BAFI 1019 INTERNATIONAL FINANCE 代写
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BAFI 1019 INTERNATIONAL FINANCE 代写
S CHOOL OF E CONOMICS , F INANCE AND M ARKETING
B AFI 1019 I NTERNATIONAL F INANCE
S EMESTER 1, 2017
S INGAPORE
Course coordinator Dr. My Nguyen
Contact details School of Economics, Finance & Marketing
Level 11, Room 105
445 Swanston Street,
Melbourne VIC 3000 Australia
Tel: 83
Fax: (+613) 9925 5624
Email: My.Nguyen@rmit.edu.au
You are requested to ensure that you are correctly enrolled in thicourse by checking tha it appears on your enrolment confirmation. If the course code does not appear, you will not
have a result recorded for this course. Please see the School’s student administration officer
at once if you are not correctly enrolled in this course.
I NTERNATIONAL F INANCE 1
I NTERNATIONAL F INANCE 2
A. COURSE IDENTIFICATION
Course code and title
BAFI 1019
International Finance
Credit points
12 points
Duration
Intensive
Mode of delivery
Offshore
Pre-requisites
BAFI 1012 Business Finance
Before enrolling in this course it is strongly
recommended that you complete the course:
BAFI 1005 Financial Markets
Co-requisites
Nil
Career
Undergraduate
B. COURSE DESCRIPTION
As a consequence of many global factors, including floating exchange rates, the aboli of capital controls, the deregulof financial markets and advances in information
technology, the field of international finance has become increasingly important over
the past three decades. An increase in international trade and the related flow of finance has
contributed significantly to the importance of financial management beyond the domestic
borders. Understanding the financial decision-making framework from an international
perspective, comprehending the global environment of business finance and being aware of
the cultural variables of international business, are therefore paramount for today’s financial
nager as it provies skills that ensure the competent evaluation of alternatives and the
making of objective decisions.
This course, therefore, introduces students to the fundamental principles of international
finance and international financial management.
1Introduction to International Finance
2The Foreign Exchange Market
3Exchange Rate Forecasting, Technical Analysis and Trading Rules
4The Balance of Payments & Effective Exchange Rate
5Exchange Rate Determination
6International Arbitrage
Topic 7: Foreign Exchange Risk Exposure & Management and Currency Futures
and Swaps
Topic 8: Currency Options
I NTERNATIONAL F INANCE 3
C. OBJECTIVES / LEARNING OUTCOMES
What can I expect to learn by studying this course?
You will develop the following capabilities in each topic:
Topics
Learning Aims and Objectives
Topic 1
Introduction to
International
Finance
Identify the factors that led to the prominence of international
fince as an academic discipline and a business activity
Analyse the role of the financial manager in the present global
environment
Explain and measure the ternationalisation of finance
Evaluate the economic, financial and institutional developments
that have led to the fmation of the present global environment
The describe the theoretically possible international monetary
systems and exchange rate arrangements
The present an outline of the historical development of exchange
rate arrangements
To outline the pros and cons of fixed and flexible exchange rate
regimes
To define and describe the Eurocurrency market
The identify Eurocurrencies and Eurocurrency banking centres
To illustrate the determination of the bid-offer spread in
Eurocurrency interest rates and the risk premium associated with
low-quality borrowers
Topic 2
The Foreign
Exchange Market
the basic features of the foreign exchange market
Identify market participants and traded curncies
the mechanics and technology of foreign exchange trading
Analyse and develop various exchange rate concepts
Investigate the Australian foreign exchange market
To describe the mechanics and technology of foreign exchange
trading
To illustrate foreign exchange position keeping
Topic 3
Exchange Rate
Forecasting,
Technical Analysis
and Trading Rules
outline the reasons why exchange rate forecasting is needed
To illustrate various methods and techniques of forecasting
To explain how to evaluate the performance of exchange rate
forecasters
To demonstrate how technical analysis is used to generate buy and
sell signals
To explain how filter rules and moving average rules work
Topic 4
Balance of
Payments
Investigate the structure of the balance of payments (BoP)
Analyse the Australian BoP statistics
Evaluate the relationship between the BoP and the foreign
exchange market
Identify factors that effect the BoP
Analyse the concepts of real and effective exchange rates
Topics
Learning Aims and Objectives
Topic 5
Exchange Rate
Determination
Determine some stylised facts about the observed behaviour of
exchange rates
Investigate the factors that affect the supply and demand in the
foreign exchange market
Analyse the effect of speculation in the foreign exchange market
Evaluate the various models of the exchange rate determination
Investigatthe law of one price from which the basic version of the
PPP can be derived
Derive PPP from the law of one price
Evaluate the empirical validity of PPP
