Από την κρίση των τουλιπών (1620) έως σήμερα.

Μάθημα Επιλογής - Γ' Εξάμηνο (Χειμερινό Β' Έτους) | Κωδικός Μαθήματος: | Σύνδεσμος E-Class
Σύμφωνα με το πρόγραμμα σπουδών, οι φοιτητές/τριες πρέπει να επιλέξουν δύο μαθήματα επιλογής κατά το γ’ εξάμηνο

Διδάσκοντες

Κωνσταντίνος Ρεπαπής

Γλώσσα διδασκαλίας

Ελληνικά

Περιεχόμενα μαθήματος

Διαλέξεις

• Εισαγωγή και Περίγραμμα Μαθήματος
• Η Ολλανδική κρίση των τουλιπών το 1630.
  - Κεντρικό κείμενο της εποχής: De La Vega, 1688, Confusion de Confusiones
• Η Χρηματοπιστωτική φούσκα της εταιρίας του Μισισιπή στην Γαλλία και της εταιρίας εμπορίου της Νότιας Θάλασσας στην Μεγάλη Βρετάνια το 1720.
  - John Law, 1705, Money and trade considered: with a proposal for supplying the nation with Money
• Ο τραπεζικός πανικός των περιφερειακών τράπεζων στο Ηνωμένο Βασίλειο το 1825, και οι κρίσεις μετατρεψιμότητας του νομίσματος σε χρυσό.
  - Henry Thornton, 1802, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain
• H διαρκής κρίση (long depression) στην Αμερική και την Ευρώπη της δεκαετίας του 1870.
  - J.A. Hobson, 1909, The Industrial System
• Η μεγάλη ύφεση (Great Depression) του 1930.
  - Fisher, I. (1933) "The Debt-Deflation Theory of Great Depressions," Econometrica 1 (4): 337-57 Fisher, Debt deflation theory
• H Ιαπωνική κρίση των ενεργητικών των επιχειρήσεων του 1991.
  - Hyman Minsky, 1986, Stabilizing an Unstable Economy
• Η Ασιατική χρηματοπιστωτική κρίση του 1997.
  - Furman, J. and Stiglitz, J. (1998) ‘Economic Crises: Evidence and Insights from East Asia’, Brookings Papers on Economic Activity, Vol. 29, No. 2, pp. 1–136.
• Η φούσκα της αξίας των εταιριών dot-com στα τέλη του 1990.
  - Robert Shiller, 2000, Irrational Exuberance, Princeton: Princeton University Press
• Η Κρίση του 2008 και η σημερινή κατάσταση circa 2023-24 (τρεις διαλέξεις)
  - Dow S., 2017, “Central banking in the twenty-first century.” Cambridge Journal of Economics, 41 (6), pp. 1539-1557.
  - Gennaioli, Nicola, Andrei Shleifer, and Robert Vishny. 2015. "Neglected Risks: The Psychology of Financial Crises." American Economic Review, 105 (5): 310-14
  - Samuel G. Hanson, Anil K Kashyap, and Jeremy C. Stein, 2011, “A Macroprudential Approach to Financial Regulation”, Journal of Economic Perspectives, 25 (1). pages 3–28

Βιβλιογραφία

Ενδεικτικό Syllabus
Τα “essential readings” σηματοδοτούνται με *

1. Εισαγωγή & Περίγραμμα Μαθήματος

Εισαγωγική διάλεξη που θα τοποθετήσει το περίγραμμα του μαθήματος και την σχέση της οικονομικής θεωρίας με την ιστορική της πραγματικότητα.

