8196 - COMPARATIVE FINANCIAL SYSTEMS

• Analyze the conceptual framework for comparing financial systems across countries and over time (in particular looking at the main channels of intermediation: banks vs financial markets).
• Review the main characteristics of the financial systems of the industrialized countries looking at the households' financial assets and the corporate sector's financial liabilities and main strategic implications for international players.
• Analyze the European process of financial integration: the Directives, their implementation and the actual results.
• Discuss - as significant case studies - the strategies of important global players of different countries, both American and European. The final case will look to the formation of the first big European player. Most cases will be discussed with managers or analysts of international financial institutions.

• Financial structure: general and theoretical issues.
• Households financial assets in an international perspective: implications for the strategy of main international banks and asset managers.
• Non-financial companies' financial liabilities in an international perspective; implications for the strategy of main international banks.
• The characteristics of main international banks: global players; multi-regional banks etc.
• The European financial convergence: the main Directives and their implementation.
• The big international players: profitability, business models, strengths and weaknesses.
• Strategic issues for international players: cross-border mergers and their implications.

Attending students
Written; both multiple choice and open questions. Special assignments (in substitution of mid- and final tests) for students attending 75 per cent of classes.

Non-attending students
Written; both multiple choice and open questions.

• All teaching material is available on the website