Reading List of the course in International and Financial Economics
- Giulio Cifarelli: Corso di Economia Internazionale Finanziaria. PartI°. Analisi del Tasso di
Cambio Nominale, Firenze, 2004. (available upon request).
As an alternative, for non Italian students
- Ronald MacDonald: Exchange Rate Economics. Theories and Evidence. Routledge, London, 2007, chapters 1, 2, 4, 5, 6 and 7.
- Mark .P. Taylor: Exchange-Rate Behavior under Alternative Exchange-Rate Arrangements,
in Understanding Interdependence, The Macroeconomics of the Open Economy, P.B. Kenen
(ed.), Princeton University Press, Princeton, 1995, pp. 34-83.
- Giulio Cifarelli and Giovanna Paladino (2006): The International Reserves Glut: Is It for Real?, Studi e Discussioni n. 142, Dipartimento di Scienze Economiche, Università di Firenze (posted on the Social Science Research Network webside).
- Stephan Reitz and Franz Westerhoff (2007): Commodity Price Cycles and Heterogeneous
Speculators: A STAR GARCH Model, Empirical Economics, 33, 231-244.
- Giulio Cifarelli and Paolo Paesani (2018): Navigating the oil bubble: a non-linear heterogeneous-agent dynamic model of futures oil pricing, MPRA Paper no. 90470 (posted on the Social Science Reearch Network website).
24 tow hours lectures
This is a fourth year (Msc) course and is not for Erasmus students.
Type of Assessment
Written end of course final examination (60 minutes, four short essays).
The final grade will depend upon the outcome of the written examination (90%) and upon classroom intellectual involvement (10%).
- The balance of payments.
- The financial markets.
- The foreign exchange rate market.
- Theoretical and econometric (time series) implications of the efficient market hypothesis.
- The moneray approach to the balance of payments.
- The news.
- The forward solution of dynamic models with rational expectations.
- Efficient market failures: rational and irrational bubbles; analysis of the impact of speculation.
- Optimal official reserve accumulation policies.
- The Asian crisis and financial contagion.
- Foreign exchange rate systems and the birth of the Euro.