Identifying Data 2020/21
Subject (*) Monetary Policy and Financial Systems Code 611G01024
Study programme
Grao en Economía
Descriptors Cycle Period Year Type Credits
Graduate 1st four-month period
 Third Obligatory 6
Language
Spanish
Galician
English
Teaching method Face-to-face
Prerequisites
Department Economía
Coordinador
Sanchez Santos, Jose Manuel
 E-mail
jose.manuel.sanchez@udc.es
Lecturers
Pena Lopez, Jose Atilano
Sanchez Santos, Jose Manuel
 E-mail
atilano.pena@udc.es
jose.manuel.sanchez@udc.es
Web http://politicamonetariaysistemafinanciero.blogspot.com.es
General description O principal obxectivo deste curso é proporcionar un marco de análise que permita o estudo sistematizado dos mercados, instrumentos e institucións financeiras, así como do papel dos bancos centrais na instrumentación da política monetaria, en xeral, e na estabilidade financeira en particular. Para iso introdúcense e desenvolven unha serie de conceptos básicos que se espera contribúan á comprensión por parte do alumno de procesos e elementos tales como a determinación do prezo dos activos, a estrutura e funcionamento dos mercados financeiros e o papel da política monetaria na economía.
Contingency plan 1. Modificacións nos contidos
Non hai modificacións nos contidos

2. Metodoloxías
*Metodoloxías docentes que se manteñen
Manteñense todas as metodoloxías docentes
*Metodoloxías docentes que se modifican
Non se modifica ningunha metodoloxía docente

3. Mecanismos de atención personalizada ao alumnado

A actividade de atención personalizada realizarase a través de correo electrónico, moodle e Teams nos horarios de titorías dos profesores da materia e atendendo ás solicitudes individuais dos/as alumnos/as

4. Modificacións na avaliación


Non se aplican modificacións a avaliación inicialmente establecida, manténdose os mesmos criterios


5. Modificacións da bibliografía ou webgrafía

Non hai modificacións

Study programme competencies
Code Study programme competences
A1 CE1- Contribuír á boa xestión da asignación de recursos tanto no ámbito privado como no público.
A2 CE2-Identificar e anticipar problemas económicos relevantes en relación coa asignación de recursos en xeral, tanto no ámbito privado como no público.
A3 CE3-Aportar racionalidade á análise e á descripción de calquera aspecto da realidade económica.
A4 CE4-Avaliar consecuencias e distintas alternativas de acción e seleccionar as mellores, dados os obxectivos.
A5 CE5-Emitir informes de asesoramento sobre situación concretas da economía (internacional, nacional ou rexional) ou de sectores da mesma.
A6 CE6-Redactar proxectos de xestión económica a nivel internacional, nacional ou rexional. Integrarse na xestión empresarial.
A7 CE7-Identificar as fontes de información económica relevante e o seu contido.
A8 CE8-Entender as institucións económicas como resultado e aplicación de representacións teóricas ou formais acerca de cómo funciona a economía.
A9 CE9-Derivar dos datos información relevante imposible de recoñecer por non profesionais.
A10 CE10-Usar habitualmente a tecnoloxía da información e as comunicación en todo a seu desempeño profesional.
A11 CE11Leer e comunicarse no ámbito profesional en máis dun idioma, en especial en inglés.
A12 CE12-Aplicar á análise dos problemas criterios profesionais baseados no manexo de instrumentos técnicos.
A13 CE13-Comunicarse con fluidez no seu contorno e traballar en equipo.
B1 CB1 - Que os estudantes demostren posuir e comprender coñecementos nun área de estudo que parte da base da educación secundaria xeral, e que soe encontrar nun nivel que, ainda que se apoia en libros de texto avanzados, inclue tamén algúns aspectos que implican coñecementos procedentes da vangarda do seu campo de estudo.
B2 CB2 - Que os estudantes saiban aplicar os seus coñecementos ó seu traballo ou vocación dun xeito profesional e posúan as competencias que se demostran por medio da elaboración e defensa de argumentos e a resolución de problemas dentro da su entorna de traballo.
B3 CB3 - Que os estudantes teñan a capacidade de reunir e interpretar datos relevantes (normalmente dentro da su área de estudo) para emitir xuizos que inclúan unha reflexión sobre temas relevantes de índole social, científica ou ética
B4 CB4 - Que os estudantes poidan transmitir información, ideas, problemas e solucións a un público tanto especializado como non especializado
B5 CB5 - Que os estudantes desenvolvesen aquelas habilidades de aprendizaxe necesarias para emprender estudos posteriores cun alto grao de autonomía
B6 CG1- Que os estudantes formados se convertan en profesionais capaces de analizar, reflexionar e intervir sobre os diferentes elementos que constitúen un sistema económico
B7 CG2 - Que os estudantes coñezan o funcionamento e as consecuencias dos sistemas económicos, as distintas alternativas de asignación de recursos, acumulación de riqueza e distribución da renda e estean en condicións de contribuír ao seu bo funcionamento e mellora
B8 CG3 -Que os estudantes sexan capaces de identificar e anticipar os problemas económicos relevantes, identificar alternativas de resolución, seleccionar as máis axeitadas e avaliar os resultados aos que conduce.
B9 CG4 -Que os estudantes respecten os dereitos fundamentais e de igualdade de oportunidades, non discriminación e accesibilidade universal das persoas con minusvalidez.
C1 CT1-Expresarse correctamente, tanto de forma oral coma escrita, nas linguas oficiais da comunidade autónoma.
C4 CT2-Desenvolverse para o exercicio dunha cidadanía aberta, culta, crítica, comprometida, democrática e solidaria, capaz de analizar a realidade, diagnosticar problemas, formular e implantar solucións baseadas no coñecemento e orientadas ao ben común.
C5 CT3-Entender a importancia da cultura emprendedora e coñecer os medios ao alcance das persoas emprendedoras.
C6 CT4-Valorar criticamente o coñecemento, a tecnoloxía e a información dispoñible para resolver os problemas cos que deben enfrontarse.
C7 CT5-Asumir como profesional e cidadán a importancia da aprendizaxe ao longo da vida.
C8 CT6-Valorar a importancia que ten a investigación, a innovación e o desenvolvemento tecnolóxico no avance socioeconómico e cultural da sociedade.

