Taught In English

There is no language prerequisite for courses at this language level.

International Financial Systems (in English) 45
Course Summary and Objectives:

In recent times, the overwhelming development of Information Technologies, together with both globalization and the world spread process of liberalising markets, has given the Financial Markets a leading role in our Economy and, even, in our lives. The interest rate, the objectives of the Central Bank and its autonomy, the Tobin Tax, the role of the IMF and the WB, the so-called Internet Bubble finance is a main part of today's public debate.

This course attempts to analyse the structure of the Financial System, studying the different markets and products it offers in order to allow the flows of capital. The student taking this course will acquire a framework for understanding the Financial System, its evolution and products, being able to valuate financial instruments in a simple way. The concepts discussed in this course are a sound basis for anyone wanting to work thoroughly in financial markets or instruments. And, furthermore, the student will be able to fully understand the main debates surrounding financial issues.

In fact, Finance is a sector in which it is becoming difficult to separate the national market from the international one. Thus, we will consider the International Financial System as the object of study. Anyhow, the European Financial System will be used as a study-case.

Contents
1. Functions of the Financial System
2. Structure of the Financial System
3. Central Bank role
4. Banks, Insurance companies and other Intermediaries
5. Foreign Exchange Market
6. Fixed Income
7. Stock Exchange
8. Derivatives

Assessment
The final grade will be calculated according to the following percentages:
Regular papers throughout the course: 60%
In-class test: 10%
Class attendance and participation: 30%

References:

The Management of Global Financial Markets, Teunissen (2.000), FONDAD, The
Hague
Safe and sound financial systems, Rojas Suárez (1997), Inter-american
Development Bank, Washington
Japan, Europe and International Financial Markets, Sato (1994), Cambridge
University Press, Cambridge
Financial Markets, Plumer (1998), Kogan, London
Business Finance, Schlosser (2002), Prentice Hall, London