Scienze Economiche
Cod 198323
- Laurea magistrale
- 2 anni
- 120 CFU
- LM-56 R
SECS-P/01
Comparing financial systems
Codice: 21210197
Scheda insegnamento
- Anno Accademico di erogazione
- 2026/2027
- Corso di studi
- Scienze Economiche
- Periodo di erogazione
- Primo semestre
- CFU
- 9 CFU
- Lingua
- Inglese
- SSD
- SECS-P/01
Scopri il programma didattico
Programma, testi adottati e modalità d’esame sono quelli pubblicati dai docenti per l’anno accademico 2026/2027. L’insegnamento è diviso in canali: ogni canale ha il suo programma.
- Docente
- Giovanni Scarano
- Curriculum
- Economic Analysis (Analisi Economica)
- Anno di corso
- 2
- Periodo
- Primo semestre
- Ore
- 60
- CUIN
- 260003862
Programma
1. Introduzione (2 ore)
1.1 Premesse per uno studio comparativo
1.2 Forme di canalizzazione di fondi
1.3 Classificazione dei sistemi finanziari
2. Lo sviluppo storico dei sistemi finanziari (2 ore)
2.1 Le prime fasi dei sistemi finanziari
2.2 Credito vs mutuo soccorso
2.3 I sistemi finanziari nell'antichità
2.5 La nascita dei moderni sistemi finanziari
3. Le istituzioni finanziarie e i mercati finanziari di oggi (2 ore)
3.1 Tipi di istituzioni finanziarie
3.2 Banche e creazione di liquidità
3.3 Trasformazione delle scadenze e banche
3.4 Shadow banking
3.5 Effetti dei Fondi comuni e dei fondi pensione sui mercati finanziari
3.6 Principali cambiamenti nei sistemi finanziari odierni
4. Il capitale fruttifero e il conflitto tra profitto industriale e rendita finanziaria (2 ore)
5. Banche centrali, mercati monetari e politiche monetarie (2 ore)
5.1 L'evoluzione delle banche centrali
5.2 I diversi tipi di regolamentazione finanziaria
5.3 Mercati monetari e politica monetaria
7. I limiti dei mercati (2 ore)
8. Il ruolo della corporate governance (4 ore)
9. L'autofinanziamento (2 ore)
10. Risparmio aziendale (2 ore)
11. Finanziarizzazione delle SNF (4 ore)
12. Detenzione di liquidità e crisi finanziarie (2 ore)
13. Bolle, crisi e altri problemi finanziari (6 ore)
14. Sistemi orientati al mercato (8 ore)
14.1 Il sistema finanziario del Regno Unito
14.2 Il sistema finanziario statunitense
15. Sistemi orientati alle banche (8 ore)
15.1 Il sistema finanziario tedesco
15.2 Il sistema finanziario francese
15.3 L'Eurozona e l'Unione bancaria
15.4 Il sistema finanziario giapponese
16. I sistemi finanziari dei Paesi emergenti (8 ore)
Prerequisiti
Nessuno
Testi adottati
Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023.
Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.
Bibliografia di riferimento
Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008.
Modalità di erogazione
Lezioni in aula
Modalità di frequenza
Frequenza obbligatoria
Modalità di valutazione
Il test finale comprende 7 domande a scelta multipla e 3 domande a risposta aperta.
Le domande a scelta multipla sono su tutti gli argomenti del corso.
Le domande a risposta aperta saranno estratte da un elenco di domande precedentemente pubblicate sul sito web del corso.
Ogni risposta giusta a una domanda a scelta multipla vale 3 punti.
Ogni risposta a una domanda aperta viene valutata da 0 a 4 punti.
