TÀI CHÍNH QUỐC TẾ 1 introduction

International FinanceNguyễn Phúc Hiền, Ph.D Banking and Finance Faculty Hanoi Foreign Trade University... Nguyễn Phúc Hiền - ðại học Ngoại thương 3 Grading assessment • Attendance 10% of

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International Finance

Nguyễn Phúc Hiền, Ph.D

Banking and Finance Faculty

Hanoi Foreign Trade University

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Intructor‘s Slide

Levi, Maurice “International Finance“, 4th

Ed,2005

Pilbeam, Keith“International Finance“ 3rd Ed,

2006

Melvin, Michael “International Money and

Finance“,Boston, 2004

“Tài chính quốc tế“, PGS TS Nguyễn Văn Tiến,

NXB Thống kê, 2010

Journals of Finance and Banking, Economics

Website: Bloomberg, Reuter, FX

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TS Nguyễn Phúc Hiền - ðại học

Ngoại thương

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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

and policies

- Macroeconomic data (time series and

international comparison)

- Econometric models

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I Overview of International Finance

II Foreign Exchange (Currency) Market

III Factors Affect Exchange Rate

IV Exchange Rate Policy and Exchange Rate Regime

V Interest Rate Parity and Purchasing Power Parity

VI Other Exchange Rate Models

VII Balance of Payment

VIII Monetary and Fiscal Policies in an Open Economy

IX International Monetary System and International

Financial Institutions

X International Financial Markets

XI Financial Crisis

XII The Issue of Exchange Rate in Vietnam

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Liên hệ

Email: phuchienth@yahoo.com

Mobile: 0166 541 1439

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I Overview of International

Finance

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1 Fundamental of Inter Finance

(Import-export)

Indirect Investments)

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XK + NK Economy openess index =

-GDP

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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 IMF

1990 2006

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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

• 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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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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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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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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