《 国际经济学 》
（下）教学大纲（英）
一、课程基本信息
课
程
编
号 0609313
其 它 中 文 名 称
《国际经学》下
课 程 英 文 名 称
International Economics（International Finance）
课
程
类
别 专业必修课(Required)
适
用
专
业
先
修
课
程 微观经济学、宏观经济学、货币银行学、国际经济学（上）
学
分
学
时 3 学分 51 学时(其中 3 节讨论课)
考
核
方
式
金融专业
闭卷考试
成 绩 评 定 方 法 平时 30% 期中 0% 期末 70 % 实验 0%
大纲撰写人及日期 方霞于 2006 年 3 月修订，陈志昂审校
International Economics-International Finance is a branch of
applied economics. By learning this course students may master the
课
程
简
介 relevant theories about the balance of payments, exchange rate
determination, international policy coordination and international
monetary system
建
议
教
材
Krugman and Obstfeld, International Economics: Theory and
Policy（sixth edition）清华大学出版社，2004 年
[1] 克鲁格曼和奥伯斯法尔德：《国际经济学：理论与政策》（第
五版）
，人民大学出版社，2002 年
[2] 萨尔瓦多: 《国际经济学》
（第 8 版）
，清华大学出版社，2004
年
参
考
书
[3] 蒙代尔：
《蒙代尔经济学文集》
，中国金融出版社，2003 年
[4] 姜波克:《开放经济下的宏观经济管理》，复旦大学出版
社 ,2000 年
[5] 姜波克: 《国际金融新编》, 复旦出版社,2001 年
[6] 凯弗斯等: 《世界贸易与国际收支》(第九版)，中国人民大
学出版社，2005 年
1
二、课程的对象和性质
课程对象：本课程适用于全日制金融专业本科生，拟于大三第一学期授课。
课程性质：本课程属于专业必修课。
三、Teaching purpose and requirements
Grasping the theory and practice of international finance can give us a global perspective to
the whole economy. The course’s basic goal is to make students set up the consciousness of
international economical events, grasp the basic concepts and models of open-economy
macroeconomics. The study of the theory of international economics generates an understanding
of many key events that shape our domestic and international environment. In recent history, these
events include the causes and consequences of the large current account deficits of the United
States and the large current account surplus of the China; the dramatic appreciation of the dollar
during the first half of the 1980s followed by its rapid depreciation in the second half of the 1980s;
the Latin American debt crisis of the 1980s and the Mexico crisis in late 1994. Most recently, the
financial crisis that began in East Asia in 1997 and spread to many countries around the globe and
the Economic and Monetary Union in Europe have highlighted the way in which various national
economies are linked and how important it is for us to understand these connections. The text
material will enable students to understand the economic context in which such events occur.
四、Teaching methods
1. Case sduty: This course adopts two kinds of cases, firstly, logic case, be used in the course
of giving lessons for stating the principle of International Finance; Secondly, comprehensive case,
offer students independent research or panel discussion and finish the analysis report of the case.
2. Multimedia teaching: This course adopts multimedia teaching, is furnished with PPT
courseware and audio-video teaching materials.
3. Reading, Write and Discussion: This course would offer students some material to read.
Students should write 3 papers according these material and discuss together.
五、理论教学内容与基本要求（含学时分配）
Chapter 12 National Income Accounting and the Balance of Payments
课时安排(Class hour)：5
教学要求（teaching requirements of this chapter）：This chapter begins with a brief
discussion of international macroeconomics. Students should master concepts such as the Current
Account, the Financial Account, the Capital Account, the Statistical Discrepancy, Official Reserve
Transactions and the relationships between those accounts.
At this chapter, students should be familiar with national income accounting theory and
balance of payments accounting theory, and know well about the double-entry bookkeeping aspect
of balance of payments accounting.
A solid understanding of these topics proves useful in other parts of this course when students
should understand important and timely issues such as the U.S. trade deficit, the China trade
2
surplus, global current account deficit and should frame a policy debate in the context of the
accounting relationships presented in the chapter.
