Información detallada de curso |
Primer semestre 2019
Abr 18, 2024 |
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| Código y Nombre de la Asignatura: FIN 9236 - INTERNATIONAL FINANCE |
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División Académica:
Escuela de Negocios
Departamento Académico: Dpto.Finanzas y Organizaciones FIN 4228 Calificación mínima de 3.0 Número de créditos: Intensidad horaria (semanal para nivel pregrado y total para nivel postgrado): 2.000 Horas de Teoría 1.000 Horas de Laboratorio Niveles: Educación Continua, Educación Superior Pregrado Tipos de Horario: Teoría y Laboratorio This course is focus on the managerial key aspects of International Finance on the new world economy. Taking in to consideration the accelerated integration of world trade and the involved finance in their operations this course has been organized in the following form. First an introduction to the new world market and the importance of the international finance, Secondly it will be study the money flow and the country Balance of Payment accountancy. Afterward it will be ongoing with the explanation of the currency markets and the exchange risk involved, taking into consideration the parity conditions that regulates market imperfections. Finally it will be focusing on the importance of hedging and the financial tools that can be used to hedge on exchange risk when it is required. 3. RELEVANCE Student should understand that multinational and export or import oriented enterprises continues to be dependent on its ability to recognize and benefit from imperfections in national markets for products, factors of production and financial assets. Students should dominate the theme that volatile exchange rates may increase risk, but they also create opportunities for both investors and firms to profit if it is given to the data a proper understanding of exchange risk management. Recognize the increasing importance of global integration of money and capital markets, a trend that is creating expanded opportunities for both investors and organizations that need to raise capital. Also understand that global integration of financial markets regulates some of the market imperfections and the flow of international capitals, and generates excellent opportunities for investors to increase their returns while lowering their risk through international portfolio diversification and for firms to lower their cost of capital by sourcing it internationally. 4. RELATED COMPETENCES Learn how to use the financial hedging tools in the international environment taking in consideration the involved market risk (on the currency market operations) in order to make the most accurate decision in risk management. 5. GENERAL OBJECTIVE The students is to acquire the related knowledge presence in the world currency markets, understanding the exchange rate risk involved in the market operations and the instruments which they have access for hedging and knowing that they have the possibility to access to these concepts for more accurate decision made on those international level operations. 6. LEARNING OUTCOMES At the end of the course, students must be able to: Knowledge (Know, Understand) To understand the operation of international financial markets including the currency exchange markets, bonds and domestic as well as international stock markets To understand how markets works: exchange process, the way the exchange type is determined and to fully understand the operations that take place in the currency markets and the risks associated with it. To understand the concept of hedging and the derivative instruments that allow to manage this type of risk (futures hedge, forward hedge, money market hedge and currency options hedge) Skills (know how) To evaluate how the type of change is determined and to conduct operations in the markets spot and forward to apply these concepts. To evaluate and measure the exchange risk and to be able to apply the different derivatives instruments of hedging to reduce the impacts on the exposure of these transactions. Attitude (To be) To develop the skills of observation, examination and analysis, that allows anyone in this class to select a procedure in a logical, efficient and quick manner to provide solution to the questions popped up anywhere anytime within the environment of an international company whether its environment is the local market, the international market or both. 7. CONTENT Introduction to international Finance and Its importance Globalization & Multinational Corps Importance of International Finance Market Opportunities Balance of Payment and Accounts Types Balance of Payment Balance of Payment Deficit Double Entry Accountancy and BOP Current Account Capital Account Exchange Rate and its Equilibrium Exchange rate Movements Exchange rate equilibrium Influencing Factors The Currency Markets Interbank Transactions Types The Exchange Rate Types of Exchange Rates Arbitrage Speculation Exchange Rate Types and Parity Conditions Parity Market Conditions Purchasing Parity Power Fisher Effect (Closed and Open) Interest Parity Theory Exchange Rate Forecasting Banking Covering and Hedging Forwards Markets Futures Markets Options Market Swaps Markets Management of Risk Exposition Risk Exposure Exchange Risk Introduction to exchange risk Hedging Risk Management Operative hedging 8. METHODOLOGICAL OPTIONS - ACTIVITIES OF LEARNING Magisterial classes It will be used magisterial classes to present the concepts that will be complemented with workshops and exercises in and out of the classroom, they will be carried out by the students, and they will allow them to strengthen the developed concepts, and they will give them dexterity in the use of the different equivalences. Works and Workshops The external work will be supported in class with workshops for each unit that must be developed by the students, they will count on the advice of the professor for the workshops when they need it; this guidance can be personally offered, by e-mail or the WEB Catalog. Forums of discussion The students in class through a brainstorm session directed by the professor must present different ways of solution to the considered problems, and they must express themselves in a clear and coherent way, supported on the concepts that are being developed in class. It will be a group work in which the student can discuss the different ways to focus the problems, interchange ideas, reinforce the concepts and strengthen the mental structuring for the solution of problems, the abstraction and the conceptualization. This work will be carried out in class under the teacher's advice and supervision, the professor will act as mediator and he will take part on it, to reinforce and /or clarify concepts. Method of cases It will be a group work in which the student can discuss the different ways to focus the problems, interchange ideas, reinforce the concepts and strengthen the mental structuring for the solution of problems, the abstraction and the conceptualization. This work will be carried out in class under the teacher's advice and supervision, the professor will act as mediator and he will take part on it, to reinforce and /or clarify concepts. In the development of the concepts will be used articles of newspapers and magazines, and it will try to correlate the concepts with the international and national reality of the moment. 9. EVALUATION First exam: 25% Second exam: 25% Final exam: 25% Onsite work, homework and Quizzes: 25% 10. BIBLIOGRAPHY Madura, J. (2003). International Financial Management. Mason: Thomson/South-Wester |
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