Кто читает:: Международный институт экономики и финансов

Статус:: Курс по выбору

Когда читается:: 2-й курс, 1 модуль

Преподаватель

Пейрис Удара Сандакен

Full Syllabus

Abstract

This course is designed to give an overview of the key issues in international finance. We first consider macroeconomic accounting and how to interpret stylised facts. We then study risk-sharing in international finance within the Arrow-Debreu paradigm. Next we consider the empirical evidence for the standard open economy results and investor behaviour. Then we move to considering Sovereign debt and financial frictions and how they extend our understanding of crises. We then study the real example of Argentina and study models which specifically describe such situations of sovereign and exchange rate crises. Finally we conclude by considering the models of currency crisis.

Learning Objectives

The course provides students with an overview of the key issues in International Finance. Upon successful completion of the course students will develop a coherent analytical framework upon which to think about open economy issues in Industry, particularly in Investment Banking. Students wishing to continue on to a PhD will obtain an insight into the issues and models which are pertinent in academia.
The course provides a solid and technical foundation in economic and financial theory and then seeks to motivate and challenge these results with empirical evidence. The level of the course is aimed at an MSc level though the material is commonly found at the PhD level.

Expected Learning Outcomes

Apply macro-finance modelling frameworks developed throughout the course
Assess how policy can affect undesirable economic/financial fluctuations
Compare model predictions with empirical observations
Explain and use basic accounting concepts that describe the modern open economy; outline stylized facts about the world economy and capital flows
Explain and use models of exchange rate determination and trading, models of international flows and investment decisions
Explain how and why countries default and models of financial crisis
Explain how and why firms make capital decisions in a global context
Explain models of international risk sharing and evaluate the role of financial frictions and incomplete markets
Outline recent developments of the Russian economy

Course Contents

International Accounting, Risk Sharing and Business Cycles
International Exchange Economies, Risk Sharing and Incomplete Markets
Exchange Rates and International investments
The Global Capital Market: Equity, IPOs and Venture Capital
National Debt and Sovereign Risk
Financial Stability, Macro/Micro-prudential policy and international spillovers
Russia as an Open Economy and Review

Assessment Elements

home assignment
final exam

Interim Assessment

2021/2022 1st module
0.7 * final exam + 0.3 * home assignment

Bibliography

Recommended Core Bibliography

Maurice Obstfeld, & Kenneth S. Rogoff. (1996). Foundations of International Macroeconomics. The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.mtp.titles.0262150476

Recommended Additional Bibliography

Economic growth, Barro, R. J., 2004

Магистерская программа «Финансовая экономика»

International Finance