Předmět International Finance (JEB050)

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Materiál	Typ	Datum	Počet stažení

Sylabus

INTERNATIONAL FINANCE I. - IES FSV, Charles University, PragueInstructors: Vladimír Benáček and Vilém SemerákCourse no. E 1050 http://ies.fsv.cuni.cz/cs/syllab/JEB050 5 credits The lectures are held on Tuesdays at 14:00 - 15:20 at IES, Opletalova St. 26, Hall 314. The objective of this course is to provide an overview how the finances operate in the global scene and train the skills that could be useful for mastering also some practical problems of the world of finance. We will deal mainly with macroeconomics at a level of national banks, IMF and international investors. Exchange rate, balance of payments, international investment, their roles in the economy and policies for sustainability under fixed or adjustable exchange rates are the main topics of our study. The instruction is based on a multitude of simple models, explained often by graphs, describing a particular feature of the real world. The course is also useful to those interested in international financial management and in a review of situations causing international financial instability.CONTENTS OF THE COURSE1.       Introduction to international finance. Balance of payments structure and accounting. Sources of data on international transactions, exchanges rates and financial markets. 17.2. VS2.       Current account, national income and expenditure, savings and foreign investments, foreign exchange market, supply and demand for foreign exchange. 24.2. VB3.       Introduction to monetary economics: money creation, national bank's intervention and sterilisation, adjustment processes. Interaction between foreign and domestic role of money under golden standard, currency boards and fixed exchange rates. 3.3. VS4.       Speculation, hedging, covered and open interest parities, spot and forward market. 10.3. VB5.       Nominal and real exchange rates, the PPP theories of (real) exchange rate; concepts of equilibrium real exchange rates, competitiveness. 17.3. VS6.       Monetary approach to balance of payments, the quantity theory of money, specie-flow mechanism and related exchange rate models. 24.3.  VS7.       Domestic income and the principles of multiplier in closed and open economies. Midterm quiz (20 minutes) 31.3. VB8.       Internal and external balance under fixed exchange rates, IS-LM-BP model. 7.4. VS9.       Internal and external balance under floating exchange rates, IS-LM-BP model. 14.4. VS10.  Elasticities approach to current account adjustment, Marshall-Lerner condition. EMU stabilisation policies.  21.4. VB11.  The adjustment process in the case of external disequilibrium, assignment problem, the absorption approach; the Swan diagram of policy options. 28.4. VB12.  Alternative exchange rate regimes, optimum currency area and international currency systems. 5.5.VB13.  Reserve and students’ presentations of personal papers.12.5.  VSRequired economic background: You are supposed to know the basics of economics, especially those of macro. If you have passed only a basic course - please expect a harder work of your own and an on-going catching-up with the material you missed. It is manageable, though a bit more time-consuming. Students with no background of economics are not encouraged to take an active part in this course.Weights for the final grading: midterm quiz 15%, teamwork and class activities 20%, own final essay 25%, final exam 40%.Please keep looking at the web pages of the course (http://ies.fsv.cuni.cz/cs/syllab/JEB050)  regularly for getting the up-to-date information. Check that you have all the required handouts. Please download Handout I. from the course website /attachments/ and print it for the first lecture. Make note of the password for downloading of remaining documents distributed during our first lecture!Examination details (preliminary): The Midterm Exam is scheduled on 31 March and the final exam on 19 May at 14.00. The dates of exams are valid for ALL students as a group. Their non-attendance means automatically a failing grade.The discussion of your final individual essays will take place on 12 May. Their final delivery (in a hard copy deposited to the box no. 3) is expected on 2 June 14.00 but a faster delivery is strongly encouraged and rewarded.Passing the final exam is a necessary condition for passing this course.Contacts: Office hours - Tuesdays 15:30 - 16:00, room 311vladimir.benacek@fsv.cuni.cz            vilem.semerak@fsv.cuni.cz        

Literatura

PUGEL T.: International Economics, ISBN-10: 9780071316286 paperback, 2012, part III. & IV, available in the IES library (most probably in some older editions - no problem).For those who aspire at higher professional rungs, the recommended textbooks are:International Finance by Keith Pilbeam (any edition)International Economics by Krugman, Obstfeld & Melitz, 2012;Appleyard & Field; or C. van Marrewijk - see IES or CERGE library (Politickych Veznu St. 7).It is also recommended to cross-reference some of the topics with http://www.internationalecon.com/v1.0 /Finance/index.html - the free on-line textbook of international economics by S. Suranovic (its full electronic version costs $ 18). In addition, there are our lectures and handouts.

Garant

doc. Ing. Vladimír Benáček, CSc.Ing. Vilém Semerák, M.A., Ph.D.