Learning aims
Learning outcomes Study programme competences
- To demonstrate the crucial role played by a financial system in a modern economy A2
A3
A4
A8
A11
A12
 C1
-To analyze the main characteristics (liquidity, profitability and risk) of the financial instruments A2
A3
A4
A11
A12
 C1
- To assess the influence of the main determinants of financial assets prices A2
A3
A4
A5
A7
A11
 C1
- To know the basic principles that should guide the management of banks A1
A2
A11
A12
 C1
C5
C6
-To justify the need for regulation and supervision of financial systems A2
A11
A12
 C1
-To know the main channels of influence of monetary policy on the price of the assets traded in the financial markets. A2
A11
A12
 C1
- To be aware of the key role of financial intermediaries in the transmission mechanism of monetary policy A2
A11
A12
 C1
- To solve practical cases which require the application of elementary principles of valuation of assets A2
A11
A12
 C1
- To use information and relevant data in order to investigate the reality of financial markets and institutions A10
A11
A12
 C1
- To diagnose the pace of the monetary policy and the degree of financial pressure facing the private sector of the economy. A2
A11
 C1
- To handle documentary sources in English A11
-To show interest in issues related to the fields of study of the monetary policy and financial system B6
B9
 C4
C7
C8
-To participate actively in the discussion of the topics addressed in the course syllabus B4
B5
 C1
C4
-To cooperate actively in the realization of works using computer A6
A13
 B8
 C4
-To appreciate the importance of ethical considerations in the development of the professional activity in the financial sector B7
 C4
C5
- To evaluate in a critical way the main problems and challenges faced by monetary policy in the euro area A1
A2
A9
 B1
B2
B3
 C1

Contents
Topic Sub-topic
LESSON 1. FINANCIAL SYSTEM: AN OVERVIEW - Introduction

- Financial system: Concept, structure and functions

- Financial instruments

- Financial markets

- Financial institutions
LESSON 2. BONDS MARKET AND INTEREST RATES - Introduction

- Bond: concept, types, price and yield

- The bond market and the determination of interest rates

- Why bonds are risky

- The term structure of interest rates
LESSON 3. STOCK MARKET - Introduction

- Common stock: concept, characteristics and returns

- Valuing stocks

- The stock market's role in the economy
LESSON 4. FOREING EXCHANGE MARKETS AND EXCHANGE RATES - Introduction

- Currencies and exchange rates: a primer

- Determinants of the exchange rates

- The central banks intervention in the exchange markets
LESSON 5. BANKS AND BANK MANAGEMENT - Introduction

- The balance sheet of commercial banks

- Basic principles of bank management

- Banking regulation
LESSON 6. MONETARY POLICY - Introduction

- The financial system's role in the monetary transmission mechanism

- Monetary policy and assets' inflation

- The monetary policy in the Eurozone

Planning
Methodologies / tests Competencies Ordinary class hours Student’s personal work hours Total hours
Guest lecture / keynote speech A1 A2 A3 A4 A8 B7 B9 17 34 51
Problem solving A2 A5 A6 A7 B2 B1 B3 B4 B5 B6 15 34 49
Case study A3 A4 A5 A6 A9 A10 A11 A12 A13 8 24 32
Directed discussion C4 C5 C6 C7 C8 2 0 2
Mixed objective/subjective test A3 B8 C1 2 10 12
 
Personalized attention 4 0 4
 
(*)The information in the planning table is for guidance only and does not take into account the heterogeneity of the students.