• *Robert Z. Aliber; Charles Poor Kindleberger; Charles Poor Kindleberger, 2011, Manias, panics, and crashes: a history of financial crises, London: Palgrave Macmillan διαβάστε σελ. 1-37.
• *Niebyl, Karl H. 1946. Studies in the Classical Theories of Money. New York: Columbia University Press
• *Boulding, K. E. (1971). ‘After Samuelson, who needs Adam Smith?’ History of Political Economy, vol. 3, no. 2, 225–37
• Chick, Victoria. 1993a. “The Evolution of the Banking System and the Theory of Monetary Policy”, in Stephen F. Frowen, (ed.), Monetary Theory and Monetary Policy, London: Macmillan. 79-92
• Stark, Werner. 1944. The History of Economics in Its Relation to Social Development. London: Routledge  
• Chick, Victoria. 1999. Karl Niebyl’s Methodology: Classical Monetary Theory in Historical Context, mimeo. In V. Chick’s archive, Goldsmiths, University of London
• Chick, Victoria. 2005. “Lost and Found: Some History of Endogenous Money in the Twentieth Century” in G. Fontana, R. Realfonzo. eds. The Monetary Theory of Production: Tradition and Perspectives. London: Palgrave Macmillan. 53-66.
• Blaug, Mark (2001) ‘No History of Ideas, Please, We’re Economists’, Journal of Economic Perspectives, 15 (1), pp. 145-164.
• Theocarakis, N. (2014) ‘A commentary on Alessandro Roncaglia’s paper: “Should the History of Economic Thought be Included in Undergraduate Curricula?”’. Economic Thought, 3.1, pp. 10-20.
• Repapis, Constantinos. 2021. W. Stark, J.M. Keynes, and the Mercantilists. Journal of the History of Economic Thought, 43(1), pp. 27-54. ISSN 1053-8372

2. Η Ολλανδική κρίση των τουλιπών το 1630

• *De La Vega, 1688, ConfusionDeConfusiones, Θα διαβάσουμε αποσπάσματα σε αγγλική μετάφραση από τον Hermann Kellenbenz, έκδοση Kress Library publication #13, 1957.
• *Cihan Bilginsoy, 2015, A history of financial crises: dreams and follies of expectations, Κεφάλαιο 2 που ασχολείται με την κρίση των τουλιπών.
• *John Kenneth Galbraith, 1996, A short history of financial euphoria, New York: Penguin, Κεφάλαιο 2 σχετικό με την ‘παράλογη’ συμπεριφορά.
• Earl A. Thompson, 2007, “The tulipmania: Fact or artifact?”, Public Choice, volume 130, pages 99–114
• *Peter M. Garber, 1990, “Famous First Bubbles”, JOURNAL OF ECONOMIC PERSPECTIVES, VOL. 4, NO. 2, pp. 35-54.
• Peter M. Garber, 1989, “Tulipmania”, Journal of Political Economy, Vol. 97, No. 3, pp. 535-560
• Charles Mackay, 1932, Extraordinary popular delusions and the madness of crowds, L.C. Page and Company.
• Anne Goldgar, 2007, Tulipmania: money, honor, and knowledge in the Dutch golden age, Chicago: University of Chicago Press.
• Mike Dash, 2010, Tulipomania: The Story of the World's Most Coveted Flower and the Extraordinary Passions it Aroused, London: Weidenfeld and Nicolson.
• Lodewijk Petram, Lynne Richards, 2014, The World's First Stock Exchange (Columbia Business School Publishing), Columbia: Columbia University Press
• Petram, L. O., 2011, The world’s first stock exchange: how the Amsterdam market for Dutch East India Company shares became a modern securities market, 1602-1700, Thesis, Universiteit van Amsterdam]. Eigen Beheer.

3. Η Χρηματοπιστωτική φούσκα της εταιρίας του Μισισιπή στην Γαλλία και της εταιρίας εμπορίου της Νότιας Θάλασσας στην Μεγάλη Βρετάνια το 1720

• *John Law, 1705, Money and trade considered [θα χρησιμοποιήσουμε την έκδοση του 2013, Newton Page].
• *Antoin E. Murphy, 2009, The genesis of macroeconomics: new ideas from Sir William Petty to Henry Thornton, Oxford: Oxford University Press διαβάστε το τρίτο κεφάλαιο που ασχολείται με το νομισματικό σύστημα του John Law.
• *Cihan Bilginsoy, 2015, A history of financial crises: dreams and follies of expectations, διαβάστε τα κεφάλαια 3 και 4.
• William N. Goetzmann, 2013, The Great mirror of folly: finance, culture, and the crash of 1720, διαβάστε τα κεφάλαια 5 και 6, σελίδες 89-105 (αξίζει και το κεφάλαιο 4).
• John Law, 1994, Essay on a land bank, Dublin: Aeon Publishing.
• Antoin E. Murphy, John Law: Economic Theorist and Policy-maker, Oxford: Oxford University Press.
• John Berdell, 2017, «The Structure and Stability of John Law’s Early Land Bank Proposals», Œconomia, 7-4, 459-479.
• Murphy, Antoin E. 2006. Nicolas Du Tot and John Law. In Yiorgos Stathakis and Gianni Vaggi (eds), Economic Development and Social Change. London: Routledge, 312-348.
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation,  διαβάστε το κεφάλαιο 3, σελίδες 58-95
• Neal, Larry. 2012. "I Am Not Master of Events": The Speculations of John Law and Lord Londonderry in the Mississippi and South Sea Bubbles. New Haven, CT: Yale University Press.
• Anne L. Murphy, 2012, The origins of English financial markets: investment and speculation before the South Sea Bubble,
• Velde, François R. 2012. The Life and Times of Nicolas Dutot. Journal of the History of Economic Thought, 34(01): 67-107.
• Ron Harris, 1994, The Bubble Act: Its Passage and Its Effects on Business Organization, The Journal of Economic History, Volume 54 (3), pp. 610 - 627
• Virginia Cowles, 2018, The great swindle: the history of the South Sea Bubble, London: Sharpe Books

