International Monetary System
Instructor: Никола Шпирић, PhD, Full Professor
The purpose of studying this subject is to familiarize students with the international monetary system, its entities and development, coordination mechanisms, the role of the International Monetary Fund, the role of the Bank for International Settlements and activities of other international financial and development organizations, basics of the European Monetary Union (ECB, aspects of regulations and actions) and other actors of international financing.
| Code : | 2И14МММС |
|---|---|
| Status: | E |
| Semestar: | 9th or 10th |
| Number of classes per week: | 2+2 |
| ЕECTS: | 5 |
| Teachers: |
Никола Шпирић,
PhD Full Professor Драган Глигорић, PhD Associate Professor Бранка Топић-Павковић, PhD Associate Professor |
| Prerequisites: | |
| Learning Outcomes (gained knowledge): | The students are able to successfully follow the transformation of the international monetary system and its influence on the key economic and financial flows. They are trained to successfully control the potential risks of international character and to efficiently react in order to achieve quality management of the business entities in the global international environment by using the modern methods of management in the field of general regulatory framework and control mechanisms. The students acquire a clear theoretical basis necessary for successful monitoring of contemporary international financial flows and they are trained to successfully participate in international research projects, employment and further specialization in the field of international economics. |
| Subject Contents: | International monetary system - concept, characteristics and influencing factors; Historical overview of the development of the monetary systems; History of modern global monetary order (establishment of an international gold standard, period between the two world wars, Bretton-Woods agreement, "Reviving of the Bretton-Woods system" in 2003); Basic institutions of the international monetary system (IMF, BIS and the European monetary system with the European Central Bank); International financial and development institutions (concept, review of institutions, characteristics, importance); Paris and London Club of Creditors; International global political, economic, regulatory and legal environment; International banking operations; Foreign exchange market, transactions and foreign exchange rates; Intervention in the foreign exchange market; Balance of payments as a measure of international financial transactions; International payment systems; Role and importance of regulation in determining and transforming the international monetary system; Expansion of the European Union and the implications on the transformation of the international monetary system; Risks in the international monetary system. |
| Teaching Methods and Learning Activities: | Lectures of eminent local and visiting professors, discussions and analyses of case studies, preparation and defense of the pre-exam papers and consultations. |
| Literature: | Jovanović Gavrilović, P. (1994). International business financing. Belgrade: Faculty of Economics; Kovač, O. (2003). International finance. Belgrade: Faculty of Economics; Mishkin, F. S. (2010). Economics of Money, Banking and Financial Markets, VIII edition. Zagreb: Mate; Čenić Jotanović, G. (2010). International economic relations, Banja Luka: Faculty of Economics, University of Banja Luka. |
| Types of Assessment for the subject: | Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points) |
| Special Remarks for the subject: |