FINANZA E CRESCITA
Syllabus
Prerequisiti
Prerequisites
Programma
2. Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
3. Sviluppo finanziario e crescita economica. Efficienza allocativa vs. irrazionalità nei mercati finanziari.
4. Endogeneità dello sviluppo finanziario e del tasso di crescita dell’economia.
5. Mercati finanziari, crescita e distribuzione del reddito
6. Informazione, incentivi e crisi finanziarie
7. Analisi empiriche della crescita: cross sections, serie storiche e panel data.
8. Presentazioni degli studenti
Program
2. One-sector growth models with endogenous technical progress. The model AK. Multi-sector models with endogenous technical progress: human capital, learning-by-doing, Research and Development.
3. Financial development and economic growth. Allocative efficiency vs. irrationality in financial markets.
4. Endogenous financial development and economic growth.
5. Financial markets, growth, and income distribution.
6. Information, incentives and financial crises.
7. Growth empirics: cross-sections, time-series and panel data.
8. Student presentations.
Testi Adottati
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Books
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Bibliografia
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Bibliography
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Modalità di svolgimento
Teaching methods
Regolamento Esame
Formulazione del giudizio espresso in trentesimi:
o Non idoneo: importanti carenze e/o inaccuratezze nella conoscenza e comprensione degli argomenti; limitate capacità di analisi e sintesi, frequenti generalizzazioni.
o 18-20: conoscenza e comprensione degli argomenti appena sufficiente con possibili imperfezioni; capacità di analisi sintesi e autonomia di giudizio sufficienti.
o 21-23: Conoscenza e comprensione degli argomenti routinaria; Capacità di analisi e sintesi corrette con argomentazione logica coerente.
o 24-26: Discreta conoscenza e comprensione degli argomenti; buone capacità di analisi e sintesi con argomentazioni espresse in modo rigoroso.
o 27-29: Conoscenza e comprensione degli argomenti completa; notevoli capacità di analisi, sintesi. Buona autonomia di giudizio.
o 30-30L: Ottimo livello di conoscenza e comprensione degli argomenti. Notevoli capacità di analisi e di sintesi e di autonomia di giudizio. Argomentazioni espresse in modo originale.
Exam Rules
Formulation of the evaluation on a scale of 30:
o Unsuitable: significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited capacity for analysis and synthesis, frequent generalizations.
o 18-20: barely sufficient knowledge and understanding of the topics with possible imperfections; sufficient capacity for analysis, synthesis and autonomy of judgement.
o 21-23: Routine knowledge and understanding of the topics; Correct analysis and synthesis skills with coherent logical argumentation.
o 24-26: Fair knowledge and understanding of the topics; good capacity for analysis and synthesis with rigorously expressed arguments.
o 27-29: Comprehensive knowledge and understanding of the topics; Considerable ability to analyze, synthesize. Good autonomy of judgement.
o 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable analytical and synthetic skills and independent judgement. Arguments expressed in an original manner.
Obiettivi Formativi
Il corso fornirà agli studenti le seguenti capacità e conoscenze:
• Conoscenza dei principali modelli economici per l’analisi dei processi di crescita
• Comprensione dei principali modelli di ottimizzazione per l’analisi delle scelte intertemporali
• Capacità di valutare il ruolo dei mercati finanziari per la crescita economica
Learning Objectives
The course will provide students with the following learning outcomes:
• Critical knowledge of the most important models for the analysis of economic growth
• Understanding of the main mathematical models for intertemporal optimization
• Ability to assess the role of financial markets for economic growth
• Ability to critically examine the empirical literature on finance and growth
Prerequisiti
Prerequisites
Programma
2. Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
3. Sviluppo finanziario e crescita economica. Efficienza allocativa vs. irrazionalità nei mercati finanziari.
4. Endogeneità dello sviluppo finanziario e del tasso di crescita dell’economia.
5. Mercati finanziari, crescita e distribuzione del reddito
6. Informazione, incentivi e crisi finanziarie
7. Analisi empiriche della crescita: cross sections, serie storiche e panel data.
8. Presentazioni degli studenti
Program
2. One-sector growth models with endogenous technical progress. The model AK. Multi-sector models with endogenous technical progress: human capital, learning-by-doing, Research and Development.
