Back
| Semester | fall semester 2018 |
| Course frequency | Every fall sem. |
| Lecturers | Jacob Bjorheim (jacob.bjorheim@unibas.ch, Assessor) |
| Content | Public sector investment management, be it at the Central Bank, in a Sovereign Wealth Fund or with a Pension Fund, is a key policy challenge both in developed and emerging 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. |
| Learning objectives | The purpose of this weekly colloquium (optional) 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. |
| Bibliography | 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. |
| Weblink | Weblink |
| Admission requirements | Students will benefit from participating or having passed exams related to Economics and Finance, ie “Einführung in die VWL” or “Einführung in die Finanzmärkte”. |
| Course application | 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! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|
No dates available. Please contact the lecturer.
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's Studies: Business and Economics) Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics) |
| Assessment format | end-of-semester examination |
| Assessment details | Once a week, I will give a one hour lecture 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. Students who present and participate in the debates will receive credit conditioned on the quality of the presentation and interventions. All students are requested to write an exam at the end of the semester. Final Exam: 19.12.18; 16:15-17:15. WWZ S14: A-Z. You can still withdraw from the examination by submitting a completed, signed form to our office from 16.10.18 until 26.10.18 / 12:00 o’clock. Withdrawals sent by email will not be accepted. You will find the examination withdrawal form on the Homepage of the Student Dean’s Office. Prior to 15.10.18, please only use MONA for withdrawing. The exam rooms will be published up to 09.12.18. |
| Assessment registration/deregistration | Registration: course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |