MSc Public Financial Management (Distance Learning)

Welcome to the Financial Reporting module. Accounting is a vital yet complex task for any organisation. Businesses and public organisations need to keep accurate records of their income and spending. This information is needed both for internal decision-making and to demonstrate accountability to their stakeholders. This module is designed to give students sufficient knowledge of financial reporting practices, in both the private and public sectors, to use the information produced and to contribute to debates on the development of reporting policy. The module concentrates on financial reporting using the International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS). These standards have now been adopted in many countries; other countries are in the process of adoption or have implemented similar systems.

Learning outcomes

When you have completed your study of this module, you will be able to:

• discuss the international conceptual frameworks for financial reporting in the public and private sectors
• discuss the development and global adoption of the International Public Sector Accounting Standards (IPSAS) and the International Financial Reporting Standards (IFRS)
• explain and contrast the differences in external reporting on a cash and accruals basis
• discuss the accounting treatment for specific assets and liabilities in accordance with IPSAS and IFRS
• discuss the process of consolidating financial statements and identify relevant accounting standards
• discuss the application of governance principles and compare with national governance guidance.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: 
  • Elliott B & J Elliott (2019) Financial Accounting and Reporting. 19th Edition. Pearson.
  • Müller-Marqués Berger T & EY (2018) IPSAS Explained: A Summary of International Public Sector Accounting Standards. 3rd Edition. John Wiley & Sons.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Context of Financial Reporting

• 1.1 Introduction
• 1.2 Private Versus Public Sectors
• 1.3 Rationale for Financial Reporting Standards
• 1.4 International Conceptual Framework – Public Sector
• 1.5 International Conceptual Framework – Private Sector
• 1.6 Conclusion

Unit 2 Accounting Concepts 1

• 2.1 Financial Standards: IFRS versus IPSAS
• 2.2 Cash- Versus Accruals-Based Accounting
• 2.3 Cash Versus Accruals and Accounting Standards
• 2.4 Case Study
• 2.5 Feedback on Case Study
• 2.6 Conclusion

Unit 3 Accounting Concepts 2

• 3.1 Income, Capital and Value
• 3.2 The Accountant’s View
• 3.3 The Economist’s View
• 3.4 Accounting for Changes in Price Levels
• 3.5 Case Study
• 3.6 Feedback on Case Study
• 3.7 Conclusion

Unit 4 Accounting for Assets

• 4.1 Current Assets
• 4.2 Non-Current Assets
• 4.3 Valuing Assets in Agriculture
• 4.4 Case Study
• 4.5 Feedback on Case Study
• 4.6 Conclusion

Unit 5 Accounting for Liabilities

• 5.1 Current and Non-Current Liabilities
• 5.2 Provisions and Contingent Liabilities
• 5.3 Financial Instruments
• 5.4 Case Studies
• 5.5 Feedback on Case Studies
• 5.6 Conclusion

Unit 6 Leases and Partnerships

• 6.1 Leases
• 6.2 What are Public Private Partnerships?
• 6.3 Use of PPP
• 6.4 Accounting for PPP
• 6.5 Case Study
• 6.6 Feedback on Case Study
• 6.7 Conclusion

Unit 7 Group Accounts

• 7.1 Group Accounts
• 7.2 The Consolidation Process
• 7.3 Users and Uses of Consolidated Financial Statements
• 7.4 Case Studies
• 7.5 Feedback on Case Studies
• 7.6 Conclusion

Unit 8 Governance

• 8.1 Definitions
• 8.2 Governance Failures
• 8.3 Good Governance in the Public Sector
• 8.4 Good Governance in the Private Sector
• 8.5 International Comparisons and National Perspectives
• 8.6 Conclusion
• 8.7 The Examination

Module samples

• M492 Module Introduction (PDF)
• M492 Specimen Examination (PDF)
• M492 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

This module, Macroeconomic Policy and Financial Markets, is specially constructed for postgraduates studying finance and related subjects. The module is designed to increase the depth of your understanding whether or not you have studied economics or macroeconomics previously. Although it does not require previous study of macroeconomics, if you have studied macroeconomics at undergraduate level, this module adds to your knowledge because, unlike other modules, we focus on the relation financial markets have to macroeconomics.

Our intention is that after successfully completing the module, students from varied backgrounds will understand the key elements of macroeconomics and their connection with financial markets. We place the subject in a real-world context, aiming to show how theoretical and empirical knowledge of macroeconomics and financial markets provides ways to analyse the salient problems faced by modern macroeconomic policy makers.

Learning outcomes

When you have completed your study of this module, you will be able to:

• outline and discuss the connection between financial markets, real saving by households, and real investment by firms
• analyse how monetary policy can affect real macroeconomic activity through its interaction with financial markets
• explain the relation between financial markets and governments' fiscal policies
• discuss the effect that expectations of future inflation and interest rates can have on macroeconomic policy and financial markets
• analyse the connection between foreign exchange markets, imports and exports
• examine the possibility of instability arising from interaction between international capital flows and financial markets
• evaluate theories in the light of empirical evidence
• use theory and evidence to analyse actual problems facing macroeconomic policy makers.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: Miles, D, A Scott & F Breedon (2012) Macroeconomics: Understanding the Global Economy, 3^rd Edition, Wiley.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Video: You will also have access to video content on the VLE, in which leading policy-makers talk to CeFiMS about their experiences. All the decision makers and advisers in the video have dealt with difficult macroeconomic problems in a range of countries and they explain how they approached the problem and considered alternative policies.
  They include:
  • Paul Volcker, looking back on his experience as Chairman of the Federal Reserve
  • Sir Alan Budd, as Economic Adviser in the British Treasury (Ministry of Finance)
  • Guillermo Ortiz, as the Governor of Mexico's central bank
  • Professor Lord Richard Layard, as advisor to the Russian government
  • Benno Ndulu, of the World Bank
  • Professor Rudiger Dornbusch, on experience of Latin American macroeconomic policy
  • Professor Sakakibura, on Japan's recent policy problems
    The interviews were recorded by CeFiMS for the International Monetary Fund and designed for officials studying macroeconomics with the IMF Institute. They are reproduced here with kind permission of the IMF. They show case studies intended to enable students to link their study of principles to actual macroeconomic policy making in the complex real world.
• Virtual learning environment: You will have access to the VLE, web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Macroeconomics and the World of Finance

• 1.1 Introduction
• 1.2 Getting Macroeconomics in Perspective
• 1.3 Long-Run and Short-Run Macroeconomics
• 1.4 Aggregate Demand and National Income Accounts
• 1.5 Alternative Windows on Macroeconomics
• 1.6 Macroeconomics and Financial Markets
• 1.7 Macroeconomics and Finance in Subsequent Units

Unit 2 Saving and Finance

• 2.1 Introduction: Real and Financial Saving
• 2.2 Life Cycle Theory of Saving
• 2.3 Flow of Savings to Financial Markets – Demographic Fundamentals
• 2.4 Impact of Financial Markets on Saving – Interest Rate Effect
• 2.5 Impact of Financial Markets on Saving – Wealth Effect

Unit 3 Investment and Financial Markets

• 3.1 Capital Accumulation
• 3.2 Interest Rates and Investment – the Basic Model
• 3.3 Beyond the Basic Model
• 3.4 Investment and the Stock Market
• 3.5 Financing Hierarchy and the Role of Internal Funds
• 3.6 Conclusion – Investment and Monetary Policy

Unit 4 Monetary Policy and the Central Bank

• 4.1 Central Banks and Macroeconomic Policy – Inflation Targeting
• 4.2 Policy's Intermediate Targets – Money Supply and Interest Rate
• 4.3 Taylor Rules
• 4.4 Transmission Mechanisms of Monetary Policy
• 4.5 Monetary Policy in Context

Unit 5 Fiscal Policy and Government Finances

• 5.1 Effects of Fiscal Policy – Aggregate Demand and Financial Markets
• 5.2 Fiscal Policy and Monetary Policy
• 5.3 Fiscal Policy and the Sustainability of Debt Financing
• 5.4 Fiscal Policy in Perspective

Unit 6 Expectations, Inflation, and Interest Rates

• 6.1 Markets Reflect the Expected Future Today
• 6.2 Macroeconomic Expectations and Financial Markets
• 6.3 Inflation Expectations and the Inflation Output Trade Off

Unit 7 Foreign Exchange Markets and Foreign Trade

• 7.1 Foreign Exchange Markets and the Economy
• 7.2 Case Study – China's Macroeconomic Policy Choices
• 7.3 Exchange Rates, Inflation and Aggregate Demand
• 7.4 Exchange Rates and Monetary Policy

Unit 8 International Capital Flows and Financial Markets

• 8.1 International Capital Flows – Balance and Shocks
• 8.2 Interest Rates, Expectations and Currency Crises
• 8.3 Currency Crises and Exchange Rate Systems
• 8.4 Is There a Case for Controls on International Capital Flows?