4. Ο τραπεζικός πανικός των περιφερειακών τράπεζων στο Ηνωμένο Βασίλειο το 1825, και οι κρίσεις μετατρεψιμότητας του νομίσματος σε χρυσό.

• *Henry Thornton, 1802, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, London: George Allen and Unwin, 1802 [με την εισαγωγή του Friedrich Hayek, Augustus M. Kenney publishers, 1978].
• *Robert Z. Aliber; Charles Poor Kindleberger; Charles Poor Kindleberger, 2011, Manias, panics, and crashes: a history of financial crises, London: Palgrave Macmillan διαβάστε σελ. 213-228).
• *Antoin E. Murphy, 2009, The genesis of macroeconomics: new ideas from Sir William Petty to Henry Thornton, Oxford: Oxford University Press, διαβάστε το ένατο κεφάλαιο που ασχολείται με τον Thornton.
• Arie Arnon, 2011, Monetary theory and policy from Hume and Smith to Wicksell: money, credit, and the economy, Cambridge: Cambridge University Press, κεφάλαιο 7 (σελ. 96-125).
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation, Plume Books. Διαβάστε το 4^ο κεφάλαιο, σελ. 96-121.
• Chales Goodhart, 1988, The Evolution of Central Banks, Cambridge: MIT Press
• Sheila C. Dow, John Smithin, 1992, “FREE BANKING IN SCOTLAND, 1695–1845”, Scottish Journal of Political Economy, Volume 39 (4), σελ. 374-390
• Friedrich A. von Hayek, 2007, Denationalisation of money - the argument refined: an analysis of the theory and practice of concurrent currencies, London: Institute of Economic Affairs
• Antoin Murphy, 2003, Paper credit and the multi-personae Mr. Henry Thornton, The European Journal of the History of Economic Thought, vol. 10, σελ. 429-453
• Lawrence H. White, 1990, The Evolution of Central Banks by Charles Goodhart, Economica, New Series, Vol. 57, No. 225, σελ. 135-137
• Lawrence H. White, 1984, Free Banking in Britain: Theory, Experience, and Debate, 1800-1845, New York: Cambridge University Press.

5. H διαρκής κρίση (long depression) στην Αμερική και την Ευρώπη της δεκαετίας του 1870.

• *Hobson, J.A., 1910, The Industrial System: An Enquiry on Earned and Unearned Income, London: Longmans, Green and Co. 
• *Friedman, Milton, 1990, “The Crime of 1873” Journal of Political Economy, Vol. 98 (6), σελ. 1159-1194
• *A. E. Musson, 1959, The Great Depression in Britain, 1873-1896: A Reappraisal, The Journal of Economic History, Vol. 19 (2), σελ. 199-228
• Milton Friedman, 1990, “Bimetallism Revisited” The Journal of Economic Perspectives, Vol. 4 (4), σελ.  85-104
• S. B. Saul, 1969, The myth of the Great Depression, 1873-1896, London: Palgrave Macmillan
• Hobson, J.A., 1895, The Evolution of Modern Capitalism: A study of Machine Production, London: Walter Scott
• Samuel Bernstein, 1956, American Labor in the Long Depression, 1873-1878, Science & Society, Vol. 20 (1), σελ. 59-83
• Milton Friedman, A. Schwartz, 1971, A Monetary History of the United States: 1867–1960, Princeton: Princeton University Press.
• Thomas J. Sargent and Bruce D. Smith, 1997, “Coinage, Debasements, and Gresham's Laws”, Economic Theory, Vol. 10, No. 2, σελ. 197-226
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation, κεφαλαίο 6, σελ. 152-190.
• D. J. Coppock, 1964, “British Industrial Growth during the 'Great Depression' (1873-96): A Pessimist's View”, The Economic History Review, New Series, Vol. 17, No. 2, σελ. 389-396
• A. E. Musson, 1964, “British Industrial Growth, 1873-96: A Balanced View”, The Economic History Review, New Series, Vol. 17, No. 2, σελ. 397-403

