1 Prof. Dr. J. Franke-Viebach SS 2012 Seminar European Financial Integration Target Groups: - Bachelor of Arts in Economics (M13 93) - BWL Diplom (DII), PO 2000 (5. Semester) - Bachelor BWL, PO 2008 (M8-4 oder M12-4) - Bachelor DEWR, PO 2008 (Modul 19.2) - Master of Arts in Economics (M4-82) topics - MSc. Control. u. Risikomanag. (M8-1 oder M8-2) 10 17 - MSc. Wirt.-Ing., PO 2010 (Modul W6, Pos. 7501) only!!! Room: H-C 7325 Time: Thursday, 18.00 19.30 Start: ECTS: Thursday, April 12, 2012 (Introduction) 8 for foreign short-term students (other students: according to the corresponding examination regulations) Method: Each Student is supposed to prepare a seminar paper on one of the topics listed below. The paper should be approximately 15 pages in length (contents only, title page, references etc. extra), using font size 12 of Arial, 1.5 line spacing and page borders 4.0 left and 2.0 right). The major elements of the paper have to be presented within 30 to 40 minutes in one of the seminar sessions. The paper has to be sent by email to me and to the other seminar participants at least one week before the corresponding seminar session (an email list will be established). The students can apply for topics either by email (franke-viebach@vwl.wiwi.uni-siegen.de) or during my office hours (Thursday, 11.00 12.00 during the winter semester; office hours for the rest of the year can be found on my website). Please respect the usual rules of citation etc.! If you are not used to these rules, you may find an orientation in the following example of a seminar paper: http://www.uni-siegen.de/fb5/wiwi/vwl-tpa/lehre/service/dokumente/ws_08-09/musterarbeit_hedging_with_currency_futures.doc Basic Bibliography: I give bibliographic references for each of the topics (see the list below). The references define the specific aspects which have to be discussed in the paper. The students are encouraged to look for other references which, e.g., explain some or all of the aspects of a topic more clearly or which contain more recent empirical evidence. Most importantly, they are expected to search the websites of the European Central Bank and of the Deutsche Bundesbank.
2 Topics For Seminar Papers: Part 1: International Financial Markets in Practice 1. Payment Instruments and Payment Systems: Basics Markets and Institutions. Cambridge, pp 136 144, 147-151. Kohn, M. (2004): Financial Institutions and Markets. Oxford, pp 11, 20 24, 39, 50 52, 199 217, 221 225. 2. Euro Payments Across Borders: Integrating Payment Systems in Europe Markets and Institutions. Cambridge, pp 146, 151 160. European Central Bank: various publications Feixas, X. / Holthausen, C. (2008): European Integration of Payment Systems. In: X. Freixas/Ph. Hartmann/C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford, pp 436 450. Kohn, M. (2004): Financial Institutions and Markets. Oxford, pp 217 221. Reszat, B. (2005): European Financial Markest in the Global Economy. Weinheim, pp 96 111. 3. The International Money Market am Main, pp 132 135, 179 186. Markets and Institutions. Cambridge, pp 71 77. Giddy, I. H. (1994): Global Financial Markets. Lexington (Mass.), pp 277 286. Hartmann, Ph. / Valla, N. (2008): The Euro Money Markets. In: X. Freixas/Ph. Hartmann/C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford, pp 453 459, 476 478.
3 4. Integration of European Money Markets Markets and Institutions. Cambridge, pp 117 119. European Central Bank (2005): Indicators of Financial Integration in the Euro Area, pp 3-5, 11, 14 n. http://www.ecb.de/pub/pdf/other/indicatorsfinancialintegration200509en.pdf Hartmann, Ph. / Valla, N. (2008): The Euro Money Markets. In: X. Freixas/Ph. Hartmann/C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford, pp 453 n., 459 479. 5. International Markets For (Unsecuritized) Bank Credits and Deposits Bekaert, G. / Hodrick, R. J. (2009): International Financial Management. Upper Saddle River, N. J., pp 395 401, 403 407. am Main, pp 139 144, 186 193, 471-476. Evans, J. S. (1992): International Finance. A Markets Approach. New York, pp 428 433. Giddy, I. H. (1994): Global Financial Markets. Lexington (Mass.), pp 245 257. 6. Integration of European Banking Sectors Baldwin, R. / Wyplosz, C. (2006): The Economics of European Integration. 2 nd. Ed., London, pp 435 438. De Grauwe, P. (2006): Economics of Monetary Union. 6 th. Ed., Oxford, p. 248-251. European Central Bank (2005): Indicators of Financial Integration in the Euro Area, pp 3 n., 9 n., 13, 20 n., 27 n. http://www.ecb.de/pub/pdf/other/indicatorsfinancialintegration200509en.pdf European Central Bank (2005a): Assessing the Performance of Financial Systems. In: Monthly Bulletin, October, pp 87 n.
