MICROECONOMIA DEL SETTORE FINANZIARIO

ECONOMICS MICROECONOMIA DEL SETTORE FINANZIARIO

0222200040
DIPARTIMENTO DI SCIENZE ECONOMICHE E STATISTICHE
EQF7
ECONOMICS
2017/2018

YEAR OF COURSE 1
YEAR OF DIDACTIC SYSTEM 2016
SECONDO SEMESTRE
CFUHOURSACTIVITY
1060LESSONS
Objectives
EQUILIBRIUM MODELS ANALYSING THE BEHAVIOUR OF INDIVIDUALS AND ISTITUTIONS TRADING IN FINANCIAL MARKETS ARE PRESENTED, BY EMPHASIZING THE ROLE OF THE MARKET AS A COORDINATION DEVICE OF ECONOMIC DECISIONS
STUDENTS WILL BE ENDOWED WITH CONCEPTUAL AND ANALYTICAL TOOLS TO INTERPRET REAL FINANCIAL MARKETS PHENOMENONS. IN PARTICULAR, THEY WILL ACQUIRE THE ABILITY TO ANALYSE, WITHIN AN INTER-TEMPORAL CONTEXT, THE DETERMINANTS OF DEMAND AND SUPPLY, AND OF THE EQUILIBRIUM PRICES, OF RISKY ASSETS IN FINANCIAL MARKETS. THIS WILL ENABLE THE STUDENTS TO UNDERSTAND THE MARKET BEHAVIOUR OF THE AGENTS OPERATING IN FINANCIAL MARKETS AND THE AGGREGATE FUNCTIONING OF THE MARKETS.
THE PROGRAM COVERED IN THE COURSE WILL ALSO PROVIDE STUDENTS THE ANALYTICAL TOOLS NECESSARY TO CRITICALLY ASSESS THE FUNCTIONING OF REAL FINANCIAL MARKET, BOTH FROM A WELFARE PERSPECTIVE AND FROM THE VIEWPOINT OF BENEFICIAL TRADING OPPORTUNITIES OFFERED TO DIFFERENT TYPES OF AGENTS (INDIVIDUALS, FIRMS AND FINANCIAL ISTITUTIONS OPERATING IN THIS MARKETS).
Prerequisites
NONE
Contents
TOPICS:
1. FUNCTIONS OF THE FINANCIAL MARKETS: INTERTEMPORAL ALLOCATION OF RESOURCES; CAPITAL APPLOCATIONS ACROSS INVESTMENT PROJECTS; DIVERSIFICATION AND RISK-SHARING.
2. CONSUMER CHOICE AND CONSUMER DEMAND.
3. INTERTEMPORAL CHOICE: SAVINGS AND INVESTMENT.
4. CHOICE UNDER UNCERTAINTY: SPACE OF ALTERNATIVES AND MONETARY CONSEQUENCES
5. RISK AVERSION AND RISK PREMIUMS
6. RISK CORRELATION AND INSURANCE
7. FIRMS INVESTMENT UNDER UNCERTAINTY.
8. THE PRICE MECHANISM: PURE EXCHANGE AND GENERL EQUILIBRIUM
9. THE LAW OF ONE PRICE: ARBITRAGE AND ASSETS' PRICING
10. THE RISK RETURN TRADE-OFF: (I) THE MEAN-VARIANCE MODEL (CAPM); THE EFFICIENCY FRONTIER WITH TWO RISKY ASSETS AND WITH SEVERAL RISKY ASSETS; (III) THE STANDARD UTILITY MODEL: THE TWO PERIOD CASE.
11. THE ARBITRAGE PRICE THEORY
12. THE ROLE OF FINANCIAL INTERMEDIARIES: THE DYAMOND DYBVIG MODEL.
13. REGULATION OF FINANCIAL INTERMEDIARIES.
Teaching Methods
LECTURES, EXERCISES' SESSIONS, STUDENTS' PRESENTATIONS, AND WORKSHOPS.
Verification of learning
WRITTEN AND ORAL EXAM. THE WRITTEN EXAM LASTS TWO HOURS. THE ORAL EXAM LASTS TWENTY MINUTES, APPROXIMATELY. ONLY STUDENTS PASSING THE WRITTEN EXAM ARE ADMITTED TO THE ORAL EXAM.
THE WRITTEN EXAMS CONTAINS OPEN QUESTIONS, AIMED AT VERIFYING THE STUDENT'S UNDERSTANDING OF THE CONTENTS OF THE COURSE, AND EXERCISES INTENDED TO ASCERTAIN THE ABILITY TO APPLY FORMAL KNOWLEDGE TO THE ANALYSIS OF INDIVIDUAL BEHAVIOR WITHIN MARKETS. THE ORAL EXAM VERIFIES THE STUDENT'S ABILITY TO IDENTIFY AND ARTICULATE THE CONNECTIONS BETWEEN THE ANALYTICAL RESULTS PRESENTED IN THE COURSE, AND TO PRESENT THEIR IMPLICATIONS FOR THE MARKET BEHAVIOR OF INDIVIDUALS AND INSTITUTIONS.
Texts
COURSE NOTES ON ALL TOPICS PRESENTED IN CLASS WILL BE DISTRIBUTED TO THE STUDENTS
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