HISTORY OF FINANCIAL MARKETS
Lectures: Italian - Readings: English
The course analyzes the evolution of financial markets in a long-term perspective, focusing on the financial crises and the evolution of monetary and credit systems, with the aim of providing students with the theoretical tools for understanding current issues and identify future scenarios thanks to the study of past financial policies.
Knowledge and understanding
Students have to understand the mechanisms that have determined the evolution of financial markets in a long-term perspective.
Applying knowledge and understanding
Students have to be able to analyze financial crises, the evolution of monetary systems, credit systems and different stages of monetary and financial integration.
Students have to demonstrate that they have developed a critical capacity in the analysis of the history of financial markets. They have to be able to apply this knowledge for understanding current problems and possible future scenarios.
Students have to be able to answer the written test questions correctly, clearly and comprehensively.
Lifelong learning skills
Students have to develop the ability to reason on the main determinants of change in the history of financial markets, with reference to financial crises, credit and monetary systems.
Knowledge of Macroeconomics
The course examines the evolution of the financial markets during the last two centuries. The main topics include:
1) Financial crises: debt crises (external and domestic default), banking crises, inflation crises, currency crashes. Case studies analysis.
2) The evolution of monetary systems:
-Gold Standard (1870-1914);
-Gold Standard between two World Wars (1918-1939);
-Bretton Woods System, International Monetary Fund;
-European monetary system 1979-1998
-Euro and economic policy of Euro area
3) Evolution of credit systems
4) International financial centers
5) Monetary and financial integration
6) Fisher theory of debt-deflation
7) Sustainability of public debt in Italy (1861-2017)
8) Business and credit cycles in Italy (1861-2013)
9) International crises of 1929
10) International crises of 2007-2008
The course analyzes the evolution of financial markets in a long-term perspective, focusing on the financial crises and the evolution of monetary and credit systems.
The course structure features in-person lectures and teaching support for case studies. Students are required to discuss assigned readings, which will be defined in due time. Lecture slides and extra course material will be made available on Moodle.
-Reinhart C., Rogoff K., Questa volta è diverso. Otto secoli di follia finanziaria, casa editrice il Saggiatore, 2010.
-Casses Y., Le capitali della finanza, Brioschi editore, 2006
(Students can alternatively study the English version of reference texts)
-Readings (in English) provided during the class, available on moodle (e-learning).
Students are required to participate in class discussions. Final grades will be awarded by taking into account:
-attendance, class participation
- case studies: papers, articles or books will be presented and discussed by students, individually or in groups.