教学重点和难点(The key content and problem of this chapter) ：The core of
this chapter is a presentation of national income accounting theory and balance of payments
accounting theory. The relationship between the current account, savings, investment, and the
government budget deficit should be emphasized.
教学内容(Chapter Content)：
The National Income Accounts
National Product and National Income
Capital Depreciation, International Transfers, and Indirect Business Taxes
Gross Domestic Product
National Income Accounting in a Closed Economy
Consumption
Investment
Government Purchases
The National Income Identity for an Open Economy
An Imaginary Open Economy
The Current Account and Foreign Indebtedness
Saving and the Current Account
Private and Government Savings
The Balance of Payments Accounts
Examples of Paired Transactions
The Fundamental Balance of Payments Identity
The Current Account, Once Again
The Financial Account
The Capital Account
The Statistical Discrepancy
Official Reserve Transactions
Chapter 13 Exchange Rates and the Foreign Exchange Market:
An Asset Approach
课时安排(Class hour)：4
教学要求（teaching requirement of this chapter）：The purpose of this chapter is to
show the importance of the exchange rate in translating foreign prices into domestic values as well
as to begin the presentation of exchange-rate determination. Students should master concepts such
as the Quotation, Basic Rate, Cross Rate, Arbitrage, Spot Rates, Forward Rates, Foreign Exchange
Swaps and the relationships between these definitions. Students should know the uncovered
interest parity and covered interest parity well.
At this chapter, students should be familiar with the determination of the level of the
exchange rate which is modeled in the context of the exchange rate's role as the relative price of
foreign and domestic currencies, using the uncovered interest parity relationship. From this
chapter, students should know the effect of changing current exchange rate on the expected returns,
3
the effect of changing interest rates on the current exchange rate, the effect of changing
expectations on the current exchange rate.
A solid understanding of those topics proves useful in other parts of this course when
students should understand that Forward foreign-exchange trading, foreign-exchange futures
contracts and foreign-exchange options play an important part in currency market activity and the
use of these financial instruments to eliminate short-run exchange-rate risk is described. The text
presents exercises on the effects of changes in interest rates and of changes in expectations of the
future exchange rate. These exercises can help students understand that the initial result of a rise in
U.S. interest rates is a higher demand for dollar-denominated assets and thus an increase in the
price of the dollar. This dollar appreciation is large enough that the subsequent expected dollar
depreciation just equalizes the expected return on foreign-currency assets (measured in dollar
terms) and the higher dollar interest rate.
教学重点和难点(The key content and problem of this chapter)：The core of this
chapter is uncovered interest parity relationship and covered interest parity relationship. The effect
of changing current exchange rate on the expected returns, the effect of changing interest rates on
the current exchange rate, the effect of changing expectations on the current exchange rate should
be emphasized.
教学内容(Chapter Content)：
Exchange Rates and International Transactions
Definition and Quotation
Basic Rate and Cross Rate
The role of arbitrage
The Foreign Exchange Market
The Actors
Characteristics of the Market
Spot Rates and Forward Rates
Foreign Exchange Swaps
The Demand for Foreign Currency Assets
Assets and Asset Returns
Risk and Liquidity
Interest Rates
Exchange Rates and Asset Returns
A Simple Rule
Return, Risk, and Liquidity in the Foreign Exchange Market
Equilibrium in the Foreign Exchange Market
Interest Parity: The Basic Equilibrium Condition
How Changes in the Current Exchange Rate Affect Expected Returns
The Equilibrium Exchange Rate
Interest Rates, Expectations, and Equilibrium
The Effect of Changing Interest Rates on the Current Exchange Rate
The Effect of Changing Expectations on the Current Exchange Rate
Case study: The Perils of Forecasting Exchange Rates
Chapter 14 Money, Interest Rates, and Exchange Rates
4
课时安排(Class hour)： 5
教学要求（teaching requirement of this chapter）：This chapter combines the
foreign-exchange market model of the previous chapter with an analysis of the demand for and
supply of money to provide a more complete analysis of exchange rate determination in the short
run. Students should master concepts such as the long-run neutrality of money, nominal money
supply, real money supply, overshooting model. Students should know money-market equilibrium
and exchange-market equilibrium well.
