Sylabus - jarní semestr 2026. Další soubory a informace jsou dostupné přes systém Moodle
Ing. Vilém Semerák, M.A., Ph.D.
Anotace -
Tento kurz je v současnosti vyučován jen v anglickém jazyce.
Výuka bude v letním semesteru akad. roku 2025/2026 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 the undergraduate level. The course does not cover international business methods (logistics, use of letters of credit, etc.) or corporate finance topics.
During the semester, we will try to reach some insight into questions such as the following:
• How closely (and in which ways) are international financial transactions linked to national economies and international trade?
• What determines exchange rates?
• What effect do different foreign exchange policies and foreign exchange arrangements have on employment, economic stability and economic growth?
• What causes balance of payments crises/international financial crises?
• When is it optimal for several countries to share one currency? In which cases might they prefer the flexibility provided by other arrangements?
• Which factors caused the rise of the USD as the global currency? How many global currencies do we really need? And what can we say about the future of the IMS (and USD)?
The course is a logical complement to the International Trade I (JEB039); however, it can also be studied independently; i.e. the International Trade course is not considered to be a prerequisite. However, the course is designed for 2nd and 3rd year students who are already familiar with Principles of Economics (esp. Macroeconomics).
We will attempt to provide up-to-date examples and references whenever possible (e.g. by discussing topical issues such as the changes in the reputation and role of the USD (and dollar assets previously considered as safe havens), the effects of the rise of new digital currencies (stablecoins), and the stability of the Eurozone).
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
This course is taught only in English.
Detailed (and more frequently updated) information on this course is provided on the Moodle site of this course.
The course will only be taught in the traditional form (on-site) during Spring 2025/26. No streaming or recording is planned.
This course covers, with a focus on both theory and empirics, basic topics in international finance (exchange rate economics & international macroeconomics) at the undergraduate level. The course does not cover international business methods (logistics, use of letters of credit, etc.) or corporate finance topics.
During the semester, we will try to reach some insight into questions such as the following:
• How closely (and in which ways) are international financial transactions linked to national economies and international trade?
• What determines exchange rates?
• What effect do different foreign exchange policies and foreign exchange arrangements have on employment, economic stability and economic growth?
• What causes balance of payments crises/international financial crises?
• When is it optimal for several countries to share one currency? In which cases might they prefer the flexibility provided by other arrangements?
• Which factors caused the rise of the USD as the global currency? How many global currencies do we really need? And what can we say about the future of the IMS (and USD)?
The course is a logical complement to the International Trade I (JEB039); however, it can also be studied independently; i.e. the International Trade course is not considered to be a prerequisite. However, the course is designed for 2nd and 3rd year students who are already familiar with Principles of Economics (esp. Macroeconomics).
We will attempt to provide up-to-date examples and references whenever possible (e.g. by discussing topical issues such as the changes in the reputation and role of the USD (and dollar assets previously considered as safe havens), the effects of the rise of new digital currencies (stablecoins), and the stability of the Eurozone).
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Cíl předmětu -
At the end of the course, its students should: (i) Know the basic features of global financial markets (main actors, organisation of the markets, recent trends). (ii) Understand the logic of balance of payments accounting and its relationships to the national accounting. (iii) Be able to find and work with usual data on exchange rates and balance of payments. (iv) Understand the logic of basic macroeconomic models of exchange rate determination. (v) Understand the main trends in the development of international monetary systems and exchange rate regimes. (vi) Be able to use basic macroeconomic models which can elucidate relationships between national economic policies, exchange rates and external (dis)equilibria of individual economies.
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
At the end of the course, its students should: (i) Know the basic features of global financial markets (main actors, organisation of the markets, recent trends). (ii) Understand the logic of balance of payments accounting and its relationships to the national accounting. (iii) Be able to find and work with usual data on exchange rates and balance of payments. (iv) Understand the logic of basic macroeconomic models of exchange rate determination. (v) Understand the main trends in the development of international monetary systems and exchange rate regimes. (vi) Be able to use basic macroeconomic models which can elucidate relationships between national economic policies, exchange rates and external (dis)equilibria of individual economies.
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Podmínky zakončení předmětu -
Grading and related issues:
Continuous work throughout the course, active and honest participation in coursework, and successful performance on the final exam are expected from all participants. The contribution of all the components to the final grade is as follows: Weekly online quizzes: 5% Final exam: 75% One team assignment/paper: 20% Additional bonus points for active participation (e.g. in debates over reading): up to 5 percentage points.
Two additional criteria are imposed: • You must achieve a minimum of 45 points on the final exam in order to be eligible for a passing grade (E). • Attendance is semi-compulsory: you need to be present during at least 7 of the 13 sessions to be eligible for a passing grade (E).
The test will include a quiz (multiple-choice questions) and the solution of problem sets, mainly using models and graphs. The creative thinking and understanding of the problem (e.g. described by a model) will be graded higher than a mere memorisation of facts or formulas. Sample questions and old versions of exams will be provided on the Moodle website
The topics and updated rules for the papers will be announced by March 10th. The submission deadline will be set for May 5th. The papers will have the following features: • Topic must be discussed with the lecturer in advance. • Length: about 2100-2300 words, appendices with charts/figures possible. • Each of the topics (and submitted papers) includes at least some quantitative analysis performed by students. • A list of references should be included. • The use of LLMs (AI) must be declared and explained. • All assignments/papers completed in this course must be original and follow the officially announced rules. Plagiarism will not be tolerated.
