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Deepening both the role of money in the modern economy and all the issues linked with macroeconomic theory, the course highlights the relationship between globalization, financial and credit markets and economic and financial crises. Moreover, the course sets the financial and credit market’s equilibrium within a more generalised economic and juridical framework. From this general context, the analysis starts to shrink on the functional and on the financial structure of the main subjects of intermediation: banks and financial intermediaries. Finally, the course focuses on financial instruments used mainly in the financial and credit market. |
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Prerequisites The course does not require preparatory exams. It is, however, suggested to succeed the exam in “Economics and Political economics”. |
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The aim of course is to provide the necessary knowledge for the comprehension and the explanation of the financial and credit system and function where banks and financial intermediaries are the main subjects coordinated by Central Banks. Moreover, the course deepens the analysis of financial instruments used and of the financial and credit equilibrium not omitting the effects on real economy. |
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The lessons deepens the analysis of the financial markets equilibrium, within which banks and financial intermediaries work, through the demand-supply theory, the IS-LM model and James Tobin’s theory on financial markets’ equilibrium. In addition, the course focuses on the distinction between German and American capitalism, banks and special banks and finally banks and non-banks. The supervision of financial and credit markets is committed to central bank of which it is studied the history and the evolution. The analysis of the rules of financial and credit markets is not omitted. Finally, the course focuses on the financial structure of banks and financial intermediaries, through the help of Modigliani e Miller’ theorems and Williamson’s model. Lessons conclude with the analysis of financial and credit instruments. |
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Two are the books necessary to study for the written exam: The first book is: Mariarosa Borroni e Marco Oriani, “Le operazioni bancarie”, il Mulino, 2008 and the second book should be chosen between: Cesare Imbriani e Antonio Lopes, “Macroeconomia. Mercati, istituzioni finanziarie e politiche”, UTET, 2013 Loris Nadotti, Claudio Porzio e Daniele Previati, “Economia degli intermediari finanziari”, McGraw-Hill Companies, 2010 For further readings: Paper di Robert C. Merton and Zvi Bodie, “A CONCEPTUAL FRAMEWORK FOR ANALYZING THE FINANCIAL SYSTEM”, scaricabile presso il sito:
A CONCEPTUAL FRAMEWORK FOR ANALYZING THE FINANCIAL SYSTEM Paper di Robert C. Merton and Zvi Bodie, “DESIGN OF FINANCIAL SYSTEMS: TOWARDS A SYNTHESIS OF FUNCTION AND STRUCTURE”, scaricabile presso il sito:
http://www.math.nyu.edu/faculty/avellane/merton1.pdf Zvi Bodie, Robert C. Merton , David L. Cleeton, Financial Economics, Pearson International Edition, 2009 James Tobin, Moneta, crescita e scelte di portafoglio, Il Mulino, 1989 J.G. Gurley e E.S. Shaw, La moneta in una teoria del finanziamento, Collana internazionale di saggi monetari, creditizi e bancari, Diretta dal Professor giordano dell’Amore, Cariplo, 1965 J. Hicks, Saggi critici di Teoria Monetaria, Etas Kompass,1971 J. Hicks , Una teoria di mercato della moneta, Il Mulino, 1992 Alcuni articoli del prof. M. Lo Cicero scritti su “L’Acropoli” (Rivista bimestrale) Euro ed Economia Italiana. Un divorzio improbabile ed un destino comune, comunque (Anno VII - n. 3 – Saggi)
http://www.lacropoli.it/articolo.php?nid=59#.UjhX2NKzKuI
Come cambia l'interpretazione delle politiche economiche dopo la nomina di Draghi alla guida della Banca Centrale (Anno VIII - n. 4 – Saggi)
http://www.lacropoli.it/articolo.php?nid=566#.UjhYWdKzKuI
La parabola della prima crisi finanziaria globale. Cause e conseguenze degli errori delle banche e delle illusioni degli Stati (Anno X - n. 4 - Saggi) http://www.lacropoli.it/articolo.php?nid=245#.UZFxI7WeN0k
Cronache recenti dell'economia globale. Postfazione a Bernanke (Anno XII - n. 6 - Saggi)
http://www.lacropoli.it/articolo.php?nid=846#.UZFxO7WeN0k
La crescita e il debito: metafore dell'ambiguità e del destino1 (Anno XII - n. 5 - Saggi)
http://www.lacropoli.it/articolo.php?nid=832#.UZFxVbWeN0k
L’esistenza della moneta e le sue conseguenze (Anno XIII - n. 2 - Saggi)
http://www.lacropoli.it/articolo.php?nid=874#.UZFxgbWeN0k
Diario italiano (2011-2012). Il panorama economico da un autunno all’altro: Draghi e Monti (ottobre 2012) (Anno XIV - n. 1 - Saggi)
http://www.lacropoli.it/articolo.php?nid=926#.UZFxnrWeN0k |
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During the course, some exercises are issued. Through the elaboration of exercises, students could ameliorate the study of course’s issues. It is warmly suggested that students do all the exercises and answer to all closed-ended questions proposed only after having watched video-lessons and having read the course’s materials. Exercise’s lessons could only be a complement to the preparation of students to the written exam. |