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
• Covered interest rate parity
• Foreign exchange position and hedging techniques
• Foreign exchange options
II – Foreign Exchange main relations
• Uncovered interest rate parity
• Purchasing power parity
• Real interest rates parity
III – Short term exchange rate
• Foreign Exchange market short term equilibrium
• The monetary determinants of exchange rates
• Overshooting phenomena
IV – Long term exchange rate
• 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
• What is International Financial Integration?
• The Feldstein-Horioka puzzle

• The “xenomarkets” historical influence
VI – Financial Globalisation
• Capital flows within the balances of payments
• Three qualitative reforms
• The main causes of financial globalisation
VII – International Financial Crises
• The Thailand case : liberalisation, nominal anchor and international illiquidity
• Old crisis mechanisms…
• … reinforced by globalisation
VIII – Three generations of Exchange Rate Crises
• Krugman and deterministic approaches
• Obstfeld and self-fulfilling expectations
• The third generation models
IX – The “subprime crisis”
• 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
• The historical evolution of monetary systems
• A typology of monetary systems
• Hegemony and monetary systems
XI – International regimes
• Definitions
• The determinants behind the demand for regimes
• Collaboration and cooperation regimes
XII – Hegemony and hegemonic stability
• Definitions
• The links between hegemony and regimes stability
• Cycles of hegemony
XIII – The International Financial Architecture
• 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.