Crashes and Crises: Lessons from a History of Financial Disasters

Rated 5 out of 5 by from Excellent Economic Crashes & Crises History Course First, my undergraduate minor was in economics. Second, this course is really an economics history class. Next, economics is not a subject where fantastic graphics can help the presentation, such as astronomy. Fortunately, Professor Fullenkamp is a great presenter. Seldom did I check to see how much longer the lecture had to go. It was immensely helpful that the lecturer sat during 98% of the lecture and didn't do the Great Courses' shuffle on the famous rectangular rug. I had heard of a Ponzi scheme, but now I learned the details behind it. I lived through the 1987 stock market crash, the bubble, rogue traders at various financial firms, and the Great Recession. Now I received an understanding from hindsight and 50,000 feet above the events. The presentations were very grounded. The end conclusion I gained is that crashes and crises are often caused by 1) hubris, 2) poor character, and 3) any thinking that you can predict the future.
Date published: 2020-06-08
Rated 5 out of 5 by from This is about humans and power. Explosive. This is a historical perspective from the view of an economist. Very interesting.
Date published: 2020-05-24
Rated 5 out of 5 by from Fascinating I found this lecture series to be clear, concise and very detailed. In fairness though, I may not be the average Listener, having been involved in creative finance for my entire career. I believe that the vast majority of the course would be relatively easy to follow for someone with a limited background in finance, though there are clearly some areas that may warrant extracurricular research. There were a few areas (regarding the south sea and Mississippi bubbles) where I had trouble following some aspects of the funding details (as I listened while riding my bike). A good course is one which encourages you to think (and perhaps do a bit of googling to learn more.) This course does that.
Date published: 2020-05-06
Rated 5 out of 5 by from HIGHLY RECOMMENDED Even before the bubble and bust, I have been interested in what causes crashes. A couple of good books on the topic include DEVIL TAKES THE HINDMOST, as well as John Galbraith's THE GREAT DEPRESSION. These were very valuable sources for me, someone who has no calculus or statistics background and who has no connection to the financial services industry. Prof. Fullenkamp takes a very effective approach at explaining difficult topics. Obviously, judging from his thumbnail C.V. he has an banking insider's credentials. However he manages to present complicated material without talking down to an audience without his technical background. He does use formulas and graphs, but they are simplified enough that someone with algebra could readily understand the concepts. In THE SOUTH SEA BUBBLE he explains how John Blunt orchestrated a strategy where the financially stressed English government swapped government debt for the company's shares. In The MISSISSIPPI BUBBLE we see how John Law, an English fugitive from justice (a dueling murder) went to France and by 1720 managed to get himself installed as the key figure in French economic policy and administer a complicated scheme swapping government bonds and company IOUs to inflate the money supply as a way out of huge debt from its costly war with Spain. ROGUE TRADERS AT SOCGEN AND BARINGS is fascinating in that the rogues in both cases followed a pattern quite similar to one another. That is, they both worked in the back office until they learned the ins and outs of compliance and reporting. They then moved to the trading floor where they acted on their inside knowledge of how to cover their tracks. They would pyramid and double down on their losses. In UNHEDGED! LONG-TERM CAPITAL MANAGEMENT he takes us through the means by which economist Merriweather managed to "invest" $100 BILLION at 30X hidden leverage! This was achieved by recruiting a Nobel-prize winner, ex-Federal Reserve official, non-existent disclosure and losses so big that it took the Federal Reserve itself to arrange a rescue package. My conclusion at the end of this splendid course is this: it seems to me that if the financial rogues cause enough damage to endanger a big financial institution in which the higher-ups may be involved, their punishment will be light or non-existent. In the cases of Bernard Madoff or Michael Milikin, on the other hand, where they couldn't implicate higher management of a big institution, they would be the ones paying a high price for their misdeeds. Bottom line, I find this view from the inside of large financial institutions very instructive.
Date published: 2020-04-27
Rated 4 out of 5 by from In the Goldilocks zone I just finished the course. I thought that Professor F. did a good job of balancing content between technical theory and story content. He kept it interesting and informational for the layman. His summation at the end of each lesson helped make concrete the mistakes and behavior that led to the crisis. I think the course could have been improved by a final lecture that pulled all the crises together to identify the warning signs, and how this could help the individual who is investing.