4 7. The International Bond Market: Survey and Types of Bonds Bekaert, G. / Hodrick, R. J. (2009): International Financial Management. Upper Saddle River, N. J., pp 378 394. am Main, pp 135 139, 205 208, 211-220, 470 n. Evans, J. S. (1992): International Finance. A Markets Approach. New York, pp 443 458. Giddy, I. H. (1994): Global Financial Markets. Lexington (Mass.), pp 286 289, 292 296, 321 331, 349 353. Solnik, B. / McLeavey, D. (2004): International Investments. 4 th ed., London, pp 312 323, 326 n., 344 359 (jeweils ohne Bewertung) 8. The International Bond Market: Issuance Procedures in the Primary Markets and Trade in the Secondary Markets am Main, pp 208 211. Markets and Institutions. Cambridge, pp 77 88. Evans, J. S. (1992): International Finance. A Markets Approach. New York, pp 458 469. Giddy, I. H. (1994): Global Financial Markets. Lexington (Mass.), pp 331 349. Solnik, B. / McLeavey, D. (2004): International Investments. 4 th ed., London, pp 318 n. 9. Integration of European Bond Markets Baldwin, R. / Wyplosz, C. (2006): The Economics of European Integration. 2 nd. ed., London, pp 438 440. De Grauwe, P. (2006): Economics of Monetary Union. 6 th. Ed., Oxford, p. 247. Markets and Institutions. Cambridge, pp 119 123. European Central Bank (2005): Indicators of Financial Integration in the Euro Area, pp 3 n., 6 n., 11 n., 16 18, 24-26. http://www.ecb.de/pub/pdf/other/indicatorsfinancialintegration200509en.pdf
5 Pagano, M. / von Thadden, E.-L. (2008): The European Bond Market under EMU. In: X. Freixas/Ph. Hartmann/C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford, pp 488 518. Part 2 : Information in International Financial Markets 10. Expectations and Market Efficiency in the Forex Market Bailey, R. E. (2004): The Economics of Financial Markets. Cambridge, pp 56 72. pp 317 329. Howells, P. / Bain, K. (2008): The Economics of Money and Banking. A European Text. 4 th ed., Harlow, pp 571 588. Außenwirtschaftstheorie. 5. Aufl. Göttingen, pp 309 314. Hrsg. K.-H. Hartwig/H. J. Thieme, Stuttgart, pp 110 121. Solnik, B. / McLeavey, D. (2004): International Investments. 4 th ed., London, pp 140 143. Van Horne, J. C. (1990): Financial Market Rates and Flows. 3 rd ed. London, pp 3 10. Willms, M. (1995): Internationale Währungspolitik. 2. Aufl. München, pp 131 135. 11. Testing for Efficiency of the Forex Market pp 329-336. Außenwirtschaftstheorie. 5. Aufl. Göttingen, pp 314 n. Krugman, P./Obstfeld, M. (2009): International Economics Theory and Policy, 8 th ed. London, pp 614 n [or: 6 th ed. 2003, pp 658-660]. Hrsg. K.-H. Hartwig/H. J. Thieme, Stuttgart, pp 121 126, 135-138. Willms, M. (1995): Internationale Währungspolitik. 2. Aufl. München, pp 145 n.
6 12. Explaining the Poor Predictive Power of the Forward Rate: the News Model pp 340 354. Hrsg. K.-H. Hartwig/H. J. Thieme, Stuttgart, pp 126 n. 13. Explaining the Poor Predictive Power of the Forward Rate: Other Approaches Aschinger, G. (2001): Währungs- und Finanzkrisen. Entstehung, Analyse und Beurteilung aktueller Krisen. München, pp 155 159. pp 355 361. Außenwirtschaftstheorie. 5. Aufl. Göttingen, pp 316-319. Krugman, P./Obstfeld, M. (2009): International Economics Theory and Policy, 8 th ed. London, pp 616 n [or: 6 th ed. 2003, p. 661]. Hrsg. K.-H. Hartwig/H. J. Thieme, Stuttgart, pp 128 -- 148. Willms, M. (1995): Internationale Währungspolitik. 2. Aufl. München, pp 136 142, 145 147.. 14. Speculation in the Forex Market: the Risk Premium pp 391 405. Außenwirtschaftstheorie. 5. Aufl. Göttingen, pp 86 n, 95 98, 315 n. Krugman, P./Obstfeld, M. (2009): International Economics Theory and Policy, 8 th ed. London, p. 616 [or: 6 th ed. 2003, pp 660 n]. Willms, M. (1995): Internationale Währungspolitik. 2. Aufl. München, pp 24 26.
7 Part 3 : Currency Crises 15. First-Generation Models pp 472-481. Aschinger, G. (2001): Währungs- und Finanzkrisen. Entstehung, Analyse und Beurteilung aktueller Krisen. München, pp 145 155. 16. Second-Generation Model pp 481-490. Aschinger, G. (2001): Währungs- und Finanzkrisen. Entstehung, Analyse und Beurteilung aktueller Krisen. München, pp 160 170. 17. Third-Generation Model pp 490 497.