Prove previste
- Prova scritta
- Docente
- Giovanni Scarano
- Curriculum
- Finanza e Dinamiche Macroeconomiche
- Anno di corso
- 2
- Periodo
- Primo semestre
- Ore
- 60
- CUIN
- 260003474
Programma
1. Introduzione (2 ore)
1.1 Premesse per uno studio comparativo
1.2 Forme di canalizzazione di fondi
1.3 Classificazione dei sistemi finanziari
2. Lo sviluppo storico dei sistemi finanziari (2 ore)
2.1 Le prime fasi dei sistemi finanziari
2.2 Credito vs mutuo soccorso
2.3 I sistemi finanziari nell'antichità
2.5 La nascita dei moderni sistemi finanziari
3. Le istituzioni finanziarie e i mercati finanziari di oggi (2 ore)
3.1 Tipi di istituzioni finanziarie
3.2 Banche e creazione di liquidità
3.3 Trasformazione delle scadenze e banche
3.4 Shadow banking
3.5 Effetti dei Fondi comuni e dei fondi pensione sui mercati finanziari
3.6 Principali cambiamenti nei sistemi finanziari odierni
4. Il capitale fruttifero e il conflitto tra profitto industriale e rendita finanziaria (2 ore)
5. Banche centrali, mercati monetari e politiche monetarie (2 ore)
5.1 L'evoluzione delle banche centrali
5.2 I diversi tipi di regolamentazione finanziaria
5.3 Mercati monetari e politica monetaria
7. I limiti dei mercati (2 ore)
8. Il ruolo della corporate governance (4 ore)
9. L'autofinanziamento (2 ore)
10. Risparmio aziendale (2 ore)
11. Finanziarizzazione delle SNF (4 ore)
12. Detenzione di liquidità e crisi finanziarie (2 ore)
13. Bolle, crisi e altri problemi finanziari (6 ore)
14. Sistemi orientati al mercato (8 ore)
14.1 Il sistema finanziario del Regno Unito
14.2 Il sistema finanziario statunitense
15. Sistemi orientati alle banche (8 ore)
15.1 Il sistema finanziario tedesco
15.2 Il sistema finanziario francese
15.3 L'Eurozona e l'Unione bancaria
15.4 Il sistema finanziario giapponese
16. I sistemi finanziari dei Paesi emergenti (8 ore)
Prerequisiti
Nessuno
Testi adottati
Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023.
Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.
Bibliografia di riferimento
Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008.
Modalità di erogazione
Lezioni in aula
Modalità di frequenza
Frequenza obbligatoria
Modalità di valutazione
Il test finale comprende 7 domande a scelta multipla e 3 domande a risposta aperta.
Le domande a scelta multipla sono su tutti gli argomenti del corso.
Le domande a risposta aperta saranno estratte da un elenco di domande precedentemente pubblicate sul sito web del corso.
Ogni risposta giusta a una domanda a scelta multipla vale 3 punti.
Ogni risposta a una domanda aperta viene valutata da 0 a 4 punti.
Prove previste
- Prova scritta
Esplora gli obiettivi dell’insegnamento
Ambito disciplinare: A scelta dello studente
Il corso consiste in un'analisi delle principali differenze tra i sistemi finanziari mondiali, una comprensione dei processi di globalizzazione e convergenza dei sistemi finanziari, e un'analisi di alcune delle caratteristiche strutturali e delle funzioni della canalizzazione dei fondi.
Risultati di apprendimento attesi — Giovanni Scarano
Acquisizione di conoscenze avanzate sul funzionamento dei mercati finanziari e sui processi di finanziarizzazione.
Risultati di apprendimento attesi — Giovanni Scarano
Acquisizione di conoscenze avanzate sul funzionamento dei mercati finanziari e sui processi di finanziarizzazione.
