000124R - INTERNATIONAL FINANCIAL REGULATION

courses
ID:
000124R
Duration (hours):
36
CFU:
6
SSD:
DIRITTO AMMINISTRATIVO
Located in:
PESCARA
Url:
ECONOMICS AND FINANCE/GLOBAL ECONOMICS AND POLICY ANALYSIS Year: 2
Year:
2026
Course Catalogue:
https://unich.coursecatalogue.cineca.it/af/2026?co...

Overview

Date/time interval

Primo Semestre (14/09/2026 - 14/12/2026)

Syllabus

Course Objectives

The organising framework is Armour et al.’s analysis of functions, market failures, regulatory goals, strategies and institutional limits. The course combines economic reasoning with comparative legal analysis, using the EU, UK and US examples in the book as historical policy illustrations. International governance is introduced early and revisited in banking, markets and enforcement.
By the end of the course, students should be able to:
Explain the functions of finance and distinguish ordinary investment loss from market failure and systemic risk.
Relate a financial problem to a regulatory objective and a proportionate combination of instruments.
Compare market, consumer and bank regulation, including interactions across institutional boundaries.
Analyse capital, liquidity, resolution and macroprudential measures using simple examples.
Distinguish international standards from binding law and evaluate cross-border cooperation.
Assess information constraints, incentives, enforcement and political limits on regulatory effectiveness.
Apply the framework to financial crime, digital finance and climate-related risk while identifying the need for jurisdiction-specific legal research.



Course Prerequisites

No advanced mathematics is required; students should be comfortable with percentages, elementary balance sheets and legal argument. The course suits students in law, public policy, economics, and related disciplines.

Teaching Methods

Lectures and case study exercises on the fad.unich.it platform

Assessment Methods

Class participation10%Prepared, evidence-based contributions to discussion and exercises; assess quality and responsiveness, not frequency alone.
Individual case analysis20%2,000 words identifying a failure, comparing two responses and examining implementation. Suggested submission after lesson 10.
Group presentation20%12-minute presentation plus 8-minute questions on a regulatory issue. Include a clear policy recommendation and an objection.
Multiple Choice Quiz (50%). To have after the course.
Common criteria
Conceptual accuracy, a clear causal account, quality and currency of sources, evaluation of alternatives and unintended effects, and coherence of argument. For participation and presentations, also responses to questions and engagement with competing positions. Students must identify the jurisdiction and date of any rule they analyse.

Texts

JOHN ARMOUR, DAN AWREY, PAUL DAVIES,LUCA ENRIQUES, JEFFREY N. GORDON,COLIN MAYER, AND JENNIFER PAYNE, Principles of Financial Regulation, Oxford University Press, 2016
Further readings:
Eilís Ferran, Niamh Moloney, Jennifer Payne & Kristin van Zwieten, The Oxford Handbook of Financial Regulation.
Rosa Lastra, International Financial and Monetary Law.
Douglas Arner, Emilios Avgouleas & Dirk Zetzsche, The Handbook of Financial Technology and Law.
Niamh Moloney, EU Securities and Financial Markets Regulation.

Contents

This course examines how law and public institutions can improve the functioning of the financial system. It begins with the economic functions of finance and the market failures that may justify intervention, then evaluates regulation of securities markets, consumers, banks and market-based credit. Throughout, students connect individual rules to their effects on the wider system. The international dimension runs through the course: financial activities cross borders, while supervisory powers, legal procedures and fiscal responsibilities remain divided. Students examine how standards, national implementation and cooperation respond to that mismatch. The final lessons apply the framework to financial crime, digital finance and climate-related financial risk. Through worked examples, policy debates and a crisis simulation, students learn to identify a regulatory problem, choose instruments, assess unintended consequences and defend an institutional design.

Course Language

English

Degrees

Degrees

ECONOMICS AND FINANCE 
Master’s Degree
2 years
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