Didier Borowski

Co-responsable de la stratégie et de la recherche économique, Amundi Asset Management

François Letondu

Head of macrofinancial and macrosector studies, Société Générale S.A.

Marchés et financement de l'économie

Les objectifs du cours

The objective of this course is to describe the strong interactions between financial markets and the economy:

  • from the economy towards markets, by reviewing how economic newsflow affects the fundamental valuation of different assets classes,
  • from markets towards the economy, by presenting the predominant role played by financial markets and financial institutions in the economy (crises, raw materials price movements,.)

The course will be organized around different themes prevalent in the current financial and economic environment considered as helpful to illustrate fundamental financial and economic principles. Particular attention will be drawn on the links between finance and economic policies, as fiscal policy, monetary policy and finance regulation.

Plan du cours

The course will go through the following themes:

  • Economic growth and financial development
  • Financial structure of the economy
  • Finance and global imbalances
  • Financial crises and economic crises
  • Improving regulation of financial actors
  • Markets and Crude materials
  • Short run investors and long term investments
  • Finance and fiscal and monetary policies with a specific focus on Eurozone 


Mishkin F. S. , 2013, « Economics of Money, Banking, and Financial Markets »
Reinhart C. M.  & K. S. Rogoff, 2011, « This Time Is Different: Eight Centuries of Financial Folly »


Examen Final