crises? Part 26m
Lecture: Causes of the 2008-2009 Financial Crisis5m
Lecture: What did We Miss and Why Did We Miss it?6m
2 readings
Why study the Global Financial Crisis? Slides10m
Suggested Readings10m
6 practice exercises
Module 2, Quiz 14m
Module 2, Quiz 24m
Module 2, Quiz 34m
Module 2, Quiz 44m
Module 2, Quiz 54m
Module 2, Wrap Up16m
2
Section
Housing and Mortgages
9 videos (Total 40 min), 2 readings, 8 quizzes
9 videos
Lecture: Housing Bubbles and Financial Crises3m
Lecture: Mortgages: Fixed and Adjustable6m
Lecture: Prime Mortgages3m
Lecture: Nonprime Mortgages4m
Lecture: Why Subprime Mortgages?8m
Lecture: Some Foreclosure Facts6m
Lecture: Crisis Terminology3m
Summary: Housing and Mortgages1m
2 readings
Housing and Mortgages Slides10m
Suggested Readings10m
8 practice exercises
Module 3, Quiz 14m
Module 3, Quiz 24m
Module 3, Quiz 34m
Module 3, Quiz 44m
Module 3, Quiz 54m
Module 3, Quiz 64m
Module 3, Quiz 72m
Module 3, Wrap Up16m
3
Section
Safe Assets and the Global Savings Glut
12 videos (Total 62 min), 2 readings, 11 quizzes
12 videos
Lecture: Shadow Banking9m
Lecture: Safe Assets6m
Lecture: The Global Savings Glut Hypothesis7m
Lecture: Global Savings Glut Data, Part I8m
Lecture: Global Savings Glut Data, Part II2m
Lecture: Safe Asset Supply4m
Lecture: Manufacturing Safe Assets4m
Lecture: Securitization: Overview6m
Lecture: Securitization: Data, Part I3m
Lecture: Securitization: Data, Part II4m
Summary: Safe Assets and the Global Savings Glut2m
2 readings
Safe Assets and the Global Savings Glut Slides10m
Suggested Readings10m
11 practice exercises
Module 4, Quiz 14m
Module 4, Quiz 24m
Module 4, Quiz 34m
Module 4, Quiz 44m
Module 4, Quiz 54m
Module 4, Quiz 64m
Module 4, Quiz 74m
Module 4, Quiz 84m
Module 4, Quiz 94m
Module 4, Quiz 104m
Module 4, Wrap Up20m
4
Section
The Housing Crisis
10 videos (Total 52 min), 2 readings, 9 quizzes
10 videos
Lecture: What Caused the Housing Crisis2m
Lecture: 3 Hypotheses8m
Lecture: Bad Behavior, Part I6m
Lecture: Hypothesis 1: Bad Behavior, Part II5m
Lecture: Bad Behavior, Part III5m
Lecture: Government Failure, Part I3m
Lecture: Hypothesis 2: Government Failure, Part II6m
Lecture: Hypothesis 3: Bubble Thinking9m
Summary: The Housing Crisis1m
2 readings
The Housing Crisis Slides10m
Suggested Readings10m
9 practice exercises
Module 5, Quiz 14m
Module 5, Quiz 24m
Module 5, Quiz 34m
Module 5, Quiz 44m
Module 5, Quiz 54m
Module 5, Quiz 64m
Module 5, Quiz 74m
Module 5, Quiz 84m
Module 5, Wrap Up16m
5
Section
Anxiety, Part I
12 videos (Total 61 min), 2 readings, 11 quizzes
12 videos
Lecture: Some Notable Events in 20075m
Lecture: ABX4m
Lecture: ABX Data7m
Lecture: Anxiety Spreads to Interbank Markets6m
Lecture: LIBOR-OIS4m
Lecture: LIBOR-OIS Data4m
Lecture: Asset-Backed Commercial Paper7m
Lecture: ABCP Data4m
Lecture: ABCP Runs, Part I6m
Lecture: ABCP Runs, Part II4m
Lecture: Module 6 Summary2m
2 readings
Anxiety, Part I Slides10m
Suggested Readings10m
11 practice exercises
Module 6, Quiz 14m
Module 6, Quiz 24m
Module 6, Quiz 34m
Module 6, Quiz 44m
Module 6, Quiz 54m
Module 6, Quiz 64m
Module 6, Quiz 74m
Module 6, Quiz 84m
Module 6, Quiz 94m
Module 6, Quiz 104m
Module 6, Wrap Up16m
6
Section
Anxiety, Part II
9 videos (Total 48 min), 2 readings, 8 quizzes
9 videos
Lecture: Northern Rock: Narrative5m
Lecture: Northern Rock and the Global Financial Crisis8m
Lecture: The "Monolines"5m
Lecture: Auction Rate Securities8m
Lecture: Bear Stearns, Part I4m
Lecture: Bear Stearns, Part II8m
Lecture: Bear Stearns, Part III2m
Summary: Anxiety, Part II2m
2 readings
Anxiety, Part II Slides10m
Suggested Reading10m
8 practice exercises
Module 7, Quiz 14m
Module 7, Quiz 24m
Module 7, Quiz 34m
Module 7, Quiz 44m
Module 7, Quiz 54m
Module 7, Quiz 64m
Module 7, Quiz 74m
Module 7, Wrap Up16m
7
Section
Panic
9 videos (Total 63 min), 2 readings, 9 quizzes
9 videos
Lecture: Shadow Banking7m
Lecture: Repo9m
Lecture: The GSEs5m
Lecture: Lehman Brothers8m
Lecture: MMMFs9m
Lecture: AIG4m
Lecture: The Run on Repo8m
Lecture: Module 8 Summary5m
2 readings
Panic Slides10m
Suggested Readings10m
9 practice exercises
Module 8, Quiz 14m