Module samples

• M425 Module Introduction (PDF)
• M425 Specimen Examination (PDF)
• M425 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Welcome to Public Financial Management: Planning and Performance. We hope that you will find the module stimulating and useful. Even if you do not have a background in public finance we think you will be able to learn a lot and do well in the assessment for this module. There is technical material and language that may seem to outsiders to be jargon, but we aim to explain the reasoning behind all new terms as we introduce them and to avoid unnecessarily technical language.

It is an interesting time to be studying public finance for several reasons. First, there are changes in the way that the public sector ‘does its business’. Bureaucracies with strict hierarchies of public employees carrying out their duties according to a fixed set of rules are giving way, or have already given way, to different ways of working. In some cases there have been programmes of decentralisation and delegation of authority so that managers and professionals at relatively junior levels now have to take decisions based on the best information, including financial information, available to them.

In professions across the public sector – whether medical, educational, legal, engineering or custodial – people are making choices about investments, about how to achieve efficiency, how to stay within budget and how to improve performance. Whether reluctantly or willingly, people are having to understand costs, budgets, financial statements about cash flows and expenditures, even when they are not in accountancy.

In other cases, services are increasingly contracted out to commercial companies, to NGOs or to communities rather than being provided directly by public employees. These arrangements require a different set of disciplines – of monitoring other people’s performance, of assessing value for money of contracts rather than employees’ performance.

A second reason why public finance is interesting now is that in many countries what people are being held to account for is also changing. It is often not sufficient to have accounts that show that money has been spent as governments intended – politicians and the public want to know how well it has been spent, whether it has been used efficiently and whether it has achieved the purposes for which it was allocated. This widening of accountability, combined with the delegation of accountability lower down in the organisations, has placed a burden on accounting systems and on the managers and professionals who have to understand and operate them. Computer systems make financial management easier but managers need to understand the concepts underlying the numbers and the consequences of the financial information that is provided.

Learning outcomes

When you have completed this module, you will be able to:

• explain how public budgeting fits into the macroeconomic framework
• apply ideas about accountability to the production of various forms of account for public services and public money
• discuss how changes in public management require different forms of public accounting
• read a budget and a set of national accounts and explain the differences between budgets and accounts in different jurisdictions
• explain costs and different ways of measuring them and how costs are used in budgets
• discuss the budget process at national and sub-national levels and the techniques appropriate at different levels
• apply budgetary control methods
• use financial management to enhance the performance of public organisations
• discuss how public financial management interfaces with politics and political choices.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: Allen R, R Hemming and BH Potter (Eds) (2013) International Handbook of Public Financial Management. Basingstoke, UK and New York, Palgrave Macmillan.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed learning environment. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 The Context of Financial Management

• 1.1 Introduction
• 1.2 What is a Budget?
• 1.3 The Macroeconomic Framework
• 1.4 The Legal Framework
• 1.5 Accountability
• 1.6 Conclusion

Unit 2 Budget Coverage, Classification and Structure

• 2.1 Introduction
• 2.2 Coverage of the Budget
• 2.3 Classification of the Budget
• 2.4 Budget Composition
• 2.5 The Line Item System vs Programme Systems

Unit 3 Costs

• 3.1 Some Definitions of Cost
• 3.2 Costing Systems
• 3.3 Cost-Volume-Profit Model
• 3.4 Absorption or Full Cost Recovery
• 3.5 Activity Based Costing (ABC)
• 3.6 Managing Costs
• 3.7 Price-Based Costing
• 3.8 Relevant Costs

Unit 4 Accounting and Budgeting: National Level

• 4.1 Approaches to Public Accounting and Budgeting
• 4.2 Cash Accounting vs Accruals Accounting
• 4.3 The Macroeconomic, Fiscal Framework and the Medium-Term Expenditure Framework
• 4.4 Policy Formulation and the Budget Process
• 4.5 Budget Timetable

Unit 5 Accounting and Budgeting: Sub-National Level

• 5.1 Translating the national budget into operational budgets
• 5.2 Structure, Performance, Discretion, Block Grants and Contracts
• 5.3 Fund Accounting
• 5.4 Resource Accounting and Budgeting
• 5.5 Which Techniques at Which Stage?
• 5.6 Budget Timetable at Sub-National Level
• 5.7 Case Study South Africa Basic Education
• 5.8 Accounting for Services Provided by Third Parties

Unit 6 Budget Execution

• 6.1 Introduction: Budgetary Control
• 6.2 Controlling Operations
• 6.3 Taking Action
• 6.4 Risk of Policy Failure
• 6.5 Case Study

Unit 7 Budgeting and Performance

• 7.1 Introduction: Accruals Accounting and Output and Outcome Budgeting
• 7.2 Defining and Measuring Non-Financial Items, Especially Outputs and Outcomes
• 7.3 Case Study 1: Output and Outcome Definitions
• 7.4 Case Study 2: Performance Budgeting in France
• 7.5 Case Study 3: Performance Budgeting in Poland
• 7.6 Performance Budgeting in Asia
• 7.7 Case Study: Education Funding in South Africa
• 7.8 Conclusions: Will Performance Management and Budgeting Ever Be Fully Implemented?

Unit 8 Budgeting and Democracy

• 8.1 Introduction
• 8.2 National Legislatures and the Budget Process
• 8.3 Case Study: Canada
• 8.4 Participatory Budgeting
• 8.5 Case Study: Australia
• 8.6 Conclusions on Budgeting and Democracy
• 8.7 Is There a Single Best Method of Financial Management?

Module samples

• M401 Module Introduction (PDF)
• M401 Specimen Examination (PDF)
• M401 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

This module aims to introduce you to the theory and practice of public finance, with special reference to how governments raise and use revenues. It is concerned with taxation, borrowing and aid. There are economic principles that bear on the issues of financing public expenditure and these are covered in the module. At the same time, however, we recognise that decisions on taxation, borrowing and aid are not taken solely with reference to economics but also to politics, and the module raises relevant political and social issues too. While the module has some emphasis on taxation in poorer countries, they are not its exclusive concern.

Learning outcomes

When you have completed your study of this course you will be able to:

• outline and discuss the main sources of government revenue
• explain the main criteria for assessing types of taxation
• analyse the main trends in taxation especially as between advanced and developing countries
• evaluate the main recommendations and analytical methods of the theory of optimal taxation that underpins modern tax reform
• gauge the degree of inequality and evaluate policies to reduce inequality
• outline the economic arguments for and against environmental taxes
• assess the impact of taxes on people’s consumption behaviours
• evaluate the causes of weak tax administration in developing countries and recommended appropriate policies to improve tax administration
• judge the use of Value Added Taxes in the context of developing countries
• discuss the causes and effects of tax competition between countries
• evaluate the effects of natural resource abundance on countries
• explain the economic case for fiscal decentralisation
• explain the characteristics of local taxes and some of the problems of tax collection at local level
• define the issues in how fiscal policy can be used to stabilise economies
• outline the different effects and policy implications of internal and external debt
• explain how governments can create the illusion of fiscal adjustment by financial engineering
• assess the success of aid giving as a method of supplementing government revenues in poorer countries and analyse its effects on government spending, tax raising and borrowing.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
  • "classics" in the study of public finance
  • operational and policy documents that illustrate how the public finance practitioner uses the tools of public finance in real world policy contexts
  • case studies and research papers that examine the impact of various public finance policies and initiatives in a variety of country and policy contexts.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Introduction to Taxation

• 1.1 Introduction
• 1.2 Criteria for Assessing Types of Taxes
• 1.3 Types of Tax
• 1.4 Trends in Taxation
• 1.5 Tax Policy and Tax Administration
• 1.6 Conclusion

Unit 2 The Economic Theory of Taxation

• 2.1 Introduction
• 2.2 Economic Efficiency
• 2.3 Income Tax versus Sales Tax
• 2.4 Taxes on the Supply of Labour
• 2.5 Equity and Efficiency
• 2.6 Optimal Taxation
• 2.7 Implications for Tax Policy
• 2.8 Summary and Conclusions

Unit 3 Public Policy and Taxation

• 3.1 Introduction
• 3.2 Inequality
• 3.3 Environmental Taxes
• 3.4 Behaviour and Taxes: Tobacco and Alcohol (Sin) Taxes
• 3.5 Summary and Conclusions

Unit 4 Tax Policy Issues in Developing Countries

• 4.1 Introduction
• 4.2 Tax Policies in Developing Countries
• 4.3 Tax Administration in Developing Countries
• 4.4 Value Added Tax (VAT)
• 4.5 Summary and Conclusions

