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| Semester | fall semester 2024 |
| Course frequency | Every fall sem. |
| Lecturers | Jacob Bjorheim (jacob.bjorheim@unibas.ch, Assessor) |
| Content | The public sector (Central Banks, Sovereign Wealth Funds, etc) holds large portfolios of assets and is an active participant in global financial markets. 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 focus on 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 and the COVID 19 pandemic. |
| Learning objectives | 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 how the public sector currently invests its portfolios. |
| 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. 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 collect, ad-hoc, from newspapers, journals, blogs and central banks comments. |
| Weblink | Weblink |
| Admission requirements | Students will benefit from having participated in or having passed exams related to Economics and Finance (for example “Einführung in die Finanzmärkte”, "Intermediate Micro/Macroeconomics", “Finanzmarkttheorie 1/2”). |
| Course application | Registration: Please enroll in the Online Services (services.unibas.ch); Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you can enroll for the course in the Online Services (services.unibas.ch). Applies to everyone: Enrolment = Registration for the course and the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Course auditors welcome |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Thursday | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Date | Time | Room |
|---|---|---|
| Thursday 19.09.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 26.09.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 03.10.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 10.10.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 17.10.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 24.10.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 31.10.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 07.11.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 14.11.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 21.11.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 28.11.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 05.12.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Thursday 12.12.2024 | 10.15-12.00 | Kollegienhaus, Seminarraum 106 |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's Studies: Business and Economics (Start of studies before 01.08.2021)) Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics (Start of studies before 01.08.2021)) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor's degree subject: Business and Economics) Wahlbereich innerfakultär: Zusätzliches Lehrangebot (Bachelor's Studies: Business and Economics) |
| Assessment format | record of achievement |
| Assessment details | Every weekly session has a different topic. During the first hour, the lecturer will introduce the topic before one or more students are given the opportunity to present an academic paper that has been chosen for the session. The papers we are going to read will be posted in ADAM ahead of semester-begin and the students will be asked to select which paper they want to present in class. The presentation will be up to 20 minutes leaving time for debate. It is expected that all students have read the weekly paper and actively participate in the discussion. Students will also write a one-hour exam (graded) in the final week of the course. written exam: tbd |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel 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 |