赴意大利比萨大学交换生心得
发布时间: 2013-02-13 浏览次数: 973

                               赴意大利比萨大学交换心得     (刘登戈尔 09IAEP精英班)

    上个学期,我有幸和学院的另外四名同学一起赴意大利比萨大学进行为期一学期的交换。在意期间的收获心得颇丰,总的来说分为学习和生活两个方面。

    学习方面,我个人选修了比萨大学经济学院的三门专业课程:国际经济法、欧盟经济学、消费者文化理论,以及学校语言中心的意大利语初级课程,并且完成了学习任务通过全部的课程。从上课的形式上来说,专业课与在南审IAEP精英班的教学方式相差不大,都是以老师授课为主,同时学生可以积极参与讨论与提问,相对来说国外的课堂氛围比较活跃轻松,学生都乐于主动表现自己。因为我们选修的英语授课的课程,上课的学生大多都是比萨大学经济学院来自世界各地的交换学生,所以同学们经常会在课堂上针对一个问题谈自己国家的情况,文化与思维碰撞出很多火花。期中有的课程会设置考试,学期中间学生会被要求做presentation并且这会占到一定的期末成绩,期末为闭卷笔试。从上课内容上来说,老师设置了比较多的案例分析的内容,并且期末考试考察内容里包括案例的比重也比较大,这些案例有一些老师会在课堂上讲解,但更多的是靠学生自己自主的去分析和学习。可能是因为所选修的专业课程对我们来说是没有专业基础的新的东西,所以在学习上收获比较大也比较吃力,但是所有的专业课教授都非常友好非常乐于帮助同学,有任何问题都可以去问老师或者是课程上有任何困难都可以去向教授寻求帮助。

    生活方面,在意期间我们是单独租了一间公寓住在离学院比较近的地方,生活各种都需要我们独自料理。虽然在学校不会感觉有很大的语言障碍,但是很多意大利人是不会讲英语的,所以有时候去买东西都可能会有困难,这虽然是一个比较大的挑战,但是比萨是一个相对安静的小城,所以人们都比较朴实善良乐于助人,所以也没有什么大问题。比萨这个城市的游客还比较多,但是在意大利的各个城市来说,比萨是想当安全的。尽管大学宿舍生活中大家也需要独立生活,但是在异国他乡环境毕竟不一样,我想这次交换的经历对我来说一个很大的成长,就是给我无论在什么样陌生的环境下都可以积极生活的心态。

    在意大利虽然只有短短的四个月,但是其中的苦乐只有自己体验过才知道,所以我想这次异国的旅途带给我的知识上和阅历上的成长是一辈子的珍贵回忆,他日有机会一定还会去到这里故地重游。

    个人学分转换情况: 所选修课程分别是:国际经济法/6学分、欧盟经济学/6学分、消费者文化理论/6学分,意大利语初级/4学分。四门课程均通过。 因意大利语课程只有4学分,所以需要在南审补修一门2学分的课程,上学期回国后参加了南审的期末考试,通过了管理沟通(2学分)这门课程的期末考。所以目前无需补修课程,只需要将在意期间的学分与成绩进行转换即可。

 

                                      参加比萨大学交流感想

    我是09级国审2班的谭文欣,很荣幸这次能被学校选拔上参加比萨大学的交流项目。在这次四个月的海外学习生活里,我感觉自己成长了很多,不仅仅学习到了文化知识,更体验到了异国文化,思维的差异、生活习惯的不同既带给我巨大的新鲜感也让我的学习生活充满挑战。在此,我分别从学习、生活、经历几个方面谈谈自己的感想。