Topic 6
International
Arbitrage
Investigate the reasons for interest in CIP
Derive the CIP equilibrium condition
Analyse the CIP equilibrium condition
Evaluate the empirical validity of CIP
Investigate the concept of market efficiency
Analyse the UIP condition
Evaluate the empirical validity of UIP
Explain the concept of the real interest rate
Derive the RIP condition
Topic 7
Foreign Exchange
Risk Exposure and
Management and
Currency Futures
and Swaps
To define risk and exposure and to distinguish between them
To measure the exnt of risk arising from changes in Australian
dollar exchange rates
To distinguish among transaction, economic and translation
exposures
To explain why there is a concern about foreign exchange risk
To illustrate forward hedging, futures hedging, money market
hedging and option hedging
To illustrate other techniques of managing short-term and long-
term transaction exposure
To explain how to hedge economic exposure
To explain the means and consequences of hedging translation
exposure
To describe currency futures contract To outline the problematic properties of forward contracts and
explain how the introduction of futures contracts has solved these
problems
compare forward and futures currency markets
To describe currency and interest rate swaps
Topic 8
Currency Options
introduce the basic concepts pertaining to currency options
outline the specifications of exchange-traded currency options
describe frequently used option positions
identify the determinants of option premiums (prices)
To describe some exotic currency options
I NTERNATIONAL F INANCE 4
I NTERNATIONAL F INANCE 5
D. LEARNING ACTIVITIES
What opportunities does the course provide for me to learn? What will I be expected
to do?
To achieve the objectives listed above this course requires you to participate in various
learning activities. These activities comprise the following:
attendance at and notetaking during scheduled lectures and tutorials
active participation in lectures and tutorials
reading of, and notetaking from, prescribed and recommended text books, as well
as other references
optional consultation with academic staff
complete assessment tasks
Students are expected to conduct their own readings before attending the lectures. The
materials presented in the lectures may be different from the materials students download
from the Blackboard in terms of information format, breadth and depth. The materials used
in the lectures arspecifically designed to explain and demonstrate key concepts and may
not include all the details.
E. ASSESSMENT
How will I demonstrate my learning in this course?
The assessment tasks you are required to complete are:
Test 2 A SSIGNMENT 30%
F INAL E XAM
All assessments are COMPULSORY.
50%
Students may apply for an extension of time to submit assessable work where they have
been prevented from doing so by unexpected or extenuating circumstances (beyond
your control). They may apply for extensions of time of up to 7 days in writing via e-mail
with the Lecturer / Course Coordinator directly. For extensions to submsion deadlines
beyond 7 days, students must apply for Special Consideration. There is no guarante that extensions will be granted. Details about Special Consideration and Extension of Time
for Submission of Assessable Work policy and procedure are available on the RMIT
website.
No extension will be granted to group assessment if a minority of the members is unabl to complete the assessment. Groups may apply for an extension of time in accordance
with the RMIT’s policy and procedure mentioned above.
Reports on final assessment are available to students who apply in writing to the Head
of the School of Economics, Finance & Marketing.
I NTERNATIONAL F INANCE 6
T EST
This is a written test to be held in Week 6. The venue, date and time will be arranged
and announced by the SIM assessment administrator.
Week
Format
Coverage
Contribution
6
May contain MCQ, multiple
response, short answer,
matching, assertion-reason and
calculation questions.
Topic 1 – 4
20%
Students must record the answers for the m-term test on a Multiple Choice Answer
Sheet. There is an instruction PowerPoint Slides available on the Blackboard to refresh
students’ skills. USE PENCIL ONLY. In the case of messy scribbles, no written name an ID and failure to fill out the correct bubble for student ID, 5 marks will be deducted
from the mid-term test.
No formula sheet will be provided during the test.
A SSIGNMENT
This is a group assessment. Students are required to determine exchange rate(s) in a
group of between 3 - 5 members based on Topic 1-6.
Requirements:
Students must demonstrate their understanding and application of the course materials
to analyse and explain the factors that determine the historical movement of AUD/USD
exchange rate and what will the rate be in 1 December 2017. The specific requirements
are as follows:
Task Objective
1 Purchasing Power Parity.
2 on Interest Rate Parity.
3 Discuss using the five factors in the partial supply and demand model.
4 Develop your own theoretical model by combining any factors that you deem
as important in determining the above exchange rate.
5 Discuss any qualitative data that may affect the determination of the above
exchange rate based on Task 4.