Unit 5 Tax Policy Issues

• 5.1 Introduction
• 5.2 Tax Competition
• 5.3 The Internationalisation of Tax Policy – Base Erosion and Profit Shifting (BEPS)
• 5.4 Natural Resources ‘Curse’?
• 5.5 Flat Taxes
• 5.6 Summary and Conclusions

Unit 6 Sub National government Revenues

• 6.1 Introduction
• 6.2 The Economic Case for Fiscal Decentralisation
• 6.3 SNG Tax Revenues
• 6.4 Intergovernmental Grants and Transfers
• 6.5 Sub-National Government Borrowing
• 6.6 The Impact of Fiscal Decentralisation
• 6.7 Summary and Conclusions

Unit 7 Budget Deficits and National Debts

• 7.1 Introduction
• 7.2 Deficit Definitions
• 7.3 Why do Governments Run Deficits?
• 7.4 Why Do Deficits Matter?
• 7.5 Does Government Debt Matter?
• 7.6 Austerity Policies
• 7.7 Fiscal Policy in Developing Countries
• 7.8 Fiscal Adjustment and Fiscal Illusions
• 7.9 Summary and Review

Unit 8 Foreign Aid and Debt Relief

• 8.1 Introduction
• 8.2 What is Foreign Aid? (ODA)
• 8.3 Donors of Foreign Aid
• 8.4 Allocation of Foreign Aid
• 8.5 Budget Support
• 8.6 Aid and Tax Effort in Recipient Countries
• 8.7 Aid Volatility
• 8.8 Debt Relief
• 8.9 Summary and Conclusions

Module samples

• M405 Module Introduction (PDF)
• M405 Specimen Examination (PDF)
• M405 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Welcome to this module, Bank Regulation and Resolution of Banking Crises. The module has been designed to introduce you to some of the key concepts, principles and practices in modern banking regulation and the resolution of modern banking crises. The literature on these subjects is vast so, in approaching the material, we will focus on a selection of key issues of relevance to the topic.

Learning outcomes

By the end of this module you will be able to:

• explain what is the target and what are the working mechanics of microprudential and macroprudential regulation of banks and other financial intermediaries
• evaluate the purpose and the effects of capital adequacy regulations and their evolution
• contrast crisis prevention measures, such as deposit insurance and Lender of Last Resort, with resolution procedures, such as bail-out and bail-in, especially for globally-operating institutions
• explain how and to which extent shadow banking and offshore financial centres change or outright prevent the working of banking regulation
• evaluate open questions and unresolved issues in international regulation and supervision after the 2008 Financial Crisis.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Reports and textbooks: Allen N Berger, Philip Molyneux & John OS Wilson (2014) The Oxford Handbook of Banking. 2nd Edition, Oxford UK: Oxford University Press.
• Readings:Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Elements and Objectives of Bank Regulation

• 1.1 Introduction
• 1.2 Bank Failures and Banking Crises
• 1.3 Is Bank Regulation Different from Regulating Non-Financial Firms?
• 1.4 Prudential Regulation for a Basic Bank
• 1.5 What is the Purpose of Prudential Regulation?
• 1.6 From the Simple Basic Model toward Actual, Complex Banks
• 1.7 The Global Financial Crisis and what regulators are left to do
• 1.8 Conclusion

Unit 2 International Rules for Prudential Regulation

• 2.1 Introduction – Evolution of Coordinated International Rules
• 2.2 Basel I
• 2.3 Basel II
• 2.4 Basel III
• 2.6 How do changes in regulation generate costs and benefits to the economy?
• 2.7 Conclusion

Unit 3 Financial Stability, Bank Structure and Shadow Banking

• 3.1 Introduction
• 3.2 Commercial Banking and Investment Banking – Joined or Separate?
• 3.3 Shadow Banking – Good for the Banking System or Too Shadowy?
• 3.4 Conclusion

Unit 4 Macroprudential Regulation and Policy

• 4.1 Introduction: Motivation for Macroprudential Regulation (Macropru)
• 4.2 Macroprudential Policies: Why and How
• 4.3 Interactions with Other Policies and International Dimensions
• 4.4 Does it work? Empirical Studies of Macroprudential Policies
• 4.5 Conclusion

Unit 5 Deposit insurance and Lender of Last Resort – Before and After the 2008 Crisis

• 5.1 Introduction
• 5.2 Deposit Insurance
• 5.3 LOLR – Its Origins and Classic Character
• 5.4 The 2008 Crisis and New Role for Central Banks Operating as LOLR
• 5.5 LOLR as the New Monetary Policy
• 5.6 Conclusion

Unit 6 Dealing with Bank Failure: 'Too Big to Fail' and New Resolution Regimes Contents

• 6.1 Introduction
• 6.2 What is Special about the Insolvency of Banks?
• 6.3‘ Too Big to Fail’ and G-SIBs'
• 6.4 Lessons of the 2008 Crisis: The Birth of Bail-in
• 6.5 Conclusion: Bank Resolution, Lessons from the Financial Crisis

Unit 7 The Institutional Structure of Financial Regulation Contents

• 7.1 Introduction
• 7.2 Approaches to Institutional Structure for Financial Regulation
• 7.3 Why is Regulatory Structure Important?
• 7.4 Recent Trends in Regulatory Structure
• 7.5 Regulatory Structure and the Role of the Central Bank
• 7.6 The Fully Unified Approach to Financial Sector Supervision
• 7.7 Two Contrasting Models of Financial Regulation
• 7.8 The UK's Financial Services Authority – Lessons from the 2008 Financial Crisis
• 7.9 Conclusion

Unit 8 Issues in International Supervision and Regulation Contents

• 8.1 Offshore Financial Centres
• 8.2 Regulation, International Institutions, Standards and Codes
• 8.3 On the Political Economy and Ethics of Banking Regulation
• 8.4 Conclusion

Module samples

• M456 Module Introduction (PDF)
• M456 Specimen Examination (PDF)
• M456 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Decentralisation is a worldwide reality, as most countries are already engaged in a more or less advanced form of it. The following figures illustrate this trend: in the 1980s local governments around the world collected on average 15% of revenues and spent 20% of expenditures. By the late 1990s those figures had risen to 19% and 25% and had even doubled in certain countries. Moving beyond the fiscal arena, major public services such as education or health have also been transferred to local governments and political and electoral reforms have taken place. News headlines testify to the importance of local governance and local governments’ issues around the world.

The first implication for us, and for policy-makers and donors, is that the debate on whether decentralisation is good or bad in itself has lost its relevance. The key question is no longer whether a country should further decentralise or whether donors should support such a process. Although in different forms and to varying degrees decentralisation is there, it is part of the reality in which governments, other actors and citizens need to operate.

Learning outcomes

When you have completed the study of this course, you will have acquired the knowledge and tools to:

• understand decentralisation as a complex political process and “system” with several dimensions, levels and actors, and define and distinguish it from other related concepts
• critically discuss various approaches and trends in the academic world in relation to decentralisation
• evaluate the success of various decentralisation approaches worldwide and explain why countries exhibit such widely different outcomes, in terms of economic performance, political reforms and effects on society
• explain the concept of political decentralisation, its components and implications
• critically discuss the links between political decentralisation, wider state-society relations and domestic accountability mechanisms in multilevel governance systems
• define and assess functional assignments, and understand why they are the keystone for effective public action and division of labour across levels of government
• explain the main principles underlying fiscal decentralisation, its components and implications
• analyse expenditure assignments, revenue assignments, transfer mechanisms and local borrowing in a given context and identify possible corrective measures
• evaluate the impact of the fiscal and functional division of labour across levels of government on local entities’ performance
• apply the concepts of local policy-making, budget and fiscal autonomy
• assess challenges to setting up domestic monitoring and evaluation systems, as well as to assessing the outcomes of decentralisation.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: 
  • Cheema GS and D Rondinelli (2007) Decentralizing Governance: Emerging Concepts and Practices, Brookings Institution Press
  • Connerley E, K Eaton and P Smoke (2010) Making Decentralization Work: Democracy, Development, and Security, Lynne Rienner
  • The module also references extracts from the Public Policy and Management pre-programme textbook:
    • Hague, R & M Harrop (2016) Comparative Government and Politics: An Introduction, 10^th Edition, Palgrave Macmillan
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 What is Decentralisation?

• 1.1 State Models and Decentralisation
• 1.2 Territorial Organisation of the State and Decentralisation
• 1.3 Political Regimes, Democracy and Decentralisation
• 1.4 Decentralisation as a Policy
• 1.5 Political Decentralisation
• 1.6 Administrative Decentralisation
• 1.7 Fiscal Decentralisation
• 1.8 Why do Countries Decide to Decentralise?

