Collège universitaire / Undergraduate Program / Enseignements / Teachings
Pedagogical Method : At the end of the course, the student is expected to have understood the following concepts : The balance of payments, the different balances and their economic interpretation. The foreign exchange market and the determinant of exchange rates. The international monetary system and the different exchange rate regimes. Economic policy under ﬂoating exchange rate system and ﬁxed exchange rate system. Economic policy dilemma under a monetary union regime. Currency risk exposure and the different hedging strategies available to companies. Students are expected to read before class the indicated chapters from the textbooks : International Monetary and Financial Economics : International Edition, Joseph Daniels and David Vanhoose, Pearson edition, 2014 and International Finance : a Practical Perspective, A. Buckley, Financial Times Press, Pearson, 2012. Therefore the students should expect to spend at least 2 hours to prepare each session. Consequently class is an opportunity for illustrating and discussing further the concepts presented in the readings and it is therefore interactive. Students will work in team (ideally 2 to 3 students) on oral presentations and mini-case studies. Presentations will mainly focus on the many current issues related to international ﬁnance from the exchange rate regimes, the Euro/$ parity to the opportunities of the Euro-area ﬁnancial markets after the Brexit. Course Description : This course is designed to provide an understanding of the challenges raised by globalization for government action and economic policy. Since half of century the world has changed structurally as there has been an increase in global transactions. This globalization of economic activity involves the expansion of international trade between nations, but the growth in international ﬁnancial ﬂows has been much more signiﬁcant. The recent crises underlined the complexity of the ﬁnancial system and the interconnectedness of the ﬁnancial markets in globalized word. The 2007 crisis is a good illustration of how international ﬁnancial ﬂows spill over the US crisis to the rest of the world. It also underlined the tight links between ﬁnancial markets and the banking sector. Since then governments have been struggling to implement the “right “ economic policy to
stabilize their economy and restart their economic activity. The revival of protectionism is an expression of discontent by the population in front of governments judged “unable” to improve the economic situation. In front of that complexity central banks seems to believe that they had to “reinvent” monetary policy and they step into unexplored territories, especially the ECB given its young experience. Indeed the standard toolbox of macroeconomics has proven to be inadequate at the very early stage of the crisis. Monetary policy seems to have emerged as a powerful instrument to resume economic activity at least in the US. Today central banks actions have signiﬁcant consequences especially on money markets but even on capital markets as well. At the same time the efﬁciency of their actions depend on the monetary regimeThe ﬁrst part of the course will focus on exchange rate and exchange rate regimes insisting on how the choice of exchange rate regime conditions the monetary policy and therefore the economic policy. The second part of the course gives a more practical approach to exchange rates explaining exchange risk and related hedging strategies. The last part is dedicated to the ﬁnancial market places, in particular the supremacy of the US and the new opportunities for Euro-area market places after the Brexit. Required reading : International Monetary & Financial Economics, Joseph Daniels & David VanHoose (2014), International Edition, 1rst edition, Pearson Education.
INTERNATIONAL MIGRATIONS AND HUMAN RIGHTS
Semester : Autumn Number of hours : 40 Language of tuition : English
Teachers : Ounia DOUKOURE-PECCHIOLI (