114-0043/01 – International Monetary Relations (MMV)

Gurantor departmentDepartment of EconomicsCredits2
Subject guarantorIng. Karel Hlaváček, Ph.D.Subject version guarantorIng. Karel Hlaváček, Ph.D.
Study levelundergraduate or graduateRequirementChoice-compulsory
Year3Semestersummer
Study languageCzech
Year of introduction1999/2000Year of cancellation2008/2009
Intended for the facultiesEKFIntended for study types
Instruction secured by
LoginNameTuitorTeacher giving lectures
HLA31 Ing. Karel Hlaváček, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit 2+1

Subject aims expressed by acquired skills and competences

- To outline fundamentals of international currency markets and explain essential concepts in this area. - To describe relations between exchange rates and interest rates and to clarify their impacts upon spot and forward rates. - To identify major determinants of exchange rates development. - To explain differences among exchange rates regimes in common use and central bank's policy that is implied with their usage. - To define exchange rate risk and its management using currency derivatives. - To analyse structure of balance of payments using an example of the Czech republic.

Teaching methods

Summary

The central themes of the course are selected topics from the international monetary theory as well as from the international financial markets theory. The course is focused on selected topics of theory and practice of international financial markets. The problem areas are: foreign exchange markets, foreign exchange risk and managing of risk through the us of financial derivates, exchange rate modelling and forecasting and balance of payments´ analysis

Compulsory literature:

1. Shapiro A.C., Foundations of multinational finacial managament. John Willey and sons, 5th edition 2004, ISBN 0471563374 2. Shapiro, A.C.: Multinational financial management.John Wiley & Sons, 7th edition 2002

Recommended literature:

1. Bank for International Settlemets: Triennial central bank survey of foreign exchange and derivates market activity 2007, BIS 2008, www.bis.org

Way of continuous check of knowledge in the course of semester

E-learning

Další požadavky na studenta

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

1. Úvod do teorie devizových trhů. - Devizové kurzy a jejich kótování. - Funkce a struktura devizového trhu. - Subjekty působící na devizových trzích. - Mezibankovní devizový trh. 2. Devizová arbitráž a promptní transakce. - Arbitráž a spekulace. - Typy transakcí na devizových trzích. - Promptní transakce. 3. Termínové transakce na devizových trzích a zajišťování kursového rizika. - Krytá úroková arbitráž. - Kótování termínových kontraktů. - Formy zajišťování u termínovaných kontraktů. 4. Devizové kurzy. - Typy devizových kurzů. - Jednoduchý model determinace devizového kurzu. - Rovnováha a stabilita na devizovém trhu. - Vývoj devizového kurzu a směnitelnost české koruny od r.1990. 5. Měnové futures. - Charakteristika kontraktů futures. - Faktory ovlivňující pohyb kurzu futures. - Zajišťování pomocí futures. 6. Měnové opce. - Charakteristika měnových opcí. - Vnitřní a časová hodnota opce. - Využití měnových opcí k zajišťování. 7. Měnové swapy. - Podstata a vznik swapů. - Kotace měnových swapů. - Typy a průběh swapových operací. 8. Determinace devizového kursu v krátkém období – model trhu aktiv. - Poptávka po zahraničním aktivu. - Vliv rozdílu úrokových sazeb. - Fisherův efekt. - Nekrytá a krytá úroková parita. 9. Determinace devizového kursu v dlouhém období. - Teorie parity kupní síly. - Model paritních podmínek. 10. Řízení devizových kursů. - Typy kurzových režimů. - Teoretická východiska řízení devizových kurzů. - Devizové intervence a jejich efektivnost. 11. Kursová politika v transformující se ekonomice. - Přístupy k řízení kurzu v transformačních ekonomikách. - Volba nástrojů kurzové politiky. - Kurzová politika v ČR od r. 1990. 12. Měnové krize. - Příčiny měnových krizí. - Modely prognózování. - Přístupy k řešení krizí. 13. Platební bilance a její přizpůsobování. - Platební bilance a její účtování. - Platební bilance v ekonomické teorii. - Vývoj platební bilance ČR. Cvičení: Analýza mezinárodních peněžních trhů, měnových rizik a platební bilance.