Unit 2 Decentralisation in Practice

• 2.1 The Objectives Pursued through Decentralisation
• 2.2 The Status of the Decentralisation: Past Track Record and Current Reforms
• 2.3 The Historical Path: Top-down versus Bottom-up Decentralisation
• 2.4 The Historical Pace of Decentralisation: Big Bang versus Gradual Approach
• 2.5 The Sequencing of the Three Dimensions of Decentralisation
• 2.6 The Geographic Phasing of Decentralisation
• 2.7 Recognising Mixed Results: Opportunities and Risks of Decentralisation

Unit 3 Conditions Needed to Make Decentralisation Work

• 3.1 Materialising the Benefits of Decentralisation
• 3.2 How Can Local Autonomy and Accountability be Achieved?
• 3.3 Why Decentralisation Outcomes Vary
• 3.4 Implementation Challenges: Stalemates and Deadlocks

Unit 4 Political Decentralisation, State-Society Relations and Domestic Accountability

• 4.1 The Status of Political Decentralisation and Political Autonomy
• 4.2 Assessing Accountability and How Governments Hand Over Power to Citizens
• 4.3 Case Studies on Accountability Mechanisms
• 4.4 Political Decentralisation in Multi-Level and Multi-Layered Governance Systems
• 4.5 Can Decentralisation Contribute to Political Reforms and Domestic Accountability?

Unit 5 Administrative Decentralisation

• 5.1 Defining Functional Assignments
• 5.2 Policy Choices
• 5.3 The Mandates and the Challenge of Policy Coordination in Decentralised Contexts
• 5.4 Assessing the Quality of Functional Assignments
• 5.5 Human Resources Deployment, Distribution and Management
• 5.6 Can Decentralisation Contribute to State Building Processes?
• 5.7 Decentralisation Efficiency in the Service Sector

Unit 6 Fiscal Decentralisation

• 6.1 Expenditure Assignments
• 6.2 Revenue Assignments
• 6.3 Intergovernmental Transfers
• 6.4 Allocation of Borrowing Powers
• 6.5 Sequencing Fiscal Decentralisation [optional]
• 6.6 Sources of Information on Fiscal Decentralisation [optional]

Unit 7 Local Government Autonomy and Capacity Learning Outcomes

• 7.1 The Role and Potential of Local Governments
• 7.2 Policy-Making Autonomy
• 7.3 Discretion in Managing Human Resources
• 7.4 The Composition of Decentralised Budgets: Challenges and Mitigating Measures
• 7.5 Budget and Financial Autonomy

Unit 8 Monitoring, Evaluation and Decentralisation

• 8.1 The Role of Indicators in Monitoring
• 8.2 Decentralisation Processes and Reforms
• 8.3 Monitoring and Evaluation Frameworks

Module samples

• M404 Module Introduction (PDF)
• M404 Specimen Examination (PDF)
• M404 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

The dissertation is a supervised piece of research on a topic that we will agree with you. The length will be 10,000 words. Before we can consider a proposal to submit a dissertation we will need to review your academic performance so far.

Students wishing to take the Dissertation should ideally do so in their second or third year of study. Students will need to enrol for the Dissertation before the enrolment deadline for Session Two of each academic year. It will not be possible to enrol onto the Dissertation past this point. The annual Dissertation period is March to October.

With the exception of the MSc Finance (Quantitative Finance) programme, if you wish to write a dissertation you are required to successfully complete the tutor marked assignments for the Research Methods module before proceeding to the Dissertation.

Module objectives

The Dissertation module aims to make students develop the capabilities and skills required to undertake a supervised research project at master's level of study and to write the results of the study at the academic level. Detailed objectives are:

• To develop research capabilities and skills at postgraduate (master's) level.
• To develop the capacity and skills to pursue an independent inquiry.
• To produce a coherent and logically argued piece of writing that demonstrates competence in research and the ability to operate independently.
• To develop knowledge, capabilities and skills on issues of research design, methodology, and research ethics.

Learning outcomes

By the end of the module students will be able to:

• evaluate and apply the methods acquired in the Research Methods course to write a dissertation,
• apply epistemological and ontological concepts to intellectual enquiry,
• analyse and critique the research of others,
• choose an appropriate method for investigating your own research question
• collect, present and interpret data using qualitative or quantitative methods,
• carry out an effective and ethical research project – from the proposal initiation stage, through the literature search, data collection and analysis to the final writing-up and presentation of results,
• demonstrate the capacity to work independently under the guidance of an academic supervisor,
• show that they have followed good academic research practice and have achieved a good level of competence in academic writing.

Study calendar 2022/23

Study calendars are subject to change.

Disclaimer

Important notice regarding changes to programmes and modules

This module aims to introduce you to the main forms of cooperation between the state and the private sector in the provision of public goods and services. It does so both by examining the theoretical bases of public-private partnerships, and by an analysis of a number of recent case studies of PPP in action.

The module text is focused primarily around the following two questions.

• What are the role and the duties of a state – which goods and services should be guaranteed to the population when employing financial resources raised through taxation?
• Which provisions should be made directly by the state, or instead outsourced to the private sector operating on its behalf?

Learning outcomes

When you have completed your study of this course you will be able to:

• outline how state functions have evolved over time
• discuss how the public sector typically relates to the private sector for the provision of public goods
• explain and assess the main features of alternative public-private relationships
• quantify the size of PP markets across the world and explain the source of PP regulations
• assess the merits and limitations of alternative procurement legislations and procedures
• identify the goals of the procuring administration
• select the main dimensions for effective procurement design
• describe concession contracts and their rationale, and assess different types
• identify some of the merits and limitations of a PPP contract
• explain the differences underlying alternative PPP models in different sectors
• identify the main economic principles behind PPP case studies
• explain the main reasons underlying privatisation of public assets
• detail the regulatory challenges behind privatisation
• assess the importance of regulatory institutions when privatising natural monopolies.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Defining Public-Private Relationships

• 1.1 Introduction
• 1.2 The Role of the State
• 1.3 Public Procurement
• 1.4 Public-Private Partnerships
• 1.5 Privatisation
• 1.6 Conclusion

Unit 2 The Size and Institutional Framework of Public Procurement

• 2.1 Introduction: How Important Are Regulations for Effective PP?
• 2.2 Outsourcing Trends in the Public Sector
• 2.3 Public Procurement and Supranational Institutions
• 2.4 Defence Procurement
• 2.5 Public Procurement of Innovation
• 2.6 Case Studies
• 2.7 Conclusion

Unit 3 Designing Public Procurement

• 3.1 Introduction
• 3.2 Public Procurement and Economic Policy
• 3.3 Best Value for Money in Procurement
• 3.4 Centralised vs Decentralised Procurement
• 3.5 Tendering Formats
• 3.6 Risk Sharing and Incentives in Public Procurement
• 3.7 Obligational and Adversarial Contracting
• 3.8 Contracts and Quality Enforcement
• 3.9 SMEs and Public Procurement
• 3.10 Green and Sustainable Procurement
• 3.11 Case Studies
• 3.12 Conclusion

Unit 4 Concessions of Public Assets

• 4.1 Introduction
• 4.2 The Rationale for Public Concessions
• 4.3 Types of Concessions
• 4.4 Infrastructure Concessions
• 4.5 Forest, Land and Mining Concessions
• 4.5 Conclusion

Unit 5 Public-Private Partnerships (PPP): Principles

• 5.1 Introduction
• 5.2 The Variety of PPPs
• 5.3 The Economics of PPPs
• 5.4      Conclusion

Unit 6 PPP Case Studies

• 6.1 Introduction
• 6.2 The London Underground
• 6.3 Urban Water Provision in Developing Countries
• 6.4 Infrastructural Projects in Indonesia and Vietnam
• 6.5 Conclusion

Unit 7 Privatising Public Assets

• 7.1 Introduction
• 7.2 Why Privatise?
• 7.3 Which Public Assets to Privatise?
• 7.4 How to Privatise?
• 7.5 Privatisation and Regulation
• 7.6 Conclusion

Unit 8 Privatisation Case Studies

• 8.1 Introduction
• 8.2 The Privatisation of the British Rail System
• 8.3 Privatisation of the Sidney Airport
• 8.4 Partial Privatisation in China and Singapore
• 8.5 Telecom Privatisation in Croatia
• 8.6 Conclusion

Module samples

• M411 Module introduction (PDF)
• M411 Specimen examination (PDF)
• M411 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

This is a module about financial and economic appraisal of projects. The project is a very specific element of the public policy and management mix. It normally consists of an investment – that is, the creation of an asset which will generate benefits, financial and non-financial over a period of more than one year. This is not universally applicable as a working definition, as ‘project’ is often used to describe a set of discrete activities that do not always involve a capital investment, to achieve some specific goals. In this module, however, we will be dealing with capital investments.

