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International Finance

Introduction to foreign exchange theory. The evolution of different monetary systems. Exchange rate policy, international interest rate policy, international capital flow. Convertibility. The SDR. Macroeconomics of foreign economic cooperation: international capital account. The roots of international financial imbalances. The monetary trilemma: independence and autonomy of monetary policy. Primary goal of monetary policy – price or exchange rate stability, reserve policy, sovereign wealth funds. Importance and management of the funding liquidity. International financial and foreign exchange risks and currency crises. Forms of international capital flow (credit and non-credit instruments). The effect of globalization on international capital flow. Foreign direct investment. Size and direction of international capital investments. International crediting channels. International financial institutions: IMF, BIS, World Bank, EBRD, EIB. International credit markets. Adjustment to debt crises. International stock markets. Optimal currency area theories.