Narrate a historical financial event and use it to evaluate Grossman’s thesis of
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Narrate a historical financial event and use it to evaluate Grossman’s thesis of the archetypical lifecycle of the banking system. This event can be a financial innovation, asset price bubble, financial panic or crisis, rescue, or regulation in the banking system or financial markets.
The intention is for you to work in teams of two, although those wishing to work alone may do so. Extensions will only be granted in the case of an emergency. Non-delivery of the paper by this date can result in a failing grade for the course. It should be submitted by email in .doc, .docx, or .pdf file format to Moodle. I am happy to offer guidance along the way. I will even read and comment on abstract proposals submitted anytime before … In my comments I may indicate that your topic sounds appropriate or to suggest an easy modification that will make it more viable.
An outstanding paper will:
Incorporate your own analysis, do not just summarize others’ views.
Deploy of one of the models introduced in class (e.g. per worker production function, loanable funds, T-account, Diamond-Dybvig, AD-AS model).
Explain the structure of the financial and regulatory system as it relates to your event.
If there is financial fragility and/or moral hazard and the accordant financial institution and economic agents.
If the event takes place in the banking system or financial markets.
Cite at least three credible sources (papers and articles from policy institutions, such as the Federal Reserve; academic research; or the publications of think tanks, such as Breugel or the Peterson Institute for International Economics). It shouldn’t be too hard to find research on financial crises. Blogs and newspaper articles can be used, but they are not sufficient.
Length: There is no strict requirement, but aim for no more than approximately 12 double-spaced pages, plus figures and references. Number the pages.
References: Every source should be cited in the text, and the full reference should appear on a separate page at the end of the paper. The references should contain all the information a reader would need to track down the article. Use the citations and references style guide I have provided for the abstracts if you have questions (or see me).
Some possible events: Do not feel constrained by these suggestions. I offer them only to get you thinking.
Financial innovation: cryptocurrency markets, algorithmic trading, value investing
Asset price bubbles: managed futures funds, China property bubble, Exchange Traded Funds bubble, “Trump bump.”
Financial panic or crisis: The European Debt Crisis
Regulation: Dodd-Frank Wall Street Reform and Consumer Protection Act, Symposium on International Financial Architecture
Rescues: Symposium on the Bailouts of 2007-2009, Treasury bond market and COVID