Date published: 2020-01-03
Rated 4 out of 5 by from A History of Global Financial Disasters A fascinating study of fianancial disasters that have spelled trouble for financial markets and the peolple have lost control of their money handling. I've watched the DVD over and over and plan to spend a lot of time with it.
Date published: 2019-12-05
Rated 5 out of 5 by from Great Financial Lessons Professor Fullenkamp did a great job of presenting each financial disaster. Each topic was clearly identified as to the time period, the events preceding the event and the individuals involved. Every time he used terminology that I did not understand, he paused to explain what it was. Even though I lived through many of these situations, I now understand what really transpired. There is a wealth of financial information in the course that anyone could benefit from knowing.
Date published: 2019-10-16
Rated 5 out of 5 by from Surprising Love! This course was a total surprise to me. I just took a shot ordering it. My reasons were that I have subscribed and listened to (with difficulty) several other Teaching Company Courses on finance and financial issues like stock market investing (including lectures by Professor Fullenkamp). Although I think economic theory is fascinating, I have found discussions of practical investing uniformly boring beyond belief. I know a lot of people find these topics captivating, and obviously skilled people can make a lot of money given luck and expertise. However, I think I would slit my throat rather than spending hours watching financial curves fluctuate randomly while trying to guess/predict future behavior based on hunches and whims. I was, therefore, amazed at how much fun and edifying it is to listen to stories of how investing activities can be manipulated or just go wrong. I love science, and understanding how models work is important to me. However, the underlying assumptions must be well founded, so it is not a surprise when models breakdown due to simplifications or wrong assumptions. Also, listening to how these financial schemes fail actually makes the dry, tedious details, which I had so much trouble with in the standard investing course, really interesting. I have rarely enjoyed a Teaching Company course more. Professor Fullenkamp is a great lecturer, and in this venue, he is a joy to listen to. So if you hate listening to financial discussions or hate looking at financial reports, you will love hearing how those who think they know fail and fail big. In general, a good axiom is "buyer beware". In this case, I strongly suggest "Go for it!"
Date published: 2019-08-22
Rated 5 out of 5 by from Truly Educational The instructor is excellent and presents the material succintly but thoroughly. When I ordered the course I was afraid the content might be too "dumbed down" but it isn't. It's a really good choice and I look forward to future courses by this instructor. My only complaint is the DVD packaging. All the DVDs are stacked one on top of the other. So if you only want to watch disc #3, you have to remove discs 1 & 2 to get to it. I prefer to have each DVD have it's own separate slot.
Date published: 2019-07-30
Rated 5 out of 5 by from Excellent; in my experience one of the best. This is one of the most interesting and well-presented courses yet for me. Dr. Fullenkamp is an excellent speaker, laying out an overview of financial crises and issues. He clearly explains the concepts, the players and history, and their ramifications. Some context: I read the Wall St Journal and Barrons, have a background working in a corporation, and am a retail investor in stocks and bonds. But I have no formal finance nor economics education. I listened to the audio course while doing exercise; these lectures made otherwise boring lap swimming quite interesting). For some, the material might be dry, but I found it fascinating. Dr. Fullenkamp does not presume to forecast the future, but as some say the past may not repeat itself, but it does rhyme, this is a very worthwhile course. I would very much enjoy hearing his other courses, e.g. Financial Risk Management.
Date published: 2019-07-26
Rated 5 out of 5 by from This course is a gem This course is a definite winner. After a disappointing course “why economies rise and fall” my faith in The Great Courses was shaken a bit; but, this course “Crashes and Crises” made me a believer once more. The instructor’s snappy style and sense of humor would make this course a great value just for the entertainment factor, however its educational value is even greater. Professor Fullenkamp’s knowledge of economic history is impressive and after setting forth the facts he follows up with analysis and economic theory. His lecture on the 2007-2008 crash is especially complete and well reasoned. I was expecting the usual economists’ bias toward a completely free market but Professor Fullenkamp adopts an unbiased approach to regulation. Very refreshing. This can be said of the course in general. Five star all the way.
