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Major Financial Economics

Real Estate 13

Master of Science (MSc) in Economics

Financial markets and the real economy

The stocks of deposits, bonds, and shares are twice as large as GDP in Germany. The stocks of derivative securities are  several times as large. The Asian crisis 1997/98 and the banking crises of 2007-09 make the severe impact of the financial sector on real economic activity at the macroeconomic level abundantly clear.

Teaching Objectives

The Major Financial Economics deals with financial markets from the viewpoint of microeconomics, macroeconomics, and econometrics. Topics covered include the role of financial markets in establishing efficient risk sharing, asset pricing and bubbles, economic  consequences of asset price volatililty, and the role of central banks in ensuring financial stability.


Students acquire deepened knowledge in the functioning of financial markets and empirical methods of analyzing asset prices. So they achieve the ability to critically assess current trends in financial markets, their likely impact on real economic activity, and scope for policy intervention and regulation.


  • Applied Financial Econometrics
  • (Monetary Theory and Policy II) Geldtheorie und -politik II
  • Financial Economics II (Kapitalmarkttheorie II)
  • Credit Risk Management (Kreditrisikomanagement)

1 Prof. Dr. Lutz Arnold
2 Prof. Dr. Jürgen Jerger
3 Prof. Dr. Rolf Tschernig

  1. University of Regensburg Homepage

Center of Finance

A joint initiative of the institutes of the Economics Faculty of the University of Regensburg.




Prof. Dr. Gregor Dorfleitner

Prof. Dr. Steffen Sebastian