3. Financial development and economic growth. Allocative efficiency vs. irrationality in financial markets.
4. Endogenous financial development and economic growth.
5. Financial markets, growth, and income distribution.
6. Information, incentives and financial crises.
7. Growth empirics: cross-sections, time-series and panel data.
8. Student presentations.
Testi Adottati
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Books
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Bibliografia
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Bibliography
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104
Modalità di svolgimento
Teaching methods
Regolamento Esame
Exam Rules
Obiettivi Formativi
Il corso fornirà agli studenti le seguenti capacità e conoscenze:
• Conoscenza dei principali modelli economici per l’analisi dei processi di crescita
• Comprensione dei principali modelli di ottimizzazione per l’analisi delle scelte intertemporali
• Capacità di valutare il ruolo dei mercati finanziari per la crescita economica
Learning Objectives
The course will provide students with the following learning outcomes:
• Critical knowledge of the most important models for the analysis of economic growth
• Understanding of the main mathematical models for intertemporal optimization
• Ability to assess the role of financial markets for economic growth
• Ability to critically examine the empirical literature on finance and growth
Prerequisiti
Prerequisites
Programma
2. Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
3. Sviluppo finanziario e crescita economica. Efficienza allocativa vs. irrazionalità nei mercati finanziari.
4. Endogeneità dello sviluppo finanziario e del tasso di crescita dell’economia.
5. Mercati finanziari, crescita e distribuzione del reddito
6. Informazione, incentivi e crisi finanziarie
7. Analisi empiriche della crescita: cross sections, serie storiche e panel data.
8. Presentazioni degli studenti
Program
2. One-sector growth models with endogenous technical progress. The model AK. Multi-sector models with endogenous technical progress: human capital, learning-by-doing, Research and Development.
3. Financial development and economic growth. Allocative efficiency vs. irrationality in financial markets.
4. Endogenous financial development and economic growth.
5. Financial markets, growth, and income distribution.
6. Information, incentives and financial crises.
7. Growth empirics: cross-sections, time-series and panel data.
8. Student presentations.
Testi Adottati
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Books
Acemoglu, Daron, and Simon Johnson (2003), Power and Progress, PublicAffairs, New York.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Bibliografia
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Bibliography
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Deidda, Luca G. (2006), “Interaction between Economic and Financial Development”, Journal of Monetary Economics, Vol. 53, pp. 233-248.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Murinde, Victor (2012), “Financial Development and Economic Growth: Global and African Evidence”, Journal of African Economies, Vol. 21, pp. i10-i56.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104
Modalità di svolgimento
Teaching methods
Regolamento Esame
Exam Rules
Aggiornato A.A. 2022-2023
Dipartimento di Economia e Finanza
Università di Roma Tor Vergata
Finanza e crescita
Anno accademico 2022/23
Professor Pasquale Scaramozzino
Obiettivi formativi
Il corso analizza il ruolo dei mercati finanziari per la crescita economica. La prima parte del corso esamina alcuni dei temi principali che hanno caratterizzato il dibattito sulla crescita economica negli ultimi decenni. Dopo un esame dei modelli di crescita esogena, vengono persentate le analisi più recenti in cui il processo di crescita emerge come il frutto di decisioni endogene degli agenti economici. Il corso si concentra quindi sul ruolo specifico della finanza nei processi di crescita. Viene esaminato come lo sviluppo dei mercati finanziari può contribuire a migliorare l’efficienza nell’allocazione delle risorse e ad alleviare le asimmetrie informative nei mercati del credito. Si considera altresì come uno sviluppo eccessivo dei mercati finanziari possa agire come un freno allo sviluppo. Il corso infine esamina l’evidenza empirica riguardo al ruolo della finanza sulla crescita, sia per i paesi avanzati che per i paesi emergenti.