Date published: 2019-07-11
Rated 2 out of 5 by from Great I am a financial expert and this better than I expected. Easy to understand even the technical aspects. Wish I could take a whole course from him.
Date published: 2019-05-15
Rated 5 out of 5 by from A Good course I am in graduate school studying economic market and government failures. The information provided by the course is clear, concise and some jargon. The explanations of the failures discussed are from an economist's point of view (with support) and "zero" political commentary. His lecture style is direct and paced (he overs a lot of material)., Also, he does not try to funny or authoritative. i.e. my explanations are comprehensive and 100% correct and what I say is all you need to know, so do not bother to dig deeper into the topics presented.
Date published: 2019-05-15
Rated 5 out of 5 by from Comment I am an adjunct instructor in the Finance department at an upstate NY college currently teaching a class on investments and institutions to undergraduates. I try to add-in a bit of history for context and because I find it interesting. After the final exam a Brazilian exchange student specifically mentioned his gratitude for the historical background I had given to the course. I found this series of lectures to be outstanding - much I knew, much I didn't. Thank you!
Date published: 2019-05-12
Rated 4 out of 5 by from It's a hit with the teen! Our homeschooled teenager really enjoyed this one, and watched the entire series in less than 2 weeks. He always likes hearing about how other people messed things up. Good supplement to our curriculum.
Date published: 2019-04-29
Rated 4 out of 5 by from History Repeats Itself The professor was excellent and his passion for the subject unquestionable. He illustrated how given certain circumstances people will break the rules and create a crisis because of greed and ego over and over again through history.
Date published: 2019-04-18
Rated 5 out of 5 by from Good course professionally presented Learned a lot about financial bubbles. The professor is one of my favorites/
Date published: 2019-04-17
Rated 4 out of 5 by from Financial Autopsy I had followed these crashes in the news at the time and had formed opinions about what happened. I found this course was useful in showing how poorly I had been informed.
Date published: 2019-04-06
Rated 5 out of 5 by from Bit technical at times, but very eye-opening Very worthwhile lecture series if you have any interest in economics, but also worth considering if you have ever wondered why booms and busts occur in economic systems. Each lecture has a similar format: the professor walks on the set, introduces the topic, then cuts to him seated as he explains in more detail the context and the ensuing debacle. The professor is a very clear speaker and there are several charts and graphs to help elucidate his talk. All the lectures were interesting. How could they not be, as a parade of charlatans, con-men, corrupt politicians, back scratching bureaucrats, and out of their depth central bankers enliven the stories. All thoroughly enjoyable, and salutary. My only negative comment is that I found some of the economic concepts difficult to grasp so be forewarned if you are economically untutored, like myself. However, I never found this to be a major hurdle and just went with the narrative flow and always finished a lesson with appreciation of the big picture and, indeed, the professor ends each lecture with a take-home message to ponder.
Date published: 2019-02-19
Rated 5 out of 5 by from Plenty of good information in these lectures I find that many economic courses can be very bland, perhaps a cure for insomnia. However, this course was very interesting and engaging. Each lecture covers a different economic crises and can be pretty much viewed in any order. Most of these crises or crashes have occurred over the last several decades, so many people would have some experience with them. The professor is an excellent presenter and story teller. The stories are not told in a watered down, sensationalized method you tend to find in newspapers, news broadcasts, magazines, etc. Each problem was set in motion by several moving parts, and each was analyzed and shown how it contributed to the crisis. Embedded within each tale is a lesson in economics and investing. I took the audio version of the course and feel that the video would not have provided any additional benefits. He introduces many terms and at times discusses charts, but he does a pretty good job of defining the terms and his description of graphs enabled me to mentally visualize the charts. I have been investing for many years, however, so many of these terms may already be familiar to me.
Date published: 2019-02-18
Rated 5 out of 5 by from very informative and educational As an investment professional, I found this course to be very informative and educational in developing a deeper understanding of causes and outcomes of financial disasters
Date published: 2019-02-13
Rated 5 out of 5 by from Important course! I always buy the video versions now as usual, the graphics were helpful this professor seems to have international finance experience as wee as being highly qualified to teach the course
