ECONOMICS EC1004 – Topic in Macro COURSEWORK PART III 2017-18
The subprime crisis features many candidates for a culprit:
1. Extension of subprime loans by banks, e.g., lax lending standards. 2. Securitization and the CDOs.
3. Rating agencies.
4. CDS (looks innocent so far, but still a key character)
5. Large financial institutions that made the losses.
Consider one of the possible culprits above and prepare a 2,000-word max paper on why it was considered a culprit and what could have been to avoid it becoming a problem in the first place.
The coursework is to be submitted electronically via Moodle by 16:00 on Tuesday 24th of April.
The coursework should be submitted as a Pdf file.
This is an individual assignment to be completed independently.
Collaboration is not permitted. Cases of plagiarism will be dealt with according to university policies.
The submitted documents must include your name and degree programme, the date and the word count.
Graphs, Tables and Figures and the notes, titles, etc. Associated with them do not count towards the word limit.
Bibliography do not count towards the essays word limit.
Footnotes, Title, abstract, introduction, conclusion… count towards the essays word limit
Use economic theory as far as possible to organise your answer and provide an assessment.
The assignment should include a title.
should be concise and informative. A good title can make a real di↵erence.
A concise and factual abstract is required. Abstract must be a maximum of 100 words The abstract should state briefly the purpose of the assignment and the major conclusions. The abstract must be able to stand alone. For this reason, references should be avoided, but if essential, then cite the author(s) and year(s). Also, non-standard or uncommon abbreviations should be avoided, but if essential they must be defined at their first mention in the abstract itself.
– Be very explicit in the introduction about the steps of your reasoning. Prefer an explicit ordering using `first…, second…, third…’
– Make it clear what are your conclusion of your assignment –
Core of the text
– The assignment should include 2 to 4 math equations (1 won’t be enough; more than 4 will be too much)
– Equations should be numbered .
– Each equation should be cited and explained in the main text. –
The assignment should include 2 to 4 `visual elements’ (1 won’t be enough; more than 4 will be too much). A `visual element’ could be a figure, a graph, a map, a table or even a picture if you think this is useful. These elements could be done from raw data (e.g. Graph using Excel for instance) or taken directly from an outside source. In all cases, it should follow all the explicit recommendations below:
– All should be clearly labelled, include a title, an explicit label for axes of graphs.
– All should include a note below the graphs/figures/tables with the precise source of the
Your analyses should tell a “story” which leads the reader through the steps needed to
logically answer the question(s) you posed in your Introduction. The order in which you
present your results can be as important in convincing your readers as what you actually
say in the text.
Any non-standard or uncommon abbreviations should be defined at their first mention in
The main text should include two or three parts (your choice!) with subtitles. The main text
should include math formulas, visual and bibliographic references as described below.
that should be displayed separately from the text
In all mathematical expressions and analyses, any symbols not previously defined should
be explained in the main text.
Any Table or Figure you present must be sufficiently clear, well-labelled, and described by
its legend to be understood by your intended audience without reading the results
section, i.e., it must be able to stand alone and be interpretable.
– All should be possibly taken as stand-alone elements. Preferably, all words should be spelled out completely in descriptive legends. Any additional information necessary to understand it (e.g. if abbreviations are used, they should be defined in the note).
– Figures and Tables are numbered independently, in the sequence in which you refer to them in the text, starting with Figure 1 and Table 1.
– Every Figure and Table included in the paper must be referred to from the text.
And in the text:
– The assignment should include a short conclusion
– The conclusion should be less than 100 worlds
– The last line of your assignment should give some perspective to the question.
– The bibliography should include between 10 and 15 references.
– References should be presented in alphabetic order.
– Use credible, and preferably academic sources for quotes and background information;
journal articles, official reports (eg from the IMF) and working papers by academics. Blogs
and Wikipedia are more dubious.
– Do not cite lecture slides or lecture notes. Cite the original source of information.
– The bibliography should not include a website alone. However, it may include an article
found on a website.
– All references mentioned in the bibliography have to be cited in the text, and vice versa
References can be in any style or format as long as the style is consistent. Where applicable, author(s) name(s), journal title/book title, chapter title/article title, year of
publication, volume number/book chapter and the pagination must be present.
References in the text should be presented in the following manner:
According to Pilbeam (2005) sterlized interventions is less…….
In his theoretical analysis of fixed exchange rates Pilbeam (2004) found…. A study by Asteriou et al (2002) showed that….
and in the list of references at the end of the document as follows:
Pilbeam, K. (2005) “The Relative Effectiveness of Sterilized and Non Sterilized Foreign exchange market
interventions,” Journal of Policy Modeling, vol 27, no 3, pp.375-383.
Pilbeam, K. (2004) “The Stabilization Properties of Fixed and Floating Exchange Rate Regimes”
International Journal of Finance and Economics, Vol 9, no 2, pp.113-123.
Asteriou, D. Karagianni, S. and Siriopoulos, C. (2002) “Testing the Convergence Hypothesis Using Time Series Techniques: The Case of Greece 1971-1996”, Journal of Applied Business Research, Vol 18, no 2, pages 125-30.
– The assignment should not include any appendix.