The Global Financial Crisis

Yale University

About this Course

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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.

Learner Career Outcomes

31%

started a new career after completing these courses

23%

got a tangible career benefit from this course

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 64 hours to complete

English

Subtitles: French, Portuguese (Brazilian), Russian, English, Spanish, Romanian

Skills you will gain

CrisisGlobal Financial CrisisFinancial MarketsFinancial Crisis

Learner Career Outcomes

31%

started a new career after completing these courses

23%

got a tangible career benefit from this course

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 64 hours to complete

English

Subtitles: French, Portuguese (Brazilian), Russian, English, Spanish, Romanian

Instructors

Instructor rating

4.83/5 (151 Ratings)

Andrew Metrick

Michael H. Jordan Professor of Finance and Management

Yale School of Management

100,887 Learners

1 Course

Timothy Geithner

Lecturer in Management, Yale SOM, Former U.S. Secretary of the Treasury

Yale School of Management

100,887 Learners

1 Course

Offered by

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.

Syllabus - What you will learn from this course

Content Rating97%(16,197 ratings)

Week

Week 1

2 hours to complete

Introduction to The Global Financial Crisis

2 hours to complete

6 videos (Total 76 min), 5 readings

6 videos

Introduction to The Global Financial Crisis7m

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

The Common Causes of Financial Crises

4 hours to complete

5 videos (Total 33 min), 2 readings, 6 quizzes

5 videos

Lecture: Why Does This Matter?8m

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 130m

Module 2, Quiz 230m

Module 2, Quiz 330m

Module 2, Quiz 430m

Module 2, Quiz 530m

Module 2, Wrap Up30m

Week

Week 2

5 hours to complete

Housing and Mortgages

5 hours to complete

9 videos (Total 40 min), 2 readings, 8 quizzes

9 videos

Introduction: Housing and Mortgages2m

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 130m

Module 3, Quiz 230m

Module 3, Quiz 330m

Module 3, Quiz 430m

Module 3, Quiz 530m

Module 3, Quiz 630m

Module 3, Quiz 730m

Module 3, Wrap Up30m

Week

Week 3

7 hours to complete

Safe Assets and the Global Savings Glut

7 hours to complete

12 videos (Total 62 min), 2 readings, 11 quizzes

12 videos

Introduction: Safe Assets and the Global Savings Glut2m

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 130m

Module 4, Quiz 230m

Module 4, Quiz 330m

Module 4, Quiz 430m

Module 4, Quiz 530m

Module 4, Quiz 630m

Module 4, Quiz 730m

Module 4, Quiz 830m

Module 4, Quiz 930m

Module 4, Quiz 1030m

Module 4, Wrap Up30m

Week

Week 4

6 hours to complete

The Housing Crisis

6 hours to complete

10 videos (Total 52 min), 2 readings, 9 quizzes

10 videos

Introduction: The Housing Crisis1m

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 130m

Module 5, Quiz 230m

Module 5, Quiz 330m

Module 5, Quiz 430m

Module 5, Quiz 530m

Module 5, Quiz 630m

Module 5, Quiz 730m

Module 5, Quiz 830m

Module 5, Wrap Up30m

Week

Week 5

7 hours to complete

Anxiety, Part I

7 hours to complete

12 videos (Total 61 min), 2 readings, 11 quizzes

12 videos

Introduction: Anxiety, Part I3m

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 130m

Module 6, Quiz 230m

Module 6, Quiz 330m

Module 6, Quiz 430m

Module 6, Quiz 530m

Module 6, Quiz 630m

Module 6, Quiz 730m

Module 6, Quiz 830m

Module 6, Quiz 930m

Module 6, Quiz 1030m

Module 6, Wrap Up30m

Week

Week 6

5 hours to complete

Anxiety, Part II

5 hours to complete

9 videos (Total 48 min), 2 readings, 8 quizzes

9 videos

Introduction: Anxiety, Part II3m

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

Week 7

6 hours to complete

Panic

6 hours to complete

9 videos (Total 63 min), 2 readings, 9 quizzes

9 videos

Introduction: Panic1m

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 130m

Module 8, Quiz 230m

Module 8, Quiz 330m

Module 8, Quiz 430m

Module 8, Quiz 530m

Module 8, Quiz 630m

Module 8, Quiz 730m

Module 8, Quiz 830m

Module 8, Wrap Up30m

Week

Week 8

7 hours to complete

Our Responses to the Crisis

7 hours to complete

10 videos (Total 57 min), 2 readings, 11 quizzes

10 videos

Lecture: United States Financial Capacity6m

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 130m

Module 9, Quiz 230m

Module 9, Quiz 330m

Module 9, Quiz 430m

Module 9, Quiz 530m

Module 9, Quiz 630m

Module 9, Quiz 730m

Module 9, Quiz 830m

Module 9, Quiz 930m

Module 9, Quiz 1030m

Module 9, Wrap Up30m

Week

Week 9

4 hours to complete

Responding to Future Crises

4 hours to complete

6 videos (Total 42 min), 1 reading, 6 quizzes

6 videos

Lecture: What Have We Learned? Outcomes: Prisms 1-58m

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 reading

Responding to Future Crises Slides10m

6 practice exercises

Module 10, Quiz 130m

Module 10, Quiz 230m

Module 10, Quiz 330m

Module 10, Quiz 430m

Module 10, Quiz 530m

Module 10, Wrap Up30m

Week

Week 10

4 hours to complete

Europe in the Global Financial Crisis

4 hours to complete

8 videos (Total 37 min), 2 readings, 7 quizzes

8 videos

Introduction: Europe in the Global Financial Crisis2m

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 130m

Module 11, Quiz 230m

Module 11, Quiz 330m

Module 11, Quiz 430m

Module 11, Quiz 530m

Module 11, Quiz 630m

Module 11, Wrap Up30m

Week

Week 11

7 hours to complete

The Eurozone Crisis

7 hours to complete

12 videos (Total 53 min), 2 readings, 11 quizzes

12 videos

Introduction: The Eurozone Crisis1m

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 130m

Module 12, Quiz 230m

Module 12, Quiz 330m

Module 12, Quiz 430m

Module 12, Quiz 530m

Module 12, Quiz 630m

Module 12, Quiz 730m

Module 12, Quiz 830m

Module 12, Quiz 930m

Module 12, Quiz 1030m

Module 12, Wrap Up30m

1 hour to complete

Course Summary

1 hour to complete

1 video (Total 13 min), 2 readings

1 video

Course Summary12m

2 readings

Summary Slides10m

Post-Course Survey10m

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The Global Financial Crisis