Schema della sezione

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    Introduzione

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    ATTENTION PLEASE!

    As promised, a seminar on Islamic Finance will take place on 12th January, same time (13-15) same room (7, IV floor) as our usual classes.

    The lecture will be held together with Andrea Paltrinieri and Alex Sclip and will briefly present Islamic banking, bonds (sukuk) and insurance (takaful).

    Attendence is expected as for any other class activity.

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    Syllabus

    A.Y. 2015-16 / First semester - 6CFU

    Course objective

    This course aims at introducing the functioning of financial markets and their economic role, by focusing on main financial institutions, as well as products and services that they provide. The course will adopt an international perspective, by focusing on US and European markets and by considering interactions between intermediaries and markets on a global scale.

    Participants will be able to understand the rationale for the existence of financial markets and related institutions, the prevailing limitations to their effective functioning as well as the overarching issues linked with their management and regulation, both on a qualitative and a quantitative basis.

    Contents

    Part A: Financial Markets

    1. Overview of the financial system
    2. I nterest rates: economic and financial role, determinants and structure
    3. Efficiency of financial markets: evidence and economic consequences
    4. Money markets and money instruments
    5. Bond market and bond evaluation
    6. Stock market and stock evaluation
    7. An introduction on mortgage markets
    8. The foreign exchange market

    Part B: Financial Institutions

    1. The economic role of financial institutions
    2. The nature of financial crises and their effects on economy
    3. An introduction on central banking, monetary policy and the international financial system
    4. Banks: structure, role, performance and competition
    5. Mutual funds
    6. Insurance companies and pension funds
    7. The securities’ industry
    8. An introduction on risk management of financial institutions and hedging
    9. Overview of other financial intermediaries: cooperative/mutual banks, mutual guarantee credit institutions, finance companies
    10. An introduction on financial regulation

    Prerequisites

    Accounting is a mandatory prerequisite. To better understand the aforementioned topics, attendance of Macroeconomics and Financial Mathematics courses is strongly suggested.

    Teaching methods

    Front lessons and class discussions. Individual learning is encouraged by reviewing questions and exercises provided by the textbook and its online self-assessment materials.

    Assessment

    Final exam, composed of two parts: a short multiple choice test, allowing students with a sufficient outcome to access an oral examination. The final grade will be based on the latter only.

    References

    Mishkin F.S. and Eakins S.G. (2015), Financial markets and institutions, Pearson, 8th Edition

    Online material provided by textbook

    Lecturer’s notes will be provided during the course.

    Further readings on specific topics can be suggested on demand.

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    Presentations and readings

    In this folder presentations will be uploaded with some advance on lecture dates.
    Please report by email to the lecturer if any link is broken or file corrupted.

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    Calendar

    A workplan of class activities will be updated regularly.