Date published: 2019-02-01
Rated 5 out of 5 by from worth watching more than once May I be so bold as to say this course was my favorite 2019 offering? Really liked it a lot because it was a good learning experience, entertaining, and a useful lesson. It’s just the nature of Crashes and Crises. It repeats itself every so often. When you think about it, these stories are just riveting--the damage done on an individual level, where families are ruined; national economies tank; and even on a global scale, when currencies fall like dominoes.It's the hubris, man. Gets um every time. Anyway, viewers can expect to be introduced to history, boom to bust economics, trends in the stock market, psychology of con men and hustlers, etc. Honestly, it was just fun and I’m really glad I got it. Many events happened in my lifetime so I had a more vested interest in the content. For topics I already knew, details were filled in (Orange County Bankruptcy). A few early lectures I didn’t know too much about so that filled in a big hole. And the lecture on China’s Shadow Banks I knew next to nothing. The new camera angles and the bar stool was a nice change. Guidebook was hefty and provided a great summary before or after lectures…and no typos this time come to mind. I watched on DVD. I think it’s not so necessary. Audio would be fine for most people, especially commuters. Hope to see Professor Fullenkamp sometime soon with another course.
Date published: 2019-02-01
Rated 5 out of 5 by from Clear and straightforward I bought this as a gift to my husband for Christmas. We have both enjoyed learning this history. The instructor does an excellent job in explaining the causes for the many crashes in history. It is jam-packed full of information therefore the accompanying guide really helps reinforcing the concepts presented in these economic crashes and crises. We are very impressed!!!!
Date published: 2019-01-16
Rated 5 out of 5 by from Very good videos presented by an excellent and knowledgeable speaker. Well done.
Date published: 2018-12-22
Rated 5 out of 5 by from great streaming feature Bought it month or so ago. Didn't know what I was getting into(w/ streaming feature) but at the low price, I couldn't resist. The convenience of streaming is wonderful. The course is stored both in my Mac & flash drive for portability. I've only heard the beginning. Looking forward to listening to the rest of the course after I finish w/ my Latin 101 CD lectures from Great Courses
Date published: 2018-12-16
Rated 1 out of 5 by from Some good information I haven't made it through all of these yet, but they are real good for insomnia; these lectures have put me to sleep so many times, I will be returning them. Way to much talking head.
Date published: 2018-11-30
Rated 3 out of 5 by from Not a great choice for audio only It's very possible that if I had the video option, I might've given the course 5 stars. But there were a few too many graphs and formulas, etc, that were useless for audio. I'll still recommend the course, but only for someone who buys a DVD or video download. (I'll call myself a novice, but I wasn't a total econ newbie, since I had taken about a half dozen econ courses in university way back when).
Date published: 2018-11-30
Rated 5 out of 5 by from Learn from Others' Mistakes, Take this Course! In my role as a financial planner, this course intrigued me. Professor Fullenkamp has a talent for communicating somewhat complicated financial theories in a manner that keeps the listener interested and relatable. Of particular interest to me were the more recent financial crashes in Japan, U.S. and Europe which were caused by similar activities - mortgage loans. To learn this material, and enjoy the audio with greater comprehension, I recommend the listener read the chapter in the accompanying Course Guidebook. In some of the courses, I will initiate the course with the lecture and reinforce with the Guidebook. However, in the present instance, the reverse approach proved to be a much better learning experience. Highly recommend this course for anyone who desires to achieve long-term financial success through appropriate methods of investing. Banking and other financial institution laws and regulations are discussed in a manner that the listener can understand why their local institution performs in the manner it does.
Date published: 2018-11-20
Rated 5 out of 5 by from Interesting Insight Financial disasters are part of the economic system. This is a long-overdue course that explores the history of economic collapses and crises throughout the last several hundred years. The professor does a great job explaining the causes and effects as well as the historical significance of each event. The professor is clear in his presentation and makes the topic very interesting.
Date published: 2018-11-19
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Crashes and Crises: Lessons from a History of Financial Disasters
Course Trailer
Fintech, Crypto, and the Future of Disaster
1: Fintech, Crypto, and the Future of Disaster

