ŁUKASZ CYWIŃSKI INTERNATONAL MARKETS. wsiz.rzeszow.pl

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1 ŁUKASZ CYWIŃSKI INTERNATONAL MARKETS wsiz.rzeszow.pl

2 Blackboard Course materials are distributed via Blackboard blackboard.wsiz.rzeszow.pl

3 Primarily via blackboard or for traditional consultations see course presenter's website, but first him! Consultations

4 SELECTED COURSE OBJECTIVES Unique features of economic transactions. Complications associated with various legal systems. Institutional foundations of world trade and national currency systems.

5 I. TEMPORAL AND SPATIAL DIMENSIONS OF MARKET TRANSACTIONS Impact of institutions and technology. Unique features of cross-border transactions global markets. Transaction costs and their determinants: national and international barriers of trade. Economic decisions (i.e. Perhaps its better to replace exports with foreign direct investments? ).

6 II. STATE BORDERS AND NATIONAL ECONOMY Three types of barriers resulting from the separateness of national economic systems (political barriers); from the level of infrastructure and available transport technologies (geographic barriers); and from information transfer costs (information barriers). Lowering barriers to economic policy requires international co-organization; scientific and technical progress determines the level of barriers to geography and information.

7 III. CONDITIONS FOR REDUCING BARRIERS TO ECONOMIC POLICY Application of Olson's concept of 'collective actions' to explain the openness of state policy, and more specifically to internal political dynamics, which always favors protectionist solutions. Institutional foundations of contemporary global market: World Trade Organization; World Bank and Regional Banks; International Monetary Fund plus a network of international agreements between banks.

8 IV. CURRENCY EXCHANGE RATES AND THEIR DETERMINANTS Forex market: supply and demand of foreign currencies and the balance of payments of the country (and in particular the current account). Exchangeability of national currencies and types of exchange rate systems. Organization of the modern international monetary system: the dollar is still the world currency, although the euro and yuan play an important role in regional transactions. Benefits and threats of membership in the euro area: implications for financial markets. Will the dollar maintain its dominant position in international payments?

9 V. INTERNATIONAL CAPITAL MARKETS Factors shaping interdependencies between national and global markets. Two episodes illustrating the logic of the functioning of capital markets: (i) analysis of factors that led to an increase in the indebtedness of some developing countries and the 'management' of the Third World crisis; (ii) the gloomy financial crisis of will give birth and implications for the global economy. The role of multilateral financial institutions in stabilizing the financial situation in the world.

10 VI. FOREIGN INVESTMENTS AND THEIR ROLE IN ECONOMIC DEVELOPMENT Types of foreign investments. Multinational corporations and their ability to take advantage of the opportunities offered by local markets. The effects of foreign direct investment.

11 VII. THE GLOBAL TRADING SYSTEM Basic institutional principles and rules underlying its functioning and negotiation of new solutions for multilateral disciplines. System evolution: from the founding meeting in Geneva to the Uruguay Round. Tools of international trade policy: moving from boundary measures (border) to obligations changing internal institutions (beyond border). Multilateral and regional liberalization. Will the liberal trade system survive the increasing protectionist pressures?

12 VIII. STAGES AND TYPES OF ECONOMIC INTEGRATION THE EXAMPLE OF EUROPEAN INTEGRATION Implications for the functioning of markets on goods and services and markets on factors of production - capital and labor. The implications of European Union membership in comparison with other agreements.

13 ASSESSMENT METHOD Written exam consisting of open questions with an extended or short answer. For the grade of 2, the student cannot For the grade of 3, the student can For the grade of 4, the student can For the grade of 5, the student can Recognize the most important systems and economic and legal institutions essential for the functioning of international markets Recognize and characterize the most important systems and economic institutions at a basic level Recognize and characterize the most important systems and economic institutions to an extended level Recognize and characterize the most important systems and economic and legal institutions at an extended level

14 LITERATURE Obligatory Reading Krugman P.R., Obstfeld M., International Economics, Theory and practice, 2006 Nowakowski, M.K., Biznes Międzynarodowy, SGH Supplementary reading Elms, Deborah K. & Patrick Law, red. Global value chains in a changing world, WTO Publication, Geneva 2013 Hill Ch. International Business, 7 ed., McGraw Hill, 2009 Ferguson N., The Ascent of Money, Penguin Books, 2009/2008

15 wsiz.rzeszow.pl Thank you ŁUKASZ CYWIŃSKI