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Předmět, akademický rok 2021/2022
  
International Finance - JEB050
Anglický název: International Finance
Zajišťuje: Institut ekonomických studií (23-IES)
Fakulta: Fakulta sociálních věd
Platnost: od 2019
Semestr: letní
E-Kredity: 5
Způsob provedení zkoušky: letní s.:
Rozsah, examinace: letní s.:2/0 Zk [hodiny/týden]
Počet míst: 185 / neurčen (97)
Minimální obsazenost: neomezen
Virtuální mobilita / počet míst: ne
Stav předmětu: vyučován
Jazyk výuky: angličtina
Způsob výuky: prezenční
Další informace: http://ies.fsv.cuni.cz/en/syllab/JEB050
Poznámka: předmět je možno zapsat mimo plán
povolen pro zápis po webu
při zápisu přednost, je-li ve stud. plánu
Garant: Ing. Vilém Semerák, M.A., Ph.D.
Vyučující: Ing. Vilém Semerák, M.A., Ph.D.
Mgr. Jiří Teichman
Třída: Courses for incoming students
Neslučitelnost : JPB335
Je neslučitelnost pro: JPB335
Soubory Komentář Kdo přidal
stáhnout International Finance Syllabus 2022.pdf Sylabus. Další soubory a informace jsou dostupné přes systém Moodle Ing. Vilém Semerák, M.A., Ph.D.
Anotace -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (15.02.2022)
Tento kurz je v současnosti vyučován jen v anglickém jazyce.
Výuka bude v letním semesteru akad. roku 2021/22 probíhat hybridně, tj. jak ve formě tradičních přednášek, tak přes platformu Zoom - informace o spojení budou zaslány všem studentům zaregistrovaným na předmět v SISu.
Detailní informace ke kurzu jsou k dispozici na moodle stránkách (přístupový kód bude sdělen během první přednášky, případně je možné o něj požádat vyučujícího).

This course covers, with a focus on both theory and empirics, basic topics in international finance (exchange rate economics & international macroeconomics) at undergraduate level. The course does not deal with international business methods (logistics, use of letters of credits etc.), instead it focuses on theory and policy analysis and attempts to provide some insight into questions such as the following ones:
• How closely (and in which ways) are international financial transactions linked to national economies and international trade?
• Why determines exchange rates?
• How do national economic policies influence external equilibrium of an economy?
• What effect have different foreign exchange policies and foreign exchange arrangements have on economic stability and economic growth?
• What causes balance of payments crises/international financial crises?
• When it is optimal for several countries to share one currency?
• How many global currencies do we really need?

The course is a logical complement to the International Trade I (JEB039), however, it can be also studied independently, the International Trade course is not considered to be a prerequisite.
We will attempt to provide up-to-date examples and references whenever possible (e.g. by discussing topical issues such as global imbalances, internationalization of “new currencies” (RMB), functioning of new digital currencies, stability of Eurozone.
Cíl předmětu -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (22.02.2016)

At the end of the course its students should:

(i)                  Understand the logic of balance of payments accounting and its relationships to the national accounting.

(ii)                 Be able to find and work with usual data on exchange rates and balance of payments.

(iii)               Understand the logic of basic macroeconomic models of exchange rate determination.

(iv)               Understand the main trends in development of international monetary systems and exchange rate regimes.

(v)                 Be able to use basic macroeconomic models which can elucidate relationships between national economic policies, exchange rates and external (dis)equilibria of individual economies.

Podmínky zakončení předmětu -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (15.02.2022)

Grading and related issues:

Continuous work during the course, active and honest participation in the teamwork, and successful participation in the final exam are expected from all participants.

There will be four assignments

The contribution of all the components to the final grade is as follows:

Online quizzes:                                      20%

Final exam:                                            50%

(Team) assignments:                               30%

Additional bonus points for participation: up to 10 percentage points.