Conditions for subject completion

Full-time form (validity from: 1960/1961 Summer semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of points
Exercises evaluation Credit 85 (85) 0
        Written exam Written test 85  0
Mandatory attendence parzicipation:

Show history

Occurrence in study plans

Academic yearProgrammeField of studySpec.FormStudy language Tut. centreYearWSType of duty
2006/2007 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6202) Economic Policy and Administration (6202T027) National Economy P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6202) Economic Policy and Administration (6202T040) Regional Development (01) Regional Development P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6202) Economic Policy and Administration (6202T055) Public Economics and Administration P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6208) Business and Management (6208T011) Economics and Law in Business P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6208) Business and Management (6208T037) Management (02) Management P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6208) Business and Management (6208T062) Marketing and Business (01) Marketing and Business P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6208) Business and Management (6208T086) Enterprise Economics and Management P Czech Ostrava 3 Choice-compulsory study plan
2006/2007 (M6209) Systems Engineering and Informatics (6209T025) System Engineering and Informatics P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6201T004) Economics P Czech Ostrava 3 Optional study plan
2005/2006 (M6208) Business and Management (6208T086) Enterprise Economics and Management P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6208) Business and Management (6208T037) Management (02) Management P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6208) Business and Management (6208T062) Marketing and Business (01) Marketing and Business P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6208) Business and Management (6208T011) Economics and Law in Business P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6209) Systems Engineering and Informatics (6209T025) System Engineering and Informatics P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6202T055) Public Economics and Administration P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6210T004) European Integration (01) European Integration P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6202T027) National Economy P Czech Ostrava 3 Choice-compulsory study plan
2005/2006 (M6202) Economic Policy and Administration (6202T040) Regional Development (01) Regional Development P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6202) Economic Policy and Administration (6202T027) National Economy P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Optional study plan
2004/2005 (M6202) Economic Policy and Administration (6210T004) European Integration (01) European Integration P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6202) Economic Policy and Administration (6202T055) Public Economics and Administration P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6202) Economic Policy and Administration (6202T040) Regional Development (01) Regional Development P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6208) Business and Management (6208T011) Economics and Law in Business P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6208) Business and Management (6208T086) Enterprise Economics and Management P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6208) Business and Management (6208T062) Marketing and Business (01) Marketing and Business P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6208) Business and Management (6208T037) Management (02) Management P Czech Ostrava 3 Choice-compulsory study plan
2004/2005 (M6209) Systems Engineering and Informatics (6209T025) System Engineering and Informatics P Czech Ostrava 3 Choice-compulsory study plan
2003/2004 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Optional study plan
2003/2004 (M6202) Economic Policy and Administration (6201T004) Economics P Czech Ostrava 3 Optional study plan
2002/2003 (M6202) Economic Policy and Administration (6202T027) National Economy P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Optional study plan
2002/2003 (M6202) Economic Policy and Administration (6210T004) European Integration (01) European Integration P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6202) Economic Policy and Administration (6202T055) Public Economics and Administration P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6202) Economic Policy and Administration (6202T040) Regional Development (01) Regional Development P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6208) Business and Management (6208T011) Economics and Law in Business P Czech Ostrava 3 Optional study plan
2002/2003 (M6208) Business and Management (6208T086) Enterprise Economics and Management P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6208) Business and Management (6208T062) Marketing and Business (01) Marketing and Business P Czech Ostrava 3 Choice-compulsory study plan
2002/2003 (M6208) Business and Management (6208T037) Management (02) Management P Czech Ostrava 3 Optional study plan
2002/2003 (M6209) Systems Engineering and Informatics (6209T025) System Engineering and Informatics P Czech Ostrava 3 Choice-compulsory study plan
2001/2002 (M6202) Economic Policy and Administration (6202T027) National Economy P Czech Ostrava 3 Optional study plan
2001/2002 (M6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 3 Optional study plan
2001/2002 (M6202) Economic Policy and Administration (6210T004) European Integration (01) European Integration P Czech Ostrava 3 Choice-compulsory study plan
2001/2002 (M6208) Business and Management (6208T011) Economics and Law in Business P Czech Ostrava 3 Optional study plan
2001/2002 (M6208) Business and Management (6208T086) Enterprise Economics and Management P Czech Ostrava 3 Choice-compulsory study plan
2001/2002 (M6208) Business and Management (6208T037) Management (02) Management P Czech Ostrava 3 Optional study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner