International Finance

Garant předmětu:

Lecturer:

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Department of Management and Economics

Synopsis:

International finance is often identified with open-economy because it deals with the monetary and macroeconomic relations between countries. Our field deals with the problems deriving from balance of payments disequilibria in a monetary economy, and in particular with the automatic adjustment mechanism and the adjustment policies concerning the balance of payments, with the various exchange-rate regimes and exchange-rate determination, with international financial markets and the problems of the international monetary systems such as currency crises, debts problems, international policy coordination, with international monetary integration such as the European Monetary Union. We deal with flow of imports of consumption commodities, showing the importance of the saving-investment decision taken by optimizing agents in the determination of the international flows of commodities and capital. We show the key problems of the international monetary systems, from debt problems to international policy coordination.

Requirements:

Syllabus of lectures:

The foreign exchange markets, real exchange rate, monetary authorities and its intervention, the balance of payments, the meaning of surplus, deficit and equilibrium. Balance of payments adjustment, interaction between exchange rate and income. Macroeconomic equilibrium in an open economy under flexible exchange rates. Overshooting of the exchange rate. Currency crises. International liquidity and international reserves. The debt problem. Money demand shock. The Mandeel-Fleming model under fixed and flexible exchange rates. Perfect capital mobility.

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Study Objective:

Study materials:

Čapek, A.: Mezinárodní měnový a finanční systém, Vysoká škola ekonomická, Praha 1994

Durčáková, J, Mandel, M.: Mezinárodní finance, Management Press, Praha 2000

Mandel, M., Tomšík, V.: Monetární ekonomie v malé otevřené ekonomice, Management Press, Praha 2003

Note:

Further information:

No time-table has been prepared for this course

The course is a part of the following study plans: