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Dr. Tom Hashimoto specializes in post-socialist financial centre development. His focus are financial institutional reforms, collective political will, and socio-legal philosophy behind the transition. His most recent book Reviewing EU Accession is due to be published from Brill, Leiden/Boston, and his short commentaries on South-eastern Europe can be found in CE Financial Observer, published by the National Bank of Poland. He is a Lecturer in International Relations and Economics at Vistula University, holds a joint LL.M./MA in Economic Analysis of Law from Rotterdam-Hamburg-SGH, and received his DPhil in Financial Geography at the University of Oxford. He is a Fellow of Higher Education Academy in the United Kingdom.
– Financial centre development;
– Transition economics;
– Financial and economic reform.
– International relations;
– Economic and political geography.
This course is designed to provide a unified framework for understanding financial markets, institutions and instruments. It focuses on several topics, including the structure and regulation of various markets in financial instruments, operation of banks and non-bank financial institutions, central bank operations and their effect on financial institutions, risks faced by the managers of financial institutions and the methods, markets and instruments for managing these risks. On completion of the course, the students will be familiar with notions and concepts specific to the markets in financial instruments, both securities and derivatives, and will be able to identify and use the financial instruments specific to various transactions carried out on financial markets.
This course aims to provide an understanding of the fundamentals of financial markets: structure, participants, operations and instruments, and associated theoretical and empirical issues.
• Explain the role and the functions of financial markets, institutions and instruments in a market economy.
• Describe the methods of issuing stocks in primary markets and their advantages and disadvantages.
• Describe the process of trading stocks in secondary markets.
• Differentiate among various types of financial assets and financial products, explain the specifics of their markets, and apply basic valuation methods in practice.
• Describe the theoretical determinants of the level and term structure of interest rates
• Analyze the types and roles of monetary and non-bank financial institutions
• Explain the reasons for changing values of financial products, their impact and consequences.
• Work in teams, present work results both in writing and orally, and substantiate decisions taken.
• Critically evaluate the recent financial news articles and relevant research in financial markets.
This course broadens and applies knowledge and skills gained during mathematical analysis and finite mathematics courses. Students learn to solve first and second order differential and difference equations and apply them in economic problem solving. The main attention of this course is focus on static and dynamic optimization techniques and their application in day-to-day problems and decision making of economics and management.
Aims of the course
This course aims to broaden the knowledge and skills in advanced mathematical analysis, which is usually applied in solution of various economic problems.
The Master’s Thesis is a culminating experience in graduate level education for the degree candidates. It is an individual endeavour of analytical nature, which contains elements of originality and is performed in conformity with general requirements of academic papers and scholarly projects. For the students, the Master’s thesis should be a learning activity that is stimulating and engenders a sense of pride and accomplishment.
The intent of the thesis is to provide an opportunity for the Master’s degree candidates to refine, in some cases acquire, a range of skills at an appropriate level to conduct a competent research project. A successful thesis is an evidence that the candidate has acquired the minimum level of research skills required and can therefore be accredited a Master’s degree. Skills required of thesis writers are those associated with research design, data collection, information management, analysis of data, synthesis of data with existing knowledge, and critical evaluation of the writer’s own ideas and those presented in the literature reviewed. The thesis should be written in English within a given period of time and comply with commonly accepted principles of academic ethics.
Develop communication skills both in the written form as well as in presentation to maintain attentions of the intended readers/audience and to sustain critical and constructive discussions in the field of financial economics.
This introductory course surveys various mathematical concepts utilised in financial economics. Together with Financial Econometrics, it constitutes the foundation of the ‘research’ pillar in MSc Financial Economics at ISM. As such, some of the topics will be ‘repeated’, but more in depth, in other courses. As clients’ profiles and objectives have become increasingly global and complex over the past few decades, financial institutions have come up with more sophisticated and more structured products, alternatives, and approaches, some of which are reviewed in this course from a pricing and mathematical perspective. Given the current political environments (e.g. Brexit, transpacific trade war), we pay significant attention to the assumptions behind formulae and models, while we practice not only calculations but also explanations to prepare ourselves for the contemporary regulatory environment, most notably characterised by the MiFID II.
Upon successful completion of this course, students will be able to:
This course provides an overview of economic (dis)integration in Europe. Given the rampant Euroscepticism(s) and the ongoing so-called ‘Brexit’ process, we shift our focus from the previous year’s emphasis on the Monetary Union to the game-theoretical interaction between the firms and the policymakers. To begin with, we keep our distance from ‘methodological nationalism’ (i.e. taking nation-state as a unit of analysis) and assume differentiated incentive-giving mechanisms for, say, average householders, parliamentarians, and ‘Eurocrats’. Such a multilevel analysis of EU Economics shall deepen our understanding of rapidly changing business environments in Europe.
• Demonstrate their wide range of knowledge on European Economics in a coherent manner.
• Analyse how EU and national institutions (dis)incentivise certain economic activities.
• Illustrate the elements of politicisation in EU Economics and assess the current level of integration.
• Critically review the history of economic and financial integration and assess the level of institutional development within the EU.
This course follows Capitals of Capital: The Rise and Fall of International Financial Centres 1780-2009 (Cambridge University Press) by Youssef Cassis, and investigates how the regional and global network of cities occupies a crucial position in understanding the development of financial markets. Our historical narrative is such that we primarily focus on the banking sector in Europe, while we constantly draw a comparison with the current situation. As a theoretical framework, Financial History allows us to flexibly examine the roles played by states, institutions, firms, and individuals, and to analyse the game-theoretical interaction among them. The knowledge (including methodology) obtained in this course shall be complementary to any modules offered within politics, economics, and finance.
Prof. Cassis of European University institute has kindly agreed to name this course after his eye-opening masterpiece.
• Utilise historical narratives to explain various mechanisms within the financial markets.
• Define and understand the network theories of international financial centres.
• Demonstrate game-theoretical interaction among various financial actors.
• Illustrate the complexity of contemporary financial markets with different incentives generated by each institutional setting.
This course guides students to prepare for their thesis writing process by surveying various topics in the field of Financial Economics. The three main foci are: literature review, research methodology, and hypotheses. First, by systematically highlighting the differences between the annotated bibliography and the literature review, we emphasise the link between the existing literature and the research questions at hand. Second, by skimming through the preliminary data, we check the data availability and the feasibility of the chosen research method. Third, by articulating the hypotheses, we evaluate the proposed research design. The course lasts throughout the semester and concludes with the thesis proposal defence.