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    Yinuo Zhu
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    This document provides an introduction and overview of the topics covered in an International Finance course taught by Professor Sihao Chen at Fudan University's School of Economics. The summary includes: 1) International Finance covers issues related to international economics, including trade, capital flows, investment between countries, and models of exchange rates. 2) The course will examine balance of payments, exchange rates and how they are determined in markets as well as different policy regimes. It will also look at international monetary systems and China's international finance. 3) Advanced topics will include determinants of exchange rates in the short and long run, exchange rates and output, and China's RMB exchange rate. The document outlines the course structure

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    This document provides an introduction and overview of the topics covered in an International Finance course taught by Professor Sihao Chen at Fudan University's School of Economics. The summary includes: 1) International Finance covers issues related to international economics, including trade, capital flows, investment between countries, and models of exchange rates. 2) The course will examine balance of payments, exchange rates and how they are determined in markets as well as different policy regimes. It will also look at international monetary systems and China's international finance. 3) Advanced topics will include determinants of exchange rates in the short and long run, exchange rates and output, and China's RMB exchange rate. The document outlines the course structure

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    18 views14 pages

    Opening Remark - 2022 PDF

    Uploaded by

    Yinuo Zhu
    This document provides an introduction and overview of the topics covered in an International Finance course taught by Professor Sihao Chen at Fudan University's School of Economics. The summary includes: 1) International Finance covers issues related to international economics, including trade, capital flows, investment between countries, and models of exchange rates. 2) The course will examine balance of payments, exchange rates and how they are determined in markets as well as different policy regimes. It will also look at international monetary systems and China's international finance. 3) Advanced topics will include determinants of exchange rates in the short and long run, exchange rates and output, and China's RMB exchange rate. The document outlines the course structure

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    of 14

    International Finance

    : Market and Policy


    Introduction
    School of Economics, Sihao Chen
    Email: chensihao@fudan.edu.cn
    RMB Exchange Rate
    RMB Exchange Rate

    USD/CNY
    6.9
    6.8
    6.7
    6.6
    6.5
    6.4
    6.3
    6.2
    6.1
    6
    2022-01-04 2022-02-08 2022-03-08 2022-04-07 2022-05-10
    RMB Exchange Rate
    Trade war

    • Trade conflict or tariff war between U.S. and China, or other countries?
    Trade war

    • Trade conflict or tariff war between U.S. and China, or other countries?
    Trade war: most updated

    • Trade conflict or tariff war between U.S. and China, or other countries?
    Trade war： Trigger?

    • Current account surplus in China:


    Current account / GDP，%
    12
    10
    8
    6
    4
    2
    0
    1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018
    -2
    -4
    -6
    -8
    中国 美国
    WHAT IS INTERNATIONAL FINANCE ABOUT?
    • International Finance is part of the international economics.

    • International economics is about how nations interact through:


    • trade of goods and services, flows of money, and investment.

    ØHistorians of economic thought often describe the essay “Of the


    Balance of Trade” by the Scottish philosopher David Hume as the
    first real exposition of an economic model. Hume published his
    essay in 1758, almost 20 years before his friend Adam Smith
    published The Wealth of Nations.
    WHAT IS COVERED IN THIS COURSE?

    ØBalance of payments and national account

    ØExchange rate: its determination? Market practice? Policy regime?

    ØInternational monetary system, International coordination.

    ØParticularly, international finance of China?!


    WHAT IS NOT COVERED HERE?

    ØNOT: international financial management.


    ØFor instance: how to manage foreign exchange risk in a continually operating
    international business

    ØPartly covered hedging with forward contracts and foreign


    currency options.
    Arrangement:
    • Current account, saving and investment
    Balance of
    payments
    • CA, NFA and valuation effect

    • Interest Parity
    Exchange
    rate and • Market in practice
    market

    • Short run: monetary market


    Determina
    nt of EX
    • Long run: PPP and real exchange rate

    • DD-AA model
    EX and
    • Monetary/fiscal policy
    output • Flexible regime/ Fix regime

    • Sovereign debt default


    advanced
    topics
    • RMB exchange rate
    Syllabus
    Thank you
    Fudan, School of
    Economics

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