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Quick Facts
| Medium Of Instructions | Mode Of Learning | Mode Of Delivery |
|---|---|---|
| English | Self Study | Video and Text Based |
Course Overview
The Economics of Money and Banking online course by Coursera is a comprehensive 13-week study into the process of bringing about new theories in economics. The course teaches economic thinking by revisiting and updating many of the forgotten tenets of monetary thought which have recently become relevant again.
The Economics of Money and Banking programme focuses heavily on the dealers in money markets and capital markets – as they are the leading profit-seeking distributors of market liquidity to the novel system of market-based credit. Additionally, the training course features flexible deadlines, which enables you to tackle the course at your pace and convenience.
You need to complete all the modules in the Economics of Money and Banking training programme and maintain the minimum score requirements in practice tests and exams to be eligible for the course completion certificate.
Moreover, Coursera and Columbia University will provide the course completion certificate. This course completion certificate will be displayed on your Coursera accomplishment page. You can share the certificate from this page to your LinkedIn profile and resume.
The Highlights
- 100% online course
- Tangible career benefits
- English Subtitles
- Flexible Deadlines
- Approx. 32 hours to complete
- Shareable Certificate
Programme Offerings
- Practice Exercises
- Self-paced learning
- Flexible Deadlines
- Pre-recorded Video Lectures
- video transcript
- Shareable Certificate
- 100% online course
Courses and Certificate Fees
| Fees Informations | Certificate Availability | Certificate Providing Authority |
|---|---|---|
| INR 2368 | yes | Coursera |
Here are the fee details for the certificate experience of Coursera’s Economics of Money and Banking online training course:
Course | Fees |
Economics of Money and Banking | Rs. 2,368 |
Also, if you wish to attend this course for free, you can choose the ‘Audit only’ option during enrolment. Choosing the audit option will provide you access to all the course lectures and reading material. However, you need to purchase the course for graded assignments and certificates.
Eligibility Criteria
To receive the course completion certificate for the Economics of Money and Banking programme, you need to submit and pass all the assignments and course exercises, along with the midterm and final exam. It is also advisable to meet the minimum passing criteria required for the course.
Furthermore, purchasing the Coursera certificate experience is necessary to unlock the certificate. You will need to repay the course fee after 180 days of your purchase if you do not manage to complete the course within that time.
What you will learn
After completing the Economics of Money and Banking online training course, you will become familiar with various concepts of economics like:
- The various roles banking plays in economics like the clearing system, market-making system, and advance clearing system
- Creation of new economic theories based on the old market tenets
- Various economic principles attached to international money and banking system
- How money acts in the real world
- The role of balance sheet in monetary economics
Who it is for
Admission Details
If you are looking to enrol in the Economics of Money and Banking online course, you need to follow the following steps:
- Visit the home page of Coursera.
- Use your credentials to login Coursera credentials. You can also use your Google, Facebook, or Apple ID to log in.
- In the catalogue search bar, type the name of the course.
- Click on the “Enrol for Free” option that is available on the top right corner of the webpage.
- Select the necessary option you want to opt for from the pop-up window.
Application Details
To apply for the Economics of Money and Banking training course, you need to fill any separate application form. Merely logging in to your Coursera account using appropriate credentials will suffice.
The Syllabus
Videos
- The Big Picture
- Prerequisites?
- What is a Bank, a Shadow Bank, a Central Bank?
- Central Themes
- Reading: Allyn Young
- FT: The Eurocrisis, Liquidity vs. Solvency
- Hierarchy of Financial Instruments
- Hierarchy of Financial Institutions
- Dynamics of the Hierarchy
- Discipline and Elasticity, Currency Principle and Banking Principle
- Hierarchy of Market Makers
- Managing the Hierarchy
Readings
- Lecture Notes (for download)
- Allyn Young
Videos
- FT: Quantitative Easing and the Fed
- Allyn Young: Money and Economic Orthodoxy
- National Banking System Before the Fed
- Civil War Finance, Bonds, and Loans
- Civil War Finance, Legal Tenders
- National Banking System, Origins
- National Banking System, Instability
- Federal Reserve System, Plan
- Federal Reserve System, Actual
- FT: Dealer of Last Resort
- Reading: Hyman Minsky
- Sources and Uses Accounts
- Payments: Money and Credit
- Payments: Discipline and Elasticity
- The Survival Constraint
- Payment Example: Money and Credit
- Flow of Funds Accounts
- The Survival Constraint, Redux
- Liquidity, Long and Short
- Financial Fragility, Flows and Stocks
Reading
- Hyman Minsky
Practice exercise
- Introduction
Videos
- FT: Martin Wolf on QE3
- One Big Bank
- Multiple Banks, A Challenge
- Reading: Charles F. Dunbar
- Correspondent Banking, Bilateral Balances
- Correspondent Banking, System Network
- Clearinghouse, Normal Operations
- Clearinghouse, Private Lender of Last Resort
- Central Bank Clearing
- Central Bank Cooperation
- FT: European Bank Deleveraging
- What are Fed Funds?
