Teacher
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MORGANTI Patrizio
(syllabus)
1. General aspects. The financial system: markets, intermediaries, instruments, and supervisory authorities Efficiency of financial markets The link between non-financial and financial accounts: financial accounts of institutional sectors
2. Financial structure, financial development, and the real economy. “Direct” and “indirect” finance “Bank-based” and “market-based” systems Effects on economic growth
3. Theoretical analysis of agents’ choices. Intertemporal choices: decisions of savings Choices under uncertainty Expected utility theory Risk attitude Equilibrium Demand for insurance Investment in financial assets Investment in risky assets Optimal portfolio’s allocation (Markovitz) The CAPM
4. Financial innovation and non-bank financial intermediation. Securitization Securities financing transactions Mutual funds Shadow banking
(reference books)
Teaching material provided by the instructor and available on Moodle.
Suggested textbooks: - Garofalo G., “Economia politica. Corso intermedio con esercitazioni” (1998), Par. 1.4; - Saltari E. e Di Pietro M., “Introduzione all’economia finanziaria” (2019), Capp. 1 (only parr. 1.1, 1.2, 1.3, 1.4), 2 (only parr. 2.1, 2.2, 2.3), 3 (only parr. 3.1, 3.2, 3.3, 3.4); - Bodie Z., Kane A., e Markus A. J., “Investments”, McGraw Hill (2014), Capp. 6 (only parr. 6.1, 6.2, 6.4, 6.5), 7 (exclusing par. 7.5), 9 (only par. 9.1); - Mishkin, Eakins, e Beccalli, “Istituzioni e mercati finanziari”, Pearson, 2019, ninth edition or previous ones, Chapters 1, 2, 3, 4, 5, 7, 9, 11, 14.4, 18, 19, 20, 21;
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