Finance internationale, Philippe Norel

Collège universitaire de Sciences Po
Etudes ibériques et latino-américaines,
Campus de Poitiers
Philippe NOREL
Cours Magistral
Semestre Printemps 2009-2010
INTERNATIONAL FINANCE
Introduction: Definitions and concepts
Financial institutions and the national economy
Main concepts in Finance
The world liberalisation of capital movements
First part: International Monetary Economics
I – Foreign Exchange Market, Arbitrage, Speculation
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Covered interest rate parity
Foreign exchange position and hedging techniques
Foreign exchange options
II – Foreign Exchange main relations
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Uncovered interest rate parity
Purchasing power parity
Real interest rates parity
III – Short term exchange rate
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Foreign Exchange market short term equilibrium
The monetary determinants of exchange rates
Overshooting phenomena
IV – Long term exchange rate
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The limits to Purchasing power parity
Meaning and uses of real exchange rates.
Second part: International Financial Economics
V – International Financial Integration - Theory and History
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What is International Financial Integration?
The Feldstein-Horioka puzzle
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The “xenomarkets” historical influence
VI – Financial Globalisation
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Capital flows within the balances of payments
Three qualitative reforms
The main causes of financial globalisation
VII – International Financial Crises
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The Thailand case : liberalisation, nominal anchor and international illiquidity
Old crisis mechanisms…
… reinforced by globalisation
VIII – Three generations of Exchange Rate Crises
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Krugman and deterministic approaches
Obstfeld and self-fulfilling expectations
The third generation models
IX – The “subprime crisis”
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The credit strategy and its consequences
Ways t solve the crisis
Frome the financial to the economic crisis
Third part: Political Economy of the International Financial System
X – The International Monetary System
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The historical evolution of monetary systems
A typology of monetary systems
Hegemony and monetary systems
XI – International regimes
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Definitions
The determinants behind the demand for regimes
Collaboration and cooperation regimes
XII – Hegemony and hegemonic stability
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Definitions
The links between hegemony and regimes stability
Cycles of hegemony
XIII – The International Financial Architecture
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A contemporary financial regime?
The IMF recent transformations
Preventing systemic risk and global governance.
BIBLIOGRAPHY
Main textbooks used in this course:
AUBIN C., NOREL P., 2000, Economie internationale, Paris, Seuil (Points).
KEBABDJIAN G., 1999, Les théories de l’économie politique internationale, Paris, Seuil (Points).
KRUGMAN P., OBSTFELD M., 2003, Economie internationale, Bruxelles, de Boeck
NOREL P., 1999, Finance internationale, cours de la licence monnaie finance, Poitiers, CNED.
Other books:
ADDA J., 2004, La mondialisation de l’économie, deux tomes, Paris, La découverte (Repères).
AGLIETTA M., BRENDER A., COUDERT V., 1990, Globalisation financière, l’aventure obligée,
Paris, CEPII, Economica.
AGLIETTA M., REBERIOUX A., 2004, Dérives du capitalisme financier, Paris, Albin Michel.
ALLEGRET J-P., 2005, Les régimes de change dans les marchés émergents, Paris, Vuibert.
ALLEGRET J-P., COURBIS B., 2005, Monnaies, finance et mondialisation, Paris, Vuibert.
BOISSIEU (de) C., 2004, Les systèmes financiers, mutations, crises et régulation, Paris, Economica.
BOURGUINAT H., 1999, Finance internationale, Paris, PUF.
BOYER R., DEHOVE M., PLIHON D., 2004, Les crises financières, Rapport du Conseil d’Analyse
Economique, Paris, La Documentation Française, (cae.gouv.fr)
CHAVAGNEUX C., 2003, Economie Politique Internationale, Paris, La découverte.
FERRERI J-B., 2000, Économie financière internationale, Paris, Bréal.
GEMDEV, 1999, Mondialisation, les mots et les choses, Paris, Karthala.
GILLOT P., PION D., GOURLAOUEN J-P, 2004, Le nouveau cambisme, Paris, Eska.
JACQUET P., PISANI-FERRY J., TUBIANA L., 2002, Gouvernance mondiale, Paris, La
documentation française.
KEOHANE R.O., 1984, After Hegemony – Cooperation and Discord in the World Economy,
Princeton, Princeton University Press.
NOREL P., 2004, L’invention du marché : une histoire économique de la mondialisation, Paris, Seuil.
PLIHON D., 1999, Les taux de change, Paris, La Découverte.
PLIHON, 2003, les désordres de la finance : crises, corruption, mondialisation, quelles politiques,
Paris, Universalis.
SIROEN J-M, 2002, Relations économiques internationales, Paris, Bréal.
STRANGE S., 1988, States and Markets – An Introduction to International Political Economy,
London, Pinter.