Financial Markets and Financial Crises: a Historical Approach

The goal of the course is to give an overview of the evolution of financial markets from the Middle Ages to the 21st 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 figures but rather to see the big picture in an integrative framework in a long-run perspective. Special attention will pe paid then to the key interrelationship between financial innovation, government regulation and financial crises across three thousands years, showing through successes and failures the key factors that underpin any successful recovery and foster economic growth. Thusly, a series of workable solutions that will help both to preserve the gains we have already achieved and to mitigate the dangers of future crises will appear clear.
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
· develop a good command of the evolution of the timing, facts, and discontinuties of financial history from the Medieval Age up to modern times
· be familiar with the major influential changes in the financial markets since the 17th century
· be able to single out and discuss technological, cultural and institutional factors responsible for changes in financial markets
· appreciate historical developments that led to different trajectories of financial changes in different countries and in different periods
· appreciate the potential role of history in guiding current financial policies and debates

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.