At this chapter, students should be familiar with how the domestic interest rate, determined in
the domestic money market, affects the exchange rate through the interest parity mechanism in
short-run. Students also should know the long-run effects of money supply changes and the
combination of the long-run effects with the short-run static model.
A solid understanding of those topics proves useful in other parts of this course when
students should understand two cases: inflation and money supply growth in Latin America ,
money supply growth and hyperinflation in Bolivia .
教学重点和难点(The key content and problem of this chapter) ：The core of
this chapter is money-market equilibrium and exchange-market equilibrium in short-run and in
long-run. The effect of changing money supply on the exchange rate in short-run and long-run and
the combination of the long-run effects with the short-run static mode should be emphasized. The
difficult part of this chapter is overshooting model.
教学内容(Chapter Content)：
Money Defined: A Brief Review
Money as a Medium of Exchange
Money as a Unit of Account
Money as a Store of Value
What is Money?
How the Money Supply is Determined
The Demand for Money by Individuals
Expected Return
Risk
Liquidity
Aggregate Money Demand
The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
Equilibrium in the Money Market
Interest Rates and the Money Supply
Output and the Interest Rate
The Money Supply and the Exchange Rate in the Short Run
Linking Money, the Interest Rate, and the Exchange Rate
U.S. Money Supply and the Dollar/Euro Exchange Rate
Europe’s Money Supply and the Dollar/Euro Exchange Rate
Money, the Price Level, and the Exchange Rate in the Long Run
Money and Money Prices
The Long-Run Effects of Money Supply Changes
Empirical Evidence on Money Supplies and Price Levels
Case study: Inflation and Money Supply Growth in Latin America
5
Money and the Exchange Rate in the Long Run
Inflation and Exchange Rate Dynamics
Short-Run Price Rigidity versus Long-Run Price Flexibility
Case study: Money Supply Growth and Hyperinflation in Bolivia
Permanent Money Supply Changes and the Exchange Rate
Portfolio Balance Approach to the Exchange Rate Determination
Stock versus Flow Analysis
Exchange Rate Overshooting
Chapter 15 Price Levels and the Exchange Rate in the Long Run
课时安排(Class hour)：7
教学要求（teaching requirement of this chapter）：The time frame of the analysis of
exchange rate determination shifts to the long run in this chapter. Students should master concepts
such as the law of one price, absolute PPP, relative PPP, real exchange rate and the relationship
between these concepts. Students also should master the concept of the Fisher Effect and master
how to calculate real exchange rate.
At this chapter, students should be familiar with the long-run exchange-rate model based on
PPP and the general model of long-run exchange rates beyond PPP. Students also should know
the portfolio balance approach to the exchange rate determination.
The model in this chapter provides an example of an increase in the interest rate associated
with exchange rate depreciation. In contrast, the short-run analysis in chapter 14 provides an
example of an increase in the domestic interest rate associated with an appreciation of the currency.
Students should understand the different relationship between the exchange rate and the interest
rate reflect different causes for the rise in the interest rate as well as different assumptions
concerning price rigidity. Students also should understand why empirical evidence presented in the
chapter suggests that both absolute and relative PPP perform poorly for the period since 1971
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter are the long-run exchange-rate model based on PPP and the general model of
long-run exchange rates beyond PPP. The real interest parity and the portfolio balance approach to
the exchange rate determination should be emphasized. The difficulty of this chapter is how to
understand why an increase in the interest rate associates with exchange rate depreciation in this
chapter, and associates with an appreciation of the currency in chapter 14.
