Stockholm university
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Financial Development and Crises

Course within the Masterprogramme in Economics.

The financial sector plays a central role in a modern economy by mobilising savings and distributing capital. At the same time, the financial sector appears to be fundamentally unstable, and the economic history is full of financial crises. This course introduces the most important financial institutions, and their productive role is discussed theoretically and empirically. The weaknesses of the financial system are then discussed theoretically and empirically on the basis of historical examples of financial crises. The questions we ask are why these crises occur, what their repercussions are and what can be done about them. Finally, time will be dedicated to discussing the credit crisis of 2007-2009 and the euro crisis of 2010-2012.

  • Course structure

    This is a 7.5 credit course.

    Course material will be available through the learning platform Athena during the course.

    Teaching format

    Instruction is given in the form of lectures which also include time for student presentations. Guest lecturesare also planned. The language of instruction is English.


    The course is examined on the basis of a written examination as well as group presentations.


    Examiner and course director:
    Roine Vestman

  • Schedule

    The schedule will be available no later than one month before the start of the course. We do not recommend print-outs as changes can occur. At the start of the course, your department will advise where you can find your schedule during the course.
  • Course literature

    Note that the course literature can be changed up to two months before the start of the course.

    The main literature will consist of articles and an updated list will be made available in time for the start of the course. As a reference text, the following textbook will be used:

    Frederic Mishkin ”The Economics of Money, Banking and Financial Markets, Global Edition”, 12th edition. (It is also possible to use Frederic Mishkin and Stanley Eakins ”Financial Markets and Institutions, Global Edition”, latest edition.)

  • Contact

    Course administrator and international coordinator
    Academic advisor master's level
    Director of studies bachelor's and master's level