King's University College University of Western Ontario




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King's University College

University of Western Ontario

Economics 370a Section 570

International Finance

Instructor: Dr. Jae-Dong Han

Phone 433-3491, Ext. 4372


Email: jdhan@uwo.ca

Office: DL Room # 320



Class Hours and Location:

Monday 4:30- 6:30 pm at LH105B

Friday 4:30 -5:30 pm at LH105B

Course Website: http://instruct.uwo.ca/economics/370b-570

Office Hours: M 10:30 -11:30 am
W 10:30 am -11:30 am and 2:30-3:30 pm



Course Description:



The study of foreign exchange markets and countries' policies towards balance of payments adjustment. Topics include balance of payments accounting, alternative exchange rate regimes, currency markets and hedging, balance of payments adjustment issues, international investment, international liquidity, and the third world debt crisis.


Required Course Materials:


All material covered in class is considered required.


References:

The main reference materials are coming from:



  • Cheol S. Eun and Bruce G. Resnick, International Financial Management, McGraw-Hill Irwin, 2007.

  • Paul R. Krugman, and Maurice Obstfeld, International Economics: Theory and Policy, 7/E, Addison-Wesley, 2006

  • Alan Shapiro, Multinational Financial Management, Seventh Edition,

University of Southern California, 2003 (ISBN: 0-471-39530-7)

  • Giddy, I., Global Financial Markets, D.C Heath and Company, 1993 (ISBN #: 0-669-246050).

  • Solink, Bruno, International Investments, 4th Edition, Addison-Wesley, 1999.

  • Copeland, L.S., Exchange Rates and International Finance, 2nd ed., Addison-Wesley, 1994 (ISBN #: 0-201-62429-X).

  • Eiteman, Stonehill, and Moffett, Multinational Business Finance, 11th edition, Addison Wesley, 2007.


These books will be reserved for short-term loans in the campus libraries.


  • Additional academic papers and materials will be provided on the course website. The students are required to read all these materials. The tests and exam will cover these supplementary readings as well.


An additional updated list of advanced readings will be given in class. The amount will be substantial.

Course Website: http://instruct.uwo.ca/economics/370b-570/


This is a complex course with a variety of contents compacted into a short-term format. Communication is crucial. The course website will post the course materials and announcements, and thus play an important role in this matter. I will make every effort to post the updated power point presentation slides for the upcoming class 12 hours prior to the class. The students are required to read the course materials in advance and are encouraged to participate in class discussion.


Student Evaluation:


1) Grading Scheme:


-One midterm test(2 hours) 35%

- Final Examination (3 hours) 55%

- Research Report/paper 10%

Total final grade 100%


Test and Exam Dates:


Midterm test: in class; October 22, Monday (110 minutes)

Final Exam During final exam period (3 hours), date and time TBA by the Registrar's Office




2) Investigation Report/Paper:


(1) How to choose the topic?


The instructor will post the list of topics on the course website, from which a student can choose. Students are welcome to come up with new topics. However, the topic must be discussed with the instructor by October 22nd before it becomes a legitimate topic for the paper and is to be put on the list.


(2) How to write the report/paper?


The report/paper should start with the theoretical part, which is to be related to the class lectures and course materials. And then it would extend to the specific issue or topic.


Some sample topics and PPP are shown on the course website. The reference material section of the course website will be helpful in your search for a topic and statistics although it has only a

subset of vast financial information available on web.


(3) Format


It should be in the format of the Power Point Presentation with a minimum length of 15 slides. It should also include a separate reference section, which specifies reference sources, such as the title of books, web addresses and links, and so forth.


(4) Submission


The report is due in the last class. Late submission will NOT be accepted unless an arrangement is made with the instructor one week prior to the deadline. You should submit both the diskette containing the power point slides as well as the hard copy of the power point slides (one slide on one page).

Course Policies:

1) Tests and Examinations



Students are expected to complete all required evaluation components in order to receive a grade in this course. Students with course conflicts and approved inter-university athletic conflicts, or students unable to write an exam or test based on medical or compassionate grounds, may apply to be excused.


There is no make-up midterm test. If a student misses a test, and has a valid document for it, s/he must see the counselor at the Academic Dean’s office immediately. The instructor will be advised on the validity; if an academic concession is granted, the midterm test weight will be reassigned to the final exam.

Students who are excused from writing the final exam will receive an “Incomplete” (INC) in the course, and will be required to write the final exam at the next available opportunity (likely in the following term or year when the course is offered again).


Requests to be excused for medical or compassionate grounds must always be accompanied by appropriate documentation – either with the request or as soon as possible after the fact. A Medical Excuse Documentation Form is available from the Academic Dean’s office.


Students who have any problems that may hinder their academic performance are encouraged to discuss these issues with the instructor or the appropriate College official before exams.