教学内容(Chapter Content)：
The Law of One Price
Purchasing Power Parity
The Relationship Between PPP and the Law of One Price
Absolute PPP and Relative PPP
A Long-Run Exchange-Rate Model Based on PPP
The Fundamental Equation of the Monetary Approach
Ongoing Inflation, Interest Parity, and PPP
The Fisher Effect
Empirical Evidence on PPP and the Law of One Price
Case study: Some Meaty Evidence on the Law of One Price
6
Explaining the Problems with PPP
Trade Barriers and Nontradables
Departures from Free Competition
Case study: Hong Kong’s Surprisingly High Inflation
International Differences in Price Level Measurement
PPP in the Short Run and in the Long Run
Case study Sticky Prices and the Law of One Price: Evidence From Scandinavian
Duty-free Shops
Case Study: Why Price Levels are Lower in Poorer Countries
Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates
The Real Exchange Rate
Demand, Supply, and the Long-Run Real Exchange Rate
Nominal and Real Exchange Rates in Long-Run Equilibrium
Case Study: Why Has the Yen Keep Rising?
International Interest Rate Differences and the Real Exchange Rate
Real Interest Parity
Chapter 16 Output and the Exchange Rate in the Short Run
课时安排(Class hour)：10
教学要求（teaching requirement of this chapter）：This chapter integrates the
previous analysis of exchange rate determination with a model of short-run output determination
in an open economy. Students should master concepts such as Marshall-Lerner condition and the
J-Curve, exchange-rate pass-through. Students also should know factors that shift the DD schedule
and factors that shift the DD schedule well.
At this chapter, students should be familiar with the output market equilibrium and asset
market equilibrium in the Short Run, also should know short-run equilibrium for the economy.
The effects of temporary policies as well as the short-run and long-run effects of permanent
policies which can be studied in the context of the DD-AA model should be familiarized.
A solid understanding of those topics proves useful in other parts of this course when
students should understand the combination of the long-run analysis of a permanent monetary
change in this chapter and the well-known Dornbusch overshooting. Students should understand
the IS-LM model in open economy and the distinction between DD-AA model and IS-LM model.
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter are the effects of temporary policies and the short-run and long-run effects of
permanent policies. The distinction between temporary and permanent, on the one hand, and
between short run and long run, on the other, should be emphasized.
教学内容(Chapter Content)：
Determinants of Aggregate Demand in an Open Economy
Determinants of Consumption Demand
Determinants of the Current Account
How Real Exchange Rate Changes Affect the Current Account
How Disposable Income Changes Affect the Current Account
The Equation of Aggregate Demand
7
The Real Exchange Rate and Aggregate Demand
Real Income and Aggregate Demand
How Output is Determined in the Short Run
Output Market Equilibrium in the Short Run: The DD Schedule
Output, the Exchange Rate, and Output Market Equilibrium
Deriving the DD Schedule
Factors that Shift the DD Schedule
Asset Market Equilibrium in the Short Run: The AA Schedule
Output, the Exchange Rate, and Asset Market Equilibrium
Deriving the AA Schedule
Factors that Shift the AA Schedule
Short-Run Equilibrium for the Economy: Putting the DD and AA Schedules Together
Temporary Changes in Monetary and Fiscal Policy
Monetary Policy
Fiscal Policy
Policies to Maintain Full Employment
Inflation Bias and Other Problems of Policy Formulation
Permanent Shifts in Monetary and Fiscal Policy
A Permanent Increase in the Money Supply
Adjustment to a Permanent Increase in the Money Supply
A Permanent Fiscal Expansion
Case study: The Dollar Exchange Rate and the U.S. Economic Slowdown of 2000-1
Macroeconomic Policies and the Current Account
Marshall-Lerner condition
Gradual Trade Adjustment and Current Account Dynamics
The J-Curve
Exchange-Rate Pass-Through and Inflation
The IS-LM and the DD-AA Model
CHAPTER 17 Fixed Exchange Rates and Foreign Exchange Intervention
课时安排(Class hour)：5
教学要求（teaching requirement of this chapter）：Open-economy macroeconomic
analysis under fixed exchange rates is dual to the analysis of flexible exchange rates. Students
should master concepts such as Sterilized Intervention, Fixed Exchange Rate, Signaling Effect,
Balance of Payments Crises , master foreign exchange market equilibrium and money market
equilibrium under a fixed exchange rate
At this chapter, students should be familiar with the short-run and long-run effects of
devaluation and revaluation and different explanations of currency crises. The distinction between
effects of sterilized intervention with perfect asset substitutability and with imperfect asset
substitutability, under these two models how foreign exchange market get to equilibrium should be
familiarized.
