Type of Credit: Elective
Credit(s)
Number of Students
The aim of the course is that the students develop an understanding of the main implications of increasing integration of the world economy. By describing the various ways that countries are affected by each other -through trade linkages, multinational production, or financial markets- the course will try to explain how these forces affect the decisions of individuals and firms. Topics covered in the course include theories and facts about the gains from globalization, the current account, exchange rate determination, currency crises, Optimum Currency Areas and Monetary Union, and Sovereign Debt and Default . The class will maintain focus to applying this knowledge to real world applications.
能力項目說明
This course will be divided in two sections. The first section will be more like a traditional lecture class and will focus on theoretical models and empirical facts. The second section will be more like a seminar course with presentations by students and wide discussion on topics in international finance and international macroeconomics.
There will be two problem sets, a midterm, a short presentation, and a final term paper. The first part of the course will also provide important tools for the students with which to prepare their presentation and their term paper. For each topic, and after we finish the discussion of the empirical facts and possible explanations, students will be invited to express their own opinion about current events. In the presentations, students will put forth the main arguments and ideas that will be part of their term paper. (Preliminary and Incomplete)
| 教學週次Course Week | 彈性補充教學週次Flexible Supplemental Instruction Week | 彈性補充教學類別Flexible Supplemental Instruction Type |
|---|---|---|
(Preliminary and Incomplete)
Midterm exam and problem sets. In the midterm exam and two problem sets the students must illustrate that they have comprehended the class material. You are supposed to work independently.
The final term paper is expected to be a small piece of original research that draws on the models and applications that are taught during this course. There will also be a short class presentation illustrating the main points and arguments made in the term paper. I expect you to formulate a hypothesis/question and try to answer it with one or more tools. These tools could include surveying the literature, finding some data or empirical evidence, developing your own theoretical model. Whatever you do, it should be systematic and you should always maintain the focus on your main question and/or hypothesis.
1. Introduction and Stylized Facts of International Finance
2. International Capital Market Integration
3.Exchange Rate and Current Account
4.Global Imbalances
5. Theory of Current Account Determination
6. Current Account Determination in a Production Economy
7. The Theory of Exchange Rate Determination I
8. The Theory of Exchange Rate Determination II
9. Midterm Examination
10. Currency Crises I
11. Currency Crises II
12. Currency Crises III
13. Optimum Currency Areas, Monetary Union and the Eurzone
14. Sovereign Debt and Default I
15. Sovereign Debt and Default II
16. Class Presentations
17. Class Presentations
18. Class Presentations
Grading Criteria: The weights for the final grade will be as follows:
1. 2 Problem Sets -------------------------------------- 10% each.
2. Class Presentation (Preparation and Involvement in class discussions)--------------- 20%.
3. Midterm-Exam ---------------------------------------------- 30%.
4. Term Paper ------------------30%.
There will be no official textbook for this class. We will post some of my lecture on the classes’ serve. Additional material for the class will also be derived from class notes. We will also cover a number of papers as indicated in the tentative class schedule below. Relevant class material will be uploaded in the classes website.
Some useful reference books
Lyons, Richard, 2006, The Microstructure Approach to Exchange Rates, MIT, ISBN13: 978-0-262-62205-9. 指南書局代理 (hereafter Lyons)
Copeland, Laurence, 2014, Exchange Rates and International Finance, 6 th edition, Pearson, ISBN-10: 0273786040.
Krugman, Paul, Maurice Obstfeld and Marc Melitz, 2015, International Economics: Theory and Policy, 10th edition, PET, ISBN-10: 1292019557. 華泰代理
Maurice Obstfeld and Kenneth Rogoff, Foundations of International Macroeconomics (MIT press, 1996). Nelson C. Mark, International Macroeconomics and Finance (Blackwell Publishers, 2001)
Also the online book: “International Macroeconomics" by Stephanie Schmitt-Grohe, Martin Uribe and Michael Woodford (hereafter S-U) that is available for download at http://www.columbia.edu/~mu2166/UIM/suw.pdf (July 31, 2019)