FINANCIAL MARKETS AND INSTITUTIONS
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Bibliography
- Teaching methods
- Contacts/Info
Attending the course is easier for students with basic knowledge of management, micro and macro-economics, financial maths, private and commercial law.
The final exam is written and composed by 10 questions: 6 short answers (definitions) and 4 long answers/exercises. The score per each question is expressed over 30 points.
To reach the minimum positive score, the student has to report a positive mark (equal or higher to 18 over 30 points) on 70% of the questions. The final score is the weighted average of each single score.
The final exam takes 1 hour and 15 minutes.
During the lessons, some evaluation tests will be available to the students, with the purpose to make the study for the exam easier.
Mid-term exams are scheduled. The first mid-term exam is a written test, covering topics referred to Part I of the course program and composed by 5 questions (3 short questions and 2 long questions). In case of positive mid-term result (at least 18 points over 30), student may access to the final exam at the end of semester, covering topics included in Part II of the course program. The final score will be the average of scores.
We have no difference in course and exam program between attending and non-attending students.
In order to join mid-term exams and final ones, students have to get the required number of credits to enroll in the 2nd year of the bachelor degree in “Economics and Management”.
No other forms of evaluation are possible.
The course gives basic elements about the structure and the functioning of markets and financial intermediaries. Specific topics also relates to sctructure, activities, and operational tools of banking, insurance, and markets intermediaries, and basic elements for financial securities’ valuation as well. The course gives also basic information about financial instruments, banking and insurance contracts and financial market operations.
After attending the course, the student will be able to describe and analyze:
- different functions of financial markets and intermediaries and linkages among them;
- main differences among financial contracts (banking, insurance and pensions, and market instruments) and their linkage to families and firms’ financial needs;
- operating activities, revenues and costs for banks, insurance companies and other financial intermediaries (e.g., asset management firms, specialized financial and credit intermediaries);
- objectives and activities of regulation and supervision on financial intermediaries and markets.
Moreover, at the end of the course the student will be able to understand and use main financial technical terms. The student will be able to understand, summarize and critically evaluate specific literature and financial news on fundamental financial topics. The students will be able to evaluate risk and return of simple financial securities and understand main topics on the functioning of financial system (risks and performance drivers).
Part I – The financial system: functions, intermediaries, markets, and regulation (Prof. Locatelli, 40 hours, 6 CFU/ECTS)
1. Main functions of the financial system (8 hours)
2. Financial contracts and risks related to banking and financial intermediation (4 hours)
3. Intermediation function (12 hours)
4. Money and payment systems (2 hours)
5. Transmission mechanism of monetary policy (some remarks) (2 hours)
6. Financial markets: some definitions (3 hours)
7. Financial intermediaries (6 hours)
8. Regulation and supervision (3 hours)
Part II – Financial instruments, products, and financial services (Prof. Uselli, 20 hours, 3 CFU/ECTS)
9. Financial operations (2 hours)
10. The value of the money and the evaluation of financial securities (8 hours)
11. Firms’ and households’ financial needs and choices (5 hours)
12. Bond and debt securities and stocks (5 hours)
A detailed timetable for lessons and topics will be published in the course e-learning page (http://elearning3.uninsubria.it).
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Mandatory Texts:
Part I (Prof. Locatelli):
A. Ferrari - E. Gualandri - A. Landi - P. Vezzani (2016), Il sistema finanziario: funzioni mercati e intermediari [it], 6th Edition, G. Giappichelli Editore Torino, chapters I, II, III (only paragraphs 1, 2, 3 and 4), IV (only paragraphs 1, 2, 3, 4 and Boxes 2, 3, 4 and 5), V (only paragraphs 1, 3.2, 3.3 and 3.4), VI, VII (Boxes 1, 2 and 3 to be considered as “reading materials”).
Part II (Prof. Uselli):
A. Ferrari - E. Gualandri - A. Landi - V. Venturelli, P. Vezzani (2017), Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi [it], G. Giappichelli Editore, Torino, chapters I, II, III (from page 41 to 46; paragraphs 3.1, 3.2 and 4), IV (from page 79 to 91; paragraphs 2.2, 2.3 and 2.4), V (paragraphs 1 and 3.2), VI (paragraphs 1, 3.2.1 and 3.2.2).
The teachers can suggest (if requested) an English textbook.
Learning materials (slides and exercises) will be uploaded in the course’s e-learning web page. Slides are published weekly before each lecture.
THE LECTURERS HAVE NOT DELIVERED NOR AUTHORIZED NOTES OR SUMMARIES.
The course is delivered by lectures given by the official teachers. Seminars and additional practical lessons could be organized.
Office hours
The lecturers meet students weekly except holidays and in August. Please refer to teachers’ web pages for timetable and any change. Students can also send an e-mail to the teachers to arrange an appointment on a different date/timetable.