156-9505/01 – International Monetary and Financial Relations (IMFR)
| Gurantor department | Department of Applied Economics | Credits | 10 |
| Subject guarantor | prof. Ing. Zuzana Kučerová, Ph.D. | Subject version guarantor | prof. Ing. Zuzana Kučerová, Ph.D. |
| Study level | postgraduate | Requirement | Choice-compulsory |
| Year | | Semester | winter + summer |
| | Study language | English |
| Year of introduction | 2014/2015 | Year of cancellation | 2020/2021 |
| Intended for the faculties | EKF | Intended for study types | Doctoral |
Subject aims expressed by acquired skills and competences
Student will be able:
- to interpret/answer all questions related to international monetary and financial relations, monetary policy realised in the open economy, its theoretical basis and practical implementation;
- to explain bilateral linkages between GDP, exchange rate, inflation rate, money market interest rate etc.;
- to characterise particular exchange rate regimes;
- to critically assess the European process of monetary integration;
- to make conclusions concerning practical monetary policy implementation in the open economy and its impact on the economy (and other macroeconomic policies).
Teaching methods
Lectures
Summary
Compulsory literature:
Balassa, B. The Purchasing Power Parity Doctrine: A Reappraisal. Journal of Political Economy, 1964, vol. 72, s. 584-596.
De Grauwe, P. International Money, Post-War Trends and Theories. Oxford: Oxford University Press, 1989.
De Grauwe, P. The Economics of Monetary Integration. 8th ed. Oxford: Oxford University Press, 2009.
Eichengreen, B. Globalizing Capital: A History of the International Monetary System. 2nd. ed. Princeton: Princeton University Press, 2008.
Kothari, V. Securitization: The Financial Instrument of the Future. Singapore: John Wiley and Sons, 2006.
Krugman, P. R., M. Obstfeld and J. Melitz. International Economics: Theory and Policy. 9th ed. Harlow: Pearson Addison-Wesley, 2012.
Mishkin, F. The Economics of Money, Banking, and Financial Markets. 9th ed. Pearson Addison Wesley, 2010.
Recommended literature:
Handa, J. Monetary Economics. London: Routledge, 2000.
Kates, S. Macroeconomic Theory and Its Failings: Alternative Perspectives on the Global Financial Crisis. Cheltenham: Edward Elgar Publishing, 2010.
Klein, M. W. and J. C. Shambaugh. Exchange Rate Regimes in the Modern Era. Cambridge: MIT Press, 2009.
Mishkin, F. S. Monetary Policy Strategy. Cambridge: MIT Press, 2009.
Mulhearn, Ch. a R. V. Howard. The Euro: Its Origins, Development and Prospects. Cheltenham: Edward Elgar Publishing, 2008.
Rothbard M. The Mystery of Banking. Eastbourne: Terra Libertas, 2011.
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
A student must write a project and to defend it as a part of the oral exam.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
Exchange rate regimes, currency board, dollarization, history, monetary policy possibilities.
Exchange rate theory, theory of interest rate parity, simultaneous equilibrium in the money and the foreign exchange market.
Output and exchange rate in the short run, the DD-AA model, economic policy in the DD-AA model.
Exchange rate regime, exchange rate interventions, sterilisation.
Law of one price, purchasing power parity theory, real and nominal exchange rate.
Balassa-Samuelson model. International monetary system.
Monetary integration in Europe and in the world. ERM II – history, rules, experience.
Optimum currency area theory, traditional and modern version.
Financial markets integration, theory, empirical research.
Securitisation, originate-to-distribute model and financial crisis.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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