Il corso prevede la possibilità che i partecipanti svolgano una presentazione su argomenti a loro scelta attinenti al programma delle lezioni.
Il corso fornirà agli studenti le seguenti capacità e conoscenze:
- Conoscenza dei principali modelli economici per l’analisi dei processi di crescita
- Conoscenza dei principali modelli di ottimizzazione per l’analisi delle scelte intertemporali
- Capacità di valutare il ruolo dei mercati finanziari per la crescita economica
- Capacità di esaminare criticamente la letteratura empirica su finanza e crescita
Programma del corso
- I principali fatti stilizzati della crescita economica. Modelli di crescita con progresso tecnico esogeno. Modelli di crescita ottimale.
Barro e Sala-i-Marti, Introduzione e cap. 1, sez. 1.1, 1.2; cap. 2, sez. 2.1-2.6
Acemoglu, capp. 1, 2, 8.
- Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
Barro e Sala-i-Marti, cap. 4, sez. 4.1, 4.3
Acemoglu, capp. 10, 11, 14.
Lucas (1988)
Aghion and Howitt (1992)
Ferrarini and Scaramozzino (2016)
Sbardella et al. (2018)
- Sviluppo finanziario e crescita economica. Efficienza allocativa vs. irrazionalità nei mercati finanziari.
Acemoglu, cap. 17.
Tirole (2006), capp. 1 e 2.
King and Levine (1993)
Pagano (1993)
Levine (1997)
Shiller (2003)
Levine (2005)
Pagano (2013)
- Mercati finanziari, crescita e distribuzione del reddito
Greenwood and Jovanovic (1990)
Galor e Zeira (1993)
Aghion e Bolton (1997)
- Informazione, incentivi e crisi finanziarie
Pagano e Volpin (2012)
Farhi e Tirole (2012)
Philippon (2012)
Bolton, Santos e Scheinkman (2016)
- Istituzioni e teoria unificata della crescita
Galor (2005)
La Porta et al. (2008)
Acemoglu et al. (2019)
- Analisi empiriche della crescita: cross sections, serie storiche e panel data.
Barro e Sala-i-Marti, capp. 11, 12.
Rajan e Zingales (1998)
Levine (2005)
Beck (2009)
Paravisini et al. (2015)
Cingano et al. (2016)
Amiti (2018)
- Presentazioni studenti
Principali riferimenti bibliografici
Libri di testo:
Acemoglu, Daron (2009), Introduction to Modern Economic Growth, Princeton and Oxford, Princeton University Press.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Rodano, Giorgio (2018). Elementi di teoria per la storia economica. Una rilettura dell’Italia dal 1950 a oggi, Bologna, il Mulino.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Articoli:
Acemoglu, Daron, Suresh Naidu, Pascual Restrepo and James A. Robinson (2019), “Democracy Does Cause Growth”, Journal of Political Economy, Vol. 27, No. 1, pp. 47-100.
Aghion, Philippe, and Patrick Bolton (1997), “A Theory of Trickle-Down Growth and Development”, Review of Economic Studies, Vol. 64, pp. 151-172.
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Amiti, Mary, and David E. Weinstein (2018), “How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data”, Journal of Political Economy, Vol. 126 (2), pp. 525-587.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Beck, Thorsten (2016), “Financial Inclusion – Measuring Progress and Progress in Measuring”, Cass Business School, City, University of London, mimeographed.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Cingano, Federico, Francesco Manaresi and Enrico Sette (2016), “Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel”, The Review of Financial Studies, Vol. 29 (10), pp. 2737-2773.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Ferrarini, Benno, and Pasquale Scaramozzino (2016), “Production Complexity, Adaptability and Economic Growth”, Structural Change and Economic Dynamics, Vol. 37, June, pp. 52-61
Galor, Oded (2005), “Unified Growth Theory”, in Philippe Aghion and Stephen Durlauf (eds.), Handbook of Economic Growth, North-Holland.
