Course detail
International Finance
FP-FifPAAcad. year: 2023/2024
The course focuses on the following areas: introduction to international finance, balance of payments, international monetary system, exchange rate regimes, European Monetary Union, international financial institutions, payment terms in international trade, payment and guarantee instruments in international trade, financing multinational corporations, financial instruments of export support, foreign direct investments, portfolio investments, capital budgeting in multinational corporations, taxes and business strategies of multinational corpotations, countertrade, project finance, current issues in international finance.
Language of instruction
English
Number of ECTS credits
5
Mode of study
Not applicable.
Guarantor
Department
Entry knowledge
Not applicable.
Rules for evaluation and completion of the course
The credits are granted on the following conditions:
- preparedness and active participation in seminars, engaging in discussions;
- presentations of the paper in a predetermined time. The paper rating affects the final assessment of weight 30%.
Examination requirements: knowledge of subject and its practical applications. Form of examination is combined: written test and oral examination, if necessary. Requirements regarding the examination will be presented in the information system in advance. The test is classified according to ECTS.
Attendance at lectures is not compulsory, but is recommended. Attendance at seminars is checked by the tutor. Lessons are composed on the basis of weekly schedules. Way of substituting missed lessons is fully in competence of a teacher.
- preparedness and active participation in seminars, engaging in discussions;
- presentations of the paper in a predetermined time. The paper rating affects the final assessment of weight 30%.
Examination requirements: knowledge of subject and its practical applications. Form of examination is combined: written test and oral examination, if necessary. Requirements regarding the examination will be presented in the information system in advance. The test is classified according to ECTS.
Attendance at lectures is not compulsory, but is recommended. Attendance at seminars is checked by the tutor. Lessons are composed on the basis of weekly schedules. Way of substituting missed lessons is fully in competence of a teacher.
Aims
Předmět seznámí studenty s vývojem a trendy v oblasti mezinárodního finančního systému s důrazem na příčiny vedoucí k vnější nerovnováze ekonomiky a její vlivu na podniky. Cílem předmětu je představit prostředí pro mezinárodní investování, jako i možnosti zabezpečení zdrojů financování pro jednotlivé druhy investic, principy hodnocení investic, dále představit druhy platebních a platebně zajišťovacích nástrojů využívaných v přeshraničních platbách, jako i rizika spojená s platbami a investováním v mezinárodním prostředí. Student /studentka absolvováním předmětu bude schopen/schopna:
- komplexně zhodnotit současný stav a posoudit předpokládané trendy vývoje v rámci mezinárodního finančního systému, aplikovat znalosti teorií devizového kurzu a identifikovat rizika ovlivňující konkrétní druh podnikání,
- zhodnotit jednotlivé formy zahraničních investic a stanovit optimální způsob financování,
- navrhnout a zhodnotit možné způsoby financování přeshraničních ekonomických vztahů a stanovit vhodných platebních a platebně zajišťovacích nástrojů.
- komplexně zhodnotit současný stav a posoudit předpokládané trendy vývoje v rámci mezinárodního finančního systému, aplikovat znalosti teorií devizového kurzu a identifikovat rizika ovlivňující konkrétní druh podnikání,
- zhodnotit jednotlivé formy zahraničních investic a stanovit optimální způsob financování,
- navrhnout a zhodnotit možné způsoby financování přeshraničních ekonomických vztahů a stanovit vhodných platebních a platebně zajišťovacích nástrojů.
Study aids
Not applicable.
Prerequisites and corequisites
- compulsory prerequisite
English Language B2 - 2
Basic literature
JACQUE, L. L. International corporate finance. New Jersey: John Wiley & Sons, 2014. ISBN 978-1118781869. (EN)
KRUGMAN, P. R., OBSTFELD, M. and M. MELITZ. International finance: Theory and policy. 10th ed. Pearson Education, 2014. ISBN 978-0133826678. (EN)
VAN DEN BERG, H. International finance and open-economy macroeconomics: Theory, history, and policy. 2nd ed. Singapore: World Scientific Publishing, 2015. ISBN 978-9814730242. (EN)
KRUGMAN, P. R., OBSTFELD, M. and M. MELITZ. International finance: Theory and policy. 10th ed. Pearson Education, 2014. ISBN 978-0133826678. (EN)
VAN DEN BERG, H. International finance and open-economy macroeconomics: Theory, history, and policy. 2nd ed. Singapore: World Scientific Publishing, 2015. ISBN 978-9814730242. (EN)
Recommended reading
BALDWIN, R. – WYPLOSZ, CH. The economics of European integration. 4th ed. McGraw-Hill Education - Europe, 2012. ISBN 978-0077131722.
ČERNOHLÁVKOVÁ, E., A. SATO a J. TAUŠER. Finanční strategie v mezinárodním podnikání. Praha: ASPI, 2007. ISBN 978-80-7357-321-8
EITEMAN, D. K., STONEHILL, A. I. and M. H. MOFFETT. Multinational business finance. 14th ed. Essex: Pearson Education, 2015. ISBN 978-0133879872. (EN)
JÍLEK, J. Finance v globální ekonomice I: Peníze a platební styk. Praha: Grada, 2013. Finanční trhy a instituce. ISBN 978-80-247-3893-2.
JÍLEK, J. Finance v globální ekonomice II: Měnová a kurzová politika. Praha: Grada, 2013. Finanční trhy a instituce. ISBN 978-80-247-4516-9.
MADURA, Jeff. International financial management. 13th ed. Cengage South Western, 2017. ISBN 9781337099738. (EN)
MANDEL, M. a J. DURČÁKOVÁ. Mezinárodní finance a devizový trh. Praha: Management Press, 2016. ISBN 978-807-2612-871. (CS)
SHAPIRO, A. C. Multinational financial management. 9th ed., international student version. Hoboken: Wiley, 2010. ISBN 9780470450352.