6 Comments and Conclusions – compare and contrast Task 1-5.
For Task 1-4, you must demonstrate your understanding about the theories in Topic 1 -
6 and application of these theories in determining the exchange rate. You may use data
and calculations in your discussions. You must provide a brief summary at the end of each
task.
You may be required to conduct a presentation in Week 11 or 12 by your local lecturer
to demonstrate the progress of your assignment and provide peer review.
Each group must self-select their members. 3- 5 members are required to form a group.
There is no exception to this.
I NTERNATIONAL F INANCE 7
The maximum count of words is 3000 words for the report (excluding references). 1
mark will be deducted for every 100 words exceeding the limit.
A Turnitin originality report and a signed (by all group members) cover sheet
must be attached to the report and submitted as instructed by your lecturer by the due
date.
Proper referencing and citations based on the Harvard style must be used. The list of
references does not count towards the word limit. You will receive 0 (zero) marks and
may be subject to disciplinary actions by the University if you plagiarise. Please refer
to Section H for information on Plagiarism.
Group allocation will be conducted during Lecture 1 and finalized by Lecture 4.
Further details will be discussed in the lecture during the semester. Each student must
complete, sign and submit a Declaration of Group Work Commitment by week 4 of
the semester in a group to the lecturer. Failure to do so will result in a deduction of 5
marks from the overall assessment.
Should there be any issues or disputes arising from group work, i.e. student finds
him/herself cannot get along with group mates or majority of group members are not
satisfied with the free-riding behaviour of a particular group member, any changes to
group membership must be made by Lecture 6. If changes to group membership
were not made by Week 6 and the issues or disputes persist to the end of the semester,
groups which face such issues or disputes must notify the lecturer by signing and
submitting a group contribution statement (available on the Blackboard) in the last
lecture. The group member that has issues with the majority of his/her group will receive
only 50% of the marks that are awarded to his/her group as stated in the Declaration
of Group Work Commitment. There will be no extension granted to the group based
on the rationale that all students have substantial and adequate time to conduct their
learning and preparation for the assignment throughout the semester.
The assignment is due in week 8. Please refer to SIM administrator and local lecturers
for the exact due date.
Penalties for late submission
All assignments will be marked as if submitted on time then the mark awarded will be
reduced by 10% for each day (or part of a day) it is late. Assignments that are late by
7 days or more will not be marked and will be awarded zero marks. This applies to all
members in a group.
F INAL EXAM (F ORMULA SHEET WILL BE PROVIDED
)
The final exam is a written assessment to be held during the exam period.
Format Coverage Contribution
May contain MCQ, multiple response, short
answer, matching, assertion-reason and
calculation questions.
Topic 1 - 8 50%
I NTERNATIONAL F INANCE 8
Assessment Tasks and Value
Assessment Criteria
What will you be looking for when you assess my work?
The criteria for assessment tasks are:
ion of adequate reading, research and preparation
critically evaluate important and relevant issues
ideas clearly and coherently
express critical reflections about relevant issues
support views with appropriate arguments
A demonstrated ability to reference clearly and accurately
Course Grades available
Course Grade
Numerical
Result
High Distinction
80 - 100
HD
Distinction
70 - 79
DI
Credit
60 - 69
CR
Pass (higher grading available)
50 - 59
PA
Fail (some work submitted)
1 - 49
NN
Fail (did not sit – no work submitted)
DNS
F. ACADEMIC ADMINISTRATION PROCEDURES
What do I do if I need help with deadlines or have become ill?
School Essential Assessment Guide states that “work submitted for assessment after the
due date will be accepted for assessment only under the following circumstances:
There has been a formal application for special consideration (granted in
circumstances such as ill health, trauma or other significant event), which is
submitted to the program coordinator and approved through the School office
before the due date.”
G. COURSE EVALUATION AND FEEDBACK
How can I let you know about my experience of this course?
Course Evaluation forms will be distributed to students upon completion of the course
the end of the semester. Students, however, may provide feedback to staff members
at anytime during the semester.
I NTERNATIONAL F INANCE 9
H. ACADEMIC MISCONDUCT
University Plagiarism Statement
Plagiarism: the presentation of the work, idea or creation of another person as though
it is your own. It is a form of cheating and is a very serious academic offence that may lea to expulsion from the University. Plagiarised material can be drawn from, and
ed in, written, graphic and visual form, including electronic data, and oral
presentations. Plagiarism occurs when the origin of the material used is not appropriately
cited.
