国际金融教案.docx

上传人:b****5 文档编号:29474920 上传时间:2023-07-23 格式:DOCX 页数:40 大小:205.97KB
下载 相关 举报
国际金融教案.docx_第1页
第1页 / 共40页
国际金融教案.docx_第2页
第2页 / 共40页
国际金融教案.docx_第3页
第3页 / 共40页
国际金融教案.docx_第4页
第4页 / 共40页
国际金融教案.docx_第5页
第5页 / 共40页
点击查看更多>>
下载资源
资源描述

国际金融教案.docx

《国际金融教案.docx》由会员分享,可在线阅读,更多相关《国际金融教案.docx(40页珍藏版)》请在冰豆网上搜索。

国际金融教案.docx

国际金融教案

 

 

经济管理学院教案

 

课程:

国际金融

教师:

单位:

财务管理系

专业:

英语(国际贸易方向)

年级:

2008级

 

教案格式及要求

1、教案以一学期一门课程填写,使用电子课件的课程也需要填写本教案册。

2、每章节教案内容应包括:

1)教学目的要求;

2)本章节的重点、难点及处理方案;

3)本章节的教学内容纲要及主要知识点;

4)教学手段、方法设计(可选)

5)思考题、作业题;

6)参考书目或资料简介。

3、教案可手工填写,也可用电子文档填写。

使用电子文档的教师,需打印并在课程讲授结束后装订成册。

4、若一册教案不够填写,可续。

5、本系所开各门课程的教案必须统一格式。

 

注:

表中()选项请打“√”

授课题目名称(教学章、节或主题):

CourseOverviewandLecture1:

Introduction

授课方式

(请打√)

理论课√讨论课□实验课□习题课□其他□

周次

(1)周

课时安排

(4)学时

教学目的及要求(分掌握、熟悉、了解三个层次):

ThiscourseisaboutfinancialmanagementofMultinationalEnterprises(MNEs).Itwillaimtoprovideyouwithinsightsintotheissuesafinancialmanagerneedstobeawareofinordertoremaincompetitiveinaglobalenvironment.

Inthefirstpartofthecoursewewillstudythemacroeconomicaspectsof

financialmanagementandinthesecondpartwewillfocusonmicro(firmlevel)

decisions.

教学重点、难点、关键知识点及采用的措施:

Becauseinternationalbusinessoperationsisverydifferentunderafixedsystemofexchangerateswithstringentcapitalcontrolsandmarketsegmentationthanunderasystemofflexibleexchangerateswithfreecapitalmovementandmarketintegrationwewillstudythefollowing:

1.Internationalmonetarysystem

2.Someeconomictheoriesofexchangerateandinterestratedetermination

3.Internationalfinancialmarkets

4.ForeignExchange(FX)risksandexposures

5.InternationalFinanceandInvestments

CommonTheme:

GlobalisationProcesswherebystructuralandmanagerialchangesareexperiencedbyafirmasitmovesfromdomestictoglobaloperations.

KeyIssue:

Giventhemacroeconomicµenvironmentofthepresenttime,howdofirmsoperatewithrespecttotheirfinancialoperations.

教学方法及手段设计:

网络教学□多媒体辅助教学□板书□教具□其它□(请打√)

教学基本内容(纲要及主要知识点)

备注

教学内容:

MainCostsandBenefitsofGlobalisation:

Benefits:

1.Largermarketforfirm’sproducts

2.FinancingandInvestmentopportunitiesfromabroad

Costs:

1.ForeignCompetition

2.FXRisk:

uncertaintyaboutfutureFXratesthataffectssales,pricesandprofits)

3.CountryRisk:

economic,politicalandsocialfactorsthatmayhaveadverseeffectsonsales,pricesandprofits.

此页可加续页

教学基本内容(纲要及主要知识点)

备注

Objectives:

ToidentifyrecentdevelopmentsintheinternationalfinancialenvironmentthathavefacilitatedGlobalisationandtoemphasizetheirimpactonfirm’sfinancial.

operations:

1.arbitrage

2.financing

3.investment

4.hedging

5.speculation

Internationalfinancialenvironmenthasundergonesubstantialchangessince

WW2:

WW2–1970’s:

businessfirmshadlittleincentivesandabilitytoengageininternationalfinancingandinvestment:

1.Fixedexchangerates

2.Stringentcapitalcontrols

3.Segmentationofcapitalmarkets

August1971:

collapseoftheBrettonWoodsSystemoffixedexchangerates(USannouncedthatitwouldnolongerconvertUSDintoGold).

