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49807-01 - Vorlesung: Public Sector Investment Management - Foreign Reserve Management at Central Banks 3 KP

Semester Herbstsemester 2019
Angebotsmuster Jedes Herbstsemester
Dozierende Jacob Bjorheim (jacob.bjorheim@unibas.ch, BeurteilerIn)
Inhalt Investing assets held in portfolios owned by the public sector, e.g. a Central Bank or a Sovereign Wealth Fund, is a key policy challenge in most countries. The management of such investment portfolios involves decisions not only about their purpose, size and funding but also about which investment strategies should be applied.

This one-semester course emphasizes the practical side of managing investment portfolios from a public sector point of view. We will discuss the framework and policy set-up for such portfolios and in particular focus on how Central Banks manages their “Foreign Currency Reserves” in a balance sheet context. This activity has evolved rapidly since the turn of the millennium not only because of the accumulation of reserves (size) and the asset composition (asset allocation), but also as a direct outcome of the Global Financial Crisis.
Lernziele The purpose of this weekly course is to extend a student’s knowledge beyond traditional investment/portfolio/asset management practices towards the investment management function of the public sector and in particular that of central banks. With recent examples and case studies, the course enables students to understand the public sector investment management mandate without losing sight of the implementation of such mandates thorough investment management activities.
Literatur Course material will be provided through the ADAM website. A general reading reference is (1) the publication by the Bank for International Settlements (BIS): “FX reserve management: trends and challenges”, and (2) specific, country relevant practices such as the publication: “Management of Foreign Reserves at the Central bank of Chile”.

We will not read these publications from front to back but extract sections that are relevant for the course. In addition, we will read papers published in leading economic journals highlighting classic and contemporary thinking. Finally, since the topic of this course has a high degree of actuality and practicality, we will discuss, over the course of the semester, comments that we would find, ad-hoc, in newspapers, journals, blogs and central banks comments.
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Teilnahmebedingungen Students will benefit from participating or having passed exams related to Economics and Finance, ie “Einführung in die VWL” or “Einführung in die Finanzmärkte”.
Anmeldung zur Lehrveranstaltung Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam!
Unterrichtssprache Englisch
Einsatz digitaler Medien kein spezifischer Einsatz

 

Intervall wöchentlich
Datum 18.09.2019 – 11.12.2019
Zeit Mittwoch, 14.15-16.00 Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Datum Zeit Raum
Mittwoch 18.09.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 25.09.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 02.10.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 09.10.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 16.10.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 23.10.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 30.10.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 06.11.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 13.11.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 20.11.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 27.11.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 04.12.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Mittwoch 11.12.2019 14.15-16.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39
Module Wahlbereich Bachelor Wirtschaftswissenschaften: Empfehlungen (Bachelorstudium: Wirtschaftswissenschaften)
Wahlbereich Bachelor Wirtschaftswissenschaften: Empfehlungen (Bachelor Studienfach Wirtschaftswissenschaften)
Leistungsüberprüfung Semesterendprüfung
Hinweise zur Leistungsüberprüfung In every weekly session, the lecturer will give a one hour talk on the main topic for that session. In the second hour of tuition, a student will have been asked to give a pre-assigned presentation that aims at high-lighting a particular aspect of the weekly lecture. The purpose is to take the class deeper into the relevant subject matter. The presentation will be up to 20 minutes leaving time for debate. It is expected that all students read the weekly paper and actively participate in the discussion. For students to pass the course and earn the credits, they are requested to write a one-hour exam (graded) in the final week of the course.

Final Exam:
An-/Abmeldung zur Leistungsüberprüfung Belegen via MOnA innerhalb der Belegfrist
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Wiederholtes Belegen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ

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