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Economia degli intermediari finanziari - ENG

FINANCIAL MARKETS AND INSTITUTIONS A/B

Course A: Prof. Vincenzo Capizzi, Dott.ssa Paola Zocchi (4+4 ECTS)
Course B: Prof. Paola Zocchi (8 ECTS)



Course code: EA016
Subject code: SECS-P/11
8 ECTS – 64 hours
Location: Novara

Educational aims

The aim of the course is to provide participants with an in-depth insight about the nature and structure of a financial system. More in details, will be deeply analyzed the organization, structure, and performance of the financial markets and institutions. Furthermore, will be discussed the technical and contractual features of the major typologies of financing instruments made available by the financial system in order to let individuals and companies face settlement, funding or risk management need.

Content of the course

- Introduction on the course: objectives, program, assessments
- structure and functions of the financial market
- financial instruments: classification and characteristics
- financial market: classification and characteristics
- financial institutions: classification and characteristics
- functions of the financial system
- regulation and supervision of financial markets and institutions
- the efficient market hypothesis and  the rationale for the existence of financial intermediaries
- competition and convergence between financial markets and institutions
- utility functions of investors and borrowers
- the money market and the payment system
- financing instruments
- understanding mortgage markets and securitization
- Interest rate swap
- bonds: valuation, yield and ratings
- the mutual fund industry
- hedging and speculation with forward contracts
- banks and other financial institutions: activities and risk characteristics

Prerequisites
Sitting for the test of this course is allowed to students that passed the following test course: Business Economics, Accountancy (I)

Course Texts

- G. Forestieri - P. Mottura, Il sistema finanziario, EGEA, Milano, 2013 (sixth edition). With the exclusion of paragraphs: 3.3, 4.5, 4.6, 6.5, 6.6, 6.7, 7.2, 8.2, 8.6, 8.7, 8.9, 9.2.3, 9.3, chapter 10. This book is available in the library
- L. Munari, Strumenti finanziari e creditizi, McGraw-Hill, Milano, 2011 (second edition)
With the exclusion of : chapter 1, chapter 4, chapter 5, chapter 9, chapter 12, chapter 14, chapter 16,  paragraph 17.1.2, paragraph, 17.2, paragraph 17.4, chapter 18. The book is available in the library

- Documents and exercises published on the course official web page at the following link https://eco.dir.unipmn.it are also required for the assessment.

Teaching methods
Face-to-face lectures and exercises. Class participation is not compulsory.

Examination
One compulsory written exam constituted of 6 open questions with a 60 minutes duration. Students that have reported at least 18/30 in the written examination can sit for an oral examination (which is not compulsory) whose evaluation will contribute, either negatively or positively, to the final mark. For further information, please make reference to the course official web page at the following link: https://eco.dir.unipmn.it .