Galor, Oded (2010), “The 2008 Lawrence R. Klein Lecture – Comparative Economic Development: Insights from Unified Growth Theory”, International Economic Review, February, Vol. 51, No. 1, pp. 1-44.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
Hannig, A., and S. Jansen (2010), “Financial Inclusion and Financial Stability: Current Policy Issues”, Asian Development Bank Institute, ADBI Working Paper No. 259, December.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
La Porta, R., Lopez-de-Silanes, F., and Andrei Shleifer (2008), “The Economic Consequences of Legal Origins”, Journal of Economic Literature, Vol. 46(2), pp. 285-332.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Paravisini, Daniel, Veronica Rappoport, Philipp Schnabl, and Daniel Wolfenzon (2015), “Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data”, The Review of Economic Studies, Vol. 82 (1), pp. 333-359.
Philippon, Thomas (2012), “Finance versus Wal-Mart: Why are Financial Services so Expensive?”, in Alan S. Blinder, Andrew W. Lo, and Robert M. Solow (eds.), Rethinking the Financial Crisis, New York, Russell Sage.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Sbardella, Angelica, Emanuele Pugliese, Pasquale Scaramozzino and Andrea Zaccaria (2018), “The Role of Complex Analysis in Modelling Economic Growth”, Entropy, 20(11), 883, pp. 1-17.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Aggiornato A.A. 2020-2021
Dipartimento di Economia e Finanza
Università di Roma Tor Vergata
Finanza e crescita
Anno accademico 2020/21
Professor Pasquale Scaramozzino
Obiettivi formativi
Il corso analizza il ruolo dei mercati finanziari per la crescita economica. La prima parte del corso esamina alcuni dei temi principali che hanno caratterizzato il dibattito sulla crescita economica negli ultimi decenni. Dopo un esame dei modelli di crescita esogena, vengono persentate le analisi più recenti in cui il processo di crescita emerge come il frutto di decisioni endogene degli agenti economici. Il corso si concentra quindi sul ruolo specifico della finanza nei processi di crescita. Viene esaminato come lo sviluppo dei mercati finanziari può contribuire a migliorare l’efficienza nell’allocazione delle risorse e ad alleviare le asimmetrie informative nei mercati del credito. Si considera altresì come uno sviluppo eccessivo dei mercati finanziari possa agire come un freno allo sviluppo. Il corso infine esamina l’evidenza empirica riguardo al ruolo della finanza sulla crescita, sia per i paesi avanzati che per i paesi emergenti.
Il corso prevede la possibilità che i partecipanti svolgano una presentazione su argomenti a loro scelta attinenti al programma delle lezioni.
Il corso fornirà agli studenti le seguenti capacità e conoscenze:
- Conoscenza dei principali modelli economici per l’analisi dei processi di crescita
- Conoscenza dei principali modelli di ottimizzazione per l’analisi delle scelte intertemporali
- Capacità di valutare il ruolo dei mercati finanziari per la crescita economica
- Capacità di esaminare criticamente la letteratura empirica su finanza e crescita
Programma del corso
- I principali fatti stilizzati della crescita economica. Modelli di crescita con progresso tecnico esogeno. Modelli di crescita ottimale.
Barro e Sala-i-Marti, Introduzione e cap. 1, sez. 1.1, 1.2; cap. 2, sez. 2.1-2.6
Acemoglu, capp. 1, 2, 8.
- Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
Barro e Sala-i-Marti, cap. 4, sez. 4.1, 4.3
Acemoglu, capp. 10, 11, 14.
Lucas (1988)
Aghion and Howitt (1992)
Ferrarini and Scaramozzino (2016)
Sbardella et al. (2018)
- Sviluppo finanziario e crescita economica. Efficienza allocativa vs. irrazionalità nei mercati finanziari.
Acemoglu, cap. 17.
Tirole (2006), capp. 1 e 2.
