Financial institutions, international finance and risk management

DONATELLA STRANGIO

The course is divided into a module that includes lectures and activities of working groups consisting in the preparation of presentation, analysis and discussion of articles, essays and books and processing of data sets and the use of historical series that combine to form the student skills. In this way the student will be able to apply the acquired knowledge in a concrete way, so as to favor the autonomy of judgment and refine problem solving skills.
Specifically, the student will know:
 Understand theories on the change of the bank function in the long run and the socio-institutional transformations that have accompanied them;
 Apply the knowledge acquired within the structure of the banking system with reference to the different national and international models;
 Communicate and implement the skills acquired in the concrete analysis of case studies;
 To pursue and valorize, in an autonomous way, in the course of one's professional life the tools of analysis and comparison in order to have a critical attitude towards the variety and dynamics of the financial models studied and the impact that a financial economic crisis has on the economic system in order to manage it and in any case face it.

These objectives are achieved starting from a clear definition of the economic system that represents the system of customs, rules and rules. During the course, study cases related to particular regional areas will be analyzed: Europe (Italy, Germany, England, France, Spain) United States, China, Japan, India, Russia and Asia.
During the course the aspects related to the relationship between the reference geo-normative context will be analyzed; in this perspective the differences between the Civil Law, the Common Law and, above all, the mechanisms of the Path Dependance that have favored, over time, the consolidation of certain practices and routines will be explored. The course will then focus on the financial crises in history and the theoretical models to which they gave life and the different intensities and the peculiar ways in which the financial institutions have formed in different countries that have influenced the growth and development of a country.

In order to develop critical and judgmental skills and consequently make students able to master different banking and financial models, the course will refer to techniques and tools able to promote students' learning and knowledge; in this direction during the course some activities will take place, such as:
 Exercises of a theoretical and practical nature on the issues dealt with during the course;
 Presentation of cases studies and related written reports, also with the support of external testimonials;
 Business testimonials;
 Group work consisting of project work presentations and discussion of papers

At the end of the course the student will have a good knowledge of the origin of the bank and of the forms it assumes in the various historical periods. The student will be able to know and critically interpret the different financial models and the role of financial intermediaries, the role of governance in the various areas and the various financial instruments through the use of econometric models. Therefore, the student will be able to contribute critically and with his own operational capacity to the financial systems that favor the market and to those that, like the Italian system, that of credit intermediaries and their evolution within the globalized context.

The aim of the course is to provide the tools for understanding the evolution of financial techniques and systems, in relation to the processes of economic growth and development. In this context, particular attention is dedicated to the complex relationship between public finance and private finance. At the end of the course, the student will have a good knowledge of the origin of the bank and of the forms it assumes in the various historical periods. The student will be able to know and critically interpret the different financial models and the role of financial intermediaries, the role of governance in the different fields and the different financial instruments. Therefore, the student will be able to contribute critically and with their own operational capacity to the financial systems that favor the market or credit intermediaries and to their evolution within the globalized context.

There are no prerequisites

The main subject of the programme is the reconstruction in which cultural constraints acted in orienting and shaping the western economy but also other world economies. In each of the phases into which this reconstruction is divided: a) the early medieval commercial and monetary revolution; b) the mercantile system; c) the initiation and spread of industrialisation processes; d) the finance of the short century; e) the apogee of financial capitalism and how it operated to generate institutional changes such as to influence, at the micro level, the way in which enterprises were financed and, at the macro level, the formation and consolidation of financial systems. The origins of banking and the issue of usury; new forms of enterprise and the lex mercatoria; financial revolutions, stock exchanges and speculative bubbles will be explored. The various financial crises that have occurred throughout history will be compared and critically analysed. Long-term analysis allows us to grasp the persistences in the evolution of finance, but along with them also the changes that have influenced the formation and consolidation of financial systems. The British and US financial models as well as those of continental Europe and the Far East will be examined in depth, and some rudiments of Islamic finance will be given for the banking system.
The programme deals with state intervention and the regulation of financial systems with particular reference to Golden Age finance and the crisis of Keynesianism and deregulation. Particular attention is given to the changes brought about by the various financial and economic crises and their consequences such as the 2008 crisis and the recent Covid-19 pandemic crisis.
In-depth seminars on specific topics with experts in the field are planned.
Students interested in the course will be invited to register on the Classroom platform (for which access keys will be provided) via which the lecturer will post useful preparation materials and provide useful information directly to all interested students.

Recommended texts:
Massimo Fornasari, The bank, the stock exchange, the State. A history of finance (13th-21st centuries), G. Giappichelli publisher, Turin 2019 (second edition).
Additional materials to support the preparation will be provided by the teacher on request, which can be downloaded from the Classroom platform upon request for access codes.

In general, at the beginning of the course, as every year, attendees will be given all the useful information and also the detailed programme with the days, the topic that will be covered on that day, the pages of the textbooks where to find that topic and the in-depth seminars organised for the course.
In-depth seminars on specific topics with experts in the field are planned.
Study groups will also be organised for those following remotely, which will be considered valid for the final examination.
Students interested in the course will be invited to register on the Classroom platform (for which access keys will be provided) through which the professor will insert useful materials for preparation and provide further information directly to all interested students.
The course is 6 cfu (equal to 48 hours). More specifically, it will be divided as follows: approximately 10 hours will be devoted to general concepts; approximately 38 hours will be devoted to the in-depth study of particular case studies, of which approximately 14 hours will be devoted to working groups and the presentation and critical discussion of specific topics. In addition, in-depth seminars conducted by the lecturer together with specialists in the field and direct visits to major national and international banking and financial institutions are planned (according to availability). The course does not have compulsory attendance. Teaching will be delivered in presence

In general, at the beginning of the course, as every year, attendees will be given all the useful information and also the detailed programme with the days, the topic that will be covered on that day, the pages of the textbooks where to find that topic and the in-depth seminars organised for the course.
In-depth seminars on specific topics with experts in the field are planned.
Study groups will also be organised for those following remotely, which will be considered valid for the final examination.
Students interested in the course will be invited to register on the Classroom platform (for which access keys will be provided) through which the professor will insert useful materials for preparation and provide further information directly to all interested students.
The course is 6 cfu (equal to 48 hours). More specifically, it will be divided as follows: approximately 10 hours will be devoted to general concepts; approximately 38 hours will be devoted to the in-depth study of particular case studies, of which approximately 14 hours will be devoted to working groups and the presentation and critical discussion of specific topics. In addition, in-depth seminars conducted by the lecturer together with specialists in the field and direct visits to major national and international banking and financial institutions are planned (according to availability). The course does not have compulsory attendance. Teaching will be delivered in presence

The student's assessment method will consist of one or two intermediate tests and a final examination.
The intermediate assessments will consist of group projects aimed at the presentation and critical discussion of papers, essays and books that explore particular parts of the syllabus and refer to specialised authors of relevance to the subject that will be worth an extra point on the final assessment.
The final examination is oral and will cover the programme and the activities carried out during the course for those attending the course and the main reference text and the handouts and in-depth studies made available and indicated by the professor on the website and on the digital platform, which is made available to students, including non-attending students, on request to the professor. For non-attending students, the examination is written (consisting of 31 questions multiplechoice in a maximum of 30 minutes via the Moodle platform or with a test provided by the teacher in the classroom) and immediately afterwards, for those who have passed, a short oral confirmation.
The final examination is structured in such a way as to allow the student to have the opportunity to demonstrate his/her preparation, understanding of the topics covered in the course and ability to apply the knowledge acquired.