Module 8, Quiz 24m
Module 8, Quiz 34m
Module 8, Quiz 44m
Module 8, Quiz 54m
Module 8, Quiz 64m
Module 8, Quiz 74m
Module 8, Quiz 84m
Module 8, Wrap Up16m
8
Section
Our Responses to the Crisis
10 videos (Total 57 min), 2 readings, 11 quizzes
10 videos
Lecture: Phase 1: Letting It Burn5m
Lecture: Phase 1: Letting it Burn - Framework for Crisis Resolution6m
Lecture: Phase 2: Early Escalation - The Policy Response2m
Lecture: Phase 3: Breaking the Panic - Market Developments4m
Lecture: Triage in a Panic6m
Lecture: Phase 4: Resolution - Market Developments3m
Lecture: Phase 4: Resolution: What We Did2m
Lecture: The Stress Test7m
Lecture: Housing Response11m
2 readings
Our Responses to the Crisis Slides10m
Suggested Readings10m
11 practice exercises
Module 9, Quiz 14m
Module 9, Quiz 24m
Module 9, Quiz 34m
Module 9, Quiz 44m
Module 9, Quiz 54m
Module 9, Quiz 64m
Module 9, Quiz 74m
Module 9, Quiz 84m
Module 9, Quiz 94m
Module 9, Quiz 104m
Module 9, Wrap Up18m
9
Section
Responding to Future Crises
6 videos (Total 42 min), 1 reading, 6 quizzes
6 videos
Lecture: What Have We Learned? Outcomes: Prisms 6-1010m
Lecture: Unfinished Business3m
Lecture: Playbook: Rule 1-58m
Lecture: Playbook: Rule 6-107m
Lecture: Responding to Future Crises Conclusion3m
1 readings
Responding to Future Crises Slides10m
6 practice exercises
Module 10, Quiz 14m
Module 10, Quiz 24m
Module 10, Quiz 34m
Module 10, Quiz 44m
Module 10, Quiz 54m
Module 10, Wrap Up16m
10
Section
Europe in the Global Financial Crisis
8 videos (Total 37 min), 2 readings, 7 quizzes
8 videos
Lecture: The Euro: Background2m
Lecture: European Growth and Unemployment5m
Lecture: Three Connected Crises5m
Lecture: Timeline4m
Lecture: Ireland7m
Lecture: Iceland7m
Summary: Europe in the Global Financial Crisis1m
2 readings
Europe in the Global Financial Crisis Slides10m
Suggested Readings10m
7 practice exercises
Module 11, Quiz 14m
Module 11, Quiz 22m
Module 11, Quiz 34m
Module 11, Quiz 44m
Module 11, Quiz 54m
Module 11, Quiz 64m
Module 11, Wrap Up16m
11
Section
The Eurozone Crisis
12 videos (Total 53 min), 2 readings, 11 quizzes
12 videos
Lecture: Eurozone Crisis: Overview2m
Lecture: Eurozone Crisis: Timeline, Part I7m
Lecture: Eurozone Crisis: Timeline, Part II4m
Lecture: Eurozone Crisis: Timeline, Part III1m
The Economics of the Euro8m
Lecture: Ireland and Iceland Revisited, Part I4m
Lecture: Ireland and Iceland Revisited, Part II6m
Lecture: Ireland and Iceland Revisited, Aftermath1m
Lecture: Internal Devaluations4m
The Euro and the Gold Standard: Lessons from the Great Depression8m
Summary: The Eurozone Crisis1m
2 readings
The Eurozone Crisis Slides10m
Suggested Readings10m
11 practice exercises
Module 12, Quiz 14m
Module 12, Quiz 24m
Module 12, Quiz 34m
Module 12, Quiz 44m
Module 12, Quiz 54m
Module 12, Quiz 64m
Module 12, Quiz 74m
Module 12, Quiz 84m
Module 12, Quiz 94m
Module 12, Quiz 104m
Module 12, Wrap Up16m
Course Summary
Course Summary
1 video (Total 13 min), 2 readings
1 videos
2 readings
Summary Slides10m
Post-Course Survey10m
4.8
44%
83%
Top Reviews
By TS•Apr 9th 2017
Great course indeed. I was following the materials and videos of the crisis for a long time and this course perfectly summarized everthing back by data analysis. Highly recommended to all enthusiasts.
By JC•Mar 16th 2018
Excellent course on the GFC, I would highly recommend this to anyone wanting to learn more about the crisis. The instructors were very good and took a complex subject and made it very understandable.
Instructors
Andrew Metrick
Michael H. Jordan Professor of Finance and Management
Timothy Geithner
Lecturer in Management, Yale SOM, Former U.S. Secretary of the TreasuryAbout Yale University
For more than 300 years, Yale University has inspired the minds that inspire the world. Based in New Haven, Connecticut, Yale brings people and ideas together for positive impact around the globe. A research university that focuses on students and encourages learning as an essential way of life, Yale is a place for connection, creativity, and innovation among cultures and across disciplines.
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