6. Η “Μεγάλη Ύφεση” (Great Depression) του 1930

• *Fisher, I. (1933) "The Debt-Deflation Theory of Great Depressions," Econometrica 1 (4): 337-57 Fisher, Debt deflation theory
• *Eric Rauchway, 2008.  The Great Depression & the New Deal: a very short introduction. Κεφάλαιο 3
• *John Kenneth Galbraith, 1994, A short history of financial euphoria, New York: Penguin. Κεφάλαιο 6
• Bernanke, Ben, 2 March 2004, "Remarks by Governor Ben S. Bernanke: Money, Gold and the Great Depression". At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University, Lexington, Virginia. Link: https://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm
• Nicola Acocella; Giovanni Di Bartolomeo; Andrew Hughes Hallett, 2016, Macroeconomic paradigms and economic policy: from the Great Depression to the Great Recession, Cambridge: Cambridge University Press
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation, Κεφάλαιο 7, σελ. 191-232.
• Peter Temin and Gianni Toniolo, 2008, The World Economy between the Wars, Oxford: Oxford University Press.
• Christina D. Romer, 1992, “What Ended the Great Depression?”, The Journal of Economic History, Vol. 52, No. 4, σελ. 757-784
• Repapis, Constantinos, 2014, "J.M. Keynes, F.A. Hayek and the Common Reader" Economic Thought, 3 (2): 1-20
• Repapis, Constantinos, 2011, "Hayek’s Business Cycle Theory during the 1930’s: A Critical Account of Its Development", History of Political Economy, 43:4, 699-742
• Nicholas Crafts, Peter Fearon, 2010, Lessons from the 1930s Great Depression, Oxford Review of Economic Policy, Volume 26, Issue 3, σελ. 285–317

7. H Ιαπωνική κρίση των ενεργητικών των επιχειρήσεων του 1991

• *Hyman P. Minsky, 2008, Stabilizing an unstable economy. Introduction by Dimitri B. Papadimitriou and L. Randall Wray, McGraw-Hill
• *Richard Koo, 2009, The Holy Grail of macroeconomics: lessons from Japan's great recession, Singapore: John Wiley and sons. Κεφάλαιο 1
• *Hoshi, Takeo, 2004, “Japan's Financial Crisis and Economic Stagnation”, The Journal of Economic Perspectives, VOL. 18, NO. 1, pp. 3-26
• Hoshi, Takeo, 2011, “Financial Regulation: Lessons from the Recent Financial Crises”, Journal of Economic Literature, VOL. 49, NO. 1, pp. 120-28
• Hyman P. Minsky, 1982, Can It Happen Again?: Essays on Instability and Finance, London: Routledge
• Finn E. Kydland; Edward C. Prescott, 1977, “Rules Rather than Discretion: The Inconsistency of Optimal Plans”, Journal of Political Economy, Vol. 85, No. 3, pp. 473-492
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation, Read Chapter 9 on Kamikaze Capitalism.
• Dimitri B. Papadimitriou; L. Randall Wray, 2010, The Elgar companion to Hyman Minsky, Edward Elgar
• Takeo Hoshi, 2002, “The convoy system for insolvent banks: how it originally worked and why it failed in the 1990s”, Japan and the World Economy, Volume 14, Issue 2, σελ. 155-180
• Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka, 2001, “The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons”, MONETARY AND ECONOMIC STUDIES (SPECIAL EDITION), σελ. 395-450.

