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Regular version of the site
Master 2020/2021

International Finance

Category 'Best Course for Career Development'
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type: Elective course (International Trade Policy)
Area of studies: Economics
Delivered by: Department of Trade Policy
When: 1 year, 3, 4 module
Mode of studies: offline
Master’s programme: International Trade Policy
Language: English
ECTS credits: 4
Contact hours: 44

Course Syllabus

Abstract

The main goal of the discipline "International financial transactions" is a comprehensive understanding of the system and regulation of international financial relations. The discipline studies modern approaches to the analysis of interaction between financial markets, the real economy and international financial institutions. The course covers relevant topics of international regulation of financial markets. The course is based on traditional theories of financial markets as well as on modern trends of the global financial system.
Learning Objectives

Learning Objectives

  • To study the fundamentals of the global financial system regulation.
  • To name the functions and objectives of international monetary and financial institutions.
  • To review the key stages and principles of development of the world currency system.
  • To name the main instruments of regulation of currency and credit relations.
  • To name the main elements of the currency system and the factors which determine an exchange rate.
  • To name the main ways of international accounting.
  • To study the main risks of international monetary and financial operations.
  • To study the instruments of the defence of financial services consumers on international markets.
  • To name the main forms of participation of the Russian Federation in international monetary and financial relations and operations.
  • To study the application and implementation of standards of financial regulation in Russia.
Expected Learning Outcomes

Expected Learning Outcomes

  • To describe the structure of the global financial system, the functions and main elements.
  • To describe the basics of the global financial system stability.
  • To study the history of the global financial system regulation.
  • To name the world financial institutions, its functions and structure.
  • To study the main aspects of financial markets and the "Soft law".
  • To study the reasons for the emergence of soft law as the optimal regulator of financial markets.
  • To study the examples of the soft law applications.
  • To study and know the standards which regulate the global financial markets.
  • To study the main activities of IMF.
  • To study the macroprudential policy aimed towards maintaining stability of the global financial system.
  • To study the classification of the main instruments of the macroprudential policy.
  • To study the main approaches of the Russian Bank.
  • To study the main tendencies of the global economy development and the impact on the international currency and credit and financial relations.
  • To study the evolution and development of the World Currency System.
  • To describe the main modern currency issues.
  • To study the development of world markets in conditions of globalisation.
  • To study currency and credit, financial relations of the Russian Federation.
  • To study the classification of exchange rate policy according to IMF.
  • To study exchange rate policy in conditions of inflation targeting.
  • To study the hedging of foreign exchange risks.
  • To study currency risks and international investment decisions.
  • To name the definition of the currency risks for non-governmental organisations.
  • To study the approaches of certain countries (Great Britain, Sweden, Germany, Denmark, Spain, Italy, France, USA, Hong Kong, Singapour, China, Australia, Japan) in the regulation of cryptocurrencies.
  • To study the risks and future of cryptocurrencies.
  • To define a term "consumer" in different jurisdictions.
  • To name the international soft law instruments to protect the rights of consumers.
  • To study the WTO review on the regulation of financial services.
  • To name the basics of the financial services regulation in WTO.
  • To describe the structure of the financial market of the EU.
  • To study the goals and the future of the financial market of EU further development.
Course Contents

