This class introduces international finance and focuses on topics related to the foreign exchange markets, the impact of economic policy on exchange rates, and the nature of foreign exchange risk. The international foreign exchange market consists of several national markets. There are three levels of the foreign exchange market operations: Retail trading, Wholesale interbank trading and international trade. The first part of the course briefly introduces the historical evolution of the trade between nations, the different parties involved, and the real concerns of international trade that arise from financial and trading relations between nations. The second part discusses the foreign exchanges markets, their functions, and the participants in the foreign exchange markets. The third part discusses the foreign exchange rate; the foreign exchange systems; and the direct, indirect, and cross exchange rates. The fourth part discusses partially the derivatives for currency markets such as forward markets, currency swaps, and options. It also discusses hedging, speculation, and arbitrage in the foreign exchange markets.

Temps présentiel : 35 heures

Charge de travail étudiant : 70 heures

Méthode(s) d'évaluation : Analyse d'article, Projets

Référence :
1- Currencies, Capital Flows and Crises, John T. Harvey, Routledge (London and New York), 2009. 2- Financial crisis: Causes, Context and Consequences, Adrian Buckley, 2011. International Finance, 5th edition, Maurice D. Levi. 3- International Finance: Theory and Practice. Piet Sercu. 4- International Financial Economics: Corporate Decisions in Global Markets. Thomas J. O’Brien. International Financial Management, Jeff Madura, 13th edition, 2017. Ressources internet: • www.worldbank.org • www.oecd.org • www.euromoney.com