Terminated in academic year 2020/2021

International Monetary and Financial Relations

Type of study	Doctoral
Language of instruction	English
Code	156-9505/01
Abbreviation	IMFR
Course title	International Monetary and Financial Relations
Credits	10
Coordinating department	Department of Applied Economics
Course coordinator	prof. Ing. Zuzana Kučerová, Ph.D.

Subject syllabus

Exchange rate regimes, currency board, dollarization, history, monetary policy possibilities.
Exchange rate theory, theory of interest rate parity, simultaneous equilibrium in the money and the foreign exchange market.
Output and exchange rate in the short run, the DD-AA model, economic policy in the DD-AA model.
Exchange rate regime, exchange rate interventions, sterilisation.
Law of one price, purchasing power parity theory, real and nominal exchange rate.
Balassa-Samuelson model. International monetary system.
Monetary integration in Europe and in the world. ERM II – history, rules, experience.
Optimum currency area theory, traditional and modern version.
Financial markets integration, theory, empirical research.
Securitisation, originate-to-distribute model and financial crisis.

Literature

Balassa, B. The Purchasing Power Parity Doctrine: A Reappraisal. Journal of Political Economy, 1964, vol. 72, s. 584-596.
De Grauwe, P. International Money, Post-War Trends and Theories. Oxford: Oxford University Press, 1989.
De Grauwe, P. The Economics of Monetary Integration. 8th ed. Oxford: Oxford University Press, 2009.
Eichengreen, B. Globalizing Capital: A History of the International Monetary System. 2nd. ed. Princeton: Princeton University Press, 2008.
Kothari, V. Securitization: The Financial Instrument of the Future. Singapore: John Wiley and Sons, 2006.
Krugman, P. R., M. Obstfeld and J. Melitz. International Economics: Theory and Policy. 9th ed. Harlow: Pearson Addison-Wesley, 2012.
Mishkin, F. The Economics of Money, Banking, and Financial Markets. 9th ed. Pearson Addison Wesley, 2010.

Advised literature

Handa, J. Monetary Economics. London: Routledge, 2000.
Kates, S. Macroeconomic Theory and Its Failings: Alternative Perspectives on the Global Financial Crisis. Cheltenham: Edward Elgar Publishing, 2010.
Klein, M. W. and J. C. Shambaugh. Exchange Rate Regimes in the Modern Era. Cambridge: MIT Press, 2009.
Mishkin, F. S. Monetary Policy Strategy. Cambridge: MIT Press, 2009.
Mulhearn, Ch. a R. V. Howard. The Euro: Its Origins, Development and Prospects. Cheltenham: Edward Elgar Publishing, 2008.
Rothbard M. The Mystery of Banking. Eastbourne: Terra Libertas, 2011.

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