- Payment Settlement versus Required Reserves
- Payment Elasticity/Discipline, Public and Private
- The Function of the Fed Funds Market
- Payment versus Funding: An Example
- Brokers versus Dealers
- Payments Imbalances and the Fed Funds Rate
- Secured versus Unsecured Interbank Credit
- Required Reserves, Redux
Reading
- Dunbar
Practice exercise
- Banking as a Clearing System
Videos
- FT: The Impact of QE3
- Money Market Interest Rate Patterns
- What is Repo?
- Repo in Balance Sheets
- Comparison with Fed Funds
- Legal Construction of Repo
- Security Dealers Balance Sheet
- Repo, Modern Finance, and the Fed
- Interest Rate Spreads: Before the Crisis
- Interest Rate Spreads: After the Crisis
- FT: Ring-fencing and the Volcker Rule
- The Eurodollar Market in Crisis
- What are Eurodollars?
- Why is There a Eurodollar Market?
- Eurodollar as Global Funding Market
- Liquidity Challenge of Eurodollar Banks
- FRA as Implicit Swap of IOUs
- Forward Parity, Interest Rates, EH
- Forward Parity, Exchange Rates, UIP
- Forward Rates are NOT Expected Spot Rates
Reading
- Bagehot
Practice Exercise
- Banking as a Clearing System, continued
Videos
- FT: Depreciation of Iran's Currency
- Reading: John Hicks
- Bagehot's World, Wholesale Money Market
- Economizing on Notes: Deposits, Acceptances
- Managing Cash Flow: Discount, Rediscount
- Market Rate of Interest
- Central Bank and Bank Rate
- The Bagehot Rule, Origin of Monetary Policy
- Limits on Central Banking: Internal vs. External Drain
- FT: Asymmetric Credit Growth in Europe
- Market Liquidity, Dealers, and Inventories
- Two-Sided Dealer Basics
- Economics of the Dealer Function: the Treynor Model
- Leveraged Dealer Basics
- Real World Dealers
- Arbitrage and the Assumption of Perfect Liquidity
Reading
- Hicks
Practice Exercise
- Banking as Market Making
Videos
- FT: Money Market Mutual Funds
- Banks as Money Dealers, a Puzzle
- Security Dealers as Money Dealers, Matched and Speculative Book
- Adapting Treynor to Liquidity Risk
- Digression: Evolution of American Banking
- The Fed in the Fed Funds Market
- Return to the Initial Puzzle
- FT: Citibank and the SIVs
- The Art of Central Banking
- Evolution of Monetary Policy: 1951-1987
- The Taylor Rule: 1987-2007
- Monetary Transmission Mechanism
- Anatomy of a Normal Crisis
- Anatomy of a Serious Crisis
- Should the Fed Intervene or Not?
- The Fed as Dealer of Last Resort: 2007-2009
Reading
- Treynor
Practice Exercise
- Banking as Market Making, continued
Videos
- FT: Trade Credit and the Eurocrisis
- Inspiration: The Origin of the Fed
- Central Bank Operations, Normal Times
- Central Bank Operations, Crisis Times
- Settlement Risk, Payments, and Market-making
- Q: Standard and Subordinate Coin
- Q: War Finance as Financial Crisis
- Q: Forward Parity
- Q: Payments, CHIPS and Fedwire
- Q: Fed Balance Sheet Operations
Practice Exercise
- Midterm
Videos
- FT: Autonomy of Bank of Japan
- Key Currencies as a Hierarchical System
- What is Money? Chartalism versus Metallism
- Chartalism as a Theory of Money
- Quantity Theory of Money
- Purchasing Power Parity
- Metallism as a theory of money
- A Money View of International Payments, FX Dealers
- Chartallism, Metallism, and the Money View Compared
- Private and Public Money: A Hybrid System
- Hybridity in FX Market-making
- FT: Costs of Japan's Monetary Policy
- Reading: Robert Mundell
- Act 1 (1900-1933): Confrontation of the Fed with the Gold Standard
- Act 2 (1934-1971): Contradiction Between Keynesian National Management and the Bretton Woods Fixed Rate System
- The Dollar System
- Act 3 (1972-1999): Flexible exchange, Learning from Experience
- Act 4: Global Financial Crisis, Limits of Central Bank Cooperation
Reading
- Mundell
Practice Exercise
- International Money and Banking
Videos
- FT: European Money Market Funds Shifting to Asia and European Core Countries
- International Transactions under the Gold Standard
- Dealer Model for Foreign Exchange
- Central Banking, Defense of Domestic Exchange
- Bank of England, Defense Against External Drain
- Toward a Theory of Exchange, Without the Gold Standard
- FT: High Frequency Trading
- Uncovered Interest Parity (UIP) and the Expectations Hypothesis of the Term Structure (EH)
- FX Dealers Under the Gold Standard, Redux
- Private FX Dealing System
- Economics of the Dealer Function, Speculative Dealer
- Economics of the Dealer Function, Matched-book Dealer
- Digression: Why do UIP and EH Fail?