    一、学习——课程难度大,自主学习加合作 比萨大学经济学院的国际合作项目总的来说不是很成熟,英语教学的课程不是很多,而且都是研究生课程,与审计专业并不对口,因此对我们来说难度比较大。我们在出国前曾经选了四门课,但是经过试听发现理解起来相当困难,没有本科相关课程的基础而且老师的英语理解起来也比较困难,我们对课程进行了改选。 比萨大学的教学方法与国内大学不同,老师上课喜欢与同学们进行交流,学生有什么想法只要示意老师,不用站起来就可以发表自己的看法,老师也愿意在课堂上对学生提出的问题阐述自己的观点,甚至较为深入的探讨。他们上课没有固定的教材,教授会推荐几本著作让学生阅读,因此主要还是要通过课后自主学习,课堂上只是提供一个老师引导、同学相互交流的过程。上课时老师绝对不会照本宣科而是旁征博引,有时候提到某个历史事件就会让我们立刻用电脑查资料,而不是通过老师口述,这种主动探索的方法也激起了我们学习的欲望。老师也经常要求我们阅读一些案例,然后分小组合作讨论并上台做陈述,老师和其他同学在台下会随时打断并提出疑问,因此对每个人都是个小挑战。还有意大利语课,老师是用意大利语来教意大利语,因为除了我们几个人其他都是欧洲学生,意大利语和他们的母语都是一个语系,所以能基本理解老师的意思,而我们则完全不能理解,只能看老师的面部表情和肢体动作猜个大概,为此我们课后找了很多中文资料自学,去机房练习听力,最终通过了A1水平的等级考试并拿到证书。 最后的期末考核比较灵活,我们选的几门课程都是笔试,但他们大部分考试都可以选择口试。考试的题目比较开放,都是问答题,要求学生不但能运用书上的知识,还要通过案例具体分析解释,最后也可以提出自己的观点,这些能反映学生平时的阅读量和课后是否积极思考老师上课提出的问题。 我挺喜欢比大的学习氛围,严谨思考同时乐于沟通。他们学习非常努力,自习教室、图书馆经常爆满,我校学生学习也很用功,但我感受到的气氛是不同的,他们的研读材料、相互讨论是为了真正弄明白知识,而我们大多数是拼命做题应付各种考试。在那里我感觉自己的心更静,更愿意与朋友分享自己的观点,无论是否在理都会得到大家的认真倾听,那种平等尊重的沟通交流方式是我特别喜欢的。

    二、生活——独立自主,接纳异国文化 原来比萨大学同意我们住在学校宿舍,但后来告诉我们要自己找房子,这个给我们带来了很大的问题,后来终于通过多方联系才找到一个三室两厅可以让我们五个人住的房子。 学校在开学的时候给了我们每人一张饭卡,但他们食堂的饭比起国内的较为油腻,我们不是很习惯,所以大部分的午饭和晚饭都是我们亲手做的。我们住的地方附近有一个大超市,购物比较方便,但因为没有车所以每次买菜都是力气活。周末所有的商店、超市、食堂都会关门,街上一般没有人,所以既要保证食物新鲜又要避免在周日购物,我们经常上完课就要想想要吃什么,然后奔赴超市购物,回家做饭、洗碗。这些虽然都是琐事,但对于我们还是不小的挑战。 比萨是个很淳朴的小城,环境很美,天空总是蓝蓝的。这里的人也很朴实友好,他们非常乐于助人。比如,由于我们的房子住了五个人,经常用电过度而跳闸,第一次我们不知道怎么回事,求助于邻居,因为语言不通,他又找来会一点英语的人跟我们交流,最后跑上跑下弄了好几次终于知道怎么回事了。还有一次,我们出门的时候忘记带钥匙了,对面的楼上正好有人在施工,我们就用仅会的几个句子、单词,加上手势,他们才明白我们的意思是想要借他们的梯子用一下。那个男士特别友好,直接抬着梯子过来,然后身手敏捷地爬进去帮我们拿到了钥匙。这样类似的事情发生过很多,他们都很热情地帮助我们,我甚至想用纯真可爱来形容他们,无论老少。在公共场合,他们都很遵守规则,谦让有礼,气氛也非常融洽,他们对任何人都像早已认识的朋友可以很随意地聊天,有几次在机场他们用意大利语我们用英语加手势也能聊的很快乐。 说到文化,从我亲身经历来看,他们的人民非常诚实和善,热情开朗;只要是有规定或者习俗,他们都会一律遵守,他们做东西也比较实在,不会投机取巧;他们也尊老爱幼,但无论身份高低人人平等交流,这些都是我比较喜欢的地方。

    三、经历——走过一些地方,留下美好回忆 我们几个人都很珍惜这次体验异国文化的学习机会,所以利用周末和法定假期去了一些城市看看,原来图片上的美丽风景都一幕幕真实地展现在了眼前,每次的出行都有完全不同的体验。这里谈谈给我印象比较深刻的一次旅行吧。 我们五个人在一次假期里一起去了荷兰和比利时,美丽的风景、建筑我就不多说了,就说一下我们的行程吧!我们一共用了五天时间通过乘坐火车游历了布鲁塞尔、布鲁日、安特卫普和阿姆斯特丹四个城市,住的都是网上预订的青年旅社,路上也曾遇到中国留学生结伴游玩,互相也交流学习了很多。 在这短短的四个月的时间里,我们一起走过了一些城市,亲身体验了几个国家的文化差异,用自己的眼睛看这个世界,用自己的心去感受来自他人的友善,学会感恩,学会回报,学会珍惜!