8. Η Ασιατική χρηματοπιστωτική κρίση του 1997

• * Furman, J. and Stiglitz, J., 1998, ‘Economic Crises: Evidence and Insights from East Asia’, Brookings Papers on Economic Activity, Vol. 29, No. 2, σελ. 1–136.
• * Joseph E. Stiglitz, 1999, “Reforming the Global Economic Architecture: Lessons from Recent Crises”, The Journal of Finance, Vol. 54, No. 4, σελ. 1508-1521
• *Gabriel Palma, 2000, “The Three Routes to Financial Crises: The Need for Capital Controls”, Center for Economic Policy Analysis working paper series n. 18, σελ. 1-53.
• Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini, 1999, “What caused the Asian currency and financial crisis?” Japan and the World Economy, Volume 11, Issue 3, σελ. 305-373
• Joseph Stiglitz, 2001, Failure of the Fund. Rethinking the IMF response, Harvard International Review, vol. 14 σελ. 14-18
• Sebastian Edwards, (ed.) 2007, Capital Controls and Capital Flows in Emerging Economies Policies, Practices, and Consequences, National Bureau of Economic Research Conference Report, Chicago: The University of Chicago Press.

9. Η φούσκα της αξίας των εταιριών dot-com στα τέλη του 1990.

• *Cihan Bilginsoy, 2015, A history of financial crises: dreams and follies of expectations, κεφάλαια 5, 6 και 14.
• *Robert J. Shiller, 2014, “Speculative Asset Prices”, American Economic Review, 104(6): 1486–1517
• *Burton G. Malkiel, 2003, “The Efficient Market Hypothesis and Its Critics”, JOURNAL OF ECONOMIC PERSPECTIVES, VOL. 17, NO. 1, σελ. 59-82.
• Robert J. Shiller, 2003, “From Efficient Markets Theory to Behavioral Finance”, JOURNAL OF ECONOMIC PERSPECTIVES, VOL. 17, NO. 1, σελ. 83-104.
• Robert J. Shiller, 2000, Irrational Exuberance, Princeton: Princeton University Press
• Edward Chancellor, 2000, Devil take the hindmost: a history of financial speculation, κεφάλαιο 10.
• Michelle Baddeley, 2018, Copycats and contrarians: why we follow others ... and when we don't, Yale: Yale University Press
• George A. Akerlof; Robert J. Shiller, 2010, Animal spirits: how human psychology drives the economy, and why it matters for global capitalism, Princeton: Princeton University Press.
• Fama, Eugene F., 1970, “Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance, 25(2): 383–417.

10. Η Κρίση του 2008 και σύγχρονες εξελίξεις (τρεις διαλέξεις)

• *Dow S., 2017, “Central banking in the twenty-first century.” Cambridge Journal of Economics, 41 (6), pp. 1539-1557.
• *Gennaioli, Nicola, Andrei Shleifer, and Robert Vishny. 2015. "Neglected Risks: The Psychology of Financial Crises." American Economic Review, 105 (5): 310-14
• *Samuel G. Hanson, Anil K Kashyap, and Jeremy C. Stein, 2011, “A Macroprudential Approach to Financial Regulation”, Journal of Economic Perspectives, 25 (1). pages 3–28
• Nicola Gennaioli; Andrei Shleifer, 2018, A crisis of beliefs: investor psychology and financial fragility, Princeton: Princeton University Press.
• Donald A. MacKenzie, 2008, An engine, not a camera: how financial models shape markets, Mass: MIT Press.
• Ben Bernanke, 2015, The courage to act: a memoir of a crisis and its aftermath, W. W. Norton & Company.
• Charles A.E. Goodhart; Haizhou Huang, 2005, The lender of last resort, Journal of Banking & Finance, Volume 29, Issue 5, May 2005, Pages 1059-1082
• Charles A.E. Goodhart and Rosa M. Lastra, 2023, Lender of Last Resort and Moral Hazard, LSE: memeo.
• Victoria Chick, 2013, “The Current Banking Crisis in the UK: An Evolutionary View”, in Jocelyn Pixley and G.C. Harcourt, (ed.), Financial crises and the nature of capitalist money. Mutual developments fromthe work of Goeffrey Ingham, London: Palgrave Macmillan
• Victoria Chick, 2008, “Could the crisis at Northern Rock have been predicted? An Evolutionary Approach”, Contributions to Political Economy, 27, 115-124
• Charles Goodhart, Daniela Gabor, Jakob Vestergaard, Ismail Ertürk (ed.), 2014, Central Banking at a Crossroads: Europe and Beyond, Anthem Frontiers of Global Political Economy, Anthem Press
• Michael D. Bordo; William Roberds, (ed.) 2013, The origins, history, and future of the Federal Reserve: a return to Jekyll Island, Cambridge: Cambridge University Press.
• Joseph E. Stiglitz, 2011, “Rethinking Macroeconomics: What Went Wrong and How to Fix It”, Global Policy, Volume2, Issue 2, σελ. 165-175