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Grading and related issues:
Continuous work throughout the course, active and honest participation in coursework, and successful performance on the final exam are expected from all participants. The contribution of all the components to the final grade is as follows: Weekly online quizzes: 5% Final exam: 75% One team assignment/paper: 20% Additional bonus points for active participation (e.g. in debates over reading): up to 5 percentage points.
Two additional criteria are imposed: • You must achieve a minimum of 45 points on the final exam in order to be eligible for a passing grade (E). • Attendance is semi-compulsory: you need to be present during at least 7 of the 13 sessions to be eligible for a passing grade (E).
The test will include a quiz (multiple-choice questions) and the solution of problem sets, mainly using models and graphs. The creative thinking and understanding of the problem (e.g. described by a model) will be graded higher than a mere memorisation of facts or formulas. Sample questions and old versions of exams will be provided on the Moodle website
The topics and updated rules for the papers will be announced by March 10th. The submission deadline will be set for May 5th. The papers will have the following features: • Topic must be discussed with the lecturer in advance. • Length: about 2100-2300 words, appendices with charts/figures possible. • Each of the topics (and submitted papers) includes at least some quantitative analysis performed by students. • A list of references should be included. • The use of LLMs (AI) must be declared and explained. • All assignments/papers completed in this course must be original and follow the officially announced rules. Plagiarism will not be tolerated.
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Literatura -
Main textbook: P. Krugman, M. Obstfeld, M. J. Melitz: International Trade, Theory & Policy. 9th edition or newer. Addison-Wesley (Pearson), 2012.
Other options (available in libraries at the FSV or CERGE-EI):
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 usable for at least some 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. Rogoff (2025): Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead
K. Pilbeam: International Finance
Melvil & Norrbin: International Money and Finance
Additional texts:
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 Economist – Money Talks podcast (2025): Stablecoins: is this crypto’s big bang moment? https://www.economist.com/podcasts/2025/08/07/stablecoins-is-this-cryptos-big-bang-moment Falargia et al (2023): Has the euro changeover really caused extra inflation in Croatia? 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. Rose (2015): How do currency unions affect trade Taylor & Taylor (2024): The Purchasing Power Parity Debate. Journal of Economic Perspectives—Volume 18, Number 4—Fall 2004—Pages 135–158 Vo & Vo (2023): The purchasing power parity and exchange-rate economics half a century on. Econ Surv. 2023; 37:446–479 Yang (2012): Aggregate Savings and External Imbalances in China
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Main textbook: P. Krugman, M. Obstfeld, M. J. Melitz: International Trade, Theory & Policy. 9th edition or newer. Addison-Wesley (Pearson), 2012.
Other options (available in libraries at the FSV or CERGE-EI):
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 usable for at least some 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. Rogoff (2025): Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead
K. Pilbeam: International Finance
Melvil & Norrbin: International Money and Finance
Additional texts:
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 Economist – Money Talks podcast (2025): Stablecoins: is this crypto’s big bang moment? https://www.economist.com/podcasts/2025/08/07/stablecoins-is-this-cryptos-big-bang-moment Falargia et al (2023): Has the euro changeover really caused extra inflation in Croatia? 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. Rose (2015): How do currency unions affect trade Taylor & Taylor (2024): The Purchasing Power Parity Debate. Journal of Economic Perspectives—Volume 18, Number 4—Fall 2004—Pages 135–158 Vo & Vo (2023): The purchasing power parity and exchange-rate economics half a century on. Econ Surv. 2023; 37:446–479 Yang (2012): Aggregate Savings and External Imbalances in China
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Požadavky ke zkoušce -
Grading and related issues:
Continuous work throughout the course, active and honest participation in coursework, and successful performance on the final exam are expected from all participants. The contribution of all the components to the final grade is as follows: Weekly online quizzes: 5% Final exam: 75% One team assignment/paper: 20% Additional bonus points for active participation (e.g. in debates over reading): up to 5 percentage points.
Two additional criteria are imposed: • You must achieve a minimum of 45 points on the final exam in order to be eligible for a passing grade (E). • Attendance is semi-compulsory: you need to be present during at least 7 of the 13 sessions to be eligible for a passing grade (E).
The test will include a quiz (multiple-choice questions) and the solution of problem sets, mainly using models and graphs. The creative thinking and understanding of the problem (e.g. described by a model) will be graded higher than a mere memorisation of facts or formulas. Sample questions and old versions of exams will be provided on the Moodle website
The topics and updated rules for the papers will be announced by March 10th. The submission deadline will be set for May 5th. The papers will have the following features: • Topic must be discussed with the lecturer in advance. • Length: about 2100-2300 words, appendices with charts/figures possible. • Each of the topics (and submitted papers) includes at least some quantitative analysis performed by students. • A list of references should be included. • The use of LLMs (AI) must be declared and explained. • All assignments/papers completed in this course must be original and follow the officially announced rules. Plagiarism will not be tolerated.
