Financial Disintermediation
A.Y. 2022/2023
Learning objectives
The course aims at providing students with a deep understanding of the driving forces that are changing the financial landscape and the main trends in the banking sector and capital markets.
Expected learning outcomes
By the end of this course students will be able to illustrate and critically evaluate the dynamics of the financial industry and the implications on firms' fundraising.
Lesson period: Second trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
Second trimester
Course syllabus
1. Overview of the financial system
2. Interest rates, central bank and monetary policy
3. Bond markets and Stock markets
4. Commercial Banks
5. Other financial institutions
6. The changing financial ecosystem, decentralized finance and the emergence of Fintech companies
7. Digitalization of financial services and financial innovation
a. Payment, clearing and settlement services (Digital currencies, CBDC)
b. Credit, deposit and capital raising services
c. Investment management services
d. GreenTech
e. InsurTech
f. RegTech
8. Risk management and cyber risk
9. The regulatory framework
10. The future of traditional financial services and innovative financial services
2. Interest rates, central bank and monetary policy
3. Bond markets and Stock markets
4. Commercial Banks
5. Other financial institutions
6. The changing financial ecosystem, decentralized finance and the emergence of Fintech companies
7. Digitalization of financial services and financial innovation
a. Payment, clearing and settlement services (Digital currencies, CBDC)
b. Credit, deposit and capital raising services
c. Investment management services
d. GreenTech
e. InsurTech
f. RegTech
8. Risk management and cyber risk
9. The regulatory framework
10. The future of traditional financial services and innovative financial services
Prerequisites for admission
There are no formal prerequisites, but taking quantitative methods class is highly recommended.
Teaching methods
Face-to-face lectures. The course is also supported by examples, case studies, discussions and interactive methods on the main topics. Students are expected to actively participate during the course in order to deepen their understanding of the innovations in finance and encourage critical thinking.
Teaching Resources
Book: Saunders, Cornett, Erhemjamts, 2022, Financial Markets and Institutions, 8th edition, McGraw-Hill publisher
Selected chapters will be indicated during the course.
Relevant materials including papers, news articles, slides will be posted online.
Selected chapters will be indicated during the course.
Relevant materials including papers, news articles, slides will be posted online.
Assessment methods and Criteria
Written exam (85%). Empirical project (15%).
Attending students can have 1 point bonus with a presentation in class of a case study. Non-attending students are those unable to participate in at least 80% of classes. Class attendance is strongly encouraged for this course.
Attending students can have 1 point bonus with a presentation in class of a case study. Non-attending students are those unable to participate in at least 80% of classes. Class attendance is strongly encouraged for this course.
SECS-P/11 - FINANCIAL MARKETS AND INSTITUTIONS - University credits: 9
Lessons: 60 hours
Professor:
Rancan Michela
Educational website(s)
Professor(s)