国际金融教案.docx
- 文档编号:29474920
- 上传时间:2023-07-23
- 格式:DOCX
- 页数:40
- 大小:205.97KB
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
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
第
(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
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 国际金融 教案
![提示](https://static.bdocx.com/images/bang_tan.gif)