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Course outline

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©Ella KhromovaLecture 1Course targetWhat is the structure of a financial system?How does this structure differ across countries worldwide?Why do financial intermediaries exist? What are the main risks faced by banks?How can

Слайды и текст этой презентации

Слайд 1Course outline
©Ella Khromova
Lecture 1
International finance and globalization
Course target
Grade determination
Literature
Course timeline

Course outline©Ella KhromovaLecture 1International finance and globalizationCourse targetGrade determinationLiteratureCourse timeline

Слайд 2©Ella Khromova
Lecture 1
Course target

What is the structure of a financial

system?

How does this structure differ across countries worldwide?

Why do financial

intermediaries exist?

What are the main risks faced by banks?

How can different investment opportunities be evaluated?

How to construct a well-diversified portfolio?

Course target

Grade determination

Literature

Course timeline

©Ella KhromovaLecture 1Course targetWhat is the structure of a financial system?How does this structure differ across countries

Слайд 3©Ella Khromova
Lecture 1
Literature and materials
Buckle, M. and E. Beccalli Principles

of banking and finance (UOL studyguide)

Mishkin, F. and S. Eakins

Financial Markets and Institutions. (Addison Wesley)

Allen, F. and D. Gale Comparing Financial Systems. (MIT Press)

Brealey, R.A. and S.C. Myers Principles of Corporate Finance. (McGraw-Hill/Irwin)

Essential reading for the course:

Course target

Grade determination

Literature

Course timeline

Materials for the course:

VK group: https://vk.com/internationalfinanceir

©Ella KhromovaLecture 1Literature and materialsBuckle, M. and E. Beccalli Principles of banking and finance (UOL studyguide)Mishkin, F.

Слайд 4©Ella Khromova
Lecture 1
Grade determination
Class-work during lectures and classes – 15%
Home

assignments – 15%
Group project – 40%
Final written exam – 30%

Final

course grade will consist from:

Course target

Grade determination

Literature

Course timeline

©Ella KhromovaLecture 1Grade determinationClass-work during lectures and classes – 15%Home assignments – 15%Group project – 40%Final written

Слайд 5©Ella Khromova
Lecture 1
Course timeline
Essential reading for the course:
A Nature of

Financial intermediation

Diversified portfolio construction


Risk and return



Cross- country comparison of

financial systems

Banking risks and regulation


Financial instruments



Capital Budgeting and Project Valuation

Bank-based system

Market-based system

HA1

HA2

Course target

Grade determination

Literature

Course timeline

©Ella KhromovaLecture 1Course timelineEssential reading for the course:A Nature of Financial intermediation Diversified portfolio constructionRisk and returnCross-

Слайд 6Lecture 1. Cross-country comparison of financial systems
©Ella Khromova
Lecture 1
International finance

and globalization
Bank-based VS Market-based financial system
Cross-country comparison

Lecture 1. Cross-country comparison of financial systems©Ella KhromovaLecture 1International finance and globalizationBank-based VS Market-based financial systemCross-country

Слайд 7©Ella Khromova
Lecture 1
Functions of financial systems
Set of institutions, which allow

the exchange of funds between lenders-savers and borrowers-spenders
What is a

financial system?

channel households’ savings to the corporate sector that has pool of investment opportunities
provide intertemporal consumption smoothing
allow risk sharing for firms and households
provide diversification & insurance

Functions of financial systems

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Functions of financial systemsSet of institutions, which allow the exchange of funds between lenders-savers and

Слайд 8©Ella Khromova
Lecture 1
Types of financial systems
Banks, mutual funds, pension funds,

insurance companies

FIs buy and sell financial contracts (loans, deposits, insurance).


These contracts are not marketable.

Financial intermediaries (FI)

Bond and Stock Markets

Governments and corporations raise funds by issuing financial instruments (Securities):
Debt instruments (Bonds)
Equity instruments (Shares or Stocks)
Derivatives

Financial markets

Types of financial systems

Bank-based

Market-based

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Types of financial systemsBanks, mutual funds, pension funds, insurance companiesFIs buy and sell financial contracts

Слайд 9©Ella Khromova
Lecture 1
Bank-based VS Market-based financial system
Indirect finance: Bank-based financial

system
Direct finance: Market-based financial system
Financial intermediaries
Financial
markets
Lender-saver
Borrower-spender
Cash
Loan
Deposit
Cash
Cash
Securities
Cash
Securities
Cash
Securities
Bank-based VS Market-based financial

system

Cross-country comparison

©Ella KhromovaLecture 1Bank-based VS Market-based financial systemIndirect finance: Bank-based financial systemDirect finance: Market-based financial systemFinancial intermediariesFinancial marketsLender-saverBorrower-spenderCashLoanDepositCashCashSecuritiesCashSecuritiesCashSecuritiesBank-based

Слайд 10©Ella Khromova
Lecture 1
Bank-based VS Market-based systems across countries
Sources: OECD Statistics

(for GDP data); World Federation of Exchanges (for stock exchange

data); European Banks Federation; Bank of England; Federal Reserve Bank of USA; Bank of Japan.

International comparison of banks and markets, 2009

Bank-based countries: Germany, Japan, Italy
Market-based countries: USA, UK, Australia

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Bank-based VS Market-based systems across countriesSources: OECD Statistics (for GDP data); World Federation of Exchanges

Слайд 11©Ella Khromova
Lecture 1
Reasons for differences in financial systems
Why are there

differences in the relative importance of financial markets and intermediaries

in different countries?

