Monetary Integration

The course is to give students a comprehensive macroeconomic perspective of monetary integration. It begins with a presentation of an even more general framework, i.e. that of international monetary system complemented with a review of simple analytical tools used in international macro and finance (Mundell-Fleming model and its extensions). The second part of the course focuses on the concept of the optimum currency area and the evolution thereof. The third part of the course goes into practical experience of monetary integration with the major focus on the most advanced example, i.e. the European monetary integration. The latter is analyzed both as a part of the general European economic integration and as a real illustration of the optimum currency area. The final part of the course is the short review of non-European cases of monetary integration.

Students know major theories of economic integration with a particular emphasis on monetary dimension thereof. Students know major analytical tools for assessing the impact of monetary integration on participating economies. Students know how to apply these models into empirical studies. Students are expected to be able to use this knowledge for independent and informed assessment of the current processes of monetary integration and its potential effects on the Polish economy