InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Introductory Overview

Monday 19th February, 2018

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Table of Contents

About the Instructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Giuseppe Schlitzer

Head of the Course

Giuseppe Schlitzer (MPhil Economics, 1998, GeorgeWashington University; MA Economics, 1990, University ofChicago; B. Sc. Economics and Business, 1986, Universitdegli Studi di Napoli “Federico II”) is General Managerand CEO at AITEC (Associazione Italiana TecnicoEconomica del Cemento). He previously held seniorpositions at the IMF, at Confindustria as well as at theCentral Bank of Italy. His main research interests coverthe fields of international finance, business cycle analysis,growth and productivity.

Email: gschlitzer@liuc.it

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Arianna Ziliotto

Lecturer

Arianna Ziliotto (PhD, 2012, Universita Cattaneo LIUC,Master Degree in Corporate and Market Finance, 2009,Universita Cattaneo LIUC) is Head of SupervisoryReporting and Risk Manager at Method Investmentsand Advisory Ltd. She previously worked as Derivativesand Fixed Income trader. Her main research interestscover the fields of quantitative finance and financial marketsefficiency.

Email: aziliotto@liuc.it

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Aims of the Course

I Understanding the mechanics and the economicrationale behind foreign exchange markets.

I Mastering the basic principles of international portfoliodiversification.

I Gaining an insight about many current crucial issuesconcerning international financial markets. Developing adeeper understanding of their likely impact on theglobal economy.

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Course Delivery

The course revolves around a continuous blend between themacroeconomics and the microeconomics of internationalfinancial markets, while shedding light on daily FX marketfunctioning and trading mechanisms.The course will extensively combine theory and practice,with a twofold aim:

I Developing a sound theoretical background

I Mastering the basic principles of market trading andunderstanding current economic and financial issues ona worldwide scale

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Readings

I Textbook: International Finance, M.D. Levi, 5thedition 2009, Routledge

I Slides and additional material: provided throughoutthe course (available on my.liuc.it)

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Attending vs Non-Attending Students

I Attending students: closed book exam. The finalgrade will be marked up (extra points for attendance)for all the students attending at least 9 classes out of15

I Non-attending students: closed book exam

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Additional Oral Examination - Optional

Once the written exam has been passed successfully, ifso desired by the student, the final grade may be revised(upwards/ downwards) by sitting an additional oralexamination right before the exam’s registration.

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Minimum Passing Grade

Minimum passing grade for the written examination(excluding the additional points for attendance): 18/30.Remember that this is also a necessary requirement to beadmitted to the final oral exam.

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Extra Points for Attendance - 9/15

Students attending at least 9 lessons out of 15 will get:

I 2 extra points, if they sit the final exam at the firstexam session;

I 1 point, if they sit the final examination at the secondexam session;

I No points, if they sit the final exam thereafter

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Extra Points for Attendance - 12/15

Students attending at least 12 lessons out of 15 will get:

I 3 extra points, if they sit the final exam at the firstexam session;

I 2 points, if they sit the final examination at thesecond exam session;

I 1 point, if they sit the final examination at the thirdexam session;

I No points, if they sit the final exam thereafter

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Attendance

Early leavers and late comers will NOT be considered asattending students.

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Final Exam: the Sooner the Better

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Final Exam: the Sooner the Better - cont’d

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Final Exam: the Sooner the Better - cont’d

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Final Exam: the Sooner the Better...don’t forgetto practice

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Admission to Final Exam

Students that have not registered on line will NOT beallowed to sit the exam: ONLINE REGISTRATION isSTRICTLY REQUIRED for ADMISSION

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Oral Exam

I NO online registration to the oral examination beforesitting and passing the written test

I You first have to pass the written exam beforeregistering for the oral exam (if so desired).

I In order to register to the oral examination, you have torefuse the final grade you got at the written test

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Prerequisites

A sound background in International Economics is warmlyrecommended. Some preliminary knowledge of MarketFinance and Derivatives will also be of great help.

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Syllabus

Detailed schedule available on my.liuc.it

I International financial markets and the global economy

I The infrastructure of international finance and majorhistorical turmoils

I Focus on FX market dynamics: quoting conventions,traded instruments and settlement procedures

I Exchange rate parity conditions and their empiricalrelevance

I BoP accounting and models of foreign exchange ratedetermination

I Risks, exposures, hedging techniques and regulatoryimplications in an international environment

I International portfolio diversification

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Excluded Textbook Chapters

X: Alternative systems of exchange rateXVI: Exchange rate forecasting and speculationXIX: International dimension of capital budgetingXX: The growth and concerns about multinationalsXXI: International dimensions of long-term financingXXII: Multinational bankingXXIII: Instruments and institutions of international trade

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Office Hours - Schlitzer

I When: Before class

I Where: Lecture Hall

I How: (On request) E-mail confirmation

InternationalFinancial and

Foreign ExchangeMarkets

About theInstructors

Aims of the Course

Course Delivery

Readings

Grading

Final Exam

Prerequisites

Syllabus

Office Hours

Office Hours - Ziliotto

I When: Mondays from 18.30 to 19.30

I Where: Lecture Hall

I How: (On request) E-mail confirmation