Sincethen:

1.majorcurrencieshavebeenfloated

2.largerinterestratesandexchangeratevolatility

3.abolitionofcapitalcontrols->stillcontinues

4.financialderegulation->stillcontinues

Thesechangesareimportantastheyrepresentnewopportunitiesaswellasrisks,e.g.:

1.setupoperationsoverseas:

newlargermarkets,increasescustomerbase

2.obtainforeignfinancingandinvestinforeigncompanies:

cheaperfundsandportfoliodiversification

3.foreignlegalenvironment:

costsassociatedwithtraininglegalstuff+obtaininglocalrepresentation

4.evenifafirmwerenotinvolvedininternationaltrade:

1)increasedcompetitionfromforeigncompetitorsandimports

2)synchronisationofmonetarypoliciesacrosscountries,e.g.USandAUinterestrates

 

教学基本内容(纲要及主要知识点)

备注

3)financialcontagion:

financialcrisesaffectinvestorconfidenceandspreadacrossregions,affectingbothfirmandindividualwealth,whichaffectsconsumption,whichaffectsinvestmentwhichaffectsdomesticeconomy.

Globalisationoffinanceisdrivenby:

1.advancesininformationtechnology

2.synchronisationofnationaleconomicpolicies

3.relaxationofcapitalcontrols

4.financialderegulation

petition

6.Internationaltrade(e.g.China,India)

IndicatorsofGlobalization:

1.volumeofinternationalbanklending

1)cross-borderlending

2)domesticlendinginforeigncurrency

2.valueoffinancialsecuritiestransactionswithforeigners.

3.flowsofportfolioinvestmentandforeigndirectinvestment

4.valueofdailyturnoverintheglobalFXmarket

5.extentofinterdependencebetweeninternationalfinancialmarkets

1)e.g.equities,bonds,etc.

EurodollarMarket

CurrencyConvertibility

EuropeanUnion

ChangesinRelativeEconomicSize

DeteriorationoftheUSexternalposition

OilPrices

InternationalDebtProblem

Internationaluseofnon-dollarcurrencies

IncreasedCapitalMobility

MarketIntegration,FinancialDeregulationandGlobalisation

RegionalCooperation

IncreasedVolatilityofFinancialMarkets

FinancialCrisesandContagion

SecuritizationandFinancialInnovation

Eurodollarmarket:

1.Marketforassets/liabilitiesdenominatedincurrenciesotherthanthoseofcountryinwhichtheyareheld.E.g.havingaUSDdepositwithanAustralianbankinSydney.

教学基本内容(纲要及主要知识点)

备注

2.OriginsoftheMarket:

Themarketbeganinthelate1950sandhasgrownsinceprimarilyasameanstocircumventdomesticfinancialregulationsandexploitarbitrageopportunitiesininternationalmoneymarkets.

3.Implications:

Itsrelevanceforfirmsisasasourceofinternationalborrowingandshort-terminvestment,e.g.firmobtainsdirectloanfromEurobankormakesaEurocurrencytimedepositinhomecountrywhereitscreditratingishigher->cheaperfinancingrate.

CurrencyConvertibility

1.Referstotheabilitytoexchangeonecurrencyforanother(eitheratafixedoraflexibleexchangerate).

2.EuropeancurrenciesbecameconvertibleagainafterWWIIinthelate1950’s,JapaneseYeninearly1960’s.

3.Implications:

Obviousrelevanceforbusinessoperationssincecurrencyinconvertibilityimpedestradeandinternationalfinancingandinvestment.

EuropeanEconomicCommunity(EEC)andtheEuropeanUnion(EU)

1.25countries

2.EUisapreferentialtradeagreement

1)acustomsunionthatallowsfreetradeamongmemberswithcommontariffimposedonnon-members.