Grading scale (based on the weighted average score for the aforementioned grade components): A … 91 – 100 B … 81 – 90 C … 71 – 80 D … 61 – 70 E … 51 – 60 F … 0 – 50
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Grading and related issues:
Continuous work throughout the course, active and honest participation in coursework, and successful performance on the final exam are expected from all participants. The contribution of all the components to the final grade is as follows: Weekly online quizzes: 5% Final exam: 75% One team assignment/paper: 20% Additional bonus points for active participation (e.g. in debates over reading): up to 5 percentage points.
Two additional criteria are imposed: • You must achieve a minimum of 45 points on the final exam in order to be eligible for a passing grade (E). • Attendance is semi-compulsory: you need to be present during at least 7 of the 13 sessions to be eligible for a passing grade (E).
The test will include a quiz (multiple-choice questions) and the solution of problem sets, mainly using models and graphs. The creative thinking and understanding of the problem (e.g. described by a model) will be graded higher than a mere memorisation of facts or formulas. Sample questions and old versions of exams will be provided on the Moodle website
The topics and updated rules for the papers will be announced by March 10th. The submission deadline will be set for May 5th. The papers will have the following features: • Topic must be discussed with the lecturer in advance. • Length: about 2100-2300 words, appendices with charts/figures possible. • Each of the topics (and submitted papers) includes at least some quantitative analysis performed by students. • A list of references should be included. • The use of LLMs (AI) must be declared and explained. • All assignments/papers completed in this course must be original and follow the officially announced rules. Plagiarism will not be tolerated.
Grading scale (based on the weighted average score for the aforementioned grade components): A … 91 – 100 B … 81 – 90 C … 71 – 80 D … 61 – 70 E … 51 – 60 F … 0 – 50
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Sylabus -
Course outline with dates (relevant for Spring 2026):
1. Introduction to international finance. Foreign exchange market: main actors, their role, types of interactions. Brief outline of the history of international finance. (February 17th) 2. International transfers/payments. Channels, related instruments. February (24th) 3. Balance of payments structure and national income accounting for an open economy. International investment position (March 3rd) 4. Introduction to exchange rate determination: asset approach. Covered and uncovered interest rate parity. (March 10th) 5. Money, interest rates and exchange rates. Long-run aspects of exchange rate determination. Purchasing power parity. Overshooting. (March 17th) 6. Prices and exchange rates continued: Fischer effect. Exchange rates and competitiveness: real (effective) exchange rates, Balassa-Samuelson effect. Application on the nominal and real convergence in the EU (March 24th) 7. Introduction to the AA-DD model. Temporary and permanent changes in fiscal and monetary policies. (March 31st) 8. The AA-DD model: XX curve. Application on policy analysis. (April 7th) 9. Policy options for reaching internal and external balance. Swan diagram. Fixed exchange rates: macroeconomic implications. Interventions and sterilisation. Policy trilemma. (April 14th) 10. Monetary integration: costs and benefits. Monetary integration: effects – empirical research. (April 21st) 11. A brief introduction to the models of balance of payments crises. (April 28th) 12. Debts and (developing) countries. Deadline for the team assignment/paper (May 5th) 13. The future of IMS, role of the USD. Discussion of current topics. (May 12th) 14. Reserved for a make-up class (possibly for April 21st). (May 19th)
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
Course outline with dates (relevant for Spring 2026):
1. Introduction to international finance. Foreign exchange market: main actors, their role, types of interactions. Brief outline of the history of international finance. (February 17th) 2. International transfers/payments. Channels, related instruments. February (24th) 3. Balance of payments structure and national income accounting for an open economy. International investment position (March 3rd) 4. Introduction to exchange rate determination: asset approach. Covered and uncovered interest rate parity. (March 10th) 5. Money, interest rates and exchange rates. Long-run aspects of exchange rate determination. Purchasing power parity. Overshooting. (March 17th) 6. Prices and exchange rates continued: Fischer effect. Exchange rates and competitiveness: real (effective) exchange rates, Balassa-Samuelson effect. Application on the nominal and real convergence in the EU (March 24th) 7. Introduction to the AA-DD model. Temporary and permanent changes in fiscal and monetary policies. (March 31st) 8. The AA-DD model: XX curve. Application on policy analysis. (April 7th) 9. Policy options for reaching internal and external balance. Swan diagram. Fixed exchange rates: macroeconomic implications. Interventions and sterilisation. Policy trilemma. (April 14th) 10. Monetary integration: costs and benefits. Monetary integration: effects – empirical research. (April 21st) 11. A brief introduction to the models of balance of payments crises. (April 28th) 12. Debts and (developing) countries. Deadline for the team assignment/paper (May 5th) 13. The future of IMS, role of the USD. Discussion of current topics. (May 12th) 14. Reserved for a make-up class (possibly for April 21st). (May 19th)
Poslední úprava: Semerák Vilém, Ing., M.A., Ph.D. (15.02.2026)