This is a very specific and quite technical module, which will enable you to carry out financial and economic appraisals. It will give you enough theory to understand the financial and economic processes involved in such an appraisal, but the emphasis is on practice, with some critique of the methods involved. There are two related modules: Environmental and Social Impact Assessment is specifically concerned with these two aspects of project appraisal, themselves often also a formal requirement of the project approval process; while, the module Project, Programme and Policy Evaluation offers a post-hoc process of assessing whether projects, programmes and policies have been successful after implementation.

Learning outcomes

When you have completed all your work on this module, you will be able to:

• the reasons for project and programme appraisal and evaluation
• apply private sector investment appraisal techniques to different situations
• explain and use cash flow analysis
• discuss private sector appraisal techniques
• use spreadsheets for investment appraisal
• explain and comment on related issues of investment appraisal including choosing between mutually exclusive projects, and outline the difference between financial and economic analysis as applied to projects
• apply the technique of social cost-benefit analysis that is used in project appraisal
• explain and use the main valuation techniques of Revealed Preference and Contingent Valuation
• analyse the strengths and weaknesses of these valuation techniques
• apply cost-effectiveness analysis in situations where project benefits are not measurable
• consider the most appropriate project evaluation techniques for different economic sectors
• apply appropriate evaluation techniques in different economic sectors
• critically review the advantages and limitations of social cost-benefit analysis
• identify the problems of risk and uncertainty associated with project identification, preparation, monitoring and evaluation
• use spreadsheets for analysing risk and uncertainty in project appraisal
• interpret measurements of income distribution
• outline the economic theory of diminishing marginal utility of income and consumption and explain its use as a basis for determining welfare or distributional weighting
• assess the advantages and disadvantages of using distributional weighting in SCBA
• explain how a system of weights can be applied to regional disparities in income, in the context of allocating public sector projects between the regions of a country.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: Boardman AE, D Greenberg, AR Vining & DL Weimer (2014) Cost-Benefit Analysis: Concepts and Practice. 4th (International) Edition. Pearson.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Investment Appraisal Techniques I

• 1.1 Introduction
• 1.2 Cash Flow Analysis
• 1.3 Private Sector Appraisal Techniques
• 1.4 Conclusions

Unit 2 Investment Appraisal Techniques II

• 2.1 Introduction
• 2.2 Net Cash Flow and the Working Capital
• 2.3 Mutually Exclusive Projects and Other Issues
• 2.4 Conclusions

Unit 3 Social Cost-Benefit Analysis

• 3.1 Introduction
• 3.2 The Main Stages of a Social Cost-Benefit Analysis
• 3.3 Theoretical Basis of Social Cost-Benefit Analysis
• 3.4 Social Cost-Benefit Analysis Case Study
• 3.5 The Social Discount Rate (SDR)
• 3.6 Conclusions

Unit 4 Valuation Methodologies in Social Cost-Benefit Analysis

• 4.1 Introduction
• 4.2 Revealed Preference Methods
• 4.3 Stated Preferences – Contingent Valuation
• 4.4 Summary and Review

Unit 5 Sector Analysis and Case Studies in SCBA

• 5.1 Introduction
• 5.2 Transport Projects
• 5.3 Water
• 5.4 Education
• 5.5 Environment
• 5.6 Health Care
• 5.7 Cost-Effectiveness Analysis (CEA)
• 5.8 Summary and Review

Unit 6 Risk and Uncertainty Analysis

• 6.1 Introduction
• 6.2 Risk and Uncertainty
• 6.3 Techniques for Risk Analysis
• 6.4 Uncertainty
• 6.5 Risk and Large Projects
• 6.6 Spreadsheet Modelling and Risk Analysis
• 6.7 Conclusions

Unit 7 Distributional Issues and Social Cost-Benefit Analysis

• 7.1 Introduction
• 7.2 Analysing the Distribution of Costs and Benefits
• 7.3 Displaying Distributional Impacts
• 7.4 Distributional Weighting
• 7.5 Multi-Criteria Analysis (MCA)
• 7.6 Conclusions

Unit 8 Critique and Reflection

• 8.1 Introduction
• 8.2 Standings, Value Assumptions, and Legitimacy of Cost-Benefit Analaysis
• 8.3 The Strengths and Limitations of Social Cost-Benefit Analysis
• 8.4 SCBA in Developing Countries

Module samples

• M475 Module Introduction (PDF)
• M475 Specimen Examination (PDF)
• M475 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

In this module you will learn about evaluation, and specifically about the types of evaluation that assesses the achievements of public interventions and uncover the lessons learned which have wider application. Often termed 'summative', 'ex-post', or 'post-hoc' this sort of evaluation looks back over what has changed over the course of an intervention by a public institution, and tries to answer questions such as:

• What difference has our project, programme or policy made?
• Who has benefitted and who has been left out?
• Did our intervention deliver what we expected and hoped it would?
• Were the resources spent on it justified by the results achieved?
• What else might account for the changes that have happened?
• Should we continue doing this sort of thing, and what have we learned to help us do better in the future?
• Are there lessons from this experience which can help others do better?

Ex-post evaluation is of growing importance for governments, donors, international bodies and those involved in delivering projects and programmes 'on the ground'. It has spawned an industry of researchers, evaluators and consultants who specialise in designing methodologies to answer the sort of questions posed above, and who sell their services to public bodies who want to know the answers. In many cases, the provision of public funds for an endeavour bring with them a requirement for an eventual ex-post evaluation to be carried out – and a concomitant need for data to be collected right from the beginning.

You will hear the term evaluation used in many different ways and applied at different times. This module focuses on the type of evaluation that takes stock and forms judgements. It can be contrasted with other types of evaluation that you may encounter, and which are covered to a greater or lesser degree in a number of other CeFiMS Public Policy and Management courses.

Learning outcomes

When you have completed this module and its readings, you should be able to:

• outline how ex-post evaluation informs public policy and management processes
• set the meaning of ex-post evaluation in the wider context of different ways to assess public intervention
• distinguish between ex ante, interim, and ex post evaluation, and set ex post evaluation in its proper temporal context
• specify the differences between public policies, programmes and projects, and the implications of these for their evaluation
• define a wide variety of evaluation terms and organise them into their purpose, scale, period in time and type of study design
• choose an evaluation methodology that is relevant to the institutional context and resources available
• design and carry out evaluations of different types, with an understanding of likely challenges, including identifying and validating impact, disentangling impacts from other influences; the likelihood of absent baselines, inadequate monitoring data, and insufficient research capacity
• critique evaluation studies in relation to the quality of their design, their conduct and the value of conclusions drawn
• fit evaluation practice into the real world of politics and the question of what those commissioning really want to know, and want to hear
• practically assess timescales, changing questions, and when to look for results
• form a judgement as to whether you yourself would like to consider developing a career as an evaluator
• join in with networking and exchange amongst the evaluation 'community', and identify differences from broader research.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: 
  • Palfrey C, P Thomas & C Phillips (2012) Evaluation for the Real World. The Policy Press.
  • Bamberger M, J Rugh & L Mabry (2012) RealWorld Evaluation: Working Under Budget, Time, Data, and Political Constraints. 2nd Edition. Sage.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 History, Types and Uses of Evaluation

• 1.1 Introduction
• 1.2 Evaluation in Public Policy
• 1.3 Judgement: Evaluation, Audit, Inspection, Journalism and Academic Research
• 1.4 Different Types of Evaluation
• 1.5 Conclusion

Unit 2 Designing an Ex-Post Evaluation: Programme Theory and the Importance of Context

• 2.1 Ex-Post Evaluation
• 2.2 Programme Theory: How Interventions are Supposed to Work
• 2.3 The Importance of Context
• 2.4 Sources of Information
• 2.5 Conclusion

Unit 3 Project Evaluation I

• 3.1 Micro Evaluation – Policies at the Coalface
• 3.2 Pilots and the Mainstream – Projects as Experiments or Examples of Basic Delivery
• 3.3 Projects in Context
• 3.4 Drawing Conclusions and the Question of Attribution
• 3.5 Project Evaluation as a Laboratory – the Question of Replicability
• 3.6 Time to Get Going: Scoping the Evaluation
• 3.7 Conclusion

Unit 4 Project Evaluation II

• 4.1 The Case Studies
• 4.2 Purpose and Context
• 4.3 Theory of Change
• 4.4 Evaluation Design and Methodology
• 4.5 Results and Conclusions in the Reports
• 4.6 Conclusion

Unit 5 Evaluation Methods: Quantitative, Qualitative and Mixed

• 5.1 Introduction
• 5.2 Quantitative Evaluation Methods
• 5.3 Qualitative Evaluation Methods
• 5.4 Mixed Method Evaluation
• 5.5 Conclusion

Unit 6 Programme Evaluation I

• 6.1 Programmes and Their Evaluation
• 6.2 Evaluation Criteria
• 6.3 The Specification of Impacts
• 6.4 Conclusion

Unit 7 Programme Evaluation II

• 7.1 The Case Studies
• 7.2 End-of-Life Care in Nursing Homes
• 7.3 The Tuungane Community-Driven Reconstruction Project
• 7.4 Conclusion

Unit 8 Policy Evaluation, and Being an Evaluator

• 8.1 Introduction
• 8.2 Policy Evaluation
• 8.3 Policy Evaluation in a Development Context
• 8.4 Multinational Policy Evaluation
• 8.5 Maximising the Usefulness of Evaluation
• 8.6 Conclusion

Module samples

• M479 Module Introduction (PDF)
• M479 Specimen Examination (PDF)
• M479 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Welcome to the module Public Financial Management: Audit and Compliance. Audit is an evolving function in the public sector. It has evolved from simply checking that money has been spent in the ways that governments intended and ensuring that none was stolen or misappropriated. Now it is also concerned with evaluating whether the application of funds represents good value for the taxpayer and, more recently, to evaluating whether government policies have been effective. The early functions of audit (i.e. the detection of fraud and technical errors in accounting) still remain but have now been overlain with new, more evaluative, functions.