    四、总结 这次的比萨大学交换生项目给我开启了一扇了解欧洲国家文化的窗户,开拓了我的眼界,增长了不少见识,也让我变得更加独立,更结交了很多来自不同国家和地区的朋友。非常感谢学校给我这样的交流机会,希望我校能有更多优秀的学生有机会走出国门,大胆交流,展现我们南审人的魅力!

                                                             

                           Exchange Studying Report( Hsiao Yeh 09070839 )

There is no denying that it is the best international program in our university. As a higher GPA student from second-tier University, I always do my utmost to change my personal image in others’ initial view. In terms of recruitment, I bet most of the students from Mainland China would complain about the discrimination against reputation of universities. Chinese people like to rank everything, universities included. The problem is how to show ourselves to be the same as other students come from the so-called top universities. This a challenging two-year Master of Science Program in Economics, cooperated by The Faculty of Economics of University of Pisa and the Laboratory of Economics and Management of Sant’Anna School of Advanced Studies. It is the first time for me to have the chance to study with the higher educated classmates. The formal students in this program are about 40 for one grade. Benetton Matteo, one of my classmates in this program, has been admitted by both LSE and LBS PhD program in Economics with full scholarship. Before going outside, I just thought the foreigners were not as smart and diligent as our Chinese students. As soon as I know his situation, I begin to make up my mind to compete with him on the course- Financial Economics, which is taught by Prof. Bottazzi Giulio, the program director in Sant’Anna. The aim of the course is to provide an intermediate treatment of the theory of speculative markets. This course is critical to learn with higher troublesome, making many students abandon without hesitation. However, as a Chinese student equipped with high patient and confidence, I still choose to study this course. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market settings. At the beginning of this period, the entire topic about finance is mathematics, however, pretty interesting as a whole. Due to the factor that we lack the basic knowledge about mathematical theory, I need to dedicate more time and energy to learn the financial theorem after class. No pains, no gains. After focusing more time on this subject, I got the full score in the final examination, together being the top mark students with Matteo. Unfortunately, when I learnt the course Time Series Econometrics, it is rather unimaginable about the quantitative analysis that cannot be understood by our classmates in mainland China. Although my major is Auditing and International Accounting, it is still strange the students in SIA can avoid learning econometrics. Econometrics has been the most useful tools in analyzing the scientific field. I recommend our university should concentrate more on offering the basic knowledge about finance. Finance is not only the finance; it also contains accounting, econometrics, business and law. Only the students with solid foundation of their knowledge can be compatible In the future real business social world. Prof. Costa Giacomo, who teaches the economic analysis, is about 70 years old. The older professor is pretty strict to his students, especially to the international students. His course is also difficult to understand. In the first month, most of his topic is about mathematics, statistics, and mean-variance analysis. It contains the advanced statistics knowledge¬-mean preserving spreads, to analyze the situations in American stock during each financial crisis. Our textbook is Towards a new paradigm in monetary economics written by Joseph Stiglitz. The book goes over the advantages and disadvantages of the current way, how banks lend to grow the economy. It then goes over how that is being transformed and what we can expect in the future. The book is not as dry as most hard-core academic books, it is readable. The most advantage point of this book is Stiglitz has a correct perspective of the regulation to banks, of course, resulting in financial crisis in 2008. It has been 10 years before the real crisis exposure. Finally, after studying the paper of Stiglitz, I wrote one thesis - Regulatory Policy and the New Paradigm to the banking systems, which got the highest marks in the whole students. Although I have come back to mainland nearly 3 months, this exciting period is still shocked me in the further studying life. Compared with the students in Italy, we have the good construction of the rudimentary knowledge in the field of science. However, after we began to study in college, we began to not know how to read books and how to study by ourselves. Knowledge is not our own knowledge when we have the excuse “Forget it” to each testers. To study one definition, they will find the relevant papers to study, and then have their own ideas about the new knowledge. For example, in china, when we study the CAPM in class, most of the students just know how to do the calculations in the questions some diligent students may know the meaning of each letters in the formula. In Italy, before studying CAPM, we have so many topics to study as prerequisite. The CAPM is here identified with a property of equilibrium security returns, not with a class of models of security markets. Therefore it will be necessary to determine what restrictions on the primitives of security markets, preferences or payoffs give rise to equilibrium that conform to the CAPM definition. In my opinion, studying is infinite. In a competitive and capitalist market, major hiring organizations cannot afford to give preference to, or discriminate against, job applicants on narrow and unreasonable grounds such as national origins or ethnicity. All of the hiring decisions based solely on merit, with due consideration paid only to quality of talent offered. Studying is for work. The course to study is a media to cultivate the problem-solving abilities. Develop ourselves to be the talent in the job hunting market is the entrance to achieve success. Postscripts The Summary of the Regulatory Policy and the New Paradigm In this chapter, the author introduces that there is a strong relationship between the monetary policy and the financial regulatory policy. By analyzing the changes in policy affected banks’ incentives to lend and the constraints, the author shows both traditional monetary instruments and regulatory provisions affected the incentives and regulatory provisions affected the incentives and constraints of banks. Monetary policy and financial