FIN818S International Finance in Transition Countries

Obchodně podnikatelská fakulta v Karviné
léto 2007
Rozsah
1/2/0. 5 kr. Ukončení: zk.
Garance
prof. Ing. Daniel Stavárek, Ph.D.
Katedra financí a účetnictví – Obchodně podnikatelská fakulta v Karviné
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Cíle předmětu
The aim of the course is to introduce and explain the basic features of international finance and international financial system and their application on economies of central and eastern European Countries. The student will gradually get acquainted with the most important indicators of external economic position such as balance of payments, exchange rate, foreign investments and their mutual links. The course also covers topics as international financial markets and financial derivatives. The attention will be paid on specific implications of international finance on financial management of companies.
Osnova
  • Structure of the Course:
    1. Position of transition countries in international financial system
    Historical development of transition countries' position in international financial system and international financial relationships. Description of membership of transition countries in international financial institutions (International Monetary Fund, World Bank, regional development banks).

    2. Transition countries in the process of European monetary integration
    History of European economic and monetary integration towards current European Monetary Union. Analysis of transition countries efforts to participate on the integration process. Theoretical description of currency and monetary union principles, benefits and drawbacks. Analysis of the EMU functioning and the European Pact of stability and growth. Maastricht convergence criteria and troubles of new EU-member countries to fulfill them. Possibility of unilateral euroization in the new EU-member countries. Role of the euro currency in the international financial system.
    3. The foreign exchange market and exchange rates
    Main features of the foreign exchange market, methods of trading and most important financial centers. Differences between retail and inter-bank foreign exchange market. Spot and term operations. Comparison of foreign exchange markets in transition countries with the global foreign exchange market Financial operations of companies on the foreign exchange market. Types of exchange rates, nominal and real exchange rate. Essential theories of exchange rate determination - simple model, interest rate parity, purchasing power parity. Analysis of currency regimes and development of the transition countries' exchange rates.
    4. Financial Derivatives
    Introduction to the principles of financial derivatives, history and recent development of derivatives markets. Comparison of basic types of financial derivatives - futures, options swaps. Differences between standardized and over-the-counter derivatives. A principle and methods of derivatives' usage in hedging and speculation including possibilities of financial derivatives' use in financial management of companies. Financial derivatives in transition countries and obstacles of more dynamic further development of trading and using of derivatives in transition countries.
    5. International movement of capital
    Portfolio and direct investments, motives and risks of investment abroad. Analysis of benefits and drawbacks of foreign investments for an investor and for a host country. Present situation and recent development of foreign investments. Current situation and a recent development of foreign investments in the central and eastern European countries. System of foreign direct investment incentives. Short-term speculative investment as a typical feature of financial crises in transition countries. Controls and restrictions of free foreign capital movement.
    6. Balance of payments
    A principle of balance of payments, credits and debits, residents and non residents. Vertical and horizontal structure, partial and cumulative balances. Current account, financial account, capital account, errors and omissions, changes in foreign exchange reserves. Examples of major credit and debit transactions, their recording and construction of a simple version of balance of payments. Development of the central and eastern European countries' balances of payments and analysis of their external macroeconomic equilibrium.

Informace učitele
discussion, essay, seminar paper and final test
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