سیلابس درس مالیه بینالملل- کارشناسی ارشد
Advanced International Finance
Dr. Alireza Rahimi Boroujerdi
15:00 Sun - Tue
Office Hours: 8-10, Sat,Sun,Mon,Tue,Wed or by Appointments,
This is a graduate course in international Finance. This course is a required course in international trade for the graduate field of international economics. A good knowledge of undergraduate level of international finance will be very useful. However, the motivated student can learn easily as we progress. Participants are expected to have completed the core macroeconomics and microeconomics theory courses and a good background on econometrics. This course provides an overview of international financial economics, developing analytic tools and concepts that can be used to analyze world economic policy debates. In this course we cover topics such as the foreign exchange market and the balance of payments adjustment under different regime of exchange rate, exchange rate adjustments, international liquidity and money and capital flows, international monetary system, recent developments in exchange rate analysis and some current international policy issues.
Thus, I will calculate the semester grade by weighting each two hours examination 20%, the final examination 30%, and class presentation (see below) 30%. Additionally, I will raise your semester numerical score if you make an excellent contribution to class.
Each student will be expected to make a class presentation once during the semester on one of the following topics. You can determine the approximate timing of the presentation by seeing where that topic fits into the schedule of required reading assignments.
1/ Is the Real Exchange Rate Approximately Constant?
2/ The Relation between Devaluation and the Trade Balance.
3/ Does the Real Exchange Rate Follow a Random Walk, or Regress to PPP?
4/ Foreign Investment and International Capital Flow.
5/ Does Real Exchange Rate Variability Arise from Nominal Exchange Rate Variability and Sticky Goods Prices?
6/ The Relation Between Purchasing Power Parity and Non-Traded goods.
7/ An Investigation about Devaluation in Developing Countries with Non-Traded Goods.
8/ The Mundell-Fleming Model of Monetary and Fiscal Policy with International Capital Mobility.
9/ Fixed vs. Floating Exchange Rate Regimes.
10/ Monetary Models of Exchange Rate Determination.
11/ Forward Exchange Rate Bias and the Exchange Risk Premium.
12/ The Exchange Rate Premium and Optimal Portfolio Diversification.
13/ Tests of Rational Expectations in the Forward Exchange Market.
RahimiBoroujerdi, Alireza, Optimum Exchange Regime and the Behavior of Real Exchange Rate in the Models of International Finance, Monetary and Banking Research Academy, Central Bank of Islamic Republic of Iran, 2000.
Melvin, Michael, International Money and Finance, Harper and Row Publication.
Hallwood, Paul and MacDonald , Ronald, International Money and Finance, Blackwell,
Edwards, Sebastian, Real Exchange Rates, Devaluation, and Adjustment, The MIT Press, 1991.
In Addition, there will be a Supplementary Set available at the Faculty of Economics' Book Store.
Stern r. M., The Balance of Payments,
Haraf, W. S., and T. D. Willett (Eds.), Monetary Policy for a Volatile Global Economy, AEI.
Yeager, International Monetary Relations, Harper and Row.
Krugman, Paul and Maurice Obstfeld, International Economics: Theory and Policy, Harper Collins Publishers.
Jones and Kenen (eds.), Handbook of International Economics, Vol. 2.
Bhagwati, J. N. Dependence and Interdependence, Vol. 2, Basil Blackwell,
Dornbusch, Rudiger and F. Leslie C. H. Helmers, The Open Economy,
Krueger, Anne, O. Exchange Rate Determination,
Dominguez, Kathryn and Jeffrey Frankel, Does Foreign Exchange Intervention Work?, Institute for International Economics,
Harris, Laurence, Monetary Theory, McGraw Hill Book Company.
Required Reading Assignments
A- Nominal Exchange Rate, Effective Exchange Rate, Real Effective Exchange Rate, Real Exchange Rate: Goods Market and Assets Market, and Equilibrium Real Exchange Rates.
B- Exchange Rate Determination: Purchasing Power Parity: Strong Version PPP and Weak Version PPP, Forecasting of Exchange Rate by PPP, The Current Account Models: 1-The Elasticities Approach, 2-Keynesian Aggregate Demand Model, 3-The Absorption Approach, 4-BRM Model, and 5- The J-Curve Model, The Capital Account Model: 1- Monetary Model, 2- Monetary Model with Fixed Exchange Rate, 3- Monetary Model with Flexible Exchange Rate, Some Empirical Tests and Forecasting of Exchange Rate, 4- Sticky Price Monetary Model, Substantial Overshooting Effects, 5- Mundel Fleming Model, 6- Portfolio Model, and 7- Assets Market Model. Some Empirical Tests and Forecasting of Exchange Rate under different Models. These topics are all selected from RahimiBoroujerdi, Chapters 1, 2, and 3, and Dornbusch Chapters 1, and 2, and Edwards (1985) chapters, 3, 4, and 5 and Edwards (1991), Chapter 2 and Stern, Chapters 2 and 3.
