Political Economy Issues -The Contemporary Global Monetary and Financial Architecture
Session two : 24 August to 6 September 2025
Political Economy Issues -The Contemporary Global Monetary and Financial Architecture
This course introduces the global system of money and finance flows. It begins with providing a historic overview of global monetary regimes, starting from the Gold Standard, followed by the Bretton Woods arrangement of fixed exchange rates, and finally, to the current system of flexible (or managed) exchange rates, with a pre-eminent role of the US dollar as a de facto global reserve currency. This is followed by a discussion about the evolution of financial globalization, witnessed through the opening of capital accounts of countries in the 1980s and 90s and punctuated by several notable crisis, including the Asian Financial Crisis in 1997-98 and the Eurozone and Global Financial Crisis in 2008-09.
Using the “impossible trinity” or “monetary trilemma” framework, which highlights that it is impossible for national regulators to achieve all three objectives of monetary policy autonomy, open financial accounts, and fixed exchange rates simultaneously without compromising one of these at the cost of achieving the two others, it provides an analytical lens to examine the policy choices adopted by different countries or regions. Lastly, it focuses on contemporary challenges facing the global monetary and financial architecture, such as the impact of climate change on global financial stability and the role of central banks, the rise of digital currencies and crypto-assets, and increasing adoption of non-USD currencies like the renminbi, the Euro, and local currencies in cross-border trade and finance.
Who should apply:
This course requires that students have completed q minimum of one year of full-time study in one of the following subjects, or in closely related disciplines: Economics, Finance, Banking, Business & Management, Politics and Economics.
For English requirement information, please see the Apply page.
Location: Lincoln College, University of Oxford
For Ages: 18+ (at time of attendance)
Duration: 2 weeks (13 nights and 14days)
Price: £4599
Date: Session one: 10th August to 23th August 2025
Subject Tutors
Tutor: Dr. Bhavya Gupta
Dr Bhavya Gupta is a Postdoctoral Research Fellow (Net Zero Governance Systems) at the Net Zero Regulation and Policy Hub. She received her PhD in 2024 from the Lee Kuan Yew School of Public Policy, National University of Singapore, where her research examined central banks’ role in managing climate-related risks. She also spent a year as a Fox International Fellow at Yale University’s MacMillan Center for International and Area Studies (2022–2023 )and a master’s degree in international relations from the London School of Economics.
Programme Features
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FAQ
How can I book my place on the programme?
To book your place on the Lincoln College Summer Academy Programme, please complete our online application form. Once we have received your application, you will be sent an email to confirm your booking, with details about how to pay the course fees and the date this payment is due.
If you have any questions about the application form, then please contact us and one of our advisors will be happy to help.
What are the English Language requirements?
The Lincoln College Summer Academy Programme is a unique course. This is because it is run by Oxford University academics and is based on a truly stimulating academic programme. For students to be able to make the most of the course, they will be required to have an IELTS score of 6.5 or equivalent.
If you have any questions or concerns about this English language requirement, please don’t hesitate to contact us and we will be able to advise you.
Can I organise my own accommodation?
Part of the Lincoln College experience is the opportunity to live, dine and study like an Oxford University student. This is why all students on the programme must stay onsite at Lincoln College.
Can I study more than one course?
There are 9 courses on offer for 2025 and students can choose one to study for the full two weeks.
If students are equally interested and qualified to take two different courses, you are welcome to join us for the whole month. You will choose one subject to study for the first two weeks of the programme and a different subject to study for the final two weeks of the programme.
For example, a student may decide to study history for session 1 of the programme and history of art for session 2.
Will I have to take exams?
There will be no official exams on this course. Students will be assessed based on essays, assignments and projects marked by the course tutor.
What kind of feedback will I receive?
Students will receive personalised feedback from their tutors both as verbal feedback during tutorial or seminar discussions and written feedback on any work they hand in. The nature of this feedback will depend on the course students are studying.
At the end of the programme, students will receive a certificate of attainment provided they have carried out the work to the best of their ability and actively participated in lessons and certifying the level they achieved.
Will I receive credit points?
The Lincoln College Summer Academy Programme is equivalent to 10 hours of credits in both the US and ECTS system. Your current university may choose to accept these credits towards your current degree. To be sure, please ask your university to get in touch with us and our Programme Director will be able to speak to the appropriate person at your university.
Will I be awarded with a certificate?
Yes, all students will receive either a certificate of attainment or a certificate of attendance at a specially organised graduation ceremony. This certificate will prove that you have carried out work of a challenging academic nature and may even be used towards credit at your current university (see above question on credits).
Will my tutor be able to provide me with a reference?
Yes, your tutor will be able to provide you with an academic reference should you require this for any future applications. If this is something you think you may need, it would be a good idea to discuss with your tutor during the programme.
Is it hard to get into Oxford Summer Courses?
The Lincoln College Summer Academy Programme, part of Oxford University’s academic summer courses, is open to adults aged 18 and over, including international students. To ensure participants can fully engage with the course material, a minimum English language proficiency is required. Acceptable qualifications include:
IELTS: 6.5
TOEFL: 90
PTE (Pearson Test of English): 61
Cambridge English: Advanced (CAE): 176
Cambridge English: Proficiency (CPE): 176
LanguageCert International ESOL B2: High Pass
LanguageCert International ESOL C1: Pass
Duolingo English Test: 120
These requirements ensure that all participants can effectively engage with the academic content and discussions throughout the programme.
