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Course Syllabus

Master 2024/2025

Financial Accounts and Financial Markets Analysis

Type: Elective course (Financial Markets and Institutions)
Area of studies: Finance and Credit
Delivered by: Department of Statistics and Data Analysis
Where: Faculty of Economic Sciences
When: 2 year, 1, 2 module
Mode of studies: offline
Open to: students of all HSE University campuses
Instructors: Хижняк Антон Витальевич, Galina Vasilyeva
Master’s programme: Financial Markets and Financial Institutions
Language: English
ECTS credits: 6

Course Syllabus

Full Syllabus

Abstract

The course is about the systemic approach to financial markets and macroeconomic statistics analysis. It explores the role of financial intermediaries in the economy, considering different types of financial markets and instruments. The course provides overview of credit statistics, interest rates statistics, including money market interest rates. It considers Securities Statistics, Monetary Statistics and Financial Accounts of the System of National Accounts as the main sources for analyzing the process of saving and investments made by different institutional sectors
Learning Objectives

Learning Objectives

  • The aim of the course is to provide an understanding of the interaction between finance and macroeconomics.
  • The course develops the skills for analyzing financial markets, investment behavior of institutional sectors, and cross-countries’ comparison.
  • The course sharpens the skills for preparing analytical comments and interactive information panels in R
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand financial systems functions and governance, difference in the financial markets organizational structure. The SNA institutional Sectors classification.
  • Understanding Bond Market and Stock Market. Securities Statistics Methodology.
  • Understanding credit market statistics, securitization process, use of data on mortgage statistics
  • Understanding Financial Accounts and Financial Balance Sheets Data,. Use FWTW Matrices for Intersectoral Linkages Analysis.
  • Understanding monetary statistics. Structures of monetary aggregates. Further development of monetary statistics.
  • Understanding money market, money market interest rates and benchmark administration principles, recent trends in developing interest rates
  • Understanding the role of Institutional Investors. Insurance statistics and SNA indicators on Insurance companies^ Private Pension Funds and Investment Funds.
Course Contents

Course Contents

  • Financial Systems. Financial Institutions. Financial Markets. Institutional sectors and Rest of the World.
  • Money Market. Interest Rates. Monetary policy rates. Interbank rates. Financial Benchmarks Administration.
  • The Capital Market. The Bond Market. The Stock Market. Securities Statistics. Custodians.
  • Money and Credit Aggregates. Monetary Statistics Methodology. The IMF Special Data Dissemination Standard. Banking sector Statistics.
  • The Credit Markets. The Bank Loans Statistics. Mortgage Statistics. Securitization.
  • Institutional Investors. Insurance companies. Collective Investments.
  • Financial Accounts and Financial Balance Sheets of the SNA. The 2008 SNA Financial Services Definitions. Financial Sectors Breakdowns. The Output of Financial Intermediaries. Financial Services Indirectly Measured.
  • Financial Accounts and Financial Balance Sheets Uses. FWTW Matrices. Intersectoral Linkages Analysis.
Assessment Elements

Assessment Elements

  • non-blocking Team Project
    Team work on project - data analysis and visualization of financial markets activities using R
  • non-blocking Class activity
    Class activity
  • non-blocking Final Exam
    Final Exam - 30 Multiple Choice & 2 Free Response
Interim Assessment

Interim Assessment

  • 2024/2025 2nd module
    0.05 * Class activity + 0.05 * Class activity + 0.6 * Final Exam + 0.15 * Team Project + 0.15 * Team Project
Bibliography

Bibliography

Recommended Core Bibliography

  • Edwin H. Neave. (2009). Modern Financial Systems : Theory and Applications. Wiley.
  • Fabozzi, F. J., Modigliani, F., & Jones, F. J. (2014). Foundations of Financial Markets and Institutions: Pearson New International Edition (Vol. Fourth edition Fabozzi, Modigliani, Jones). Harlow, Essex: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1418493
  • Mishkin, F. S. . V. (DE-588)123920108, (DE-627)085524662, (DE-576)162252730, aut. (2019). The economics of money, banking, and financial markets Frederic S. Mishkin. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.1067357963
  • Organisation for Economic Co-operation and Development, World Bank, International Monetary Fund, United Nations, & European Commission. (2009). System of National Accounts 2008. INTERNATIONAL MONETARY FUND.

Recommended Additional Bibliography

  • Allen, F. V. (DE-588)136922465, (DE-627)588339121, (DE-576)167952374, aut. (2001). Comparing financial systems Franklin Allen and Douglas Gale.

Authors

  • Рычкова Элла Николаевна
  • CHIKUNAEV OLEG GENNADEVICH
  • VASILEVA GALINA GENNADIEVNA
  • KHIZHNYAK ANTON VITALEVICH