This course provides a comprehensive view on the functioning of modern financial markets:
specifics of different types of securities, organization of trading, and financial intermediaries. For
each topic, we discuss both traditional financial institutions and alternatives offered by fintech.
The classes involve much interaction with students, and everyone is expected to contribute to
We start by discussing the specifics of financial sector and its links with the real economy. Then,
we study basic financial instruments (debt and equity) and derivatives (forwards, futures, and
options). We continue with the structure of primary and secondary markets comparing IPO with
ICO and traditional stock exchanges with alternative trading systems. Then we discuss the
organization, risks, and strategies of the largest financial intermediaries (commercial and
investment banks, mutual and hedge funds, etc.) and their fintech competitors such as P2P
lending platforms and robo-advisors. Finally, we study the main problems in the financial
industry (e.g. asymmetric information and conflicts of interest), the global financial crisis of
2008, and the role of regulators. Throughout the course, we pay attention both to the specifics of
the Russian marketplace and to global trends and perspectives.
The course pursues two main objectives. Firstly, students should get a holistic picture of the
financial system, its structure and evolution. Secondly, students should get an impression about
the main concepts and models covered by the subsequent finance courses at the program.
Преподаватель: А. Горяев
Период чтения курса: 6 марта – 30 апреля 2023
Количество аудиторных часов: 42 часа
Формат чтения курса: оффлайн
Входные требования к студентам: хорошее базовое знание экономики и математики
Рабочий язык дисциплины: английский язык