C- Edwards, Sebastian, "Exchange Rate Misalignment in Developing Countries", CPD Working Paper, The World Bank, 1985, From Supplementary Set.
D- Sundararajan, V. "Exchange Rate Unification, the Equilibrium Real Exchange Rate Regime: The Case of I. R. of
E- Diebold, Husted and Ruch, "Real Exchange Rates Under the Gold Standard", Journal of Political Economy, Vol. 99, 1991, From Supplementary Set.
F- Spitaller, E., "Short-Run Effects of Exchange Rate Changes on Trade and Trade Balance", IMF Staff Papers, 1980, From Supplementary Set.
2- International Monetary System
A- Different Exchange Rate Regimes: Fixed Exchange Rate Regime, Gold Exchange Standard Regime, Breton Woods Exchange Rate Regime, Managed Floating Exchange Rate Regime, Freely Floating Rates, Optimum Currency Area, Joint Floating Exchange Rate Regime, Managed Fixed Exchange Rate Regime, Adjustable Peg Exchange Rate System, Crawling Peg Exchange Rate System, and European Currency Snake. These topics are all selected from RahimiBoroujerdi, Chapter, 4 and Krugman and Obstfel, Chapter 18, and Dominguez and Frankel, Chapters 2-5.
B- Kandil, Magda, "The Asymmetric Effects of Exchange Rate Fluctuations: Theory and Evidence from Developing Countries", IMF Working paper, November 2000, From Supplementary Set.
C- Berg, Andrew and Eduardo Borensztein, "The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies", IMF Working Paper, February 2000, From Supplementary Set.
D- Aizenman, Joshua and Robert P. Flood, "A Theory of Optimum Currency Areas: Revised", IMF Working Paper, May 1992, From Supplementary Set.
E- Kocherlakota, Narayana and Thomas Krueger, "Why Do Different Countries Use Different Currencies?", IMF Working Paper, February 1998, From Supplementary Set.
F- Flood, Robert P. and Olivier Jeanne, "An Interest Rate Defense of a Fixed Exchange Rate?", IMF Working Paper, October 2000, From Supplementary Set.
G-Masson, Paul, "Exchange Rate Regime Transitions", IMF Working Paper, July 2000, From Supplementary Set.
H- Ghosh, Atish, R., Anne-Marie Gulde, and Holger C. Wolf, "Currency Boards: The Ultimate Fix?", IMF Working Paper, January 1998, From Supplementary Set.
3- Policies and Procedures of Adjustments
Adjustment by Exchange Rate, Unstable and Stable Exchange Rate Market, Marshal-Lerner Condition, Adjustment by Trade and Exchange Control, The Aims of Exchange Allocation, The Procedure of Direct Exchange Control: Benefits and Disadvantage, Arguments for Direct Exchange Control, The Procedure of Indirect Exchange Control: Interest Rate Policy, Multiple Exchange Rate, Import licensing, Tariffs on Import, and…, Adjustment by Income Approach, Absorption, Swan Diagram, Meed Approach, Expenditure Changing and Expenditure Switching Policies, Internal and External Balance with Fiscal and Monetary Policies, The Effectiveness of Fiscal and Monetary Policies Under Different Exchange Rate Regime: Under Fixed Exchange Rate and Floating Exchange Rate Regime, Internal and External Balance Under Mixed Policies, and Simultaneous Internal and External Balance in Commodity, Money and Exchange Rate Markets. These topics are all selected from RahimiBoroujerdi, Chapter, 5. and Jones and Kenen, Chapters 13-17, and Melvin, Chapter, 9, and Hallwood, Chapter, 3.
B- Bayoumi, Tamim and Ronald MacDonald, "Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary
C- Mazrei, Adnan, "Imports under a Foreign Exchange Constraint: The Case of the I. R. of
D- Johnston, Barry and Natalia T. Tamirisa, " Why Do Countries Use Capital Controls?", IMF Working Paper, December 1998, From Supplementary Set.
E- Tamirisa, Natalia, T., "Exchange and Capital Controls as Barriers to Trade", IMF Working Paper, June 1998, From Supplementary Set.
F- Research Department of IMF, "Exchange Rate Regimes in An Increasingly Integrated World Economy", IMF Working Paper, August 1997, From Supplementary Set.
نوشته شده توسط <دكتر رحيمي بروجردي >
8:43 | لینک |