International Monetary System

See semester study programme.

Principles and instruments of monetary policy, role of international financial institutions for adjustment processes in open economies. The dominant point of view: impact of adjustment processes on international trade and capital movement as well as the problem of international balance of payments equilibrium.

Programme: The course describes the structure and mechanisms of the international monetary system. We analyse in detail adjustment processes under different foreign exchange regimes, mechanisms of foreign exchange markets, convertibility of currencies and international capital flows. In addition to theoretical aspects, students acquires knowledge of the evolution of the international monetary system in the past half-century, with particular emphasis on the most recent phenomena and tendencies.

Literatura podstawowa:

Stiglitz J., The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis, New Press, 2014.

Literatura uzupełniająca:

Rickards J., Currency Wars: The Making of the Next Global Crisis, Portfolio Trade, 2012;

Krugman P.R., Obstfeld M., Melitz M.J,- International economics. Theory and policy, Pearson, 9 ed., 2012.

Wiedza:

1. Students acquire theoretical and empirical knowledge and understanding of the essentials of the international monetary system.

2. Students are able to explain and interpret fundamental mechanisms of international financial and capital markets and relevant economic policy.

3. Students are able to analyse and compare available data from financial and capital markets and determine conditions and concrete choice criteria of decisions of international monetary policies.

Umiejętności:

1. Students are able to construct an analysis of the balance of payments and apply relevant monetary theory to the interpretation of national and international situations.

2. Students are able to interpret the evolution of the international monetary system and understands the causes of emergence and downfall of the major types of systems.

3. Students are able to evaluate current tendencies of the international monetary system, and European Monetary Union and their importance for Poland.

Kompetencje społeczne:

1. Students acquire the skills of organizing analytical team work

2. Students understand and accept basic ethical principles in the sphere of international finance.

3. Students acquire the skills of self-directed procurement of data and information as well as its verification and analysis.

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