Professor Fullenkamp begins the course with the enormous influence of technology on today’s investing, which brings with it a frightening potential for crashes and crises. Cover the Flash Crash of 2010—a dip in the market that was hugely amplified by programmed trading. Then, delve into the phenomenon of cryptocurrencies such as Bitcoin, which rely on an innovation called blockchain technology.

29 min
The Con Men Charles Ponzi and Ivar Kreuger
2: The Con Men Charles Ponzi and Ivar Kreuger

Investigate two of the most notorious con men who ever lived: Charles Ponzi, after whom the Ponzi scheme is named, and “Match King” Ivar Kreuger, who employed an elaborate variant of Ponzi’s swindle. Analyze the three ingredients that most Ponzi schemes share. Above all, learn to identify and be wary of investments that are too good to be true.

29 min
A Boom in Busts
3: A Boom in Busts

Contrast the freewheeling financial market of today with the staid system of the immediate post-World War II era. Were financial markets more stable in the past than they are now? How did the present system evolve? What type of market is normal: the steady and predictable kind or the chaotic and sometimes destructive one? In answering these questions, discover why we live in an era of busts.

29 min
The Tulip Bubble
4: The Tulip Bubble

The 17th-century tulip bubble is a classic case of futures trading run amok. But how much did tulip mania resemble today’s speculative markets, as opposed to ordinary gambling? Learn the truth behind this notorious financial bubble, while reflecting on the problem of deciding a fair price for an asset, such as tulip bulbs. Also, consider how bubbles start and end.

28 min
The South Sea Bubble
5: The South Sea Bubble

Relive the “Wild West” days of the British stock market in the early 18th century, when a financially-strapped government and a public craze for investing created ideal conditions for one of history’s most brazen stock manipulators. Trace John Blunt’s use of the South Sea Company—and bribery—to generate a stock-buying frenzy, making him fabulously rich—until the bubble inevitably burst.

28 min
The Mississippi Bubble
6: The Mississippi Bubble

Delve into the details of the Mississippi bubble, an early 18th-century financial crisis sparked by speculation in the anticipated wealth of French Louisiana. Learn how the bubble’s instigator, John Law, a Scottish gambler and convicted murderer, gained control of the French economy and pushed ideas that were ahead of their time—so far ahead that they plunged France into economic collapse.

27 min
Holes in the Ground: Mining Stock Frauds
7: Holes in the Ground: Mining Stock Frauds

Mining companies were the internet start-ups of the 19th and early 20th centuries, offering a chance to strike it rich—or, more likely, go broke. Focus on the swindling strategy of George Graham Rice, who earned a fortune (and several prison terms) by manipulating mining stock. Discover that Mark Twain and future president Herbert Hoover both had close brushes with shady mining ventures.

29 min
The Panic of 1907
8: The Panic of 1907

Until 1920, panics were a recurring feature of economic life in the United States. What caused them and how were they cured? Investigate the Panic of 1907 and the part played by legendary banker J. P. Morgan in stemming a threatened wave of bank failures. The gold standard was an obstacle to managing panics, and the Federal Reserve System, established in 1913, proved to be a powerful antidote.

29 min
Hyperinflation in Germany and Zimbabwe
9: Hyperinflation in Germany and Zimbabwe

Plunge into the economic nightmare of hyperinflation, learning how it happens, when it ends, and the policies that put nations at risk. The classic case of hyperinflation is post-World War I Germany, which faced a multitude of demands on a financial system already crippled by the war. Also, analyze the mistakes that sparked hyperinflation in Zimbabwe in the early 2000s.

