Llicenciatura en Administració i Direcció d'Empreses (3323)
Llicenciatura en Economia (3322)

Economia Financera Internacional(10132) 

I. REVIEW OF INTERNATIONAL ECONOMICS

Tema 1. The International Monetary System

1.1. Exchange rate regimes.

1.2. History of the International Monetary System.

 

Tema 2. Exchange Rate Determination

2.1. Purchasing Power Parity.

2.2. Balance of Payments Approach.

2.3. Portfolio Theories of Exchange Rate Determination.

 

Tema 4. Spot Exchange Market

4.1. Introduction.

4.2. Triangular Arbitrage.

 

Tema 5. Currency Forwards Market

5.1. Introduction.

5.2. Interest Rate Parity.

5.3. The Value of a Forward Contract.

 

Tema 6. Forecasting Exchange Rates

6.1. Forward Rate as an Unbiased Predictor of Future Exchange Rate.

6.2. Fundamental Approach.

6.3. Technical Approach.

 

Tema 7. Currency Options

7.1. Introduction.

7.2. Pricing Currency Options.

 

III. MANAGING FOREIGN EXCHANGE RISK

Tema 8. Why Hedge? And Types of Foreign Exchange Risks

Tema 9. Contractual Exposure

9.1. Measuring Exposure.

9.2. How to hedge?

9.3. Case Study: Lufthansa.

 

Tema 10. Operating Exposure

10.1. Measuring Exposure.

10.2. How to hedge?

10.3. Case Study: Statoil of Norway.

 

Tema 11. Accounting Exposure

11.1. Measuring Exposure.

11.2. How to hedge?

 

IV. INTERNATIONAL INVESTMENT

Tema 12. International Capital Budgeting and Global Cost of Capital

12.1. Review of Capital Budgeting.

12.2. Forms of Foreign Activities.

 

Tema 13. Exchange Risks and Capital Market Segmentation

13.1. Single Country CAPM.

13.2. Two-Country CAPM.

 

Tema 14. International Taxation

14.1. Multiple Taxation versus Tax Neutrality.

14.2. Tax Dimensions of Multinational Operations.

14.3. Case Study: Martin Guides, Inc.

 

Tema 15. Structure of International Debt and Equity Markets

15.1. International Equity Markets.

15.2. International Debt Markets.

 

Tema 16. Review

Bibliografia

EITEMAN, D. K.; STONEHILL, A. I.; MOFFETT, M. H. Multinational Business Finance. Reading: Addison-Wesley, 1998.

EITEMAN, D. K.; STONEHILL, A. I.; MOFFETT, M. H. Las finanzas de las empresas multinacionales. Reading: Addison-Wesley, 1992.

SERCU, P.; UPPAL, R. International Financial Markets and the Firm. ITP, 1995.

SOLNIK, B. International Investments. Reading (Mass.): Addison-Wesley, 1996.

SOLNIK, B. Inversiones internacionales. Reading (Mass.): Addison-Wesley, 1993.