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Exchange Rates and International Finance - (F)-M

Course code
Course type
MSc Course
Weekly Hours
HS 2023
Prof. Dr. Michael Frenkel, Maximilian Ambros
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
  1. International transactions and different exchange rate concepts
  2. Interest rates and exchange rates: an asset approach
  3. Money, interests and exchange rates
  4. International linkages of goods and asset markets under fixed exchange rates
  5. International linkages of goods and asset markets under flexible exchange rates
  6. Portfolio balance and exchange rate determination
  7. Market efficiency and rational expectations
  8. Foreign Exchange Intervention
  9. The news model of exchange rate determination
  10. The risk premium
  11. The microstructure of the foreign exchange market and its implications for exchange rate determination
Date Time
Wednesday, 06.09.2023 08:00 - 11:15
Thursday, 14.09.2023 08:00 - 13:00
Friday, 22.09.2023 13:45 - 18:45
Wednesday, 27.09.2023 08:00 - 11:15
Wednesday, 04.10.2023 09:45 - 15:15
Thursday, 12.10.2023 08:00 - 11:15
This course focuses on concepts used to analyze financial aspects in the world economy. It examines how economic linkages between countries affect domestic economic variables like exchange rates, interest rates, output, prices, and wealth. These variables are important for many players in an economy, especially for companies with an international focus.

In each section, the course first introduces basic concepts. Afterwards, exercises, discussions, and problem sets complement the presentation of the relevant material. For problem sets, study groups will be organized.

Copeland, Laurence S., "Exchange Rates and International Finance", 6th ed. (Pearson) 2014. Hallwood, C. Paul/Mac Donald, Ronald, "International Money and Finance", 4th ed. (Blackwell) 2007. Krugman, Paul/Obstfeld, Maurice/Meltiz, Marc, "International Economics", 9th ed. (Addison Wesley) 2011.
Cases, Problem Sets and Lecture Material
Exam and Problem Sets
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