Programme

The course aims, first of all, to provide an overview of the role and the main functions of the financial system. The central part of the course is dedicated to an analysis of the technical characteristics and of the economic and management profiles of financial instruments and markets. Finally, the course presents the objectives as well as the organization and the behavioral models of financial intermediaries, also considering the role of regulation and supervision.
1. Real economy, financial system and financial intermediation
2. Theory of financial intermediation
3. Financial instruments
4. Financial markets
5. Banking
6. Investment services and asset management
7. Insurance
8. Payment systems
9. Risks in financial intermediation
10. Regulation and supervision
11. Monetary policy

Core Documentation

Mishkin F.S., Eakins S.G. (2023), Financial Markets and Institutions, tenth edition, Pearson.

Type of delivery of the course

Face-to-face lectures In-class exercises Seminars and/or case studies discussions In the case of an extension of the state of health emergency due to COVID-19, all the provisions that regulate the methods of carrying out the educational activities will be implemented. In particular, lectures, exercises and seminars will be held online on the platforms made available by the University. Moreover, it is advisable to regularly check the institutional information channels carried out by the University in order to be aware of the provisions in force.

Attendance

Attendance in the course is recommended, but not mandatory.

Type of evaluation

A (mandatory) oral examination and two (optional) written tests (middle and end-course). The intermediate written tests (about 90 minutes) include open-ended questions, exercises, and multiple choice tests. The oral examination is a discussion about at least three topics of the program. The oral and written examinations are used to evaluate: i) the degree of knowledge of the syllabus; ii) analytical and critical judgement; iii) the ability to use technical language. In the case of an extension of the state of health emergency due to COVID-19, all the provisions that regulate the methods of carrying out students’ assessment will be implemented. In particular, oral and written examinations will be held online on the platforms made available by the University. Moreover, it is advisable to regularly check the institutional information channels carried out by the University in order to be aware of the provisions in force.

Programme

The main contents of the course are:

1. The financial system, the real system and intermediation
2. Theories of financial intermediation
3. The typical risks of financial intermediation
4. Financial instruments
5. Financial markets
6. Credit intermediation
7. Securities brokerage
8. Insurance intermediation
9. Strategy and organization of financial intermediation activities
10. Regulation in the financial system
11. Protection of consumers of financial services
12. Monetary policy and credit control
13. Payment systems
14. Fintech

Core Documentation

Nadotti, L., Porzio, C., Previati, D. Economia degli intermediari finanziari. McGraw-Hill, 4/ED (2022)

Programme

Introduction.
Banking intermediation theories
The real system and the financial system
Functions and structure of the financial system
The typical risks of financial intermediaries (1)
The typical risks of financial intermediaries (2)
Financial instruments and their classification
Payment instruments
Debt instruments elements of yield and risk assessment
Debt instruments: review
Participation instruments
Insurance instruments and derivative instruments
Insurance instruments and derivative instruments: review
Financial markets.
The architecture of financial supervision
Securities intermediation and its regulation
Securities intermediation and its regulation

Core Documentation

Nadotti, L., Porzio, C., Previati, D. (2022). Economia degli intermediari finanziari. McGraw-Hill, Quarta Edizione

Type of delivery of the course

Lectures, seminars and a business case analysis.

Attendance

Not compulsory

Type of evaluation

Two tests during the semester and a business case analysis, only for students who attended all lectures