Esempi di domande d’esame
Giovanni Scarano
1. What a financial system consists of?
2. What is fund channelling and how can it work?
3. Distinguishing between consumer and corporate savings.
4. Describe the main differences between market oriented and bank oriented financial systems.
5. What is NAFA and how does it work for different types of economic agents?
6. What is hoarding and what produces it?
7. Discuss Schumpeter’s views on the role of banks in decentralised market societies.
8. Discuss the advantage to deficit and surplus units of using financial intermediaries and organized markets.
9. Distinguish between broking and intermediation.
10. Distinguish between primary and secondary markets.
11. What are the benefits of financial intermediation?
12. What is fictitious capital?
13. What role does credit play in capitalist systems?
14. Discuss creation of liquidity.
15. What does financial innovation consist of?
16. Distinguish between credit and mutual aid in ancient societies.
17. Where did public fiduciary currency originate and why?
18. Describe how did paper money originate in Western Countries.
19. Why was the Amsterdam Bourse an important institution development?
20. What kind of bank was the Bank of Amsterdam?
21. What was the Bubble Act and why was it passed?
22. What were the major characteristics of UK banking system in the nineteenth century?
23. What was “the problem of concentration of power” in USA?
24. In what year was the Federal Reserve System created and why?
25. What was the “Mississippi Bubble”?
26. Why was the development of banks retarded in France?
27. What was the “hausbank system” in Germany?
28. Why do people hold financial assets and liabilities simultaneously?
29. Distinguish between ‘asset risk’, ‘payment risk’ and ‘liquidity risk’ as faced by banks.
30. Explain why ‘liquidity risk’ is a particular problem for banks (when compared with nondeposit-taking institutions).
31. How can banks protect themselves against liquidity risk?
32. How are financial intermediaries able to engage in maturity transformation?
33. What is the maturity transformation process?
34. Distinguish between commercial and production credit.
35. What is securitisation?
36. What are junk bonds?
37. What is the shadow banking system?
38. Who are the shadow banks?
39. How can institutional investors influence NFC behaviour?
40. How does shadow banking implement the maturity transformation process?
41. What is the shareholder revolution about?
42. What are financial crises and what can be their major causes?
43. Distinguish between financial and economic crises.
44. Discuss potential crises according to Marx.
45. What are the main reasons of hoarding according to Marx?
46. Why liquidity holding can affect effective demand?
47. What is the rationale behind share buybacks?
48. How can financialisation be defined?
49. What is financialisation of NFCs and how it can act on macroeconomic variables?
50. How does globalisation interact with financialisation in developed countries?
51. What is the fallacy of composition in the process of replacing real investments by financial investments?
52. How is asset pricing supposed to take place?
53. What is arbitrage?
54. What are the main assumptions in the ADM model and why are they unrealistic?
55. What are the main results of the ADM model?
56. What are the assumptions of continuous trading?
57. What are the main assumptions of GEI models?
58. What is corporate saving glut and why can it be a problem?
59. What is the “pecking-order” hypothesis?
60. Discuss corporate cash holding decisions.
61. What is the circuit of capital according to Marx?
62. Discuss the relationship between money capital and productive capital.
63. Distinguish between concentration and centralisation of capital.
64. What is monopoly capitalism?
65. What is finance capital according to Hilferding?
66. What is promoter’s profit?
67. What are Arrighi and Braudel’s views about financialisation of the advanced countries?
68. Why does financialization grant flexibility to capitalism?
69. Compare corporate governance in Japan and the US.
70. What are the main differences in corporate governance in Germany and the UK?
71. What is corporate governance and why does it matter?
72. What is corporate governance and why could it play a major role in financialisation?
73. What is the market for corporate control and how does it work?
74. What are the main corporate governance mechanisms and how do they theoretically work?
75. Describe the main features of contract theory.
76. Distinguish between debt and equity.
77. What are the main contents of the Hart-Moore theory of debt?
78. Why the predominance of internal finance can be viewed as a way of ensuring that managers have an effective incentive system?
