Università Roma Tre

1. Introduction (2 hours)
1.1 Premises for a comparative study
1.2 Forms of fund channelling
1.3 Classification of financial systems
 
2. The Historical Development of Financial Systems (2 hours)
2.1 The first stages of financial systems
2.2 Credit vs mutual aid
2.3 Early Financial Systems
2.4 The birth of modern financial systems

3. Today’s financial institutions and financial markets (4 hours)
3.1 Money capital and interest bearing capital
3.2Kinds of financial institutions
3.3 Banks and creation of liquidity
3.4 Banking and maturity transformation
3.5 Shadow banking
3.6 Mutual and pension funds
3.7 Major changes in today’s financial systems

4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours)

5. Central banks, money markets and monetary policies (2 hours)
5.1 The evolution of central banks
5.2 Different kinds of financial regulation
5.3 Money markets and monetary policy

6. Intertemporal choices and The ADM model (2 hours)

7. The Limitations of Markets (2 hours)

8. The role of Corporate Governance (4 hours)

9. Self-financing (2 hours)

10. Corporate saving (2 hours)

11. Financialisation of NFCs (4 hours)

12. Liquidity holding and financial crises (2 hours)

13. Bubbles, crises and other financial troubles (6 hours)

14. Market-oriented systems (8 hours)
14.1 The UK financial system
14.2 The US financial system

15. Bank-oriented Systems (8 hours)
15.1 The German financial system
15.2 The French financial system
15.3 The Eurozone and the Banking Union
15.4 The Japanese financial system

16. Financial systems in emerging countries (8 hours)

Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023.

Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.