Financial Markets and Financial Crises: a Historical Approach

The goal of this course is to give an overview of evolution of financial markets from the Middle Ages to XXIst century, and to discuss the several financial crises that are as old as financial markets themselves. The primary aim is not to focus on facts, events, theories or numbers but rather to see the big picture in an integrative framework in a very long-run perspective. The students attending the course will be able to understand the causes of past crises and to remodel a conceptual framework that ties common elements together and underscores critical differences. We will discuss the lessons that we can draw for financial markets today.

At the end of the course students will
· develop a good command of the evolution of the timing, facts, and discontinuties of financial history from the Medieval Age up to modern times
· become familiar with the most influential financial paradigms since the 17th century;
· be able to single out and discuss cultural and institutional elements responsible for changes in financial history
· appreciate historical developments that led to different trajectories of financial change in different regions and in different periods
· appreciate the potential role of history in guiding current economic and financial policies and debates
· evaluate the trade-offs in financial policy
· able to articulate with confidence and data, personal views concerning significant social and financial issues in historical perspective.