regulatory policy are intertwined: both are relevant both for the level of aggregate economic activity and for the safety and soundness of the banking system. However, just depend on the capital adequacy will not be the best choice. The regulatory policy has often been misguided. Traditionally, the monetary instruments and regulatory constraints affected the level of credit and the quality of credit, on the amount of risk taking. Just as the regulation affects the supply of credit, traditional monetary instruments affect the safety and soundness of the banking system. Also, the impact of regulatory policies on macro-economic activity is even more significant than the monetary policy. It is well recognized that the policies of financial and market deregulation played a central role in the financial crisis. Part of the deregulations initiative was a focus on capital adequacy standards. Firstly, the author talks about the rationale for regulation. Throughout the world, governments regulate financial institutions; their regulatory role in this sector goes beyond that in virtually almost any other sector of the economy. Because the banking system has repeatedly failed, the failure has imposed large costs on society, both through the macro-economic disturbances. The banks always undertake bad lending practices, which always result in the crisis; because the bank faces the cost should it go bankrupt, the cost borne by banks are less than the social costs. The banks always undertake the excessively risky lending because the government as an insurer to reduce the risks. The focus of financial market deregulation should have been to minimize the risks faced by the government, or more accurately, to balance off the benefits in terms of risk mitigation with the costs; instead it was focused on narrowing the scope of regulation. Secondly, the author shows the general principles of bank regulation. Regulation thus must be based on the premise that there is some differential information and incentives between the regulator and the banks. The regulator is thus presumed to have some incentives to prohibit banks from engaging in excessive risk taking, which enhances the likelihood of bankruptcy. However, the various control mechanisms have their own advantages and disadvantages. The general presumption in the theory of regulation is in favor of priced-based mechanisms that directly address the source of the problem, the discrepancy between social and private returns. If priced-based mechanisms are absent, it is desirable to use a variety of instruments to use both price and quantity based interventions. There are other objectives of regulatory policy, addressing other market failures: the government should maintain the competitive banking system, consumer protection, and be fair to each borrower. For a long time, the central focus of prudential regulation is capital adequacy standards. Thirdly, the author describes the theory of capital adequacy standards. It is important to distinguish two rationales of the capital adequacy standards. The capital adequacy is a buffer- the more capital the bank has of its own, the less money that the government may have to put out in the event of a failure. The second relates to incentive: the more capital the owners have at risk, the less likely it is that they will undertake undue risk. But government-financed equity injections to meet the capital adequacy standards do not provide additional protection to the government, and indeed, if they are not well structured, may even expose government to higher losses. As a result, the government must simultaneously tighten regulation. When use the capital adequacy, we need to consider the overall risk instead of focusing on each asset isolated. There is also the risk of imperfect capital adequacy standards, and we should always take the market risk and the credit risk together. Finally, the deregulation is recognized to play a central role in the financial instability. The author has pointed out that sole reliance on the capital adequacy standards is Pareto-inefficient. Part of the problem to use the capital adequacy standard is lack of theory of bank behavior on which to build a theory of regulation; but part of the problem is the absence of attention to the problems of transition. In effect, a process of regulation must begin with tightened supervision even before regulations begin to be stripped away. It should encourage the banks to develop risk assessment methodologies, and regulators should assess those methodologies. Fourthly, the author describes the portfolio approach to regulation. The regulator can take actions to affect both the opportunity set and preferences. There are a variety of restrictions with regard to the imposing restricts–the real estate, insider lending, bank exposure, the speed limits of the credit behavior, and the interest rates- that affect the riskiness of the bank portfolio. Regulators attempt to affect incentives facing banks through several channels. However, the principle underlying risk adjusted capital adequacy standards is fundamentally flawed. That is why regulators in more advanced countries have placed greater emphasis on banks putting in place risk management systems that allow the bank to identify the magnitude of the overall risk facing the bank. Matters become even more complicated once one recognizes that what matters is not just credit risk, not just market risk, but the interrelations among them. After good risk adjustments for capital adequacy standards, it is clear why that would serve to put strong incentives for banks to have more conservative portfolios. Another reform intended to improve incentives (as well as information) is a requirement of a publicly traded tranche of uninsured capital. Most of the regulations—both those designed to enhance incentives for prudential behavior and to impose constraints which reduce the opportunity for excessive risk tacking—are aimed at the bank as an organization. However, organizational incentives typically do get translated into incentives facing individual decision-makers, but the translation is at best imperfect. Finally, the author considers over the theory of financial restraint. We argued that the regulators should not, in general, just rely on rigid enforcement of capital adequacy standards. The ability to provide guidance is not only in the design of monetary policy, but also the regulatory policy. Changes in regulatory regimes—both in regulations and the manner in which they are implemented-- have had marked impacts on the supply of loanable funds.