King and Levine (1993)
Pagano (1993)
Levine (1997)
Shiller (2003)
Levine (2005)
Pagano (2013)
- Mercati finanziari, crescita e distribuzione del reddito
Greenwood and Jovanovic (1990)
Galor e Zeira (1993)
Aghion e Bolton (1997)
- Informazione, incentivi e crisi finanziarie
Pagano e Volpin (2012)
Farhi e Tirole (2012)
Bolton, Santos e Scheinkman (2016)
- Finanza inclusiva
Hannig and Jansen (2010)
Dabla-Norris, Ji, Townsend and Unsal (2015)
Beck (2016)
Luohan Academy (2019)
- Analisi empiriche della crescita: cross sections, serie storiche e panel data.
Barro e Sala-i-Marti, capp. 11, 12.
Rajan e Zingales (1998)
Levine (2005)
Beck (2009)
- Presentazioni studenti
Principali riferimenti bibliografici
Libri di testo:
Acemoglu, Daron (2009), Introduction to Modern Economic Growth, Princeton and Oxford, Princeton University Press.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London, MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Rodano, Giorgio (2018). Elementi di teoria per la storia economica. Una rilettura dell’Italia dal 1950 a oggi, Bologna, il Mulino.
Tirole, Jean (2006), The Theory of Corporate Finance, Princeton, Princeton University Press.
Articoli:
Aghion, Philippe, and Patrick Bolton (1997), “A Theory of Trickle-Down Growth and Development”, Review of Economic Studies, Vol. 64, pp. 151-172.
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Beck, Thorsten (2016), “Financial Inclusion – Measuring Progress and Progress in Measuring”, Cass Business School, City, University of London, mimeographed.
Bolton, Patrick, Tano Santos and Jose A. Scheinkman (2016), “Cream-Skimming in Financial Markets”, Journal of Finance, Vol. LXXI, No. 2, April, pp. 709-736.
Dabla-Norris, Era, Yan Ji, Robert Townsend, and D. Filiz Unsal (2015), “Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy”, International Monetary Fund, IMF Working Paper 15/22.
Farhi, Emmanuel, and Jean Tirole (2012), “Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts”, American Economic Review, Vol. 102, No. 1, February, pp. 60-93.
Ferrarini, Benno, and Pasquale Scaramozzino (2016), “Production Complexity, Adaptability and Economic Growth”, Structural Change and Economic Dynamics, Vol. 37, June, pp. 52-61
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, Part1, October, pp. 1076-1107.
Hannig, A., and S. Jansen (2010), “Financial Inclusion and Financial Stability: Current Policy Issues”, Asian Development Bank Institute, ADBI Working Paper No. 259, December.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, No. 2, June, pp. 688-726.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Luohan Academy (2019), Digital Technology and Inclusive Growth, Hangzhou, Luohan Academy.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.
Pagano, Marco (2013), “Finance: Economic Lifeblood or Toxin?”, chapter 8 in V. Acharya, T. Beck, D. Evanoff, G. G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, New Jersey, World Scientific Publishing Co.
Pagano, Marco, and Paolo Volpin (2012), “Transparency and Liquidity”, Review of Financial Studies, Vol. 25, No. 8, August, pp. 2417-2453.
Rajan, Raghuram G., and Luigi Zingales (1998), “Dependence and Growth”, American Economic Review, Vol. 88, No. 3, June, pp. 559-586.
Reichlin, Pietro (2012), “Credit Markets and the Macroeconomy”, in Sudipto Bhattacharya, Arnoud W. A. Boot and Anjan V. Thakor (eds.), Credit, Intermediation, and the Macroeconomy: Models and Perspectives, Oxford, Oxford University Press.
Sbardella, Angelica, Emanuele Pugliese, Pasquale Scaramozzino and Andrea Zaccaria (2018), “The Role of Complex Analysis in Modelling Economic Growth”, Entropy, 20(11), 883, pp. 1-17.
Schiller, Robert (2003), “From Efficient Markets Theory to Behavioral Finance”, Journal of Economic Perspectives, Vol. 17, No 1 (Winter), pp. 83-104.
