Financial System 2600-DSMdz3SFG
The lectures and exercises cover six thematic blocks:
1. Architecture of the financial system: financial markets, financial intermediaries, financial instruments, and the rationale for the existence of financial intermediaries.
2. Financial markets – classification and functioning. Changes in financial intermediation and financial services – FinTech, securitisation, decentralised finance (DeFi), crypto-assets, algorithmic trading, crowdfunding, tokenisation, API ecosystem, cloud computing, Banking-as-a-Service, Fintech-as-a-Service, service and financial platforms.
3. Money and its current forms: the history of money and its types, money supply in the economy (monetary aggregates), the money creation mechanism – theoretical issues and data analysis on money supply, CBDCs, cryptocurrencies and stablecoins.
4. Financial instruments: treasury bills, commercial papers, deposit certificates, corporate commercial papers, shares, subscription rights, rights to shares, depositary receipts, bonds (convertible, with warrants, revenue bonds, etc.), instruments issued by investment funds (participation units, investment certificates), units of pension funds, ETFs, covered bonds (mortgage and public), insurance instruments (insurance policies), promissory notes, cheques and derivatives (forwards, futures, options, warrants and swap transactions).
5. Elements of financial mathematics: interest rate (nominal, real, and effective), simple and compound interest, discounting, present and future value of annuities, net present value (NPV) and internal rate of return (IRR).
6. Characteristics of financial intermediaries: funds (open-ended investment funds, closed-ended investment funds, hedge funds, Venture Capital and Private Equity funds, pension funds), insurance companies, factoring institutions, banks (deposit and credit banks, investment banks, universal banks), stock exchanges and over-the-counter market institutions (e.g. Bondspot and Catalyst), and crypto-asset service providers (CASPs).
Course coordinators
Type of course
Mode
Prerequisites (description)
Learning outcomes
Student on completion of the course:
In terms of knowledge:
• Knows and understands the terminology and basic theoretical models in the financial system of the economy (K_W01)
• Knows and understands at an advanced level the principles, procedures and practices relating to entities and the financial system of the economy (K_W02)
• Knows and understands at an advanced level economic theories and models regarding the functioning of entities and the financial system of the economy (K_W03)
• Knows and understands technological, social, political, legal, economic and ecological processes and phenomena and their impact on financial decisions in organizations, the functioning of the organization and the entire economy (K_W05)
In terms of skills:
• Is able to use the theory of the financial system of the economy to recognize, diagnose and solve problems related to key functions in the organization (K_U01)
• Is able to independently and collectively prepare analyses, diagnoses and reports on the functioning of entities and the entire economy and present them communicatively, using IT and communication tools (K_U03)
• Is able to plan and organize own and team work (K_U05)
• K_U07 plan and organize individual and teamwork, as well as cooperate within a team.
• K_U08 improve their qualifications and is capable of self-education.
In terms of social competence:
• Is ready to assess and critically approach situations and phenomena related to the functioning of the organization, sector and the entire economy (K_K01)
• K_K05 observe and enforce professional ethical standards in business relations, and care for the ethos of the profession.
Assessment criteria
Learning outcomes will be verified on an ongoing basis by means of tasks performed by participants during the exercises and, at the end, when passing the exercises and the exam.
Lecture:
Final written exam stationary (closed single- or multiple-choice test questions)
Exercises:
Learning outcomes will be verified on an ongoing basis during work during classes, including discussions, speeches, calculation exercises, individual and team work and homework, as well as at the end of classes during the final colloquium.
Grading scale for the exam:
19-20 points 5
17-18 points 4,5
15-16 points 4
13-14 points 3,5
11-12 points 3
10 and below 2
Bibliography
Books and research papers:
Górka J. (red.) 2018, System finansowy w multiperspektywie, Warszawa: Wyd. Naukowe Wydziału Zarządzania Uniwersytetu Warszawskiego
Górka J., 2025, Finanse cyfrowe: tesserakt, Wydawnictwa Uniwersytetu Warszawskiego
Górka J., 2018, Banki, GAFAM, FinTech w gospodarce współdzielenia – equilibrium współpracy i konkurencji w „Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu”, nr 531, s. 149-158
Górski M., 2018, Rynkowy system finansowy, Warszawa: PWE
Harasim J. (red). 2024 Pośrednictwo finansowe w erze cyfrowej, Wydawnictwo UE w Katowicach
Jajuga K., Jajuga T., 2015, Inwestycje, Warszawa: PWN
Neave E., 2011, Modern Financial Systems: Theory and Applications: John, Wiley & Sons
Industry journals:
Obserwator Finansowy NBP https://www.obserwatorfinansowy.pl/
Miesięcznik Finansowy BANK https://bank.pl/