 

                                     Italian dream     ( 09IAEP精英班 蒋晓萍)

Back in high school, in the English class, when asked which country I want to visit for the first time, I was thinking…I want to go to another side of the world. The country should have a brilliant history and fine culture so I will never be bored visiting its museums. And thinking about the art, architectures, all the historical heritages, and the beautiful natural scenery, I smiled and answered: That’s Italy for sure! And yes, it’s the first country I visited! It’s like a dream came true. The last four months I went to Italy as an exchange student. Some of the memories, something learned I shall never forget.

 

The obstacles in my way to the dream

 

On April 2011, I got a text message from the school, saying that there’s a students exchange program with the University of Pisa, which provides free tuition and accommodation. I was excited to see that. That day my friend and I went to the office and got enrolled. Leaning tower, pizza, pasta, opera, the Colosseum…everything seemed so close that day. Several days later, I was informed that I was picked. But I was also informed that there would be a lot of difficulties like visa to go through. And it turned out to be so true.

The first thing: the invitation letter. We sent the application form and everything but there’s no reply from Italy. It was a long time until we got our invitation letter. The second thing: the Italian visa, which is the most annoying red tape. We need accommodation even before we go there. Luckily my friend’s uncle was in Italy and helped us with the accommodation thing. I wonder if without the help of the nice uncle, who can actually get there. And also we need the ORIGINAL document of our invitation letter instead of the faxed one. Finally we had to call internationally to Pisa and asked the coordinator there to send us the original document. We needed to wait for it to arrive but time was limited. At that time we already went to the Italian Embassy and only to be told that the faxed documents were not qualified. We were so disappointed and upset. And we still hadn’t booked the air tickets. Someone even said to give up. We were the first groups of students in this program. Everything seemed so unclear. It’s like there was a heavy mist in front of us. But yeah, finally we made it. But honestly I think the school did far less than expected. I mean compared to other exchange programs. I hope the school could help the next group of students solve the accommodation problem. Not everyone has an uncle in Italy anyways.

University life in Pisa

When we arrived there, it was sunny and warm. Blue sky and white clouds hugged us up above. The faculty of the economics is near the river. The main teaching building has a very complicated internal structure so first times we were confused in finding our classroom haha.

