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Soubory | Komentář | Kdo přidal | |
International Finance Syllabus 2024.pdf | Sylabus - jarni semestr 2024. Další soubory a informace jsou dostupné přes systém Moodle | Ing. Vilém Semerák, M.A., Ph.D. |
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Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (20.02.2024)
Výuka bude v letním semesteru akad. roku 2023/2024 probíhat pouze prezenčně. 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. |
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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. |
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Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (20.02.2024)
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 three assignments The contribution of all the components to the final grade is as follows: Online quizzes: 12% Final exam: 64% (Team) assignments: 24% 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.
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Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (20.02.2024)
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 K. Pilbeam: International Finance Melvil & Norrbin: International Money and Finance
Additional texts: Boileau & Normandin (2012): Do tax cuts generate twin deficits? A multi-country analysis. The Canadian Journal of Economics / Revue canadienne d'Economique, Vol. 45, No.4 (pages 1667-1671) Brachinger (2006): Euro or “Teuro”?: The Euro-induced Perceived Inflation in Germany Buti & Turrini (2015): Three waves of convergence. Can Eurozone countries start growing together again? https://voxeu.org/article/types-ez-convergence-nominal-real-and-structural De Grauwe (1991): Costs and Benefits of a Monetary Union Falargia et al (2023): Has the euro changeover really caused extra inflation in Croatia? Ha & Reddell (1998): What do forward interest and exchange rates tell us? King, Osler, Dagfinn (2011) - Foreign Exchange Market Structure, Players and Evolution Kremer & Jayachandran (2003): Odious Debt: When Dictators Borrow, Who Repays the Loan? https://www.brookings.edu/articles/odious-debt-when-dictators-borrow-who-repays-the-loan/ McLeay et. al. (2014): Money in the modern economy: an introduction Masterson (2022): What happens if a country defaults on its debts? https://www.weforum.org/agenda/2022/03/russia-default-debt-crisis/ Mundell (1961): A Theory of Optimum Currency Areas. AER Obstfeld & Taylor (2017): International Monetary Relations: Taking Finance Seriously Paulson, Henry J. (2020): The Future of Dollar. Reinhart & Rogoff (2004): The Modern History of Exchange Rate Arrangements: A Reinterpretation. Rogoff, K. (1996): The Purchasing Power Parity Puzzle. Journal of Economic Literature, Vol. 34, No. 2 (Jun., 1996), pp. 647-668 Rose (2015): How do currency unions affect trade Wren-Lewis et al (1998): What are equilibrium real exchange rates? Yang (2012): Aggregate Savings and External Imbalances in China |
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Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (20.02.2024)
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 three assignments The contribution of all the components to the final grade is as follows: Online quizzes: 12% Final exam: 64% (Team) assignments: 24% 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 |
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Poslední úprava: Ing. Vilém Semerák, M.A., Ph.D. (20.02.2024)
Course outline with dates:
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