ČERNOHLÁVKOVÁ, E., A. SATO a J. TAUŠER. Finanční strategie v mezinárodním podnikání. Praha: ASPI, 2007. ISBN 978-80-7357-321-8
EITEMAN, D. K., STONEHILL, A. I. and M. H. MOFFETT. Multinational business finance. 14th ed. Essex: Pearson Education, 2015. ISBN 978-0133879872. (EN)
JÍLEK, J. Finance v globální ekonomice I: Peníze a platební styk. Praha: Grada, 2013. Finanční trhy a instituce. ISBN 978-80-247-3893-2.
JÍLEK, J. Finance v globální ekonomice II: Měnová a kurzová politika. Praha: Grada, 2013. Finanční trhy a instituce. ISBN 978-80-247-4516-9.
MADURA, Jeff. International financial management. 13th ed. Cengage South Western, 2017. ISBN 9781337099738. (EN)
MANDEL, M. a J. DURČÁKOVÁ. Mezinárodní finance a devizový trh. Praha: Management Press, 2016. ISBN 978-807-2612-871. (CS)
SHAPIRO, A. C. Multinational financial management. 9th ed., international student version. Hoboken: Wiley, 2010. ISBN 9780470450352.
Classification of course in study plans
- Programme MGR-UFRP-A Master's 2 year of study, winter semester, compulsory
Type of course unit
Lecture
26 hod., optionally
Teacher / Lecturer
Syllabus
1) Introduction to international finance, the Balance of Payments
2) The history and the evolution of the international monetary system
3) Exchange rate regimes
4) The European Monetary Union
5) International monetary and financial institutions
6) Introduction to multinational corporation management
7) Financing a multinational corporation I.
8) Financing a multinational corporation II.
9) Foreign investments – corporate strategy and foreign investment analysis, direct investment and portfolio investment
10) Multinational capital budgeting
11) Taxes and multinational business strategy – international taxation of income
12) Countertrade; project finance; international capital mobility
13) Current issues in international trade: managed discussion on chosen actual problems
2) The history and the evolution of the international monetary system
3) Exchange rate regimes
4) The European Monetary Union
5) International monetary and financial institutions
6) Introduction to multinational corporation management
7) Financing a multinational corporation I.
8) Financing a multinational corporation II.
9) Foreign investments – corporate strategy and foreign investment analysis, direct investment and portfolio investment
10) Multinational capital budgeting
11) Taxes and multinational business strategy – international taxation of income
12) Countertrade; project finance; international capital mobility
13) Current issues in international trade: managed discussion on chosen actual problems
Exercise
13 hod., compulsory
Teacher / Lecturer
Syllabus
1) Balance of Payments of the Czech Republic – analysis
2) Control questions, statistics (gold price, SDR), presentation of papers, discussion
3) Control questions, International Monetary Fund´s exchange arrangements (actual statistics), presentation of papers, discussion
4) Control questions, current issues within the EMU – discussion, Czech Republic and the convergence criteria fulfilment, presentation of papers
5) Ben Bernanke´s lecture – chosen parts on FED´s policy + discussion, discussion on the topic: Can aid work better? (the impact of international aid on developing countries), presentation of papers
6) Presentation of papers
7) Presentation of papers
8) Pesentation of papers
9) Counting example: volatility, correlation within the portfolio; presentation of papers
10) Counting example – capital budgeting (net present value in different project versions: price and consumer demand, exchange rate changes, salvage value; presentation of papers
11) Presentation of papers
12) Examples of project finance, countertrade, presentation of papers
13) Current issues in international trade: managed discussion on chosen actual problems
2) Control questions, statistics (gold price, SDR), presentation of papers, discussion
3) Control questions, International Monetary Fund´s exchange arrangements (actual statistics), presentation of papers, discussion
4) Control questions, current issues within the EMU – discussion, Czech Republic and the convergence criteria fulfilment, presentation of papers
5) Ben Bernanke´s lecture – chosen parts on FED´s policy + discussion, discussion on the topic: Can aid work better? (the impact of international aid on developing countries), presentation of papers
6) Presentation of papers
7) Presentation of papers
8) Pesentation of papers
9) Counting example: volatility, correlation within the portfolio; presentation of papers
10) Counting example – capital budgeting (net present value in different project versions: price and consumer demand, exchange rate changes, salvage value; presentation of papers
11) Presentation of papers
12) Examples of project finance, countertrade, presentation of papers
13) Current issues in international trade: managed discussion on chosen actual problems
Guided consultation in combined form of studies
16 hod., optionally
Teacher / Lecturer
Syllabus
1) Introduction to international finance, the Balance of Payments
2) The history and the evolution of the international monetary system
3) Exchange rate regimes
4) The European Monetary Union
5) International monetary and financial institutions
6) Introduction to multinational corporation management
7) Financing a multinational corporation I.
8) Financing a multinational corporation II.
9) Foreign investments – corporate strategy and foreign investment analysis, direct investment and portfolio investment
10) Multinational capital budgeting
11) Taxes and multinational business strategy – international taxation of income
12) Countertrade; project finance; international capital mobility
2) The history and the evolution of the international monetary system
3) Exchange rate regimes
4) The European Monetary Union
5) International monetary and financial institutions
6) Introduction to multinational corporation management
7) Financing a multinational corporation I.
8) Financing a multinational corporation II.
9) Foreign investments – corporate strategy and foreign investment analysis, direct investment and portfolio investment
10) Multinational capital budgeting
11) Taxes and multinational business strategy – international taxation of income
12) Countertrade; project finance; international capital mobility