Aggiornato A.A. 2016-2017
Obiettivi formativi
Il corso si propone di analizzare il ruolo della finanza nella crescita economica. Verranno considerati aspetti rilevanti sia per i paesi avanzati che per i paesi emergenti. Il corso si articola in due parti. La prima parte discute i temi principali che hanno caratterizzato il dibattito sulla crescita economica negli ultimi decenni. Dopo un esame dei modelli di crescita esogena, il corso esamina le analisi più recenti in cui il processo di crescita emerge come il frutto di decisioni endogene degli agenti economici. La seconda parte del corso si concentra sul ruolo della finanza nei processi di crescita. Viene esaminato come lo sviluppo dei mercati finanziari può contribuire a migliorare l’efficienza nell’allocazione delle risorse e ad alleviare le asimmetrie informative nei mercati del credito, e si esamina l’evidenza empirica sul ruolo della finanza per la crescita economica.
Il corso prevede la possibilità che i partecipanti svolgano una presentazione su argomenti a loro scelta attinenti al programma del corso.
Il corso fornirà agli studenti le seguenti capacità e conoscenze:
• Conoscenza dei principali modelli economici per l’analisi dei processi di crescita
• Conoscenza dei principali modelli di ottimizzazione per l’analisi delle scelte intertemporali
• Capacità di valutare il ruolo dei mercati finanziari per la crescita economica
• Capacità di esaminare criticamente la letteratura empirica su finanza e crescita
Programma del corso
Parte Prima: Macroeconomia della crescita
1. I principali fatti stilizzati della crescita economica. Modelli di crescita con progresso tecnico esogeno.
Barro e Sala-i-Marti, Introduction e cap. 1, sez. 1.1, 1.2; Acemoglu, cap. 1, 2.
2. Modelli di crescita ottimale.
Barro e Sala-i-Marti, cap. 2, sez. 2.1-2.6; Acemoglu, cap. 8.
3. Modelli di crescita endogena a un settore. Il modello unisettoriale AK. Modelli multisettoriali con progresso tecnico endogeno: capitale umano, learning-by-doing, Ricerca e Sviluppo.
Barro e Sala-i-Marti, cap. 4, sez. 4.1, 4.3; Acemoglu, cap. 10, 11, 14.
Lucas (1988)
Aghion and Howitt (1992)
Parte Seconda: Il ruolo della finanza
4. Sviluppo finanziario e crescita economica.
Acemoglu, cap. 17.
King e Levine (1993)
Pagano (1993)
Levine (2005)
5. Analisi empiriche della crescita: cross sections, serie storiche e panel data.
Levine (2005)
Beck (2009)
Principali riferimenti bibliografici
Libri di testo:
Acemoglu, Daron (2009), Introduction to Modern Economic Growth, Princeton and Oxford, Princeton University Press.
Aghion, Philippe, and Peter Howitt (1998), Endogenous Growth Theory, Cambridge (MA) and London, MIT Press.
Barro, Robert J., and Sala-i-Martin (2004), Economic Growth, 2nd ed., Cambridge (MA) and London (UK), MIT Press; trad.it, Crescita economica, 1a ed., Milano, Giuffrè, 2002.
Goetzmann, William N. (2016), Money Changes Everything. How Finance Made Civilization Possible, Princeton, Princeton University Press.
Articoli:
Aghion, Philippe, and Peter Howitt (1992), “A Model of Growth through Creative Destruction”, Econometrica, Vol. 60, No. 2, March, pp. 323-351.
Beck, Thorsten (2009), “The Econometrics of Finance and Growth”, chapter 25 in Terence C. Mills and Kerry Patterson (eds.), Palgrave Handbook of Econometrics, Vol. 2, Palgrave Macmillan, pp. 1180-1209.
Galor, Oded, and Joseph Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, Vol. 60, Issue 202, January, pp. 35-52.
King, Robert G., and Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, August, pp. 717-737.
Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Chapter 12 in Philippe Aghion and Steven N. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, Amsterdam, Elsevier, pp. 865-934.
Lucas, Robert E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
Lucas, Robert E. (1993), “Making a Miracle”, Econometrica, Vol. 61, No. 2, March, pp. 251-272.
Pagano, Marco (1993), “Financial Markets and Growth”, European Economic Review, Vol. 37, pp. 613-622.