北大金融学课件(英文版)（全套课件339P）.ppt

CHAPTER 1 Introduction Topics This is our class Your participation is praisable How to encourage team work ? Mid-term Exam is necessary: ( ) In-class quizzes ( ) Writing assignments ( ) Both What is international finance about? An important part of international economics: features and development of financial system world wide. The other side of a coin (physical economy) A magic world: exchange rate, euro zone, forex market, forex dealers, hedgers, arbitrageurs, the crawling peg, the dirty float, the sterilization, etc. The content of the text book Balance of payments Foreign exchange market Exchange rate risk Theories of exchange rate determination Regulatory framework The effects of exchange rate policy on the country’s macroeconomic performance Reference Books 国际金融市场-价格与政策 Richard M. Levich 人大出版社 国际金融市场 J.Orlin.Grabbe 人大出版社 国际金融（international Finance） Maurice D. Levi 机械工业出版社 国际金融管理（第七版）（international Finance Management） Jeff Madura 北大出版社 其他出版日期较近的中文版《国际金融》参考书 Related Events in the field of International Finance China’s exchange rate (2003-now) The crisis of Euro (2010-now) Subprime mortgage crisis (2007-2009) Vietnam financial turmoil (2008) The birth of Euro (1998—2002) Argentina crisis (1997-2002) Asian financial crisis (1997-1998) The Plaza Agreement and its impacts on Japan (1985) …… Great Depression in 1987 and 1929 …… Subprime Crisis Began with the bursting of the US housing bubble in late 2006 and high default rates on subprime and ARM Contracted liquidity in the global credit markets and banking system Who are the victims? Major financial institutions reported great losses New Century Financial and Bear Stearns Countries in official recession (two consecutive quarters) Countries in unofficial recession (one quarter) Countries with economic slowdown of more than 1.0% Countries with economic slowdown of more than 0.5% Countries with economic slowdown of more than 0.1% Countries with economic acceleration Source: Between 2007 and