MF50004.01 · Semester 1, 2026–2027

Financial Institutions and Markets

School of Economics, Fudan University · EMA

Prof. Jiajun Jiang · 12 weeks × 2 meetings × 2 × 45-minute sessions

Teaching decks10 teaching decks · 7 available

01

Overview of the Financial System

Direct vs indirect finance · why intermediaries exist · China’s system and its regulators

Mishkin 1–2 · Handbook Intro, Ch. 1 · 59 slides

Deck PDF
02

Interest Rates: Valuation and Risk

Present value · yield to maturity · duration · why rates change · China’s rate environment

Mishkin 3–4 · Assignment 1 set · 45 slides

Deck PDF Bond lab
03

Risk, Term Structure, and Efficiency

Risk and term structure of rates · diversification and CAPM · the efficient market hypothesis

Mishkin 5–6 · 45 slides

Deck PDF
04

Financial Intermediation and Crises

Adverse selection and moral hazard · the stages of a financial crisis · China’s stimulus and Baoshang

Mishkin 7–8 · Handbook 6 · 43 slides

Deck PDF
05

Central Banking, Monetary Policy, FinTech

Central bank tools · the PBoC framework · payment infrastructure, CBDC and stablecoins

Mishkin 9–10 · Handbook 2, 3, 17 · 19 and 22 October · 46 slides

Deck PDF
06

China’s Money and Bond Markets

Money-market development and transmission · segmented bond markets · local-government debt · credit ratings and defaults

Mishkin 11–12 · 26 and 29 October · 135 minutes · 45 slides

Deck PDF
07

Stock Markets

Equity valuation · China’s listing reforms · A/H and overseas markets · long-run investor performance

Mishkin 13 · 2 and 5 November · 180 minutes · 71 slides

DeckPDF
08

Banks: Management and Regulation

Bank management and regulation · Credit Suisse · China’s bank earnings, recapitalisation and restructuring

Mishkin 17–19 · 9 and 12 November · 180 minutes · 64 slides

DeckPDF
09

Non-Depository Institutions

Mutual and hedge funds · investment banks and brokers · PE, VC, insurance, pensions

Mishkin 20–22 · 16 and 19 November

10

Course Synthesis and Group Presentations

The course on one page and final-paper guidance (23 November) · all seven team presentations (26 November)

Group case study presented

Assignments4 of 4 published

A1

Asset valuation and risk measurement

Pricing the four credit-market instruments · duration and convexity · risk and term structure · portfolio risk and the CAPM · a bank’s deposit decision

Set in Week 2 · due Friday 9 October 2026, 23:59 · individual work · hand in on eLearning

Question sheet Data
A2

Research with an AI Agent

Collaborate with an AI agent on a data-supported report about a Chinese financial market or industry · explain the workflow, models and tools · may serve as preliminary research for your final course paper

Released 1 November · due Friday 13 November 2026, 24:00 (China Standard Time) · eLearning

Requirements
GC

Group case study

A specific, current problem in China’s financial system, analysed with the theory of the course · teams of four to six · a topic list for reference

Roster and topic by Thursday 29 October · presentations on Thursday 26 November, 10 + 2 minutes

Requirements Topic list
FP

Final paper

An individual research paper on a question of your own about China’s financial markets, institutions or financial system · up to 15 pages

Paper title on eLearning by Thursday 5 November · paper due Friday 4 December 2026, 24:00 · individual work

Requirements

The course

How a week runs

Two meetings of 90 minutes, each two 45-minute sessions. Sessions 1 and 2 take the general theory and the developed-market evidence; sessions 3 and 4 take Chinese institutions and data. Most meetings close on a real, named case.

Textbooks

Mishkin & Eakins, Financial Markets and Institutions, 9th Global Edition (required). Amstad, Sun & Xiong, The Handbook of China’s Financial System (supplementary).

Assessment

Attendance 5% · participation 5% · assignments 40% (two individual plus one group case) · research paper 50%.