Monetary and financial macroeconomics Financial economics

- To understand the theoretical foundations and the empirical implications of the nexus between financial development and economic growth - To analyze both theoritically and empirically the distortions created by financial repression and restrictions, and the benefits and risks of financial liberalization - To analyze both theoretically and empirically the sources of financial vulnerability and fragility of developing economies - To analyze causes, patterns and consequences of financial crises; to elaborate leading indicators of financial vulnerability; to design measures of prevention, management and solution of financial crises - To analyze both theoretically and empirically the benefits and risks of prudential regulation and financial safety nets; to design reforms aimed at strengthening financial systems and promoting financial stability in developing economies - To understand the causes and consequences of limited access to credit by households and small-and-medium size firms in developing economies; to design reforms aimed at promoting access to credit.

1) Financial development and growth: theory and empirical studies 2) Legal roots of financial development: common law vs civil law 3) Government intervention, regulation and repression of financial systems in developing economies 4) State-owned banks and development banks 5) Acces to and use of financial services in developing economies 6) Access to financial services, inequality and poverty 7) Acces to finance of SMEs and micro-enterprises 8) Informal finance 9) Financial liberalization and its impact on growth 10) Financial fragility: financial crises and boom-bust credit cycles

Students will develop their knowledge base and analytical skills by: - attending lectures setting the basic theoretical framework as well as illustrating key empirical findings. Students will receive the content of each lecture in advance in the form of power point presentations. At the same time students will receive at the start of the module a full list of basic and complementary bibliographical references. All readings will be uploaded to Aula Global in order to allow students to read in advance and dwell autonomously on the topics in which they are more interested. - discussing published articles and working papers, as well as completing group and individual assignments, in order to stimulate active participation by students. Students will develop their instrumental skills by: - analysing and presenting in class the methods, data and empirical findings of published articles and working papers; - writing and presenting in class a final academic essay based on a review and discussion of the existing literature on one of the topics dealt with in the module; - actively participating in the discussion of other students' essays. Students will have two hours per week of individual tutorials; they may also request additional tutoring, either individually or in groups.