Students should understand the reserve-currency systems and the gold standards and the key
distinction between these systems, the pros and cons of the gold standard and the gold-exchange
8
standard, two cases in this chapter.
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter is the distinction between effects of sterilized intervention with perfect asset
substitutability and with imperfect asset substitutability. Different explanations of currency
crises also should be emphasized.
教学内容(Chapter Content)：
Why Study Fixed Exchange Rates?
Central Bank Intervention and the Money Supply
The Central Bank Balance Sheet and the Money Supply
Foreign Exchange Intervention and the Money Supply
Sterilization
The Balance of Payments and the Money Supply
How the Central Bank Fixes the Exchange Rate
Foreign Exchange Market Equilibrium Under a Fixed Exchange Rate
Money Market Equilibrium Under a Fixed Exchange Rate
A Diagrammatic Analysis
Stabilization Policies With a Fixed Exchange Rate
Monetary Policy
Fiscal Policy
Changes in the Exchange Rate
Adjustment to Fiscal Policy and Exchange Rate Changes
Case Study: Fixing the Exchange Rate to Escape From a Liquidity Trap
Balance of Payments Crises and Capital Flight
Case: Mexico’s 1994 Balance of Payments Crisis
Managed Floating and Sterilized Intervention
Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention
Foreign Exchange Market Equilibrium Under Imperfect Asset Substitutability
The Effects of Sterilized Intervention with Imperfect Asset Substitutability
Evidence on the Effects of Sterilized Intervention
The Signaling Effect of Intervention
CHAPTER 18 The International Monetary System, 1870-1973
课时安排(Class hour)：6 periods
教学要求（teaching requirement of this chapter）：In this chapters students should
master the concepts such as Internal Balance, External Balance, the Gold Standard, the
Price-Specie-Flow Mechanism, Expenditure-Switching , Expenditure Changing-Policies, master
how to get external balance and internal balance under the Gold Standard, under the Bretton
Woods System.
At this chapter, students should be familiar with the Price-Specie-Flow Mechanism and the
Automatic Balance-of -Payments Adjustments under fixed exchange rates, using
Expenditure-Changing and Expenditure-Switching policies to maintain internal balance and
external balance.
Students should understand why the Bretton Woods system, with its emphasis on infrequent
9
adjustment of fixed parities, restricted the use of expenditure-switching policies, and how the
Bretton Woods system forced countries to "import" inflation from the United States and shows
that the breakdown of the system occurred when countries were no longer willing to accept this
burden.
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter are automatic balance-of-payments adjustments under the Gold Standard and under
the Bretton Woods System. How to use Expenditure-Changing and Expenditure-Switching
policies to maintain internal balance and external balance should be emphasized.