The purpose of this module is to give you an understanding of the different roles and purposes of audit and to enable you plan and commission audits. In addition, it will enable you to carry out some of the functions of the auditor. This is an ambitious aim, and the module ranges over the spectrum of audit activities, drawing examples from detecting fraud to evaluating the success of policies.

Learning outcomes

When you have completed the study of this module and its readings you will be able to:

• explain the public finance control function as an activity that involves different actors in the constitutional system
• explain the different rationales with which the different control actors operate in a democratic state
• make comparisons between the different control subsystems
• explain and compare the different forms of audit reporting
• examine the International Public Sector Internal Audit Standards applicable and effective from 1 April 2013 and other internal audit guidelines
• outline the advantages of cybernetic control theory
• carry out a systems-based approach to audit
• use compliance and substantive testing
• explain the various sampling techniques and demonstrate how to use IT to test the whole population
• discuss the concept of performance audit, and what it consists of
• differentiate the role of performance audit from evaluation activity
• define the concepts of economy, efficiency and effectiveness, and evaluate the performance of a public programme or organisation through these elements
• use audit criteria to determine the economy, efficiency and effectiveness of a public programme or organisation
• value the importance of performance audit in the contemporary public administration
• discern the fuzzy delineation between political and external control when it comes to performance audit
• distinguish the two main functions of performance audit: accountability and organisational learning
• assess the performance of a performance auditor
• situate the function of fraud combat within the broader architecture of budgetary control
• discuss how a fraud investigation is carried out, including the legal framework and evidence collection
• explain the main types of classical and contemporary fraud which exist in all countries, developed or developing.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Key texts: Davies M & J Aston (2011) Auditing Fundamental. Prentice Hall.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Public Sector Auditing

• 1.1 Introduction to Auditing
• 1.2 Accountability in the Public Sector
• 1.3 External Audit in the Public Sector
• 1.4 Internal Audit in the Public Sector
• 1.5 Political Power and Control
• 1.6 The Control of Public Spending in the Genesis of Constitutionalism
• 1.7 The Purposes of Budgetary Control
• 1.8 Conclusion

Unit 2 The Public Finance Control System

• 2.1 The Control Pyramid
• 2.2 Internal Control
• 2.3 External Control
• 2.4 Jurisdictional Control
• 2.5 Political Control
• 2.6 Social Control
• 2.7 Conclusion

Unit 3 External Audit and Reporting

• 3.1 The Role of External Audit?
• 3.2 Reporting on Finanical Statements
• 3.3 Probity Audit
• 3.4 Verification Audit
• 3.5 Supreme Audit Institutions
• 3.6 Conclusion

Unit 4 Internal Audit and Control

• 4.1 What is Internal Audit?
• 4.2 Internal Audit and Internal Control
• 4.3 Ethical Issues and the Internal Auditor
• 4.4 Public Sector Internal Audit Standards
• 4.5 Internal Control
• 4.6 Cybernetic Control Theory
• 4.7 Conclusion

Unit 5 Risk Assessment and a Systems-Based Approach

• 5.1 Introduction to Risk
• 5.2 Policy and Risk
• 5.3 Risk Management
• 5.4 Systems-Based Auditing
• 5.5 System Documentation
• 5.6 Sampling
• 5.7 An IT Approach to Sampling
• 5.8 Conclusion

Unit 6 Performance Audit I

• 6.1 Introduction to the Concept of Performance Audit
• 6.2 Auditing Performance: Economy, Efficiency and Effectiveness
• 6.3 Performance Audit Criteria
• 6.4 Conclusion

Unit 7 Preformance Audit II

• 7.1 Performance Audit in Contemporary Public Administration
• 7.2 The Political Dimension of Performance Control
• 7.3 Performance Audit, Between Accountability and Learning
• 7.4 Performance Audit in the Age of Multi-Level Governance
• 7.5 Implications of the Elaboration of the Audit Agenda
• 7.6 The Learning Component of Performance Audit
• 7.7 Evaluating the Performance of a Good Performance Audit
• 7.8 Conclusion

Unit 8 Fraud

• 8.1 The Problem of Fraud
• 8.2 Fraud and Irregularity
• 8.3 Corruption and Risk in Public Procurement
• 8.4 Preventing Fraud through Internal Control: COSO
• 8.5 Conclusion

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Module samples

• M472 Module Introduction (PDF)
• M472 Specimen Examination (PDF)
• M472 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Governments regularly transfer cash or make concessionary loans to other governments in order to promote economic and social development, improve the welfare of the recipient governments’ citizens, or help out with humanitarian assistance after a natural or human-created disaster. Politicians from richer countries attend high-profile conferences and commit to increasing these transfers, often encouraged by popular campaigns in their home countries. Citizens of the richer countries (and many in poorer countries) regularly donate money to voluntary organisations involved in the same sorts of transfers, especially when natural disasters occur, but also at other times, hoping that their contributions will improve the lot of the world’s poorest people.

The transfer process is managed through a medium-sized industry that includes governmental organisations and their aid agencies, international bodies (eg various parts of the United Nations and the European Union), development banks (eg the World Bank, Asian Development Bank, African Development Bank, Islamic Development Bank) and a large number of non-governmental organisations (NGOs), all supported by consultants and experts, including those in the academic institutions training and educating their staff. People spend their whole careers in this industry, administering financial flows, designing and managing projects, writing assessments, evaluating results and raising funds.

Views are divided on the impact of all this effort. Some argue not only that aid does not work to promote economic development but also that aid itself holds back development by propping up corrupt and inefficient governments and distorting investment flows, exchange rates and domestic markets. At the other end of the opinion spectrum are those who argue that aid is essential and could be effective if only its quantity and quality were improved.

Others, such as Roger Riddell (2014), are carefully analytical about the impact of the aid effort and argue for improvements in the way aid is delivered, without claiming that aid can or will solve the problem of poverty or unequal wealth and income distribution.

This module enables you to look at the evidence for the impact of these aid efforts and examine the flows of funds, the organisations involved in aid delivery, and the processes of allocating aid and designing aid programmes. We ask you to study the module and its readings with an open mind and reach your own views about what works and what does not work.

Learning outcomes

The learning outcomes of this module are that you will be able to:

• define what is meant by development assistance and its constituent parts
• outline the main trends in development assistance
• gauge the growing role of NGOs, private foundations and other non-DAC (OECD’s Development Assistance Committee) organisations in the provision of development assistance and identify the sources of their funding
• discuss some of the theory of economic growth, and the role and effectiveness of development assistance in promoting it
• explain the definitions and measurement of poverty, and the recent reduction in global poverty
• analyse the relationship between growth, inequality and poverty, and be aware of the role of development assistance in contributing to the reduction in poverty
• assess the extent to which development assistance is successful in influencing recipient governments’ domestic policies, with respect to environment, climate change, democracy and governance
• describe what makes for successful and unsuccessful humanitarian assistance, including the relationship between immediate disaster relief and longer-term reconstruction and development assistance
• assess the role and incentives that aid agencies face; be familiar with the recommendations of the High-Level Forums for improving aid effectiveness and evaluate the extent to which these have been carried out
• analyse the effectiveness of general budget support and payment by results as aid modalities designed to improve aid effectiveness
• judge whether relatively new entrants to the development assistance field are different from previous players.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Module readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Module overview

Unit 1 An Introduction to Development Assistance

• 1.1 What is Development Assistance?
• 1.2 Main Providers of Development Assistance
• 1.3 A Brief History of Development Assistance 
• 1.4 Why Do Countries Donate Development Assistance?
• 1.5 Aid Allocation 
• 1.6 International Agreements on Aid Effectiveness and Development
• 1.7 Conclusion

