Uniwersytet Warszawski - Centralny System UwierzytelnianiaNie jesteś zalogowany | zaloguj się
katalog przedmiotów - pomoc

International Finance

Informacje ogólne

Kod przedmiotu: 2400-ICU2IFI Kod Erasmus / ISCED: 14.3 / (0311) Ekonomia
Nazwa przedmiotu: International Finance
Jednostka: Wydział Nauk Ekonomicznych
Grupy: Anglojęzyczna oferta zajęć WNE UW
Przedmioty obowiązkowe dla II roku International Economics
Punkty ECTS i inne: 7.00
zobacz reguły punktacji
Język prowadzenia: angielski
Rodzaj przedmiotu:

obowiązkowe

Skrócony opis:

The course is designed to study the main issues in international financial markets and management of international finance. Topics to be covered are: operation of exchange market and exchange rate determination models, methods of modern financial engineering in multinational corporations, exchange risk hedging, optimal capital structure of multinational corporation, international capital markets, borrowing and investing in foreign assets. Course crediting by written exam.

Pełny opis:

1. Foreign exchange market (3 hrs)

1.1 The markets for foreign exchange

1.2 Spot and forward contracts

1.3 Currency derivatives: futures, options and swaps

1.4 Exchange rates quotations and contract settlements

1.5 Cross rates and intermarket arbitrage

2. Parity conditions in international finance (3 hrs)

2.1 Purchasing power parity

2.2 International Fisher relation

2.3 Interest rate parity

2.4 Foreign exchange expectations

3. Foreign exchange rate determination (3 hrs)

3.1 Foreign exchange market equilibrium

3.2 Monetary approach

3.3 Portfolio approach

3.4 Foreign exchnage regimes

3.5 Currency crises

4. Currency options (3 hrs)

4.1 Currency option contracts and quotations

4.2 Intrinsic value and time value of an option

4.3 Currency option pricing

4.4 Put-call option parity

4.5 Options and futures

5. Managing foreign exchange exposure and hedging (3 hrs)

5.1 Currency position and liquidity position

5.2 Foreign exchange exposure: types and measurement

5.3 Managing transaction exposure

5.4 Managing economic exposure

5.5 Managing translation exposure

6. Multinational financial system (3 hrs)

6.1 Repositioning funds and financial arbitrage

6.2 Inter-company and frontier loans

6.3 International cash management

6.4 Transfer pricing

6.5 Taxation effects and global remittance policy

7. Short-term financing (3 hrs)

7.1 Short-term financing strategies and options

7.2 Short-term financing instruments

7.3 Financing international trade

7.4 Effective cost of international borrowing

8. International banking (3 hrs)

8.1 The evolution of multinational banking

8.2 International financial centres and offshore banking

8.3 Eurocurrency markets

8.4 International banking regulation and crises

9. Long-term financing (3 hrs)

9.1 The multinational’s optimal capital structure

9.2 Sourcing equity globally

8.3 International debt instruments: costs and benefits

8.4 Hedging interest rate exposure

8.5 International swap transactions

10. International investment (3 hrs)

10.1 International capital assets pricing model ICAPM

10.2 Portfolio investment and diversification

10.3 Foreign direct investment and multinational corporation

10.4 Multinational capital cost and budgeting

10.5 Foreign project appraisal: real option analysis

10.6 Globalisation of financial markets and capital flows.

Literatura:

Required reading list:

D. Eiteman, A. Stonehill, M. Moffet, Multinational Business Finance, wyd.8, Addison-Wesley, New York 1998

P. Krugman, M. Obstfeld, International Economics. Theory and Policy, wyd. 2, Harper Collins, New York 1991

M.D. Levi, International Finance, fourth edition, Routledge, London and New York 2005

E. Najlepszy, Zarządzanie finansami międzynarodowymi, PWE, Warszawa 2000

E. Najlepszy, Zarządzanie finansami międzynarodowymi. Zadania z rozwiązaniami 1, PWE, Warszawa 2001

Supplementary reading list:

A. Buckley, Multinational Finance, wyd.3, Prentice Hall, New York 1996

D.K. Das, International Finance. Contemporary Issues, Routledge, London 1993

W. Ethier, Modern International Economics, wyd.2, W. W. Norton & Company, New York 1988

C.P. Hallwood, R. MacDonald, International Money and Finance, Blackwell Publishers, Oxford 2000

J. C. Hull, Options, Futures and Other Derivatives, wyd. 3, Prentice_Hall Inc., Upper Saddle River 1997

P. R. Krugman, Currences and Crises, MIT Press, Cambridge Mass., 1995

F. L. Rivera-Batiz, L.A. Rivera-Batiz, International Finance and Open Economy Macroeconomics, Macmillan, New York 1994

A.C. Shapiro, Multinational Financial Management, wyd.5, Prentice-Hall Inc., London 1996

B. Solnik International Investments, wyd.3, Adison-Wesley, New York 1996

Efekty uczenia się:

Advanced training in international finance and acquired ability to identify and solve numerical problems in the area: understanding the operation of foreign currency and money markets; evaluating foreign currency denominated financial instruments, designing hedging strategies, capital structure and capital budgeting for international corporations, diversifying portfolio of international assets.

A) Knowledge: Student acquires knowledge of international finance and international financial markets as well as that of the theory and practice of international financial management. In particular student is acquainted with the principles of currency markets, modern financial engineering instruments of multinational corporations, exchange risk hedging methods, optimization of capital sourcing methods in MNC, and optimization of foreign assets portfolio.

B) Skills: Student gains skills to identify and solving problems in operation of international currency and money markets; evalualuating financial instyruments denominated in foreign currencies; in designing foreign exchange risk hedging strategies; designing capital structure and capital budgeting of multinational corporations; foreign assets portfolio diversification.

C) Social competences: Student is able to predict the results of processses and events occurring in world financioal markets , to understand the interrelatednes of different markets and their feedbacks. Student is capable of solving problems arising in the course of conducting economic activities on an international scale.

KW01, KW02, KW03, KW04, KW05, KU01, KU02, KU03, KU04, KU05, KU06, KU07, KK01, KK02, KK03

Metody i kryteria oceniania:

Written examination /theoretical questions and definitions, problem solving and exercises/.

Zajęcia w cyklu "Semestr zimowy 2019/20" (zakończony)

Okres: 2019-10-01 - 2020-01-27
Wybrany podział planu:


powiększ
zobacz plan zajęć
Typ zajęć: Wykład, 30 godzin więcej informacji
Koordynatorzy: Stanisław Kubielas
Prowadzący grup: Stanisław Kubielas
Lista studentów: (nie masz dostępu)
Zaliczenie: Przedmiot - Egzamin
Wykład - Egzamin

Zajęcia w cyklu "Semestr zimowy 2020/21" (jeszcze nie rozpoczęty)

Okres: 2020-10-01 - 2021-01-27
Wybrany podział planu:


powiększ
zobacz plan zajęć
Typ zajęć: Wykład, 30 godzin więcej informacji
Koordynatorzy: Stanisław Kubielas
Prowadzący grup: Stanisław Kubielas
Lista studentów: (nie masz dostępu)
Zaliczenie: Przedmiot - Egzamin
Wykład - Egzamin
Opisy przedmiotów w USOS i USOSweb są chronione prawem autorskim.
Właścicielem praw autorskich jest Uniwersytet Warszawski.