Examples of plagiarism include:
• Copying sentences or paragraphs word-for-word from one or more sources, whether
published or unpublished, which could include but is not limited to books, journals,
reports, theses, websites, conference papers, course notes, etc. ;
Closely paraphrasing sentences, paragraphs, ideas or themes without proper citation;
Piecing together text from one or more sources and adding only linking sentences;
• Copying or submitting whole or parts of computer files without acknowledging their
source;
designs or works of art and submitting them as your original work;
Copying a whole or any part of another student's work; and
• Submitting work as your own that someone else has done for you.
Enabling Plagiarism: the act of assisting or allowing another person to plagiarise or to
copy your own work.
Plagiarism can occur in oral and written presentations and is not acceptable. The
use of another person’s work or ideas must be acknowledged. Failure to do so
may result in charges of academic misconduct, which carry a range of penalties
including cancellation of results and exclusion from the course. Please refer t o
University Regulation 6.1.1 on Student Discipline.
I. LEARNING RESOURCES
What will I need to access and read for this course?
Distributed Learning System (DLS)
The DLS is utilised in the teaching of International Finance, for the general
distribution of relevant material, and in providing some useful external links.
A number of External Links are found on the Learning Hub.
Firstly, a link is provided towww.investorwords.com. Here students will find a
glossary that will assist them to answer the set of questions found in the Learning
Objectives and Lecture Guides document titled ‘FIND OUT @….
www.investorwords.com framed to revise some of e major concepts addressed in
lectures, as well as familiarise students with terms that they will encounter in their
I NTERNATIONAL F INANCE 10
day-to-day exposure to the discipline of finance and the financial markets. The use
of a website that does not use theoretical language found in textbooks may assist
students to understand the concepts more readily.
Secondly, other External Links are categorised into three major sections:
Daily Newspapers and Business Magazines
These links provide students with readily available access to current information
about the Australian and Asian financial markets.
Financial Markets
This folder provides links to the websites of both the Australian and Asian Stock
Exchanges. Students can obtain markestatistics, information about impending
floats, and other useful information about these markets and the securities traded
within them.
International Finance Associations
This folder provides links to the websites of three of the most prominent internation finance associations – Asia Pacific Finance Association (APFA); European Financial
Management Association (EFMA) and the American Finance Association (AFA). These
sites provide links to a vast number of other sites relating to the disciplinof finance,
including finance journals and international financial markets, such as thNew York
Stock Exchange. Students are strongly advised to spend some time searching
through these websites and explore the international world of finance.
Prescribed Text
Moosa, I. A. (2010), International Finance: An Analytical Approach. (3 rd ed) Sydney:
McGraw-Hill.
The above-prescribed text provides a good coverage and is therefore listed as the
prescribed for the course. However, you should read widely to enhance your
understanding of the issues in this course.
The publishers of this textbook, McGraw-Hill, offer some online services such as
revision questions, articles, and so on. To gain access to the McGraw-Hill Web
resources simply follow the steps on the card found inside the front cover of the
textbook.
I NTERNATIONAL F INANCE 11
References
The following references are good complements to thprescribed text. Students ar strongly encouraged to refer to them to gauge better understanding of the
materials covered in the course.
Chiang, A C and Wainwright, K (2005), Fundamental Methods of Mathematical
Economics. Fourth edition. McGraw-Hill: New York.
Eun, C. and B. Resnick. (2009), International Financial Management. Fifth edition.
McGraw-Hill: Boston.
Levi, M D (2009), International Finance. Fifth edition. Routledge.
Madura, J (2010), International Financial Management. Tenth edition. South-
Western.
Pilbeam, K. (2006), International Finance. Third edition. London: MacMillan.
Shapiro (2014), Multinational Financial Management. Tenth edition. Wiley.
I NTERNATIONAL F INANCE 12
J. STUDENT LEARNING PROGRAM
Where do I start?
Lecture Schedule *
Week
Lecture Topic
Week 1
Topic 1: Introduction to International Finance
Week 2
Topic 2: The Foreign Exchange Market
Week 3 Topic 3: Exchange Rate Forecasting, Technical Analysis and Trading
Rules
Week 4
Topic 4: Balance of Payments
Week 5
Topic 5: Exchange Rate Determination
Week 6
Test
Topic 6: International Arbitrage
Week 7
Week 8
BAFI 1019 INTERNATIONAL FINANCE 代写
C OURSE R EVISION
ssignment Workshop
Assignment Due
Week 9
Topic 7: Foreign Exchange Risk Exposure and Management Currency
Futures and Swaps
Week 10
Week 11 Topic 8: Currency Options
Week 12
C OURSE R EVISION
* Please note that this program is indicative only and that the timing of lectures and/or tests
may change during the semester under the discretion of SIM.
BAFI 1019 INTERNATIONAL FINANCE 代写
