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Macroeconomics, Money and Finance, Portfolio Choices
The course illustrates the common properties and the differences among the most important episodes of financial bubbles and crises. The aim is to build an evolutionary vision of financial markets development, in a context in which banking and financial crises are recurrent and hard-to-interpret features.
1. The relevance of the knowledge of history for the banking & finance profession. Pre-modern financial systems. Modern financial systems of Western Europe 2. International transfers of the financial primacy 3. Historical behaviour of interest rates. Interest-rate convergence and market integration. 4. Historical legitimacy of interest-based loans. 5. Modern and contemporary financial development. Focus on West European financial history (15th-18th centuries). Focus on West European and North American financial history (19th-20th centuries). 6. History of stock markets. 7. Financial evolution in the past two decades: the World and Italy. 8. Evolution of corporate finance. 9. Cenni di teoria delle crisi finanziarie, bancarie, valutarie. 10. Great Crises: The Tulips Bubble; The Mississippi Company Bubble; The South Seas Company Bubble; Banking and currency crises in Italy:1866, 1893, 1907, 1926-27, 1992; International crisis in 1929-33; International crisis of 1987. The Asian crisis of 1997. The Russian and LTCM crises of 1998. The dotcom Bubble of 1999-2000. Turkey and Argentina crises of 2000-01. The Subprime crisis of 2007-08.
1. The relevance of the knowledge of history for the banking & finance profession. Pre-modern financial systems. Modern financial systems of Western Europe 2. International transfers of the financial primacy 3. Historical behaviour of interest rates. Interest-rate convergence and market integration. 4. Historical legitimacy of interest-based loans. 5. Modern and contemporary financial development. Focus on West European financial history (15th-18th centuries). Focus on West European and North American financial history (19th-20th centuries). 6. History of stock markets. 7. Financial evolution in the past two decades: the World and Italy. 8. Evolution of corporate finance. 9. Cenni di teoria delle crisi finanziarie, bancarie, valutarie. 10. Great Crises: The Tulips Bubble; The Mississippi Company Bubble; The South Seas Company Bubble; Banking and currency crises in Italy:1866, 1893, 1907, 1926-27, 1992; International crisis in 1929-33; International crisis of 1987. The Asian crisis of 1997. The Russian and LTCM crises of 1998. The dotcom Bubble of 1999-2000.
* Baskin, B.J. e P.J. Miranti Jr., Storia della finanza d'impresa, Laterza, Bari, 1997 * Spinelli, F. (a cura di), Materiale per il corso di Evoluzione della finanza e grandi crisi, CLUB, Brescia, 2012 * Spinelli, F., Lezioni di Storia della Finanza, FrancoAngeli, 2011
Traditional classes and occasional seminars
The evaluation is based on a written exam.
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