Магистратура 2020/2021

Международные финансы

Статус: Курс по выбору (Экономика: исследовательская программа)

Направление: 38.04.01. Экономика

Кто читает: Школа финансов

Где читается: Факультет экономических наук

Когда читается: 2-й курс, 1, 2 модуль

Формат изучения: с онлайн-курсом

Преподаватели: Карамышева Мадина Ринатовна, Подухович Дмитрий Сергеевич

Прогр. обучения: Экономика: исследовательская программа

Язык: английский

Кредиты: 5

Контактные часы: 40

Course Syllabus

Abstract

Integration and globalization of the modern world require a deep understanding of international finance. This course focuses on the explanation of up-to-date theories of international finance and its practical, real-world applications. Effective corporate decision making requires a deep understanding of the global financial markets; in particular, this course will cover foreign exchange markets and world capital markets. Moreover, hedging strategies and risk management are necessary for effective financial management. Ссылка на онлайн-программу: https://www.mruniversity.com/courses/international-finance

Learning Objectives

• To build a theoretical framework of international finance questions
• To develop a practical guide for solving international finance problems
• To demonstrate the controversial issues of international finance through discussions and papers

Expected Learning Outcomes

• To know the theoretical framework of international finance issues
• To be able to approach and solve real-world international finance problems
• To be able to understand controversial issues of international finance

Course Contents

• Multinational Financial Management and Globalized World
  (growth of international trade; globalization of financial markets; goal and organizational structure of the MNC; important international players; globalization and MNC: benefactor or menace?)
• International Financial Markets
  i. Balance of Payments (Concepts and terminology; surpluses and deficits in the BOP Accounts; dynamics of the BOP) ii. Foreign Exchange Market (Market players; Organization of FOREX market; Spot rates, Forward rates; Interest rate parity, PPP and real exchange rates; Foreign exchange intervention, exchange rate systems)
• International Capital Markets
  i. International debt financing (Global sources of funds, characteristics of debt instruments, world's bond market, international bank loans, cost of debt) ii. International equity financing (International stock markets, cross-listing, and depositary receipts, strategic alliances) iii. The international capital market equilibrium (Risk and return of international investments, international diversification, optimal portfolio allocation, international CAPM, integrated versus segmented markets)
• Multinational Capital Structure and Capital Budgeting
  (NPV, financial side effects, real options, parent versus subsidiary cash flows)
• Risk Management and Hedging
  i. Forecasting exchange rates (Parity conditions and exchange rate forecasts, common forecasting techniques, fundamental forecasting, technical analysis, evaluating forecasts), Measuring and managing real exchange risk ii. Foreign currency futures and options, foreign currency swaps iii. Forward markets and transaction exchange risk (hedging transaction exposure, forward foreign exchange market) iv. Managing economic and translation exposure (assessing economic exposure and restructuring to reduce economic exposure; hedging with forward contracts) v. Country risk analysis (country and political risk analysis, measuring country risk, assessment of political risk in financial decisions) vi. Risk Management and the Foreign Currency Hedging Decision (arguments against and for hedging, hedging in real world, hedging trends) vii. Financing International Trade (fundamental problem with international trade, documents, methods of payments, financing exports, countertrade)
• Systemic Risk
  Systemic Risk
• International Finance
  International Finance

Assessment Elements

• Assignment 1
• Group Project/Presentations
• Term paper and defense of your project
• Assignment 2
• Assignment 3
• Inclass quizzes
• Inclass participation

Interim Assessment

• Interim assessment (2 module)
  0.3 * Term paper and defense of your project + 0.15 * Assignment 1 + 0.15 * Assignment 2 + 0.15 * Assignment 3 + 0.15 * Group Project/Presentations + 0.05 * Inclass participation + 0.05 * Inclass quizzes

Bibliography

Recommended Core Bibliography

• Baker, H. K., & Riddick, L. A. (2013). International Finance : A Survey. Oxford: Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2096885
• Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2017). International Finance: Theory and Policy, Global Edition (Vol. Eleventh edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1649947
• Terra, C. (2015). Principles of International Finance and Open Economy Macroeconomics : Theories, Applications, and Policies. London: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1003163

Recommended Additional Bibliography

• Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2015). International Finance: Theory and Policy, Global Edition (Vol. Tenth edition, Global edition). Harlow, Essex: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1419051
• Terra, C. (2015). Principles of International Finance and Open Economy Macroeconomics. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128022979