Methodologies
Methodologies Description
Guest lecture / keynote speech Oral presentation by the teacher, complemented by the use of audiovisual media and the introduction of some questions to students, in order to transmit knowledge and facilitate learning.
Problem solving Solving concrete practical cases requiring the application of knowledge previously addressed in the classroom.
Case study Description of a specific situation that poses a problem that must be understood, assessed and solved by the student through a process of discussion directed by the teacher.
Directed discussion Group dynamics technique in which group members discuss free, informal and spontaneous way on an issue, although they can be coordinated by a moderator.
Mixed objective/subjective test Written proof used with the aim of evaluating student knowledge, skills and abilities.

Personalized attention
Methodologies
Guest lecture / keynote speech
Case study
Problem solving
Description
Addressing and resolving doubts concerning the contents explained in the keynote session or arising in the process of solving practical cases and discussion of cases. small group tutorials were employed .


Individualized tuition will be provided through email, Teams and Moodle.

Assessment
Methodologies Competencies Description Qualification
Case study A3 A4 A5 A6 A9 A10 A11 A12 A13 Resolution of practical cases involving the application of
principles and concepts previously adressed in the classroom 		40
Mixed objective/subjective test A3 B8 C1 The final exam will consist of a single written proof made of theoretical and practical questions in order to to assess the level of knowledge of the student on the contents of the syllabus and developed in the classroom

The theoretical part of the exam may include multiple choice questions.

In the practical part it will particularly valued the ability to apply the concepts and principles discussed in the classroom to solve practical cases.

The score of the final exam is set for a maximum of 7 points.
.
 40
Problem solving A2 A5 A6 A7 B2 B1 B3 B4 B5 B6 Solving exercises in which students will have to
apply the theory to solve specific problems and multiple choice tests. 		20
 
Assessment comments

Mixed test: In the answer to the questions in the theoretical block that require the development of the answer in writing, the students' analysis and synthesis capabilities will be particularly valued in addition to the knowledge. The practical part will particularly assess the ability to apply the concepts and principles addressed in the theoretical part to solve case studies. The mixed test score is set over a maximum of 4 points. Early opportunity and second chance: At the second opportunity students who wish will be able to recover the part of the continuous evaluation corresponding to the objective tests (tests and problems) carried out in the first quarter. This corresponds to a maximum of 20% of the final rating. This same possibility will be given to students of the anticipated opportunity.

The not taken qualification is for the student when they only participate in assessment activities that have a weighting of less than 20% in the final grade, regardless of the grade achieved. 

Students with recognition of part-time dedication and academic exemption exemption: At the first and second chance the evaluation criteria will be governed by the conduct of a mixed test with a weight of 100% on the qualification. This test will include theoretical and practical issues and the student will have to demonstrate that he/she has achieved the competencies and learning outcomes of the subject.

Sources of information
Basic ANALISTAS FINANCIEROS INTERNACIONALES (2008). Guía del Sistema Financiero Español. Madrid: Ediciones Empresa Global
BANCO CENTRAL EUROPEO (2004). La política monetaria del BCE. Banco Central Europeo
BANCO CENTRAL EUROPEO (2005). Burbujas del precio de los activos y política monetaria. Burbujas del precio de los activos y política monetaria, Boletín Mensual del Banco Central Europeo,
SERVICIO DE ESTUDIOS DEL BANCO DE ESPAÑA (2005). El análisis de la economía española. Madrid: Alianza Editorial
SERVICIO DE ESTUDIOS DEL BANCO DE ESPAÑA (1997). La política monetaria y la inflación en España. Madrid: Alianza Editorial
PAREJO GAMIR J.A. et al. (u.e.). Manual del Sistema Financiero Español. Barcelona: Ariel
MISHKIN, F.S. (2014). Moneda, Banca y Mercados Financieros. Pearson
ANDREU, J.M. (2000). Sobre los fundamentos del dinero y la banca. Madrid: Dikinson

Complementary DE GRAUWE, P. (2009). Economics of monetary union. Oxford: Oxford University Press
CECCHETI, S.G. y SCHOENHOLTZ, K. l. (2017). Money, Banking and Financial Markets. Boston: McGraw-Hill
BALL, L. (2009). Money, Banking and Financial Markets. New York: Worth Publishers
MISHKIN, F.S. (2004). The Economics of Money, Banking and Financial Markets. Londres: Pearson-Addison Wesley


Recommendations
Subjects that it is recommended to have taken before
Principles of Microeconomics/611G01001
Principles of Macroeconomics/611G01005
Economic Policy/611G01013
Macroeconomics/611G01017

Subjects that are recommended to be taken simultaneously
Statistical Methods and Introduction to Econometrics/611G01019

Subjects that continue the syllabus
International Finance/611G01037
Financial Intermediaries and Markets/611G01038

Other comments


(*)The teaching guide is the document in which the URV publishes the information about all its courses. It is a public document and cannot be modified. Only in exceptional cases can it be revised by the competent agent or duly revised so that it is in line with current legislation.