2)commoncurrency–Euro,since2002,for12countrymembersofEuropeanMonetaryUnion,EMU

3)commonAgriculturalpolicy

4)etcetera

3.Implications:

1)ForbusinessfirmswithdomesticEUbase,maingainsareintermsofincreasedmarketsandinvestment.AdoptionofcommoncurrencybyEMUmembershasbenefitstofirms(eliminationoftransactionscostsofmultipleEUcurrencies)buteuromemberfirmsarestillexposedtoexchangerateriskifdealineitherEurodollarmarketornon-eurotrade)forwhichneedtodevelopappropriateriskmanagementtools.

2)Domesticallybasedfirmsineuroareafacechangedmacroeconomicenvironmentwithconstraintofcommonmonetarypolicy.Greaterriskofmacroinstabilityineventofnon-synchronisedshocksandinflexiblelabourmarketsabletoabsorbshocks.

Trendtowardsconvergenceofeconomicsizeofmainindustrialeconomies

1.measuredbyshareorworldGDP,mainchanges:

ChinaandEU

教学基本内容(纲要及主要知识点)

备注

Note:

Thetrendtowardssymmetryineconomicsizeisnotreflectedinfinancialimportance,i.e.USDstilldominatesglobalfinancialtransactions.Attheendof2004:

1.66%oftheidentifiedofficialforeignexchangereservesintheworldwereheldinUSD

2.25%inEuros

PersistentUScurrentaccountdeficit(i.e.exports–imports)

1.sincelate1970’sUScurrenta/cdeficit,seefig.1.2

2.issueisnotthepersistenceoftheUScurrenta/cdeficit(averagedabout3%ofUSGDP)sincetheearly1980’sbutarecentincreaseto5%ofGDP

Implications:

1.UScurrenta/cdeficitpresentaddedriskintheinternationalenvironment,giventheimportanceoftheUSeconomyandUSdollar.

2.UScurrenta/cdeficitisfinancedbylendingbyoverseascountriesandfirms.Riskforbusinessfirmsis“hardlanding”(sharp

教学基本内容(纲要及主要知识点)

备注

3.BOPdifficultiesaffectinterestratesandexchangeratesandtheeconomicperformanceofcountriessincetheyareoftenviewedasaconstraintoneconomicspolicy

FluctuationsinOilPrices(especiallyrecentrises)

1.changesinoilpricesaffect:

1)overalleconomicactivity

2)financialmarkets

2.ariseinoilpricesisanegativesupplyshockforoilimporter,pushinguplevelofprices.Whetherariseinoilpricestranslatesintoinflation(percentagechangeinprices)dependsonmonetarypolicyresponse,thushasamacroeconomiceffect,butalsoamicroeffectssinceitincreasescostsoftransportationandpricesofintermediateinputs.

Implications

1.involvesstrategicdecisionsastowhethertoabsorbincreaseinoilpriceinlowerprofitmargins(tomaintainmarket)orpassonthroughhigherprices.

2.higheroilpricesaffectmarketconfidence,beingperceivedbybusiness(inoilimportingcountries)asadversetoeconomicgrowthandconsumer/investorconfidence(threatofinflationasnotedabove).

InternationalDebtProblem

1.build-upofexternaldebtbydevelopingcountries,startedin1982whenMexicodefaultedonitsdebt.

2.anissueforLatinAmericain1980sandpresentlyforlow-incomedevelopingcountries,seefig.1.4

3.externalborrowingbyacountryorfirmandsubsequentexternaldebtisnotinitselfaproblem:

issueiswhethercangeneratesufficientincometorepayandremainsolvent.

Implications

1.possiblethathighlevelsofdebtmayaffectnegativelydomesticinvestment(socalleddebtoverhand)andeconomicgrowth.

2.issueforinternationalbusinessfirmsisinassessmentofcountryandborrowerrisk(creditorrole),givenabsenceofaninternationalenforcementmechanism.

3.e.g.the1980’sfinancialcrisi

展开阅读全文
相关资源
猜你喜欢
相关搜索

当前位置:首页 > 工程科技 > 兵器核科学

copyright@ 2008-2022 冰豆网网站版权所有

经营许可证编号:鄂ICP备2022015515号-1