The university life is more freedom and casual than in China. The students express their opinions whenever they want. And the professors were glad to hear about their opinions. There were group-presentations for students in classes. For example, International economics law class were mainly consists of student’s presentation. The professor sat in the class just like other students. And there were many questions to be asked. The students go to take classes whenever they want too. It’s like university is just a normal part of their life. Music, traveling, love relationships, bars are important elements of their lives. I guess they won’t be able to understand Chinese students why they study so hard. “Life is good, enjoy it before it melts!” Our class was like a mini UN conference. The students were from any corner of the world. It was interesting to have classes with them. I could smell different cultures in the air hehe. I liked talking with them. It’s like they take me to travel a bit in their country too. I think the world is beautiful because of its amazing diversity. We could take a week to listen to the classes we were interested then pick the courses to take. But most of the courses were in Italian. Only few were in English and most of them were for graduate students. We could barely pick the courses we like actually. Finally we picked Consumer Culture Theory, the Economics of EU, International economics law and Italian. It turned out to be not that easy. We faced some problems like the professor’s Italian accent. Not just the difficulty of the course itself. And in the Italian class, she taught Italian using Italian. We had no idea what she was talking about. Although the teacher was nice and interesting, it doesn’t help anything. We just tried to understand her by random guessing according to her facial expressions and body signs. It was painful and pathetic. But we knew we wouldn’t give up. It’s something important for us. We were not just us, but a represent of our school. Luckily there were many free times. We used many of our time study by ourselves. We downloaded some learning materials online in both English and Chinese so this could help us better understand the courses. We helped and supported each other. In the end, the scores of some courses were pretty good and we were happy with that. It’s like the visa, the process is difficult but it will turn out to be fine. We had this belief so we made it. Just one thing: never give up. Traveling in the ‘United States of Europe’ Thanks to the Schengen Treaty, we got the chance to travel not only in Italy, but also in most of the Europe. Traveling is always fun, especially in foreign countries. Many interesting things happened. Warm island people in Greece Once in a small island in Greece, we were kind of lost. Because no buses in that island until 7 o’clock in the evening. We tried to walk to our hostel without a map. We thought the hostel wasn’t far anyways. But the truth was: it was 15 kilometers away! We were shocked being told about this fact from a mini-market. But we had nothing to do except continue walking. There were no passengers. Only cars. And guess what, we got hitch-hiked! The first time was an Italian couple from Milan. And the second time was a Greece grandpa and his grandson. They couldn’t speak English but we understood each other well. You don’t need to know language to contact with people. The way of communication is not just by language right? Finally we arrived there, the owner of the mini-market was so nice and he gave each of us beer to drink. Cheers! Greece island people like enjoying the sunshine, as if they can get sunshine in their heart too. No wonder they always laugh, from their carefree tanned faces. After the sunset Pisa lies on the west coast of the ‘boot’. It’s near the sea so I wished I could watch the sunset on the beach. That might be so amazing and charming. So one day I took the train to Viareggio, a beautiful coast city. I loved it first time I saw it. The main color was yellow. Look warm and bright. Just like the sunshine there. I thought of one word immediately: lovely. I spent the afternoon in the beach. Played the sand, collected the seashells and talked with the petrol. Finally on about 9 o’clock in the evening, I saw the sunset, which I wanted to watch for so many times. The sun slowly got downwards. The sky was getting quiet and ‘shy’. Reflects on the sea were so shiny, just like luxury diamonds. Slowly the sea swallowed the sun. Remained a sudden darkness and I realized that I should go back home. Well, this story hasn’t finished yet. So I walked to the strain station and bought the ticket back to Pisa. But something happened! I took the wrong train and I went to an unknown place. It was late at night and my phone ran out of battery. And what’s more, the next train to Pisa was on 4 o’clock in morning. The station was empty and cold. There were some homeless people sleeping. I sat on the floor. Tears were on my face. But this is not how the story ends. I met an American girl in the station. We started to talk. She also needed to wait for the train. We spent the night together chatting and reading. She said this is not her first time waiting for a train at night. She studies Buddism and traveled around the world. It’s not horrible at all cause there’s always nice people everywhere. She also said I have the positive energy that made her think that I’m a nice person. I learned a lot from her. If I became a better person, I thank to her. It turned out to be an interesting night. I say now it’s definitely worth it. Like Forest’s mum said: “Life is like a box of chocolate, you will never know what you are going to get.” That was an unforgettable night with the charming sunset and the amazing girl. There are also many other interesting stories in traveling. I always believe one sentence: Never regret, if it’s good, it’s wonderful; if it’s bad, it’s an experience. If I say life is like a diamond, the more facets it has, the shinier it is. If life is only one-faceted, it’s plain and boring. As we experience more in life, the more facets we get. After so many experiences I’ve been through, I believe my diamond is shinier now. Exchange Studying Report Hsiao Yeh 09070839 There is no denying that it is the best international program in our university. As a higher GPA student from second-tier University, I