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Course 2009-2010 a.y.

8469 - CENTRAL BANKING REGULATION OF FINANCIAL MARKETS: ECONOMICS AND POLITICAL ECONOMY


MM-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - DES-LS - CLG-LS - M-LS - IM-LS - ACME-LS - EMIT-LS
Department of Economics

Course taught in English


Go to class group/s: 31

MM-LS (6 credits - II sem. - AI) - AFC-LS (6 credits - II sem. - AI) - CLAPI-LS (6 credits - II sem. - AI) - CLEFIN-LS (6 credits - II sem. - AI) - CLELI-LS (6 credits - II sem. - AI) - DES-LS (6 credits - II sem. - AI) - CLG-LS (6 credits - II sem. - AI) - M-LS (6 credits - II sem. - AI) - IM-LS (6 credits - II sem. - AI) - ACME-LS (6 credits - II sem. - AI) - EMIT-LS (6 credits - II sem. - AI)
Course Director:
DONATO MASCIANDARO

Classes: 31 (II sem.)
Instructors:
Class 31: DONATO MASCIANDARO


Course Objectives
The depth and breadth of the financial crisis motivates a reconsideration of financial regulation and within that the role of the central banks. The course analyzes the evolution of regulation and supervision of banking and financial markets with specific attention to Europe and US in order to identify main features, causes and effects. Regulation is considered as the outcome of interaction between the demand for rules, which responds to public needs, and the supply of regulation and supervision, which depends from the cost and benefits analysis of politicians, regulators and central bankers. The methodology uses recent results from economics, institutional and empirical analysis.

Course Content Summary

Introduction

Part I: Money and Financial Markets

  • Financial Imperfections and the Macroeconomy: Baseline Model
  • Credit Market Imperfections and the General Equilibrium: Firm’s Side
  • Credit Market Imperfections: the Households’ Side
  • Monetary Policy and Asset Prices
  • Monetary Policy, Banking and the Financial Crisis of 2008

Part II: Regulation

  • Regulation and the market mechanism in finance
  • Re-regulation after the crisis: technical and political issues
  • Monetary and financial macro-prudential rules

Part III: Supervision

  • Public Goals. Lobbies, Politicians and Supervisors
  • A Special Supervisor: the Central Bank
  • Supervision: Theory and Institutions
  • Supervision: Empirical Analysis

Detailed Description of Assessment Methods

Written exam


Textbooks
  • Textbooks will be available online starting from the beginning of the lessons.
Exam textbooks & Online Articles (check availability at the Library)
Last change 21/01/2010 12:49
 

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