Graduate Study - Faculty of Economics and Social Sciences
Management PhD

Code Name Level Year Semester
BUS 654 International Monetary Economics Graduate 1 Fall
Status Number of ECTS Credits Class Hours Per Week Total Hours Per Semester Language
7.5 0

Instructor Assistant Coordinator
Erkan ILGÜN, Assoc. Prof. Dr. Erkan ILGÜN, Assoc. Prof. Dr.
[email protected] no email

Economic Globalization has become a fact of life. International economies have become so interconnected that events and policies in one part of the world have global effects. The goal of this course is to explore the unique challenges and opportunities posed by this increased pace of economic globalization from a macroeconomic perspective. This course covers international finance and macroeconomic analysis in open economies. Key topics include the determination and fluctuations of exchange rates and the balance of payments, the effects of monetary and fiscal policies in an open economy, the choice of the exchange rate regime, the merits of a single currency area, the role of international financial institutions, the root causes of financial crises, and international development policies. The course will develop the theoretical tools necessary to analyze such issues

  1. Introduction and overview
  2. National Income Accounting and the Balance of Payments
  3. Exchange Rates and the Foreign Exchange Market: An Asset Approach
  4. Money, Interest Rates, and Exchange Rates
  5. Price Levels and the Exchange Rate in the Long Run
  6. Output and the Exchange Rate in the Short Run
  7. Fixed Exchange Rates and Foreign Exchange Intervention
  8. International Monetary Systems: An Historical Overview
  9. Optimum Currency Areas and the European Experience
  10. Financial Globalization: Opportunity and Crisis
  11. Developing Countries: Growth, Crisis, and Reform


    • Presentation
    • Assignments
    Description (%)
    Method Quantity Percentage (%)
    Term Paper160
    Total: 70
    Learning outcomes
      • 1-Obstfeld M.and Rogoff, K.: Foundation of International Macroeconomics, The MIT Press, Cambridge, 1996
      • 2-Krugman, P. / Obstfeld, M.: International Economics: Theory and Policy, Pearson 8th Edition
      • 3-Feenstra, R. C. / Taylor, A. M., International Macroeconomics, Worth Publishers
      • 4-Copeland Laurence S.: Exchange Rates and International Finance, FT Prentice Hall / Pearson, 4th Edition, 2005

      ECTS (Allocated based on student) WORKLOAD
      Activities Quantity Duration (Hour) Total Work Load
      Lecture (14 weeks x Lecture hours per week) 0
      Laboratory / Practice (14 weeks x Laboratory/Practice hours per week) 0
      Midterm Examination (1 week) 0
      Final Examination(1 week) 0
      Preparation for Midterm Examination 0
      Preparation for Final Examination 0
      Total Workload: 0
      ECTS Credit (Total workload/25): 0