Course Contents

  • Fundamentals of the global financial system.
    The global financial system, its structure, functions and elements. Free foreign exchange market as an element of free trade. State intervention in the formation of competition in the domestic and international markets. Global financial stability. A brief history of regulation of the global financial system. International financing institutions.
  • Soft law and the global financial system.
    Financial markets and soft law. The concept of soft law, the reasons for the emergence of soft law as the optimal regulator of financial markets. Mechanisms to ensure the effectiveness of international soft law instruments. Examples of the use of international soft law.
  • Regulating the sustainability of the global financial system.
    Architecture of regulation of sustainability of global Finance. International standards governing global financial markets. Activities of the IMF and rating agencies.
  • Financial sector stability.
    Macroprudential policy aimed at maintaining the stability of the financial system. Classification and international experience in the application of macroprudential policy instruments. Macroprudential stress testing of the financial sector: international experience and approaches of the Bank of Russia.
  • World currency system and peculiarities of its regulation.
    World economy: development trends and impact on international monetary and financial relations. International monetary relations and currency system. The evolution of the world monetary system and contemporary monetary problems. Regulation of international monetary relations. International settlements and international credit relations. World markets in the context of globalization. International monetary and financial organizations. International monetary and financial relations of the Russian Federation.
  • Exchange rate policy: world and Russian practice.
    Exchange rate policy regimes according to IMF classification, their features. Exchange rate policy in the framework of inflation targeting: world practice and actions of the Bank of Russia.
  • International corporate Finance and currency risk management in non-financial corporations.
    The international currency market, fundamental relationship. Hedging currency risk. Currency risk and international investment decisions. Political risk. Definition of currency risks for non-financial corporations and their classification. Transactional, operational currency risks: their measurement and management.
  • About approaches in the international regulation of cryptocurrencies (bitcoin) in certain foreign jurisdictions.
    Approaches of individual countries in the field of regulation of cryptocurrencies (bitcoin) (UK, Sweden, Germany, Denmark, Spain, Italy, France, USA, Hong Kong, Singapore, China, Australia, Japan). Risks and prospects of using cryptocurrencies.
  • International legal protection of consumers of financial services.
    The concept of "consumer" in different jurisdictions. Comparative characteristics of consumer protection in private international law of different countries. International soft law instruments to protect the rights of consumers.
  • Legal regulation of international trade in financial services (review of WTO law).
    Overview of WTO law on the question of regulation of financial services. Regulation of financial services in the WTO.
  • Formation of the Eurasian common financial market.
    What is the common financial market of the Eurasian economic Union? Prospects and goals of its formation.
Assessment Elements

Assessment Elements

  • non-blocking Writing test
  • non-blocking Answers on seminars
  • non-blocking Answer during the final exam
  • non-blocking Writing test
  • non-blocking Answers on seminars
  • non-blocking Answer during the final exam
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.5 * Answer during the final exam + 0.15 * Answers on seminars + 0.35 * Writing test
Bibliography

Bibliography

Recommended Core Bibliography

  • Международные валютно-кредитные и финансовые отношения : учебник для вузов, Красавина, Л. Н., 2002
  • Отв. ред. Красавина Л. Н. - МЕЖДУНАРОДНЫЕ ВАЛЮТНО-КРЕДИТНЫЕ И ФИНАНСОВЫЕ ОТНОШЕНИЯ 5-е изд., пер. и доп. Учебник для академического бакалавриата - М.:Издательство Юрайт - 2019 - 534с. - ISBN: 978-5-534-08791-8 - Текст электронный // ЭБС ЮРАЙТ - URL: https://urait.ru/book/mezhdunarodnye-valyutno-kreditnye-i-finansovye-otnosheniya-431952
  • Финансовые стратегии модернизации экономики: мировая практика / Под ред. Я.М. Миркина. - М.: Магистр, 2014. - 496 с.: 60x90 1/16. (переплет) ISBN 978-5-9776-0358-4 - Режим доступа: http://znanium.com/catalog/product/492903

Recommended Additional Bibliography

  • Защита прав потребителей финансовых услуг / Отв. ред. Ю.Б. Фогельсон. - М.: Норма: ИНФРА-М, 2010. - 368 с.: 60x90 1/16. (переплет) ISBN 978-5-91768-111-5 - Режим доступа: http://znanium.com/catalog/product/198854
  • Корпоративные финансы : рук. к изучению курса: учеб. пособие для вузов, Ивашковская, И. В., 2007
  • Международные финансовые отношения (основы финансомики) / Авдокушин Е.Ф. - М.:Дашков и К, 2017. - 132 с.: ISBN 978-5-394-01877-0