31 min
The Crash of 1929
10: The Crash of 1929

Dissect the notorious Wall Street crash of 1929, starting with the economic conditions that led to a feverish speculative boom during the “Roaring ’20s.” Survey investment practices of the day, some of which are now outlawed. Trace the rise in stock prices into the fall of 1929, when a normal market correction seemed underway. Probe explanations for why it suddenly turned into a crash.

30 min
The Great Contraction of 1931–1933
11: The Great Contraction of 1931–1933

In a financial disaster called the Great Contraction, one-third of all banks in the United States failed between 1931 and early 1933. Examine the causes of this collapse in confidence, which also affected building and loan associations, made famous in the movie It’s a Wonderful Life. Appraise government attempts to stem the crisis, which led to legislation including the Glass-Steagall Act of 1933.

30 min
The Savings and Loan Crisis
12: The Savings and Loan Crisis

Wade into the quagmire that trapped savings and loan institutions in the 1980s and ’90s. Once a thriving, low-profit source of home mortgages, the industry fell victim to a combination of high interest rates, well-intentioned government deregulation, and a wave of predatory, unscrupulous managers. The ensuing debacle left the American taxpayer with a bill of $160 billion in 1995 dollars.

30 min
The Crash of 1987
13: The Crash of 1987

Meet a modern-day Frankenstein’s monster, a human creation on the loose— in this case, computerized trading. Discover how the rage for portfolio insurance controlled by computer algorithms, combined with a rapidly rising market and skittish investors, sparked the Black Monday crash of October 19, 1987, during which the Dow Jones index lost 23 percent of its value.

30 min
Japan’s Lost Decade
14: Japan’s Lost Decade

In the 1980s, the Japanese economy seemed unstoppable. Then, it came to a screeching halt, miring the nation in more than two decades of economic stagnation. What went wrong? Analyze Japan’s postwar brand of capitalism, focusing on how its regulatory, political, and banking systems created a “bubble economy”—until the global economy and regulatory climate abruptly changed and the bubble burst.

31 min
Bankers Trust Swaps
15: Bankers Trust Swaps

Learn the ropes for interest rate swaps, the most popular financial derivative in the world. Then, see how a complex form of swaps, brokered by Bankers Trust in the early 1990s, led to huge losses for some famous corporations and an ensuing round of bitter lawsuits. The case holds lessons for anyone investing in financial instruments that they don’t fully understand.

29 min
Asia, Greece, and Global Contagion
16: Asia, Greece, and Global Contagion

Analyze the cause of currency crises, using the 1997 collapse of the Thai baht as test case. Uncover why such events can happen suddenly with little chance for a government to stop the precipitous fall in its currency’s value, and also why the U.S. dollar is not immune. Consider the role of currency speculators, such as George Soros, who famously broke the Bank of England in 1992.

27 min
The Orange County, California, Bankruptcy
17: The Orange County, California, Bankruptcy

Discover how an elected official with a self-admitted seventh-grade proficiency in math earned fabulous returns as treasurer of Orange County, California, and then plunged the system into the largest municipal default in United States history up to that time. His strategy—and downfall—relied on two financial instruments: repurchase agreements and inverse floater bonds. Track down where he went wrong.

29 min
The Dotcom Bubble
18: The Dotcom Bubble

The rise of the internet in the 1990s spawned companies that existed only online; had never earned a profit; had no rational business plan; and, yet, generated enormous enthusiasm in their initial stock offerings. Learn why the market ignored time-tested standards and suffered the inevitable crash. Focus on the role of intangible assets in the dotcom boom and its aftermath.

29 min
Rogue Traders at SocGen and Barings
19: Rogue Traders at SocGen and Barings

Test Professor Fullenkamp’s theory that all rogue traders are the same by studying two infamous insiders: Jerome Kerviel, who cost the French bank Societe Generale more than $6 billion, and Nick Leeson, whose errant trading bankrupted Baring Brothers. Find out how trading firms are organized, and pinpoint the Achilles heel that allowed both men to go rogue.