always do my utmost to change my personal image in others’ initial view. In terms of recruitment, I bet most of the students from Mainland China would complain about the discrimination against reputation of universities. Chinese people like to rank everything, universities included. The problem is how to show ourselves to be the same as other students come from the so-called top universities. This a challenging two-year Master of Science Program in Economics, cooperated by The Faculty of Economics of University of Pisa and the Laboratory of Economics and Management of Sant’Anna School of Advanced Studies. It is the first time for me to have the chance to study with the higher educated classmates. The formal students in this program are about 40 for one grade. Benetton Matteo, one of my classmates in this program, has been admitted by both LSE and LBS PhD program in Economics with full scholarship. Before going outside, I just thought the foreigners were not as smart and diligent as our Chinese students. As soon as I know his situation, I begin to make up my mind to compete with him on the course- Financial Economics, which is taught by Prof. Bottazzi Giulio, the program director in Sant’Anna. The aim of the course is to provide an intermediate treatment of the theory of speculative markets. This course is critical to learn with higher troublesome, making many students abandon without hesitation. However, as a Chinese student equipped with high patient and confidence, I still choose to study this course. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market settings. At the beginning of this period, the entire topic about finance is mathematics, however, pretty interesting as a whole. Due to the factor that we lack the basic knowledge about mathematical theory, I need to dedicate more time and energy to learn the financial theorem after class. No pains, no gains. After focusing more time on this subject, I got the full score in the final examination, together being the top mark students with Matteo. Unfortunately, when I learnt the course Time Series Econometrics, it is rather unimaginable about the quantitative analysis that cannot be understood by our classmates in mainland China. Although my major is Auditing and International Accounting, it is still strange the students in SIA can avoid learning econometrics. Econometrics has been the most useful tools in analyzing the scientific field. I recommend our university should concentrate more on offering the basic knowledge about finance. Finance is not only the finance; it also contains accounting, econometrics, business and law. Only the students with solid foundation of their knowledge can be compatible In the future real business social world. Prof. Costa Giacomo, who teaches the economic analysis, is about 70 years old. The older professor is pretty strict to his students, especially to the international students. His course is also difficult to understand. In the first month, most of his topic is about mathematics, statistics, and mean-variance analysis. It contains the advanced statistics knowledge¬-mean preserving spreads, to analyze the situations in American stock during each financial crisis. Our textbook is Towards a new paradigm in monetary economics written by Joseph Stiglitz. The book goes over the advantages and disadvantages of the current way, how banks lend to grow the economy. It then goes over how that is being transformed and what we can expect in the future. The book is not as dry as most hard-core academic books, it is readable. The most advantage point of this book is Stiglitz has a correct perspective of the regulation to banks, of course, resulting in financial crisis in 2008. It has been 10 years before the real crisis exposure. Finally, after studying the paper of Stiglitz, I wrote one thesis - Regulatory Policy and the New Paradigm to the banking systems, which got the highest marks in the whole students. Although I have come back to mainland nearly 3 months, this exciting period is still shocked me in the further studying life. Compared with the students in Italy, we have the good construction of the rudimentary knowledge in the field of science. However, after we began to study in college, we began to not know how to read books and how to study by ourselves. Knowledge is not our own knowledge when we have the excuse “Forget it” to each testers. To study one definition, they will find the relevant papers to study, and then have their own ideas about the new knowledge. For example, in china, when we study the CAPM in class, most of the students just know how to do the calculations in the questions some diligent students may know the meaning of each letters in the formula. In Italy, before studying CAPM, we have so many topics to study as prerequisite. The CAPM is here identified with a property of equilibrium security returns, not with a class of models of security markets. Therefore it will be necessary to determine what restrictions on the primitives of security markets, preferences or payoffs give rise to equilibrium that conform to the CAPM definition. In my opinion, studying is infinite. In a competitive and capitalist market, major hiring organizations cannot afford to give preference to, or discriminate against, job applicants on narrow and unreasonable grounds such as national origins or ethnicity. All of the hiring decisions based solely on merit, with due consideration paid only to quality of talent offered. Studying is for work. The course to study is a media to cultivate the problem-solving abilities. Develop ourselves to be the talent in the job hunting market is the entrance to achieve success. Postscripts The Summary of the Regulatory Policy and the New Paradigm In this chapter, the author introduces that there is a strong relationship between the monetary policy and the financial regulatory policy. By analyzing the changes in policy affected banks’ incentives to lend and the constraints, the author shows both traditional monetary instruments and regulatory provisions affected the incentives and regulatory provisions affected the incentives and constraints of banks. Monetary policy and financial regulatory policy are intertwined: both are relevant both for the level of aggregate economic activity and for the safety and soundness of the banking system. However, just depend on the capital adequacy will