- Central Bank as FX Dealer of Last Resort
- Reading: McCauley on Internationalization of Renminbi
Reading
- Kindleberger
Practice Exercise
- International Money and Banking, continued
Videos
- FT: Shadow Banking
- Bagehot's World: Separation of Money Markets and Capital Markets
- The New World: Integration of Money Markets and Capital Markets
- Funding Liquidity Versus Market Liquidity
- Digression: Schumpeter on Banking and Economic Development
- Payment Versus Funding
- Reading: Gurley and Shaw
- Financial Evolution: Indirect Finance to Direct Finance
- Banking Evolution: Loan-based Credit to Market-based Credit
- Preview: Central Banking and Shadow Banking
- FT: Argentina in Court to Fight Debt Ruling
- Banking as Advance Clearing
- Forwards versus Futures
- Forward Contracts, Fluctuations in Value and Final Cash Flow
- Futures Contracts, Fluctuations in Value and Daily Cash Flows
- Cash and Carry Arbitrage, Defined
- Cash and Carry Arbitrage, Explained as Liquidity Risk
- Cash and Carry Arbitrage, Explained as Counterparty Risk
- Cash and Carry Arbitrage, as a Natural Banking Business
Reading
- Gurley and Shaw
Practice Exercise
- Banking as Advance Clearing
Videos
- FT: Sovereign Debt Crises
- Reading: FOMC Report (1952)
- Treasury-swap Spread, a Puzzle
- What is a Swap?
- Why swap? An Example from Stigum
- Market Making in Swaps
- Money Market Swaps, Example
- Life in Arbitrage Land
- Treasury-swap Spread, Liquidity Risk or Counterparty Risk?
- FT: Internationalization of the Euro
- Credit Indices
- Fischer Black (1970), Risk-free Security
- What is a Credit Default Swap (CDS)?
- Corporate Bonds
- CDS Pricing
- Market Making in CDS
- Example: Negative Basis Trade and Liquidity Risk
- Example: Private backstop of Marketmaking in CDS
- Example: Synthetic CDO as Collateral Prepayment
Reading
- FOMC
Practice Exercise
- Banking as Advance Clearing, continued
Videos
- FT: Regulation of Shadow Banking
- Shadow Banking vs Traditional Banking
- Liquidity and Solvency Backstops
- Global Dimension
- Evolution of Modern Finance
- What is Shadow Banking?
- Backstopping the Market Makers
- Regulation of Systemic Risk
- Regulation of Collateral and Payment Flows
- Private Backstop and Public
- FT: Future of Banking
- Three World Views
- Economics View: Commodity Exchange
- Finance View: Risk
- The Education of Fischer Black
- Steps From the Finance View to the Money View
- A Money View of Economics and Finance
Reading
- Shadow Banking
Practice Exercise
- Money in the Real World
Practice Exercise
Final Exam
Instructors
Columbia University, New York Frequently Asked Questions (FAQ's)
The course requires you to have a stable internet connection to access the course contents, and a laptop or phone to access it from.
Yes, the Economics of Money and Banking online training, features many exercises and practice tests at the end of each week’s module. You’ll have to complete the assignments with the minimum required percentage to pass.
The Coursera course completion certificate will have the logo of the partner institution, the certified Coursera identity of the participant, the name of the course, the signature of the course instructor and lastly a verification URL.
Money is any commodity that has wide usage and is accepted in transactions involving the transfer of services from one individual to another. Bank money comprises book credit that banks lend to their depositors. Transactions made using checks at banks involve the use of bank money.
When you buy the Coursera certificate experience, you will get access to all the locked course elements like certificate and graded assignments. Also, you can visit your account’s accomplishment page to view your course completion certificate. If you are not sure about purchasing the course, you can choose the audit course option to get the feel of the programme first.
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