 

The test will include a quiz (multiple choice questions) + solution of problem sets, mainly by means of models and graphs. The creative thinking and understanding of the problem (e.g. described by a model), will be graded higher than a mere memorization of facts or formulas.

All assignments worked out in this course (by teams or individuals) must be original and subject to specific rules. Plagiarism will be severely punished.

 

Literatura -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (15.02.2022)

Main textbook:              P. Krugman, M. Obstfeld, M. J. Melitz: International Trade, Theory & Policy. 9th edition or newer. Addison-Wesley (Pearson), 2012.

Alternative texts:          

                                   M.D. Levi: International Finance, 5th edition. Routledge, 2009

P. Wang: The Economics of Foreign Exchange and Global Finance. Springer-Verlag Berlin, 2009

                                   T. Pugel.: Int. Economics, 2009, part I & II., pp. 1-378 (available in the IES library)

                                   D. Appleyard, A. Field, S. Cobb: International Economics, McGraw-Hill/Irwin, any recent edition

Other older texts may also be useable for many of the topics, please contact the instructor if you have questions about any of them.

 

Other sources (selected chapters/sections will be used):

IMF's Balance of Payments and International Investment Position Manual. Available online at http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm

 

Additional texts:

Reinhart & Rogoff (2004): The Modern History of Exchange Rate Arrangements: A Reinterpretation.

Henry J. Paulson (2020): The Future of Dollar.

Požadavky ke zkoušce -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (15.02.2022)

Grading and related issues:

Continuous work during the course, active and honest participation in the teamwork, and successful participation in the final exam are expected from all participants.

There will be four assignments

The contribution of all the components to the final grade is as follows:

Online quizzes:                                      20%

Final exam:                                            50%

(Team) assignments:                               30%

Additional bonus points for participation: up to 10 percentage points.

 

The test will include a quiz (multiple choice questions) + solution of problem sets, mainly by means of models and graphs. The creative thinking and understanding of the problem (e.g. described by a model), will be graded higher than a mere memorization of facts or formulas.

All assignments worked out in this course (by teams or individuals) must be original and subject to specific rules. Plagiarism will be severely punished.

 

Grading scale (based on the weighted average score):

A … 91 – 100

B … 81 – 90

C … 71 – 80

D … 61 – 70

E … 51 – 60

F … 0 – 50

Sylabus -
Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (15.02.2022)

Course outline with dates:

  1. Introduction to international finance. Foreign exchange market: basic features. Sources of data on international transactions, exchanges rates, exchange rate regimes, and financial markets. (February 15th)
  2. Balance of payments structure and national income accounting for open economy. International investment position. Foreign debts. (February 22nd)
  3. Introduction to exchange rate determination: asset approach. Covered and uncovered interest rate parity. (March 1st)
  4. Money, interest rates and exchange rates. Long run aspects of exchange rate determination. Oveshooting. (March 8th)
  5. Prices and exchange rates. Fischer effect. Nominal and real (effective) exchange rates. Exchange rates and competitiveness. Balassa-Samuelson effect. (March 15th)
  6. Nominal and real convergence in the EU. Introduction to the AA-DD model.  (March 22nd)
  7. The AA-DD model: additional details. Application on policy analysis.  (March 30th)
  8. Fixed exchange rates: macroeconomic implications. Interventions and sterilization. Policy trilemma. Policy options for reaching internal and external balance. Swan diagram.  (April 5th)
  9. Monetary integration: costs and benefits. (April 12th)
  10. Monetary integration: effects – empirical research (April 19th)
  11. Reserve currencies and international monetary system. The future of dollar, RMB, and Euro.  (April 26th)
  12. Equilibrium exchange rates: FEER. A brief introduction into the models of balance of payments crises. (May 3rd)
  13. Forex forecasting: fundamental approaches versus alternatives. A brief overview of technical analysis. (May 10th)
  14. Final assignment due. Reserved for a make up class (if needed), can be also used as an early option for the final exam. (May 17th)
 
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