国际金融
International Finance
Syllabus – Spring 2009
Instructor: Dr. Juan Yang eEmail: yangjuan@szpku.edu.cn | |
Office Hour
Monday and Wednesday 8:30-10:00 am, or by appointment. Open door policy.
Objectives
The objective of this course is to blend classical theory, empirical research, examples and
practical case situations to allow students to truly understand monetary economics in an
international context. From the study of this course, the students should be equipped with the
basic tools (balance of payments and exchange rate theory) needed to understand international
money and finance. Students are encouraged to apply all these to a broad study in all four
dimensions of international money and finance: theory, evidence, policy and institution.
Process
The primary purpose of the classroom presentation and discussion will be to explain the basic concepts. Many of the detailed "facts" will be learned through working the homework problems and projects. You will need to become familiar with new terminology and principles as well as the logic and process of addressing international financial problems. Assigned problems and projects will help develop your thought processes when addressing financial and monetary problems in the "real world.
Prerequisites
Consulting an intermediate level textbook, such as Krugman and Obstfeld (Chapter 1-4) would suffice. Students should also be familiar with the basic terms of international finance (e.g. spot rates, forward rates, arbitrage, interest rate parity etc.).
Grading
Grades will be assigned on the basis of student performance and weighted as follows:
Assignment | 30percent |
Group Projects | 30 percent |
Exam (Midterm and Final) | 40 percent |
Bonus: Literature, Data and Case Search | 10 percent |
Total | 110 percent |
Textbook
- International Money and Finance (3rd edition) by C. Paul Hallwood and Ronald MacDonald.
- International Financial Management (1st edition) by Geert Bekaert and Robert J. Hodrick
Course Outline (Chapters refer to Hallwood 3rd edition)
1. Introduction
2. Some Basic Concepts in International Finance
3. Spot and Forward Exchange Rates: Some More Basic Ideas
4. Income and the Balance of Payments
5. Macroeconomics in an Open Economy: The Mundell-Fleming Model and Some Extensions
6. International Policy Coordination
7. Purchasing Power Parity: Theory and Evidence
8. The Monetary Approach to the Balance of Payments
9. The Monetary View of Exchange Rate Determination
10. The Monetary Model: Further Applications – Real Shocks and Exchange Regime Volatility
11. The Portfolio Balance Approach to the Determination of the Exchange Rate
12. Spot and Forward Exchange Rates and the Efficient Markets Hypothesis
13. Expectational Explanations for the Rejection of the Efficient Markets Hypothesis and the “News”
14. Currency Crises and Speculative Attacks
15. Exchange Rate Target Zones and “Dirty Floating”
Student Responsibilities
Attend ALL classes (except for strictly serious reasons, of course). You are now in a graduate school, and your work ethics should be the same as what it would be in a high responsibility job.
Prepare for class Reading happens before coming to class, not after. Class serves to structure, discuss and summarize the material. It is a complement, not a substitute to reading the material.
Stay on top of the news especially as they relate to International Finance. This is something you can expect to be tested on, possibly on the home-works, the midterm and final.
Enjoy this Class! International Money and Finance is a fascinating topic, always affected by current events and full of policy implications. Welcome back!