Università degli Studi di Napoli "Parthenope"

  1. Teaching
  2. ECONOMIC, FINANCIAL AND INTERNATIONAL SCIENCES
  3. MACROECONOMICS AND FINANCIAL MARKETS :POLICY LESSONS

Stampa

MACROECONOMICS AND FINANCIAL MARKETS :POLICY LESSONS

Teaching schedule

Academic year: 
2017/2018
Belonging course: 
Course of Master's Degree Programme on ECONOMIC, FINANCIAL AND INTERNATIONAL SCIENCES
Disciplinary sector: 
ECONOMIC POLICY (SECS-P/02)
Language: 
Italian
Credits: 
6
Year of study: 
2
Teachers: 
BRANCATI EMANUELE
Cycle: 
Second semester
Hours of front activity: 
48

Language

Italian language for classes.
English language for teaching materials.

Course description

The aim of the course is to provide the student with critical tools for the valuation in the field of macroeconomics, with specific focus on the role of financial intermediaries for economic growth and the strategic interaction between agents and financial institutions.

Prerequisites

To successfully take this course it is needed a basic background in Macroeconomics, Microeconomics, Statistics, Mathematics.

Syllabus

The course will present some basics theoretical model and focus on the recent macroeconomic developments during the Lehman and Sovereign-debt crisis.

1. Main theoretical models:
1a. Modigliani Miller theorem on the irrelevance of the financial structure
1b. the role of informational asymmetries in the firm-bank relationship
1c. The model of Myers and Majluf on the role of insider information in the issuance of stocks
1d.The Stiglitz-Weiss model on credit rationing.
1e. Diamond-Dybvig model on bank-runs
1f. Other issues of the Peaking-order theory
1g. The excess sensitivity approach and its critiques.

2. A short review of basic statistics and element of econometrics.
2a. Review of basic statistcs
2b. the linear regression model
2c. specification errors
2d. regressions with instrumental variables

3. Evidences on financial and sovereign debt crisis
3a. evidences on the role of banks in the crisis of subprime mortgages
3b. The crisis of the Euro: causes, effects, players and solutions
3c. empirical evidences on the financial crisis
3d. empirical evidences on the sovereign debt crisis
3e. the finance-growth nexus

The course will present some basics theoretical model and focus on the recent macroeconomic developments during the Lehman and Sovereign-debt crisis.

1. Main theoretical models:
1a. Modigliani Miller theorem on the irrelevance of the financial structure
1b. the role of informational asymmetries in the firm-bank relationship
1c. The model of Myers and Majluf on the role of insider information in the issuance of stocks
1d.The Stiglitz-Weiss model on credit rationing.
1e. Diamond-Dybvig model on bank-runs
1f. Other issues of the Peaking-order theory
1g. The excess sensitivity approach and its critiques.

2. A short review of basic statistics and element of econometrics.
2a. Review of basic statistcs
2b. the linear regression model
2c. specification errors
2d. regressions with instrumental variables

3. Evidences on financial and sovereign debt crisis
3a. evidences on the role of banks in the crisis of subprime mortgages
3b. The crisis of the Euro: causes, effects, players and solutions
3c. empirical evidences on the financial crisis
3d. empirical evidences on the sovereign debt crisis
3e. the finance-growth nexus

Teaching Methods

Frontal teaching and topic lectures

Textbooks

Materials available on e-learning.

Additional readings will be provided during the course.

The reading list will be competed by the slides available on Moodle and scientific articles provided by the professor.

Learning assessment

Written exam made of both open-ended questions, multiple choices and true-false questions.

A presentation of a scientific paper (in couples of students) chosen by the student (from the provided list) will account for roughly 33% of the total grade (10 points at most).

More information

A presentation of a scientific paper (in couples of students) chosen by the student from the provided list.