Die Vorlesung International Financial Relations findet im Wintersemester statt.

Dozent: Prof. Dr. Gunther Schnabl
Tutor: Alexander Herborn
Start: 11.10.2022
Datum: Dienstag, 17:00 - 18:30.
Raum: Seminarraum 8 - I132 I1.001
Sprache: Englisch
Bewertung: Klausur

Inhalt

Oil and gas are mainly produced in emerging market economies such as Russia. In particular oil is traded on world spot and futures markets in US dollars. For this reason the exchange rate of oil and gas producing countries’ currencies has a crucial impact on government revenues, macroeconomic stability and growth. This is acknowledged by policy makers of oil and gas exporting countries by stabilizing exchange rates against the US dollar. The dollar pegs, however, make oil and gas exporting countries vulnerable to macroeconomic policy decisions in the US. The lecture explains the macroeconomic development of oil and gas exporting countries such as Russia by analyzing the working mechanism of currency markets and the determinants of exchange rate movements (lectures 1 to 5). The lectures analyses crucial economic policy issues of oil and gas exporting countries such as current account imbalances (lecture 7), oil bill recycling, sterilization and Dutch disease (lecture 8), issues of oil and gas price driven economic development (lecture 9), and the threat of crisis (lecture 10). The international macroeconomic context for oil and gas exporting countries are discussed in lectures 11, 12, and 13.

Folien

  Vorlesung Datum
0. Introduction 11.10.2022

1.

CURRENCY MARKETS
PDF 1 MB
11.10.2022

2.

Choice of Exchange Rate RegiMe
PDF 2 MB

25.10.2022

3.

Interest Rate Parity and Purchasing Power Parity
PDF 837 KB
01.11.2022

4.

Other Exchange Rate Models
PDF 556 KB
08.11.2022

5.

Balassa Samuelson-Effect
PDF 704 KB
15.11.2022

6.

Monetary and Fiscal Policies in an Open Economy
PDF 446 KB
22.11.2022

7.

Determinants of the Current Account
PDF 615 KB
29.11.2022

8.

The Dutch Disease, Sterilization and Oil Bill Recycling
PDF 523 KB
06.12.2022

9.

Capital Flows, Growth and Economic Development
PDF 595 KB
13.12.2022

10.

Credibility and Currency Crisis
PDF 538 KB
20.12.2022

11.

Gold Standard, Bretton Woods System, Currency Boards 10.01.2023

12.

Asymmetric Monetary Policy and Financial Instability 17.01.2023
13. Currency Baskets 24.01.2023
14. Questions and Answers 31.01.2023

 

Written Examination

t.b.d.

Referenzen

The readings are provided on the lecture slides. Students are encouraged to follow the ongoing debate on international finance and exchange rate policies as reported in Frankfurter Allgemeine Zeitung, Financial Times (German or English edition), the Economist (for weekly updates) or Auszüge aus Presseartikeln of Deutsche Bundesbank (free subscription available at the Pressezentrum of Deutsche Bundesbank).

 

Grundlegende Literatur

  • Copeland, Laurence (2008): Exchange Rates and International Finance, Harlow.
  • De Grauwe, Paul (1996): International Money, Oxford.
  • Eichengreen, Barry (1996): Globalizing Capital: A History of the International Monetary System, Princeton.
  • Kindleberger, Charles (2000): Manias, Panics and Crashes, New York.
  • McKinnon, Ronald (1997): The Rules of the Game: International Money and Exchange Rates, Cambridge (Massachusetts).

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