教学内容(Chapter Content)：
Macroeconomic Policy Goals in an Open Economy
Internal Balance: Full Employment and Price-Level Stability
External Balance: The Optimal Level of the Current Account
The basic definition and content of International Monetary System
The basic definition and content
Gold standard and reserve standard
International Macroeconomic Policy Under the Gold Standard, 1870-1914
Origins of the Gold Standard
External Balance Under the Gold Standard
The Price-Specie-Flow Mechanism
The Gold Standard "Rules of the Game": Myth and Reality
Internal Balance Under the Gold Standard
The Interwar Years, 1918-1939
The German Hyperinflation
The Fleeting Return to Gold
International Economic Disintegration
Case Study: The International Gold Standard and the Great Depression
The Bretton Woods System and the International Monetary Fund
Goals and Structure of the IMF
Convertibility Internal and External Balance under the Bretton Woods System
The Automatic Balance-of -Payments Adjustments under Fixed Exchange Rates
Analyzing Policy Options under the Bretton Woods System
Maintaining Internal Balance
Maintaining External Balance
Expenditure-Changing and Expenditure-Switching Policies
CHAPTER 19 Macroeconomic Policy and Coordination under Floating
Exchange Rates
课时安排(Class hour)：3
教学要求（teaching requirement of this chapter）：The floating exchange rate
system in place since 1973 was not, in contrast with the Bretton Woods system, well planned
before its inception. Students should master theoretical arguments for and against floating
exchange rates discussed in this chapter.
10
At this chapter, students should be familiar with how to use the DD-AA model first presented
in Chapter 16 to demonstrate that money-market shocks are less disruptive under a fixed
exchange-rate regime than under a floating regime while output-market shocks are less disruptive
under a floating exchange rate regime.
A solid understanding of those topics proves useful in other parts of this course when
students should understand two cases in this chapter, and why international policy-coordination
fails.
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter are theoretical arguments for and against floating exchange rates, how to use the
DD-AA model to demonstrate that money-market shocks are less disruptive under a fixed
exchange-rate regime than under a floating regime.
教学内容(Chapter Content)：
The International Monetary System after the Bretton Woods system
The Case For Floating Exchange Rates
Monetary Policy Autonomy
Symmetry
Exchange Rates as Automatic Stabilizers
The Case Against Floating Exchange Rates
Discipline
Destabilizing Speculation and Money Market Disturbances
Injury to International Trade and Investment
Uncoordinated Economic Policies
The Illusion of Greater Autonomy
Macroeconomic Interdependence Under a Floating Rate
Case Study: Disinflation, Growth, Crisis, and Recession 1980 - 2001
Disinflation and the 1981 - 1983 Recession
Fiscal Policies, the Current Account, and the Resurgence of Protectionism
From the Plaza to the Louvre and Beyond: Trying to Manage Exchange Rates
Global Slump Once Again, Recovery, Crisis, and Slowdown
What Has Been Learned Since 1973?
Monetary Policy Autonomy
Symmetry
The Exchange Rate as an Automatic Stabilizer
Discipline
Destabilizing Speculation
International Trade and Investment
Policy Coordination
Are Fixed Exchange Rates Even an Option for Most Countries ?
Directions for Reform
CHAPTER 20 Optimum Currency Areas and the European Experience
课时安排(Class hour)：3 periods
教学要求（teaching requirement of this chapter）：The establishment of a common
European currency and the debate over its possible benefits and costs was one of the key
11
economic topics of the 1990s. Students should master the idea of an optimum currency area, the
GG Schedule, the LL Schedule.
Students should be familiar with the decision to join a currency area.
Students needed to understand the historical and institutional background of euro.
教学重点和难点(The key content and problem of this chapter) ：The emphases
of this chapter are the theory of optimum currency areas and using the GG-LL framework to
analyze whether one economy should join a currency area.
教学内容(Chapter Content)：
How the European Single Currency Evolved
European Currency Reform Initiatives, 1969-1978
The European Monetary System: 1979 to 1998
Germany Monetary Dominance and the Credibility Theory of the EMS
The EU 1992 Initiative
European Economic and Monetary Union
The Euro and Economic Policy in the Euro Zone
The Theory of Optimum Currency Areas
Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG
Schedule
Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL
Schedule
The Decision to Join a Currency Area: Putting the GG and LL Schedules Together
What is an Optimum Currency Area?
The Extent of Intra-European Trade
The Future of EMU
Discussion: 3 hours are distributed in the teaching period
12