This book was written to support the lecture material within the International Finance
course for students of the International Economy and Business MSc Programme with intermediate
financial knowledge. Therefore, readers must gather and utilize their knowledge within
the field of macro finance.
The chapters have to following structure: core concepts are introduced in the external
balance and exchange rate regimes, their historical development and evolution is presented
in the second chapter, while their practical relevance is shown through their appearance
in the monetary policy. Later the international financial organisations are presented,
to show the instruments of the global financial contingency measures. The last chapter
summarizes the speciality of the developing countries. Each section ends with the
lists of essential literature.
This learning material improves the competencies of an economist studying in the International
Economy and Business MSc programme in the following ways:
a)Regarding knowledge, the student
i.Has a firm grasp on the concepts, theories, processes and characteristics of economics
and the economy in general on a micro and macro level; the student is up to date with
the defining economic facts.
ii.Is familiar with the process of European integration and the specific policies
of the European Union.
iii.Knows and utilises the decision theories and analysing methods of economics, international
economics and world economics.
iv.Besides being a proficient language user in his/her mother tongue the student has
a good command of the linguistic terms used in economics both in his/her mother tongue
and at least two foreign languages.
b)Regarding competencies, the student
i.Can make independent and new deductions, formulate original thougths and solution
methods, utilise sophisticated analitical and modelling methods. The student is capable
of formulating solution strategies for complex problems and decisions within the organisational
culture both in a domestic and an international setting;
ii.Is capable of developing effective international business strategies. The student
can analyse the geopolitical, social, cultural and religious aspects of international
iii.Is capable of planning and organising economic activities in connection with foreign
trade, finance and developmental policy along with employing previously learned methods,
making deductions, suggestions and decisions. The student is capable of performing
well in economic institutions, international and governmental organisations;
c)Regarding attitude, the student
i.Takes a critical attitude towards the work and behaviour of his/her employees and
also of himself/herself. The students exhibits an innovative and proactive attitude
to solving economic problems;
ii.Is committed to quality, sustainability and variety and has a critical attitude
towards his/her own knowledge, work and behaviour along with the knowledge, work and
behaviour of his/her employees. Feels responsible for correcting mistakes and developing
the skills of his/her colleagues.
d)Regarding autonomy, the student
i.Takes responsibility for his/her own work, the organisation or company he/she is
leading and the workers he/she is employing. The student identifies, plans and organises
his/her own and his/her employees’ professional development and takes personal responsibility
ii.Displays an initiative, responsible attitude towards social and public affairs
in connection with his/her coworkers;
iii.Initiative in solving problems, creating strategies and in supporting the cooperation
of coworkers both within the same organisation and between different institutions;