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Reasons for differences in financial systemsWhy are there differences in the relative importance of financial

Слайд 12©Ella Khromova
Lecture 1
Russian Federation
Central bank=Regulator: Central Bank of Russia

Insurance: Deposit

Insurance Agency of Russia (up to 1,4 mln RUB per

depositor per bank)

Largest banks: Sberbank, VTB, Gazprombank, Russian Agricultural Bank, Alfa Bank, Credit Bank of Moscow

Banking structure

Regulator: Central Bank of Russia

Government bonds: OFZ
Interest rate in RUB: 7,25%

Exchange: Moscow Exchange

Main stock indexes:
MOEX Russia Index – in RUB
RTS Index (RTSI)- in USD

Financial markets structure

Russia

Historical timeline

1998
Default

2007-2009
Global financial crisis

2014-2015
Exchange rate crisis

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Russian FederationCentral bank=Regulator: Central Bank of RussiaInsurance: Deposit Insurance Agency of Russia (up to 1,4

Слайд 13©Ella Khromova
Lecture 1
United States of America
Central bank=Regulator: Federal Reserve system

(FED)

Insurance: Federal Deposit Insurance Corporation (FDIC) (up to $250,000 per

depositor per bank)

Largest banks: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley

Banking structure

Regulator: The United States Securities and Exchange Commission (SEC)

Government bonds: US Treasuries
Interest rate in USD: 2%

Exchanges:
1. NYSE (New York Stock Exchange)
2. NASDAQ

Main stock indexes:
S&P 500 –top 500 usa companies
Dow Jones Industrial Average (DJIA)- industrial companies
NASDAQ – technological companies

Financial markets structure

United States of America

Historical timeline

1929
The Great Crash
(Black Thursday)

1930
Great Depression

1933-1999
Glass-Steagall Act

1997
The internet bubble

2007
The Great Recession

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1United States of AmericaCentral bank=Regulator: Federal Reserve system (FED)Insurance: Federal Deposit Insurance Corporation (FDIC) (up

Слайд 14©Ella Khromova
Lecture 1
United Kingdom
Central bank=Regulator: Bank of England (BoE)

Insurance: Financial

Services Compensation Scheme (up to GBP 85,000 per depositor per

bank)

Largest banks (universal): HSBC, Lloyds, Royal Bank of Scotland, and, Barclays

Banking structure

Regulator: Financial Conduct Authority (FCA)

Government bonds: Gilts
Interest rate in GBP: 0,75%

Exchange: London Stock Exchange (LSE)

Main stock indexes:
Financial Times Stock Exchange (FTSE)

Financial markets structure

United Kingdom

1711
South Sea Company Bubble

1720
Bubble Act

1824
Repeal of Bubble Act

1986
The “Big Bang”

2007-2009
Global financial crisis

Historical timeline

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1United KingdomCentral bank=Regulator: Bank of England (BoE)Insurance: Financial Services Compensation Scheme (up to GBP 85,000

Слайд 15©Ella Khromova
Lecture 1
Germany
Central bank: Deutsche Bundesbank
Bank regulatory: Federal Financial Supervisory

Authority (BaFin)

Insurance: BdB (for private banks), VÖB (for public sector

banks), BVR (for co-operative banks), DSGV (Savings banks) (unlimited up to 30% of a liable capital of a bank)

Largest banks (universal): Deutsche Bank, Dresdner, Commerzbank

Banking structure

Regulator: Federal Financial Supervisory Authority (BaFin)

Government bonds: Bund
Interest rate in EUR: 0%

Exchange: Deutsche Börse

Main stock indexes:
HDAX, DAX

Financial markets structure

Germany

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1GermanyCentral bank: Deutsche BundesbankBank regulatory: Federal Financial Supervisory Authority (BaFin)Insurance: BdB (for private banks), VÖB

Слайд 16©Ella Khromova
Lecture 1
Japan
Central bank: Bank of Japan

Insurance: Deposit Insurance Corporation

of Japan

Largest banks: Mitsubishi UFJ Financial Group, The Nomura Trust

& Banking Co.

Banking structure

Regulator: Securities and Exchange Surveillance Commission

Government bonds: JGBs
Interest rate in Yen: -0,1%

Exchange: Japan Exchange Group (Tokyo Stock Exchange + Osaka Securities Exchange)

Main stock indexes:
Nikkei 225- industrial companies,
Topix (TPX)

Financial markets structure

Japan

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1JapanCentral bank: Bank of JapanInsurance: Deposit Insurance Corporation of JapanLargest banks: Mitsubishi UFJ Financial Group,

Слайд 17©Ella Khromova
Lecture 1
Current trends
The current trend is towards market-based systems

(disintermediation)

government intervention has become discredited
economic theory emphasises the effectiveness of

financial markets in
allocating resources


However, market imperfections, such as transaction
costs and asymmetric information, represent important limitations of
financial markets and are the main reasons why bank-based systems still exist.

Bank-based VS Market-based financial system

Cross-country comparison

©Ella KhromovaLecture 1Current trendsThe current trend is towards market-based systems (disintermediation)government intervention has become discreditedeconomic theory emphasises

Слайд 18©Ella Khromova
Lecture 1
Thank you!
Bank-based VS Market-based financial system
Cross-country comparison
Buckle, M.

and E. Beccalli Principles of banking and finance (UOL studyguide)

pp. 16-18, 40-62

Mishkin, F. and S. Eakins Financial Markets and Institutions. (Addison Wesley) Chapter 1,2,18

Essential reading for Lecture 1:

South Sea Bubble example:
https://www.youtube.com/playlist?list=PLhyKYa0YJ_5CwbTgovbJJhy1LyAaDqStr

P.S. Very funny YouTube channel about history:

©Ella KhromovaLecture 1Thank you!Bank-based VS Market-based financial systemCross-country comparisonBuckle, M. and E. Beccalli Principles of banking and

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