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Summary International Monetary Economics
- Instelling
- Vrije Universiteit Brussel (VUB)
Summary of International Monetary Economics for BA3 Business Economics at the VUB.
[Meer zien]Voorbeeld 4 van de 271 pagina's
Voorbeeld 4 van de 271 pagina's
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Voorbeeld van de inhoud
INTERNATIONAL MONETARYECONOMICS
BUSINESS ECONOMICS III, SEMESTER II
- Chapter 1: Introduction p. 1
- Chapter 2: National Income Accounting and The Balance Payments p. 5
o WPO
- Chapter 3: Exchange Rates and the Foreign Exchange Market p. 53
(An Asset Approach)
o WPO
- Chapter 4: Money Interest Rates, and Exchange Rates p. 73
- Chapter 5: Price Levels and the Exchange Rate in the Long Run p. 101
o WPO
- Chapter 6: Output and the Exchange Rate in the Short Run p. 119
o WPO
- Chapter 7: Fixed Exchange Rates and Foreign Exchange Intervention p. 171
o WPO
- Chapter 8: International Monetary Systems: An Historical Overview p. 201
- Chapter 10: Optimum Currency Areas and the Euro p. 225
- CHAPTER EXTRA: Euroland: Promised Land or Monetary Atlantis? p. 261
p. 274
,INTERNATIONAL MONETARY ECONOMICS BUSINESS ECONOMICS III
INTERNATIONAL BUSINESS
INTRODUCTION: International Monetary Economics:
Book: International Finance Theory and Policy Pearson Eleventh Edition à pdf
Learning objectives: out of 3 levels:
- At the end of this course; students should understand the functioning of the exchange market,
the money market, exchange rate systems, and monetary (and fiscal) policy in an open economy.
They should also be able to apply the theories studies on real-life cases.
- Level 1: He wants us to know things at the end of the semester
o Name policy instruments… knowing things by heart
- Level 2: understanding theory, concepts models that we will see –W exam test even in the
theoretical questions
- Level 3: Application: apply theory that we have studied to real life cases à most important for
him
o Typical question: He gives us an article published in the financial times that talks about
what happens on the foreign exchange market à Q: draw graph that explains what has
happened on that particular day
Test Blueprint:
1
,INTERNATIONAL MONETARY ECONOMICS BUSINESS ECONOMICS III
INTERNATIONAL BUSINESS
- # sum up to 100 and are weight to different topics in the exams
o Indications, not always the case that it will count
- Gives an idea of the relative weight of the course and the different skills that are tested
- 30% theoretical questions
- 70% of applications (Level 3 of learning objectives are more important)
Syllabus:
- Content:
o The following topics will be covered: national accounts, the balance of payments and the
issue of the ‘global imbalance’: spot exchange rates and the foreign exchange market, the
law of one price, purchasing power parity, real exchange rates, and long-run nominal
exchange rates; economic policy in an open economy; pros and cons of floating vs. fixed
exchange rates, the effectiveness of interventions on the foreign exchange market; the
exchange rate systems through the ages; European monetary integration, the ECB and
the euro.
o Time permitting, attention will also be devoted to topics of a more ‘money and banking’
nature, such as: the balance sheet of a central bank, seigniorage, currency use and
payment behavior, etc.
o Guest lecture are possible?
- Study material:
o Requires reading: Chapters 1- 8 and 10 from Krugman, P.R., Obstfeld M. and M.J. Melitz,
International Finance: Theory and Policy, Global Edition, 11, Pearson, 2018 (Book)
- Additional study material:
o Slides and additional material – such as clippings from the financial press (Financial
Times, The Economist, etc.), ECB documents… will be made available via the Canvas
website of the course.
- Mode assessment:
o The exam will be written and will be composed of theoretical questions and applications.
Old exam questions will be solved during the practical sessions
Teaching approach:
- Theory = me:
o Each week the prof upload voice-overs
o The week after: Q&A on Friday 1pm
§ Upfront submission of questions appreciated
- Practical sessions: Eduardo
o Voice overs
o The week afer: Q&A on Thursday 9am
§ Upfront submission of questions appreciated
o First session: 25th February
Content:
- International trade vs international monetary economics:
à transactions of goods and services
à transactions involving financial assets
- Krugman, Obstfeld and Melitz:
= seven themes
o (1) Gains from trade
2
, INTERNATIONAL MONETARY ECONOMICS BUSINESS ECONOMICS III
INTERNATIONAL BUSINESS
o (2) the pattern of trade
o (3) Protectionism/how much trade?
o (4) the balance of payments
o (5) exchange rate determination
o (6) International policy coordination
o (7) International capital markets
- International Monetary Economics = second half
o Part II: Exchange rates and open-economy macro (theory)
o Part IV: International macroeconomic policy = applications of analysis from Part III
Figure 1.1. Exports and Imports as a Percentage of US National Income:
- (Shaded areas indicate US recessions). Both imports and exports have risen as a share of the US
economy, but imports have risen more.
Figure 1.2: Average of Exports and Imports as Percentages of National Income in 2015:
- International trade is even more important to most other countries than it is to the US.
- Source: World Bank
FT, October 6:
3
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