International Financial Markets (VWLfeIFM-02a) (030024)- Dozent/in
- Prof. Dr. Thomas Lux
- Angaben
- Vorlesung mit Übung, 2 SWS, benoteter Schein, ECTS-Studium
für ERASMUS-/Austauschstudierende geeignet, Unterrichtssprache Englisch
Zeit und Ort: Di 8:00 - 10:00, WSP3 - Seminarraum 9 (40)
vom 14.4.2024 bis zum 14.7.2024
1. Prüfungstermin (Klausur am Ende der Vorlesungszeit eines Semesters): 16.7.2024, 14:00 - 16:00 Uhr, Raum CAP2 - Hörsaal C
Bemerkung zu Zeit und Ort: Die Vorlesung International Financial Markets startet in der ersten Woche.
- Voraussetzungen / Organisatorisches
- Module Code: VWLfeIFM-02a
Module Number: 3050101
Exam Number: 41310
Exam type according to FPO: Module Exam (Modulprüfung)
Specific exam type in summer term 2022: Written exam
Further information:: Given in OLAT
Please vistit the homepage of our chair for further information and news.
The number of ECTS Credits as well as the admission to the examination for this module is determined by the information regarding this module in the FPO (Examination Regulations) of your program (possibly only in the Appendix of the German version). If this module is not explicitly listed in your FPO, please check at the beginning of the semester about admission options. Typically, admission to the examination of this module is not possible in this case. An overview for all programs which can choose modules of the Institute of Economics can also be found here: Nebenfach Volkswirtschaftslehre Handbuch für Exportmodule (Minor in Economics - Handbook of Export Modules). You can also check in advance in QIS whether you can find this module listed there in the overview for exam registration, with the exam number mentioned in univis. Registration to the exam is only possible during the registration period. If you still have questions after reviewing these documents, please contact your student advisor (Studienfachberater).
DE: Die angegebenen Prüfungszeiten beinhalten die Ausgabe und das Einsammeln der Prüfungsunterlagen. Die tatsächliche Prüfungszeit beträgt eine Stunde.
ENG: Stated exam periods include distribution and collection of exam materials. Actual test duration is one hour.
- Inhalt
- The lecture covers modern theories that view foreign exchange markets and exchange rate determination from a finance perspective. Relevant topics include the importance of investors expectations and speculative behavior in the foreign exchange market and its explanatory power for the observation of excessive volatility of foreign exchange rates compared to macroeconomic fundamentals. We also discuss the effects of political interventions to curb speculative activity and the determinants of major historical currency crises.
1. Trading Volume and Organization of International Financial Markets
2. Foreign Exchange Markets and Macroeconomic Theory
2.1 The Lack of Explanatory Power of Traditional Macroeconomic Models of the Exchange Rate
2.2. Speculative Efficiency of the Foreign Exchange Market?
3. Speculation, Excess Volatility and Stabilization of the Exchange Rate
3.1. Rational Speculative Bubbles in Foreign Exchange Markets
3.2. "Peso-Problems" and Noise Traders
3.3. Interaction of Chartists and Fundamentalists
3.4. The Tobin Tax and other Regulatory Interventions
4. Exchange Rate Target Zones and "Dirty Floating"
4.1. Endogeneous Stabilization through Target Zones
4.2. The Credibility of Target Zones
5. Exchange Rate Crisis and Speculative Attacks
5.1. The Collaps of Unsustainable Fixed Exchange Rates
5.2. Crisis and Multiple Equilibria
5.3. The Crisis in South-East Asia and "Third Generation" Models of Exchange Rate Crisis
5.4. Contagion Effects and the Role of the IMF
6. The Great Financial Crisis of 2008-
- Empfohlene Literatur
- Cuthbertson, K.: "Quantitative Financial Economics: Stocks, Bonds and Foreign Exchange". 2nd ed., Chichester 2004.
- Hallwood, C./ McDonald, R.: "International Money and Finance", 3rd. ed. Oxford 2000.
- Gärtner, M.: "Macroeconomics under Flexible Exchange Rates", New York 1993, (German version: Gärtner, M. (2004), Makroökonomik flexibler und fester Wechselkurse, 3., vollständig Tberarbeitete und erweiterte Auflage, Berlin [u.a.].)
- Nelson, M.: "International Macroeconomics and Finance: Theory and Econometric Methods", Blackwell Publishers, 2001.
- Gandolfo, G.: "International Finance and Open-Economy Macroeconomics", 2nd ed., Springer, Berlin 2016.
- Copeland, L., Exchange Rates and International Finance. 6th ed., London, 2014.
- Zusätzliche Informationen
- Erwartete Teilnehmerzahl: 40
- Zugeordnete Lehrveranstaltungen
- UE: Tutorial on "International Financial Markets"
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Dozent/in: Prof. Dr. Thomas Lux
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