International Finance

obligatory courses

Remote learning

The aim of the classes is to familiarize participants with the complexity of issues in the field of international finance. This applies to both the micro scale - i.e. the enterprise, and the macro scale - i.e. the economy. They enable understanding the essence of the functioning of enterprises representing various industries on the single European market, as well as the aspects of linking the Polish economy with the global economy. They discuss the most important facts that influence the face of today's world of global finance and the institutions operating in it. They explain the goals and directions of capital transfer and the effects of these activities. They raise and explain existing problems and possible future threats that may have an adverse impact on the global capital market and international financial markets. They will familiarize the student with the types of settlements and international risks

1. The concept of international finance. International finance on a macroeconomic and microeconomic scale.

a. Macroeconomic scale. Finances of countries and regions.

b. Microeconomic scale. Operation of the company on the international market. Its goals, functions, tasks and environment. Forms of economic and organizational relationships between enterprises on the free market. Discussion of selected types of cooperation and connections between economic entities, including: participation, consortium, syndicate, cartel, corporation (American), concern, holding, trust.

2. Currency market

a. The concept of exchange rate and currency market

b. Typology of exchange rates and currency markets, exchange rate theories

c. Foreign exchange market participants and its geography

d. motives for operating on the currency market

e. Determinants of the currency market

f. Types of currency transactions

g. geography of the modern currency market

h. main currency zones, currently existing, historical and likely to be established in the coming time. Examples of zones: Pound Sterling, French Franc, Japanese Yen, Transfer Ruble, Chinese Reminbi/Yuan, Indian Rupee, US Dollar and Euro.

i. Functioning of the euro area and threats related to its existence.

3. National accounts: Balance of payments and report on the international investment position

a. The concept and structure of the balance of payments - a reminder

b. Balance and disequilibrium of the balance of payments

c. Policy of rebalancing the balance of payments

d. Report on the international investment position and its analysis

e. Investment decisions on the currency market, the balance of payments and the report on the international investment position

4. International monetary system and its evolution

a. The gold currency system 1870-1914

b. Interwar period, foreign exchange and staff system 1918-39

c. Bretton Woods System

d. International system after 1973

i. Transaction currencies

ii. Reserve currencies

iii. Intervention currencies

iv. Investment currencies

e. Monetary integration of European countries

5. Settlements in foreign trade operations

a. Traditional forms of settlement: check, bill of exchange, transfer order

b. Conditioned forms:

i. Documentary letters of credit

ii. Standby letters of credit

iii. Bank guarantees

iv. Documentary collections

6. Types of risk in international financial operations.

a. commercial (market),

b. credit,

c. exchange rate,

d. interest rates

e. political

f. cultural.

Bernaś B.,/red/, 2002, Międzynarodowe transakcje ekonomiczne, Difin, Warszawa,

Buckley A., 2000, Multinational Finance, FT Prentice Hall, London

Budnikowski A., 2023, Ekonomia międzynarodowa,PWE, Warszawa

Dusza M., 1999, Rynek kapitałowy w Polsce: narodziny, pierwsze dziesięciolecie, perspektywy, BMiB, Warszawa

Charbonszczewska E., Oręziak L., 2000, Miedzynarodowe rynki finansowe, SGH, Warszawa

Eiteman D.K., Stonehill A.I., Moffett M. H., 2001, Multinational Business Finance, 9th ed., Addison Wesley- Longman, Boston

Karczmarek T.T., 2001, Zarządzanie ryzykiem w przedsiębiorstwie eksportującym, ODDK, Gdańsk

Kozioł W., 2004, (red) Handel zagraniczny. Operacje, rozliczenia, regulacje, Wyd. Naukowe WZ UW, Warszawa, s.279 - 288,

Krugman, P., Obsfeld, M., 2018, Ekonomia międzynarodowa, t. I i II, PWN, Warszawa

Lindert P.H., 1986, International Economics, Irwin, Homewood, Il.

Najlepszy E., 1993, Międzynarodowe finanse przedsiębiorstw, Poznań,

Nowak A.Z., 2002, Integracja europejska. Szansa dla Polski?, PWE, Warszawa;

Pietrzak E., 1992, Międzynarodowe operacje walutowe, BMiB, Warszawa

Rugman A.M., Hodgetts R.M., 2003, International Business, FT Prentice Hall, London

Shapiro A.C., 1999, Foundation of Multinational Financial Management, John Wiley & Sons, New York

Tarczyński W., Mojsiejewicz M., 2001, Zarządzanie ryzykiem, PWE Warszawa

Zabielski K., 1994, Finanse międzynarodowe, PWE Warszawa

The student knows and understands:

K_W01- Knows and understands at an advanced level the terminology related to accounting in business organizations in the discipline of economics and finance and in complementary disciplines (management and quality sciences, legal sciences), in particular for financial management and accounting, in particular in the area of international finance

K_W02 - on and understands in-depth the principles, procedures and practices relating to the financial activities of various types of organizations and uses the theory of economics and finance and complementary disciplines (management and quality sciences, legal sciences) to recognize, diagnose and solve problems related to financial management in organizations, accounting, management of financial institutions and strategies of financial institutions, including in the area of international financial operations

K_W03 - Knows and understands to an advanced degree economic theories and models regarding the functioning of organizations and the entire economy, including in the area of international finance

K_W05 - Knows and understands to an advanced degree technological, social, political, legal, economic and ecological processes and phenomena and their impact on financial decisions in organizations, the functioning of the organization and the entire economy, including the principles of protection of industrial property and copyright, with particular emphasis on international financial operations

Student is able to:

K_U01 - Is able to use the theory of the discipline of economics and finance and complementary disciplines (management and quality sciences, legal sciences) to recognize, diagnose and solve problems related to financial decisions in the organization and management of financial institutions, including in the field of international finance, using the appropriate selection sources and adapting existing methods.

K_U02 - Is able to correctly interpret technological, social, political, legal, economic and ecological processes and phenomena and their impact on financial decisions in organizations in relation to international financial operations, the functioning of the organization and the entire economy, using the appropriate selection of sources.

K_U03 - Is able to independently and collectively prepare analyses, diagnoses and reports on financial management in organizations, accounting, management of financial institutions and strategies of financial institutions, including in relation to international finance, and present them communicably, also in English - using IT and communication tools .

K_U05 - Is able to plan and organize own and team work.

The student is ready to:

K_K01 - Is ready to assess and critically approach situations and phenomena related to financial management in organizations, accounting, management of financial institutions and strategies of financial institutions in relation to international financial operations

Written exam

A pass is awarded to a student who obtains at least 50% of the points in the examination paper