Seminar: Financial History, M.Sc.

This module is different: rather than proposing definite answers, in this seminar, we pose, reflect, and discuss relevant questions. Quantitative and methodological rigourous core modules are a natural and integral part of the M.Sc. Finance. But, we want to offer more for our students – we want to provide them with a holistic view on Finance.


„For assessing future and recent developments, it is essential to know our past. Unfortunately, courses in Financial History are rarely part of business studies. So I have included this seminar in HSBA’s Finance Master to ensure a holistic education for our students.“                                                                    Prof. Dr. rer. pol. Peter Scholz

In order to understand our present and the road ahead, it is essential to know about our past. A proverb, often assigned to Mark Twain, states that „history [typically] does not repeat itself, but rhymes“. By taking a deeper look into our (financial) history, we want to watch for certain behavioral patterns and/or factors that may reveal as relevant drivers of our development. Mathematics help us to model our economy, and history enables us to meaningfully interpret the results from theses models.

Recommended Textbooks:

  • Bernstein, Peter L. (1996): Against the Gods – The Remarkable Story of Risk; John Wiley & Sons.
  • Chambers, David & Dimson, Elroy; [editors] (2016): Financial Market History – Reflections on the Past for Investors Today; CFA.
  • Chancellor, Edward (2000): Devil Take the Hindmost – A History of Financial Speculation; Plume Book.
  • Ferguson, Niall (2012): The Ascent of Money: A Financial History of the World; Penguin.
  • Kindleberger, Charles P. & Aliber, Robert Z. (2011): Manias, Panics, and Crashes; Palgrave Macmillan.
  • Poundstone, William (2005): Fortune’s Formula; Hill and Wang.
  • Reinhart, Carmen M. & Rogoff, Kenneth S. (2011): This Time is Different – Eight Centuries of Financial Folly; Princeton University Press.

Photo Credit: Jana Tolle