Introduction

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 International Finance Nguyễn Phúc Hiền, Ph.D Banking and Finance Faculty Hanoi Foreign Trade University

description

Tài chính quốc tế - International FinanceForeign Trade University

Transcript of Introduction

  • International Finance

    Nguyn Phc Hin, Ph.DBanking and Finance FacultyHanoi Foreign Trade University

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    References

    Intructors Slide Levi, Maurice International Finance, 4th

    Ed,2005 Pilbeam, KeithInternational Finance 3rd Ed,

    2006 Melvin, Michael International Money and

    Finance,Boston, 2004 Ti chnh quc t, PGS. TS Nguyn Vn Tin,

    NXB Thng k, 2010 Journals of Finance and Banking, Economics Website: Bloomberg, Reuter, FX

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    Grading assessment

    Attendance 10% of final grade Mid-term test 30% of final grade Final exam 60% of final grade Bonus (only for students who have good answers to practice problems at class):0,5 point adding to final exam

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    Aims of the Lecture

    To gain insight into the world of international capital flows and exchange rates and their influence on the macroeconomic performance.

    To understand the interaction between highly complex currency markets and public agents (central bank and Ministries of Finance).

    To explain phenomena like asset market booms and financial crisis.

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    Approach of the Lecture

    Explanation of exchange rate theories and policies

    Verification on the basis of- Macroeconomic data (time series and

    international comparison)- Econometric models

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    OutlineI. Overview of International FinanceII. Foreign Exchange (Currency) MarketIII. Factors Affect Exchange Rate IV. Exchange Rate Policy and Exchange Rate RegimeV. Interest Rate Parity and Purchasing Power ParityVI. Other Exchange Rate ModelsVII. Balance of PaymentVIII. Monetary and Fiscal Policies in an Open EconomyIX. International Monetary System and International

    Financial InstitutionsX. International Financial MarketsXI. Financial CrisisXII. The Issue of Exchange Rate in Vietnam

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    Lin h

    Email: [email protected] Mobile: 0166 541 1439

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    I. Overview of International Finance

    1. Fundamentals of International Finance2. The Growing Importance of International

    Finance3. Benefits of Studying International

    Finance

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    1. Fundamental of Inter Finance

    Open Economy: International Trade Flow (Import-

    export) International Capital Flow (Direct and

    Indirect Investments)

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    1. Fundamental of Inter Finance

    XK + NKEconomy openess index = ----------

    GDP

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    1. Fundamental of Inter Finance

    Openness of Economy

    ( Ratio of export and import to GDP)

    0

    0,5

    1

    1,5

    2

    2,5

    Vietnam China Thailand Malaysia Philippines Indonesia

    Source: ADB and IMF1990 2006

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    1. Fundamental of Inter Finance

    Export Growth, Annual Change

    -20

    -10

    0

    10

    20

    30

    40

    1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

    Source: ADB, 2010 Vietnam China Thailand Korea

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    2. The Growing Importance of International Finance

    The growth of international trade The world trade has grown by 6% per annum

    since 1950, roughly twice that of world GDP (45,941.8 bill USD-2006)

    Imports increased from 315 bill USD (1970) to 13,506 bill USD (2006), or higher 35 times

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    2. The Growing Importance of International Finance

    Reasons for growing international trade: A liberalization of trade and investment via

    reducing in tariff, quotas, currency controls and others

    An unprecedented shrinkage of economic space via rapid improvements in communications and transportation technologies and consequent reduction in costs (95% since 1920)

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    2. The Growing Importance of International Finance

    Increased Globalization of Financial and Real Asset Markets

    In line with the growing importance of international trade, there has been a parallel growth in the importance of foreign investment in the money market, the bond market, the stock market....

    Operation via the world financial centers Efficency of the global allocation of capital flow Reducing investment risk Increasing Exchange rate risk and country risk

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    2. The Growing Importance of International Finance

    Increased volatility of exchange rate Improving exchange rate forecast Diversifying currencies Derivatives

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    3. Benefits of Studying International Finance

    For policy makers For financial managers at MNC For currency brokers, speculators, investors For student of economics, finance


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