not be the best choice. The regulatory policy has often been misguided. Traditionally, the monetary instruments and regulatory constraints affected the level of credit and the quality of credit, on the amount of risk taking. Just as the regulation affects the supply of credit, traditional monetary instruments affect the safety and soundness of the banking system. Also, the impact of regulatory policies on macro-economic activity is even more significant than the monetary policy. It is well recognized that the policies of financial and market deregulation played a central role in the financial crisis. Part of the deregulations initiative was a focus on capital adequacy standards. Firstly, the author talks about the rationale for regulation. Throughout the world, governments regulate financial institutions; their regulatory role in this sector goes beyond that in virtually almost any other sector of the economy. Because the banking system has repeatedly failed, the failure has imposed large costs on society, both through the macro-economic disturbances. The banks always undertake bad lending practices, which always result in the crisis; because the bank faces the cost should it go bankrupt, the cost borne by banks are less than the social costs. The banks always undertake the excessively risky lending because the government as an insurer to reduce the risks. The focus of financial market deregulation should have been to minimize the risks faced by the government, or more accurately, to balance off the benefits in terms of risk mitigation with the costs; instead it was focused on narrowing the scope of regulation. Secondly, the author shows the general principles of bank regulation. Regulation thus must be based on the premise that there is some differential information and incentives between the regulator and the banks. The regulator is thus presumed to have some incentives to prohibit banks from engaging in excessive risk taking, which enhances the likelihood of bankruptcy. However, the various control mechanisms have their own advantages and disadvantages. The general presumption in the theory of regulation is in favor of priced-based mechanisms that directly address the source of the problem, the discrepancy between social and private returns. If priced-based mechanisms are absent, it is desirable to use a variety of instruments to use both price and quantity based interventions. There are other objectives of regulatory policy, addressing other market failures: the government should maintain the competitive banking system, consumer protection, and be fair to each borrower. For a long time, the central focus of prudential regulation is capital adequacy standards. Thirdly, the author describes the theory of capital adequacy standards. It is important to distinguish two rationales of the capital adequacy standards. The capital adequacy is a buffer- the more capital the bank has of its own, the less money that the government may have to put out in the event of a failure. The second relates to incentive: the more capital the owners have at risk, the less likely it is that they will undertake undue risk. But government-financed equity injections to meet the capital adequacy standards do not provide additional protection to the government, and indeed, if they are not well structured, may even expose government to higher losses. As a result, the government must simultaneously tighten regulation. When use the capital adequacy, we need to consider the overall risk instead of focusing on each asset isolated. There is also the risk of imperfect capital adequacy standards, and we should always take the market risk and the credit risk together. Finally, the deregulation is recognized to play a central role in the financial instability. The author has pointed out that sole reliance on the capital adequacy standards is Pareto-inefficient. Part of the problem to use the capital adequacy standard is lack of theory of bank behavior on which to build a theory of regulation; but part of the problem is the absence of attention to the problems of transition. In effect, a process of regulation must begin with tightened supervision even before regulations begin to be stripped away. It should encourage the banks to develop risk assessment methodologies, and regulators should assess those methodologies. Fourthly, the author describes the portfolio approach to regulation. The regulator can take actions to affect both the opportunity set and preferences. There are a variety of restrictions with regard to the imposing restricts–the real estate, insider lending, bank exposure, the speed limits of the credit behavior, and the interest rates- that affect the riskiness of the bank portfolio. Regulators attempt to affect incentives facing banks through several channels. However, the principle underlying risk adjusted capital adequacy standards is fundamentally flawed. That is why regulators in more advanced countries have placed greater emphasis on banks putting in place risk management systems that allow the bank to identify the magnitude of the overall risk facing the bank. Matters become even more complicated once one recognizes that what matters is not just credit risk, not just market risk, but the interrelations among them. After good risk adjustments for capital adequacy standards, it is clear why that would serve to put strong incentives for banks to have more conservative portfolios. Another reform intended to improve incentives (as well as information) is a requirement of a publicly traded tranche of uninsured capital. Most of the regulations—both those designed to enhance incentives for prudential behavior and to impose constraints which reduce the opportunity for excessive risk tacking—are aimed at the bank as an organization. However, organizational incentives typically do get translated into incentives facing individual decision-makers, but the translation is at best imperfect. Finally, the author considers over the theory of financial restraint. We argued that the regulators should not, in general, just rely on rigid enforcement of capital adequacy standards. The ability to provide guidance is not only in the design of monetary policy, but also the regulatory policy. Changes in regulatory regimes—both in regulations and the manner in which they are implemented-- have had marked impacts on the supply of loanable funds.