Unit 2 Development Assistance and Economic Development

• 2.1 Introduction
• 2.2 Economic Growth and Development
• 2.3 Development Assistance and Economic Growth: Theory
• 2.4 The Impact of Development Assistance
• 2.5 Conclusion

Unit 3 Poverty

• 3.1 Introduction
• 3.2 Concepts and Measurement of Poverty
• 3.3 Human and Multidimensional Development Indicators
• 3.4 Growth, Inequality and Poverty
• 3.5 Development Assistance and Poverty
• 3.6 Conclusion

Unit 4 Development Assistance and National Government Policies 1: Environmental and Climate Change

• Unit 4 and 5 Overview
• 4.1 Introduction
• 4.2 Millennium Development Goals and Sustainable Development Goals
• 4.3 Development Finance and Climate Action
• 4.4 EU Budget Support and the Sustainable Development Goals
• 4.5 An Example: the LoCAL Programme
• 4.6 An Example: Private Sector Involvement
• 4.7 Sustainable Development Goals Progress
• 4.8 Conclusion

Unit 5 Development Assistance and National Government Policies: 2. Democracy, Governance and Human Rights

• 5.1 Changing Policy Interventions
• 5.2 An Example: the European Union and Democracy and Good Governance
• 5.3 The United States and Democracy Assistance
• 5.4 Are Sanctions Effective?
• 5.5 Conclusion

Unit 6 Humanitarian Assistance

• 6.1 What Is the Scope of Humanitarian Assistance?
• 6.2 Is Humanitarian Aid Effective?
• 6.3 Twelve Lessons About Flood Relief Efforts
• 6.4 The Sendai Framework for Disaster Risk Reduction
• 6.5 Examples
• 6.6 When Are Cash Transfers the Answer?
• 6.7 Conclusion

Unit 7 Aid Agencies

• 7.1 Introduction
• 7.2 Aid Agencies
• 7.3 Aid Agencies and Aid Effectiveness
• 7.4 High-Level Forums and Aid Effectiveness
• 7.5 General Budget Support
• 7.6 The Predictability of Aid
• 7.7 Payment by Results/Cash on Delivery
• 7.8 Managing Aid Agencies
• 7.9 Conclusion

Unit 8 New Development Assistance

• 8.1 Development Assistance Beyond the OECD DAC
• 8.2 Turkey
• 8.3 BRICS Countries
• 8.4 Conclusion: Impact of the New Development Assistance on Traditional ODA

Module samples

• M460 Module Introduction (PDF)
• M460 Specimen Examination (PDF)
• M460 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

This module, Regulation of International Capital Markets, is specially designed for postgraduates studying finance and financial law. It is designed to contribute to your enhanced understanding of the ways in which governments and public authorities intervene in the operation of financial markets. It is not necessary for you to have studied financial regulation previously.

The module examines the public regulation of financial markets – that is, the relationship between central government, independent government agencies or indeed international organisations on the one hand, and financial markets or market participants on the other. The contractual relationship between financial intermediaries and their customers will not be examined as such, although there are some strong links between public regulation and private law duties. This module will focus on the principles of regulation of international financial markets.

Learning outcomes

When you have completed your study of this module, you will be able to:

• outline and discuss the main reasons for government intervention in financial markets
• analyse the inherent weakness of the financial system and explain the role of law in correcting those deficiencies
• explain the reasons for and techniques of banking regulation and supervision
• examine and discuss the importance of capital regulation for the stability of the banking system
• outline and discuss the methods and instruments of securities regulation in a range of issues, including Initial Public Offerings, financial intermediaries, securities trading, fraudulent practices and takeovers
• critically assess the regulatory components of the global financial system
• analyse the legal components of current work towards a stronger global financial system following a recent sequence of devastating crises in Asia, Latin America and elsewhere.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, which is a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Introduction to Financial Regulation

• 1.1 Introduction
• 1.2 The Concepts of Regulation and Supervision
• 1.3 Instruments of Regulation
• 1.4 Who Regulates: Institutions and Structures
• 1.5 Methods of Regulatory Enforcement
• 1.6 Financial Regulation: An Introduction
• 1.7 Concluding Remarks

Unit 2 Central Banking and Banking Regulation

• 2.1 Introduction
• 2.2 Forms and Instruments of Financial Regulation
• 2.3 The Organisational Structure of Financial Regulation
• 2.4 The Nature of Banking Risks
• 2.5 Why Regulate the Banking System
• 2.6 The Role and Functions of the Central Bank
• 2.7 The Failure of Northern Rock – A Case Study
• 2.8 Concluding Remarks

Unit 3 Introduction to International Capital Markets

• 3.1 Introduction
• 3.2 Financial Markets and Financial Assets
• 3.3 Primary and Secondary Capital Markets
• 3.4 The Internationalisation of Capital Markets
• 3.5 The Globalisation of Financial Crises
• 3.6 Conclusions

Unit 4 Regulation of Primary Securities Markets in the United States

• 4.1 Introduction
• 4.2 Introduction to Primary Securities Markets
• 4.3 Overview of the Regulatory Framework
• 4.4 Mandatory Disclosure and the Efficient Capital Market Hypothesis
• 4.5 Regulation of Primary Securities Offerings in the United States
• 4.6 Conclusions

Unit 5 Financial Integration and Regulation of Primary Securities Markets in the European Union

• 5.1 Introduction to International Financial Integration
• 5.2 EU Policies and Institutional Mechanisms of Financial Integration
• 5.3 The Financial Services Action Plan
• 5.4 The Core EU Measures Regulating the Primary Market
• 5.5 Conclusions

Unit 6 International Regulation of Securities Firms

• 6.1 The Role of Market Intermediaries in Securities Markets
• 6.2 Regulation of Securities Firms – an Introduction
• 6.3 Federal Regulation of Securities Firms in the United States
• 6.4 Regulation of Securities Firms in the United Kingdom
• 6.5 International Aspects of Regulation of Securities Firms in Europe
• 6.6 Conclusions

Unit 7 International Regulation of Secondary Securities Markets

• 7.1 The Structure and Economic Functions of Secondary Securities Markets
• 7.2 The Economic Rationale for Regulating Secondary Securities Markets
• 7.3 Market Regulation in the United States
• 7.4 Market Regulation in the European Union – The Market Abuse and Transparency Directives
• 7.5 Market Regulation in the United Kingdom
• 7.6 Conclusions

Unit 8 Global Capital Markets and Development of International Rules

• 8.1 The Globalisation of Finance
• 8.2 Building International Financial Stability
• 8.3  Developing International Rules and Regulatory Standards for Capital Markets
• 8.4 Financial Regulation in the European Union in the Aftermath of the 2008 Financial Crisis
• 8.5 Fighting International Financial Crime
• 8.6 Conclusions

Module samples

• M443 Module Introduction (PDF)
• M443 Specimen Examination (PDF)
• M443 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Research plays an essential role in business and in public policy and management. Increasingly, organisations undertake small-scale research projects, to find out about matters relating to the concerns of their organisation or to critically evaluate existing policies. Both commercial firms and government institutions rely upon research to inform their decisions, to test the effectiveness of existing policies, to predict the effects of intended future policies, to understand management processes and decisions and to gain insights into public preferences and opinions about public services.

Whether you are studying this module in order to carry out research in your professional role, to commission and project-manage research conducted by others or to complete a dissertation for your MSc qualification, your ability to appropriately and rigorously design, execute report, and evaluate research is essential.

The range of research issues and research methods available for researchers to use is vast – too vast to be covered in one introductory module. Therefore, this module concentrates on helping you develop a rigorous understanding of the key principles and practice of research that are needed to get a research project up and running.