79. What are the rationales for corporate control and managerial discretion?
80. What is the so-called managerial revolution?
81. Who managers really are?
82. What is financial instability?
83. What is risk in finance?
84. What generates risk in the financial industry?
85. What are the diseconomies created by bank failure?
86. How were the low interest rates after 2000 explained by Bernanke?
87. What’s the secular stagnation hypothesis and how does it interact with financial instability?
88. How was the rise in share prices in the 1990s explained by Cecchetti et al.?
89. What does the fundamental theorem of finance state?
90. What are the main market imperfections we should introduce in financial markets models?
91. How can you define a bubble?
92. What is the relationship between bubbles and financial crises?
93. What are the typical three phases a bubble presents?
94. What is Shiller’s view of bubbles?
95. Why a bubble should not be consistent with rational behaviour?
96. Compare “rational” and “irrational” bubbles.
97. How can banks produce a rational bubble?
98. What is risk shifting?
99. How does credit expansion interact with risk shifting?
100. What do Allen and Gale suggest is crucial in determining the extent and developments of asset price bubbles?
101. What are the assumptions and results of the Allen and Gale model?
102. What is the equilibrium solution of the Allen and Gale model?
Giovanni Scarano
1. What a financial system consists of?
2. What is fund channelling and how can it work?
3. Distinguishing between consumer and corporate savings.
4. Describe the main differences between market oriented and bank oriented financial systems.
5. What is NAFA and how does it work for different types of economic agents?
6. What is hoarding and what produces it?
7. Discuss Schumpeter’s views on the role of banks in decentralised market societies.
8. Discuss the advantage to deficit and surplus units of using financial intermediaries and organized markets.
9. Distinguish between broking and intermediation.
10. Distinguish between primary and secondary markets.
11. What are the benefits of financial intermediation?
12. What is fictitious capital?
13. What role does credit play in capitalist systems?
14. Discuss creation of liquidity.
15. What does financial innovation consist of?
16. Distinguish between credit and mutual aid in ancient societies.
17. Where did public fiduciary currency originate and why?
18. Describe how did paper money originate in Western Countries.
19. Why was the Amsterdam Bourse an important institution development?
20. What kind of bank was the Bank of Amsterdam?
21. What was the Bubble Act and why was it passed?
22. What were the major characteristics of UK banking system in the nineteenth century?
23. What was “the problem of concentration of power” in USA?
24. In what year was the Federal Reserve System created and why?
25. What was the “Mississippi Bubble”?
26. Why was the development of banks retarded in France?
27. What was the “hausbank system” in Germany?
28. Why do people hold financial assets and liabilities simultaneously?
29. Distinguish between ‘asset risk’, ‘payment risk’ and ‘liquidity risk’ as faced by banks.
30. Explain why ‘liquidity risk’ is a particular problem for banks (when compared with nondeposit-taking institutions).
31. How can banks protect themselves against liquidity risk?
32. How are financial intermediaries able to engage in maturity transformation?
33. What is the maturity transformation process?
34. Distinguish between commercial and production credit.
35. What is securitisation?
36. What are junk bonds?
37. What is the shadow banking system?
38. Who are the shadow banks?
39. How can institutional investors influence NFC behaviour?
40. How does shadow banking implement the maturity transformation process?
41. What is the shareholder revolution about?
42. What are financial crises and what can be their major causes?
43. Distinguish between financial and economic crises.
44. Discuss potential crises according to Marx.
45. What are the main reasons of hoarding according to Marx?
46. Why liquidity holding can affect effective demand?
47. What is the rationale behind share buybacks?
48. How can financialisation be defined?
49. What is financialisation of NFCs and how it can act on macroeconomic variables?
50. How does globalisation interact with financialisation in developed countries?
51. What is the fallacy of composition in the process of replacing real investments by financial investments?
52. How is asset pricing supposed to take place?
53. What is arbitrage?
54. What are the main assumptions in the ADM model and why are they unrealistic?
55. What are the main results of the ADM model?
56. What are the assumptions of continuous trading?
57. What are the main assumptions of GEI models?
58. What is corporate saving glut and why can it be a problem?
59. What is the “pecking-order” hypothesis?
60. Discuss corporate cash holding decisions.
61. What is the circuit of capital according to Marx?
62. Discuss the relationship between money capital and productive capital.
63. Distinguish between concentration and centralisation of capital.
64. What is monopoly capitalism?
65. What is finance capital according to Hilferding?
66. What is promoter’s profit?
67. What are Arrighi and Braudel’s views about financialisation of the advanced countries?
68. Why does financialization grant flexibility to capitalism?
69. Compare corporate governance in Japan and the US.
70. What are the main differences in corporate governance in Germany and the UK?
71. What is corporate governance and why does it matter?
72. What is corporate governance and why could it play a major role in financialisation?
73. What is the market for corporate control and how does it work?
74. What are the main corporate governance mechanisms and how do they theoretically work?
75. Describe the main features of contract theory.
76. Distinguish between debt and equity.
77. What are the main contents of the Hart-Moore theory of debt?
78. Why the predominance of internal finance can be viewed as a way of ensuring that managers have an effective incentive system?
79. What are the rationales for corporate control and managerial discretion?
80. What is the so-called managerial revolution?
81. Who managers really are?
82. What is financial instability?
83. What is risk in finance?
84. What generates risk in the financial industry?
85. What are the diseconomies created by bank failure?
86. How were the low interest rates after 2000 explained by Bernanke?
87. What’s the secular stagnation hypothesis and how does it interact with financial instability?
88. How was the rise in share prices in the 1990s explained by Cecchetti et al.?
89. What does the fundamental theorem of finance state?
90. What are the main market imperfections we should introduce in financial markets models?
91. How can you define a bubble?
92. What is the relationship between bubbles and financial crises?
93. What are the typical three phases a bubble presents?
94. What is Shiller’s view of bubbles?
95. Why a bubble should not be consistent with rational behaviour?
96. Compare “rational” and “irrational” bubbles.
97. How can banks produce a rational bubble?
98. What is risk shifting?
99. How does credit expansion interact with risk shifting?
100. What do Allen and Gale suggest is crucial in determining the extent and developments of asset price bubbles?
101. What are the assumptions and results of the Allen and Gale model?
102. What is the equilibrium solution of the Allen and Gale model?