114-0411/03 – International Monetary Relations (MMV)
Gurantor department | Department of Economics | Credits | 4 |
Subject guarantor | doc. Ing. Aleš Melecký, Ph.D. | Subject version guarantor | doc. Ing. Aleš Melecký, Ph.D. |
Study level | undergraduate or graduate | Requirement | Choice-compulsory type B |
Year | | Semester | summer |
| | Study language | Czech |
Year of introduction | 2011/2012 | Year of cancellation | |
Intended for the faculties | EKF | Intended for study types | Bachelor |
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
Lectures
Seminars
Summary
The course is focused on the basic concepts and the nature of international
financial relations and on selected areas of theory and practice of international
money markets. These areas include mainly foreign exchange markets, currency risk
and its management using currency derivatives, determination and forecasting
analysis of exchange rates and balance of payments. The seminar is practical
examples of international monetary economics.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
No special requirements
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
Foreign exchange markets and their microstructure.
- The function and structure of the foreign exchange market
- Bodies involved in the foreign exchange markets
- Interbank Foreign Exchange Market
- Spot and forward transactions
Second Forwards and swaps.
- The establishment and development of futures transactions
- Forward contracts
- Swap contracts
- Compared to other currency derivatives (futures, options)
3rd Exchange rate risk and exchange rate exposure.
- The characteristics of foreign exchange exposure and currency risk
- Transaction exposure
- Economic exposure
- Translational exposure
4th The globalization of financial markets and international banking.
- Development and characteristics of the financial market?
- New forms of international financing
- The expected trends in the financial system
5th Euromoney markets and euroúvěry.
- Creation euroměnových instrument?
- Types euroúvěr?
- The procedure for opening euroúvěru
- Markets euronotes
6th Eurobonds.
- Eurobond market
- Forms eurobligací
- Entrants eurobligací
7th Organization and Eurobond
- Providing a course Eurobond
- The costs of emissions eurobligací
- Global bonds
8th Euroakcie.
- Emissions shares foreign markets
- Foreign shares
- Global equities
9th International portfolio investment.
- International investment and risk diversification
- Foreign investment and CAPM
- Selection of international portfolio
10th Foreign direct investment
- International capital budgeting
- Analysis of country risk
- International Taxation
11th Macroeconomic models Determination exchange rates.
- The asset market model
- Determination of the course in the long term
- Modern theories of exchange rate determination
12th Forecasting exchange rates.
- Fundamental Analysis - the traditional theory of exchange rate
- Technical Analysis
- The relationship between fundamental and technical analysis
13th The financial crisis and forecasting.
- Types and characteristics of financial crisis
- Analysis of the causes of the crisis
- Forecasting models
14th Analysis of the current account balance of payments
- The structure of its balance of payments and balancing
- The sustainability of the current account deficit
- Intertemporal approach to the current account
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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