2) Attendance



The UWO Academic Calendar states: “Any student who, in the opinion of the instructor, is absent too frequently* from class or laboratory periods in any course, will be reported to the dean (after due warning has been given). On the recommendation of the department concerned, and with the permission of the dean, the student will be debarred from taking the regular examination in the course”. * More than 25% of classes missed are considered too frequent.


3) Prerequisites & Antirequisites


Antirequisite(s): Economics 353a/b, Economics 164a/b

Prerequisite(s): Economics 152a/b.


The student is responsible for ensuring he/she has successfully completed the prerequisites for this course. Lack of prerequisites cannot be used as grounds for an appeal in this course. You also are responsible for ensuring that this course is not an antirequisite to another course that you have already taken.


Unless you have either the requisites for this course or written special permission from your Dean to enroll in it, you may be removed from this course and it will be deleted from your record. This decision may not be appealed. You will receive no adjustment to your fees in the event that you are dropped from a course for failing to have the necessary prerequisites.


4) Policy for the Use of Electronic Device


The use of personal computers during examinations will not be permitted. This prohibition also applies to any programmable calculators that allow storage of programmed information. When in doubt, check with the professor at least 24 hours prior to an exam. No dictionaries are allowed, either

5) The University Statement on Academic Offences


Scholastic offences are taken seriously and students are directed to read the appropriate policy, specifically, the definition of what constitutes a Scholastic Offence, at the following Web site: http://www.uwo.ca/univsec/handbook/appeals/scholoff.pdf.) All required papers may be subject to submission for textual similarity review to the commercial plagiarism detection software under license to the University for the detection of plagiarism. All papers submitted for such checking will be included as source documents in the reference database for the purpose of detecting plagiarism of papers subsequently submitted to the system. Use of the service is subject to the licensing agreement, currently between The University of Western Ontario and Turnitin.com (http://www.turnitin.com.). Computer-marked multiple-choice tests and/or exams may be subject to submission for similarity review by software that will check for unusual coincidences in answer patterns that may indicate cheating.


6) Accommodation for Religious Holidays


Please refer to the Senate Policy on Accommodation for Religious Holidays http://www.uwo.ca/univsec/handbook/. (See Policy on Academic Rights and Responsibilities.).


The Calendar of Religious Accommodation for the 2006-07 academic year is available on the Equity & Human Rights Services ( website: http://www.uwo.ca/equity/docs/mfcalendar.htm,) This calendar shows religious holidays for which Equity and Human Rights Services has confirmed students of different faiths may require academic accommodation.


Course Outline:


1. A Bird's Eye view


International Finance: Fundamental, Issues, and Questions


Instructor's PPP/Notes


2. International Macroeconomics and the Balance of Payments.


Krugman and Obstfeld, Chapter 12, pp. 278-305


Different Adjustment Mechanism under different Exchange Rate Systems: Fixed versus Flexible




4. The Foreign Exchange Rate Determination: An Asset Approach, Monetarists' Approach, and Real Factor Analysis


Krugman and Obstfeld, Chapters 13, 14, and 15, pp. 306-406

Ian Giddy, Chapter 5, pp.117-142.


Forecasting FOREX Rates


Ian Giddy, Chapter 6, pp. 145-172


Optimum Currency Area: EMU, and a possible North American Currency Area Revisited


Jack Carr, "A Common North American Currency."

David Laidler and William Robinson, "The Fix if Out", CD Howe Institute, July 1990.


5. International FOREX Risk Management

Foreign Exchange Market

Eiteman and Stonehill, and Moffett, Chapter 6, pp. 178-206.


Derivatives: Forward, Futures, Options, and Swaps

Ian Giddy, Chapter 7, pp.174-205; Chapter 8, pp. 207-236.


6. International Financial Flows, and International Financial Market:


Instructor's PPP/Note

International Financial Flows


Instructor's Note/PPP

Kavlajit Singh, 'trends in Global Financial Flows", The Globalization of Finance, Zed Books, London, U.K., 1999, pp. 13-29.


International Money and Capital Markets: International Banking, International Notes(NIF), International Bonds, International Equity Markets: Structure, Instruments, and Functioning


Instructor's Note

*(Advanced Reading) Ian Giddy, Chapters 9, and 10, pp.245-265.


International Money Market

Eun and Resnick, Chapter 11, pp. 266-292


International Bond Market


Eun and Resnick, Chapter 12, pp. 293-312.


International Equity Market


Eun and Resnick, Chapter 13, pp. 413-355,



International Financial Transactions Networks: CHIPS, and International AML


7. International Portfolio Investment


Portfolio Diversification


Instructor's Note/PPP

Eiteman and Stonehill, and Moffett, Chapter 15, pp. 501-523.


CAPM and Cost of Capital


Eun and Resnick, pp. 422-447.


8. Foreign Direct Investment


Eiteman and Stonehill, and Moffett, Chapter 16, pp. 526-549.


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