B5151 - INTERMEDIARI FINANZIARI

Learning outcomes

The course aims to equip students with the tools needed to study the features, role, and functioning of financial systems, with a view to understanding both long-term developments and recent trends such as the globalization of financial markets, European integration and monetary union, the evolution of financial markets, and financial crises.
Upon completion, students are expected to: analyze the functions of the financial system; deepen their understanding of the financial decisions of households and firms; examine the characteristics of financial intermediaries and institutional investors; and understand the regulation of the financial system, including the theoretical underpinnings of its rationale and the general principles guiding its structure across different institutional contexts.

Course contents

The financial system: components; instruments; markets; intermediaries; regulation.

Functions of the financial system: monetary function / payment system; intermediation; transmission of monetary policy.

Rationale for the existence of intermediaries.

Intermediaries: banks; non-bank credit intermediaries; securities intermediaries; equity-investment intermediaries; insurance companies.

Management principles of financial institutions.

Markets and instruments: money, bond, and equity markets.

Regulation of the financial system

Readings/Bibliography

Istituzioni e mercati finanziari, 10/ED (Financial Markets and Institutions, 10th ed.)
Frederic S. Mishkin – Stanley G. Eakins – Elena Beccalli.

Chapters: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 20, 21, 22, 23, 24.

Teaching methods

Lectures, case studies, guided exercises, guest talks, and group work.

Assessment methods

Written examination administered exclusively via Esami On Line (EOL), with a maximum duration of 60 minutes. Participation is restricted to students (i) registered on AlmaEsami and (ii) up to date with due payments.

Examinations are generally divided into two parts:

1. Closed-ended multiple-choice questions (only one correct answer). Incorrect answers do not incur negative marking.

2. Open-ended questions requiring brief written responses.

Prohibitions during the exam: copying or allowing another student to copy; exchanging notes; speaking or otherwise communicating with other candidates (including gestures); keeping notes, pencil cases, or similar items on the desk; using any electronic device other than a calculator or using connected devices remotely (earbuds, microphones, smartwatches, etc.).
If such conduct is verified during the exam, the student will be removed from the room and the exam annulled. In the most serious cases, the conduct will be reported to the Academic Authorities for the initiation of disciplinary proceedings (Art. 48, para. 2 of the University Code of Ethics). If, during grading, clear and documentable evidence emerges of unauthorised conduct that prevents a fair evaluation, the candidates concerned will be required to sit an oral interview, either supplementary to or replacing the written test.

Students may review the graded scripts on EOL (function “Revisione”) and may request clarifications by email.

Grading scale (out of 30):
<18: fail; 18–23: sufficient; 24–27: good; 28–30: very good; 30 with honours: excellent.

The grade may be refused once by emailing the instructor. Absence from the second midterm does not constitute a refusal. If both midterms are taken, the final grade is the arithmetic mean of the two scores. Students who refuse the final grade obtained via the midterms, or who do not achieve at least 18/30, must sit a comprehensive exam on the entire syllabus starting from the next session.

Grades are recorded automatically (in the student’s absence) via the online system no earlier than the fifth day after the publication of results on AlmaEsami. Graduating students who wish to have their grade recorded earlier should inform the instructor by email

Teaching tools

Slides, handouts, and articles from financial newspapers, made available in electronic format. Wooclap will be used to support interactive learning.

Office hours

See the website of Simona Cosma