This module defines financial stability as the ability of the financial system to withstand shocks and prevent the build-up of financial imbalances. It emphasizes the importance of identifying inefficiencies in the allocation of financial resources and the mismanagement of financial risks. The course provides an overview of key theories and empirical findings needed to understand, monitor, and safeguard financial stability. A central focus is systemic risk in banking, with special attention to the 2007–08 global financial crisis and the propagation of vulnerabilities within modern banking systems. The module also examines how financial crises spread across countries and discusses key lessons for financial stability policy, including macroprudential regulation and the financial stability implications of monetary policy.
- Assess macroprudential policies using theoretical and empirical perspectives
- Examine the structure of the global financial system and its main components
- Evaluate the role of central banks and key institutions in financial stability
- Critically assess the functions and effectiveness of financial regulation and supervision
- Analyze the main mechanisms driving financial stability and instability, evaluating their interdependencies and systemic impact
This course is part of the prestigious part-time Master in Finance, conducted in English on Fridays and Saturdays on Campus Westend. It offers a valuable opportunity to network and gain expertise without committing to a full degree program. Upon completion, participants receive a Certificate of Participation. This course may be credited towards the Certificate of Advanced Studies (CAS) in Risk Management & Regulation when completed together with the other required courses within one academic year. As the number of seats is limited, we recommend to register early. If you're a GBS or Goethe University alum, explore our attractive alumni discount options.
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Next course offering: Summer Semester 2027. New dates will be announced soon.
Dr. Norbert Metiu
Dr. Norbert Metiu is a senior economist in the General Financial Stability Analysis and Macroprudential Surveillance Division of the Deutsche Bundesbank. His research interests include financial stability, international finance, and monetary macroeconomics. He received his PhD in economics from Maastricht University in 2011 and obtained his MSc in economics from Corvinus University of Budapest in 2008. Norbert has taught several courses in the field of financial economics at Maastricht University, Goethe University Frankfurt, and Goethe Business School.
Candidates with an undergraduate degree (i.e., bachelor or equivalent) of 180 credit points (CP) based on the European Credit Transfer System (ECTS) can apply for our Open Programs. The allocation of credit points for work experience will appear on the Academic Transcript of Records and be titled ‘Prior Learning Assessment’.
Open Program applicants must submit a recent proof of English language proficiency at the higher B2 level per the Common European Framework of Reference (CEFR). The GBS Office of Admissions will accept test results of the following tests, taken no longer than two years ago upon the date of submission:
- TOEFL iBT®
- TOEFL iBT® Home Edition
- IELTS
- Cambridge Certificate of Proficiency in English
- English Language Level Test (ELLT) - Oxford International Digital Institute
Applicants may request a waiver of proof of proficiency in English in case one of the following conditions applies. The applicant
- is a native speaker of English;
- has graduated from an international baccalaureate program
- has completed their undergraduate or master-level studies in a program taught entirely in English;
- has worked in an English-speaking country for at least one year.
If the applicant has not taken any of the above tests when submitting the application, the applicant can upload a confirmation of the test registration to the online admissions portal.
Applicants who submit a language certificate older than two years but without an expiry date will be invited for an additional interview with a native speaker of English.
Proof of relevant post-undergraduate work experience of at least one year is to be submitted, e.g., a performance review, reference letter, or written confirmation from your employer.