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International Monetary Relations

Course code
Course type
BSc Course
Weekly Hours
HS 2019
Prof. Dr. Michael Frenkel
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. Globalization, international transactions, and the balance of payments

2. The foreign exchange market, the equilibrium exchange rate, and currency

3. The determination of the exchange rate in the long run and in the short run

4. International monetary systems and the adjustment mechanism

5. Currency crises

6. Macroeconomic policy in an open economy

Date Time
Monday, 09.09.2019 11:30 - 15:15
Monday, 16.09.2019 08:00 - 11:15
Monday, 30.09.2019 08:00 - 11:15
Friday, 04.10.2019 11:30 - 15:15
Monday, 07.10.2019 08:00 - 11:15
Wednesday, 30.10.2019 08:00 - 11:15
Friday, 20.12.2019 15:00 - 17:30
This course introduces students to the foreign exchange market and the vital role it
plays in the economy. It discusses the interaction of exchange rates, interest rates,
output, and foreign exchange reserves. It begins with a look at what international
transactions comprise and how countries across the world record them. It then
continues with a look at the market participants in the foreign exchange markets and
shows how their interaction determines the equilibrium exchange rate. The course
highlights the difference between short run and long run drivers of the exchange rate.
Finally, the discussion focuses on the effects of economic policy in an open economy.
Carbaugh, Robert J., International Economics, 16th edition, Boston 2017 (Cengage Learning)
Cases, Group Projects and Lecture Material
Final Exam and Group Project
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