29 min
Unhedged! Long-Term Capital Management
20: Unhedged! Long-Term Capital Management

Long-Term Capital Management was a hedge fund with everything going for it: well-heeled investors, a dream team of economists and managers, and banks willing to loan hundreds of millions of dollars with no questions asked. In 1998, it all went terribly wrong in a debacle that threatened to take down Wall Street. Spotlight the basic rules of finance that were ignored by LTCM and its banks.

27 min
The London Whale and Value at Risk
21: The London Whale and Value at Risk

Explore a risk-management tool called value at risk, or VaR. Developed by economists at J. P. Morgan in the 1990s, VaR estimates the largest loss that a given investment strategy can be expected to sustain under normal market conditions. Chart the successes of this model—and its spectacular failure in an incident involving a high-rolling trader nicknamed the “London Whale.”

29 min
The Goldilocks Economy and Three Bads
22: The Goldilocks Economy and Three Bads

In the 1990s and early 2000s, the U.S. economy was enjoying a long spell of economic growth that struck economists as just right. But that was before the “three bads” surfaced: bad monetary policy, bad private-sector behavior, and bad financial regulations. See how self-interest and overconfidence blinded investors, borrowers, and regulators to the financial crisis that exploded in 2007–2008.

29 min
Subprime Debt and the Run on Wall Street
23: Subprime Debt and the Run on Wall Street

Inspect the unprecedented run on the international financial system in 2007–2008, which led to the worst recession since the Great Depression. Learn the ins and outs of subprime mortgages, collateralized debt obligations, and structured investment vehicles, which fueled a U.S. housing-construction boom that involved most of the world’s major financial institutions.

28 min
China’s Shadow Banks
24: China’s Shadow Banks

China was largely unaffected by the 2007–2009 global economic meltdown. But that doesn’t mean it’s immune to crises. Focus on China’s shadow banking, which is the provision of banking services by non-bank institutions. The practice is not as sinister as it sounds, but it is subject to abuse. In China’s case, the widespread use of shadow banking courts trouble that could lead to financial disaster.

29 min
Connel Fullenkamp

I love that the The Great Courses gives me a chance I wouldn't otherwise have to teach people who love to learn. I really enjoy the challenge of putting together courses that are engaging and useful!


Harvard University


Duke University

About Connel Fullenkamp

Professor Connel Fullenkamp is Professor of the Practice and Director of Undergraduate Studies in the Department of Economics at Duke University. He teaches financial economics courses, such as corporate finance, as well as core courses, such as economic principles. In addition to teaching, he serves as a consultant for the Duke Center for International Development. Prior to joining the Duke faculty in 1999, Professor Fullenkamp was a faculty member in the Department of Finance within the Mendoza College of Business at the University of Notre Dame. Originally from Sioux Falls, South Dakota, Professor Fullenkamp earned his undergraduate degree in Economics from Michigan State University. In addition to receiving the Harry S. Truman Scholarship, he was named one of the university's Alumni Distinguished Scholars. He earned his master's and doctorate degrees in Economics from Harvard University, where he was also awarded a National Science Foundation Graduate Research Fellowship. Professor Fullenkamp's areas of interest include financial market development and regulation, economic policy, and immigrant remittances. His work has appeared in a number of prestigious academic journals, including the Review of Economic Dynamics, The Cato Journal, and the Journal of Banking and Finance. He also does consulting work for the IMF Institute at the International Monetary Fund, training government officials around the world. He is a member of the IMF Institute's finance team, whose purpose is to train central bankers and other officials in financial market regulation, focusing on derivatives and other new financial instruments. In recognition of his teaching excellence, Professor Fullenkamp has received Duke University's Alumni Distinguished Undergraduate Teaching Award as well as the University of Notre Dame's Mendoza College of Business Outstanding Teacher Award. Along with Sunil Sharma, Professor Fullenkamp won the third annual ICFR-Financial Times Research Prize for their paper on international financial regulation.

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