Learning outcomes

When you have completed this module, you should feel confident of your ability to conduct an effective research project – for an MSc dissertation, for your professional work or for personal interest. In particular, you will be able to:

• evaluate the relevance and application of the research methods introduced to answer different types of research question
• define and discuss the basic epistemological and ontological concepts related to intellectual enquiry
• analyse and critique the research of others
• choose an appropriate method for investigating your own research question
• carry out an effective and ethical research project – from the proposal initiation stage, through the literature search, data collection and analysis to the final writing-up and presentation of results
• analyse and present qualitative or quantitative data
• evaluate the validity of your own and others' research
• write up research effectively.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The study guide contains 10 units. The units are carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the further assigned readings. The unit files are also available to download from the Virtual Learning Environment.
• Key texts: Denscombe M (2021) The Good Research Guide: For Small-scale Research Projects. 7th Edition. Open University Press.
  McMillan K & J Weyer (2011) How to Write Dissertations and Project Reports. 2nd Edition. Prentice Hall.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Case studies: Examples of the various research techniques taught in the module will be illustrated using case studies – you will be directed to look at them when relevant in the unit text.
• Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 The Nature of Research

• 1.1 What is Research – Pure and Practical?
• 1.2 The Relationship between Theory, Research and Data
• 1.3 Quantitative and Qualitative Research Methods in Social Research
• 1.4 Objectivity and Reflexivity

Unit 2 Planning and Designing Research

• 2.1 Planning and Managing Time and Resources
• 2.2 Formulating and Focusing the Research Topic
• 2.3 Choosing a Research Strategy and Design
• 2.4 Ethical Considerations and Issues of Access

Unit 3 Reviewing the Literature and Making Methodological Choices

• 3.1 Introduction
• 3.2 The Purpose of Searching and Reviewing Literature
• 3.3 Planning Your Search of the Literature
• 3.4 Recording the Literature
• 3.5 Writing a Critical Review
• 3.6 Some Common Faults in Literature Reviews

Unit 4 Data

• 4.1 What is Measurement?
• 4.2 Measurement Issues
• 4.3 Data Classification and Why it Matters
• 4.4 Describing Data
• 4.5 Variance and Standard Deviation
• 4.6 Sampling and Selection

Unit 5A Interviews, Focus Groups and Surveys

• 5A.1 Introduction to the Interview
• 5A.2 Types of Research Interviews
• 5A.3 Administration of Interviews
• 5A.4 When to Use Interviews
• 5A.5 Designing Research Interviews
• 5A.6 Conducting Interviews
• 5A.7 Recording and Transcribing Interviews
• 5A.8 How Do We Know the Informant is Telling the Truth?
• 5A.9 Analysing Interview Data
• 5A.10 What is a Questionnaire?
• 5A.11 Types and Administration of Questionnaires
• 5A.12 Constructing Questionnaires
• 5A.13 Coding Questions
• 5A.14 Pilot-Testing Questionnaires
• 5A.15 Ethics in Questionnaire Research
• 5A.16 Data Analysis
• 5A.17 Conclusion

Unit 5B Introduction to Data Analysis I

• 5B.1 Introduction to Data Analysis
• 5B.2 Probability Distributions
• 5B.3 Hypothesis Testing
• 5B.4 Conclusion

Unit 6A Fieldwork and Observation

• 6A.1 What is Ethnography? An Overview
• 6A.2 The Emergent Nature of Research Design, Data Collection and Analysis
• 6A.3 Identifying the Research Topic and Conducting Fieldwork
• 6A.4 Roles and Relationships in Field Observation
• 6A.5 Note-Taking and Types of Research Notes
• 6A.6 Analysing Data and Writing Ethnographic Accounts
• 6A.7 An Overview of Action Research
• 6A.8 What is Participatory Action Research?
• 6A.9 Conducting Participatory Evaluation
• 6A.10 Data Analysis in Dissemination of Results in PAR and Participatory Evaluation

Unit 6B Introduction to Data Analysis II

• 6B.1 Non-Parametric Analysis
• 6B.2 Simple Tests for Categorical Data
• 6B.3 Multivariable Analysis – Correlation
• 6B.4 Multivariable Analysis – Simple Linear Regression
• 6B.5 Conclusion

Unit 7 Validity and Reliability

• 7.1 Introduction
• 7.2 Threats to Internal Validity
• 7.3 Threats to External Validity
• 7.4 Threats to Validity in Qualitative Research
• 7.5 Triangulation as a Solution to Validity Threats
• 7.6 Examples
• 7.8 Conclusion

Unit 8 Writing and Presenting Research

• 8.1 Writing Research Proposals
• 8.2 Writing Research Reports
• 8.3 Ethics in Reporting Research
• 8.4 Evaluating Your Research Report

Module samples

• M453 Module Introduction (PDF)
• M453 Specimen Examination (PDF)
• M453 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules

Welcome to this module looking at The International Monetary Fund and Economic Policy. The module covers an extensive range of issues and, in the next eight weeks, you will study a wide spectrum of topics associated with the relationship between the IMF and macroeconomic stabilisation. Because the subject matter is vast, I have tried to focus on some of the key themes and provide some indications as to where this subject matter can be studied in greater detail if or when you have time to do so.

Learning outcomes

When you have completed this module, you will be able to do the following:

• identify who pursues stabilisation policies, and why
• distinguish between countries that seek to stabilise on their own, and those that seek help in doing so
• outline and discuss the role, function and operations of the IMF and its approach to stabilisation
• discuss the influence of the financial sector in precipitating instability
• explain the prevalent stabilisation theories and assess their appropriateness in differing circumstances
• identify and discuss the major criticisms and controversies that the IMF's approach has elicited
• explain the particular problems and prescribed remedies for low-income countries seeking to stabilise their economies.

Tuition and assessment

Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.

You are required to complete two Assignments for this module, which will be marked by your tutor. Assignments are each worth 15% of your total mark. You will be expected to submit your first assignment by the Tuesday of Week 6, and the second assignment at the end of the module, on the Tuesday after Week 10. Assignments are submitted and feedback given online. In addition, queries and problems can be answered through the Virtual Learning Environment.

You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark. An up-to-date timetable of examinations is published on the website in July each year.

Study resources

• Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
• Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
• Virtual learning environment: You will have access to the VLE, which is a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Study calendar 2022/23

Study calendars are subject to change.

Module overview

Unit 1 Macroeconomic Stabilisation and the Role of the IMF

• 1.1 Introduction
• 1.2 The Character of the International Monetary Fund
• 1.3 The Articles of Agreement
• 1.4 Three Key Functions Performed by the IMF
• 1.5 Organisational Structure of the IMF
• 1.6 The Executive Board, Constituency System and Advisory Organs
• 1.7 The Departmental Structure of the IMF
• 1.8 The Process Followed in Negotiating a Financing Arrangement with the IMF
• 1.9 Types of IMF Lending
• 1.10 Types of IMF Conditionality
• 1.11 Conclusion

Unit 2 The IMF's Approach to Stabilisation

• 2.1 Introduction
• 2.2 Trends in the Use of IMF-Supported Stabilisation Programmes
• 2.3 Special Drawing Rights (SDRs)
• 2.4 A Model to the Rescue? Mundell-Fleming
• 2.5 Scenarios Using the IS-LM-BP Schedules
• 2.6 The Theoretical Framework For IMF Stabilisation Policies
• 2.7 The Financial Programming Approach – Four Key Identities
• 2.8 Moving from Identities to Behavioural Assumptions
• 2.9 Key Questions and Issues – Jamaica 2010
• 2.10 Conclusion

Unit 3 Alternative Approaches to Stabilisation

• 3.1 Introduction
• 3.2 Key Shortcomings and Criticisms of the IMF Financial Programming Approach
• 3.3 Further Issues in Evaluating the Financial Programming Approach
• 3.4 How Can the IMF Programming Approach Be Improved?

Unit 4 Stabilisation and the Financial Sector

• 4.1 Introduction
• 4.2 Capital Flows and Stabilisation Policy
• 4.3 The Emerging Market Crisis
• 4.4 The Global Financial and Economic Crisis
• 4.5 Conclusion

Unit 5 Stabilisation Policy and Financial Sector – Institutional Responses to Recent Crises

• 5.1 Introduction
• 5.2 Financial Sector Crises – the Role and Responses of the IMF
• 5.3 Developing International Standards and Codes
• 5.4 The IMF's Role in Crisis Prevention and Resolution
• 5.5 Financial Crises – Other International Responses
• 5.6 Conclusion

Unit 6 Stabilisation and the Financial Sector – Some Challenges and Controversies

• 6.1 Introduction
• 6.2 Capital Account Liberalisation
• 6.3 Capital Controls
• 6.4 Criticisms of IMF Stabilisation Policies
• 6.5 Criticisms of the IMF's Response During the EME Crisis
• 6.6 Criticisms of IMF Policy During the Global Financial Crisis
• 6.7 Conclusion

Unit 7 Stabilisation and Low-Income Countries

• 7.1 Introduction
• 7.2 IMF Concessional Lending to Low-Income Countries
• 7.3 The Economic Development Document
• 7.4 Debt Relief
• 7.5 Emergency Lending
• 7.6 IMF Technical Assistance (TA)

Unit 8 Challenges for Low-Income Countries

• 8.1 Introduction
• 8.2 Quotas and Voting Shares of Low-Income Countries
• 8.3 Access Limits
• 8.4 Additional Challenges for Developing Countries
• 8.5 Social Safety Nets
• 8.6 Conclusion

Module samples

• M413 Module Introduction (PDF)
• M413 Specimen Examination (PDF)
• M413 Unit 1 (PDF)

Disclaimer

Important notice regarding changes to programmes and modules