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UNIT TITLE: The International Financial System
CREDIT POINTS: 20
UNIT CODE: ECO297
FHEQ LEVEL: 6
SCHOOL:
Business,
Communications
UNIT DESIGNATION: Traditional
Delivering School: N/A
Unit delivery model: CD/BL
Max & Min Student No: N/A
Law
and
TOTAL STUDENT WORKLOAD
Students are required to attend and participate in all the formal scheduled sessions for
the unit. Students are also expected to manage their directed learning and independent
study in support of the unit.
PREREQUISITES AND CO-REQUISITES: None.
UNIT DESCRIPTION
This unit investigates the international financial system that forms the foundation of the
contemporary capitalist world order. This begins with a historical and theoretical analysis
of the nature and function of monetary systems and then traces the development of the
contemporary global economy from the nineteenth century to the present. This will
emphasise the transition of the Bretton Woods system into the financial liberalisation of
today. The unit then considers the institutional framework of the international financial
system and the functions/characteristics of the main players involved. The unit then
examines each individual international market in turn and speculates on their likely
development. Finally, capital flows, developing country debt and financial crises are
considered with reference to the current discourse, literature and evolving multilateral
regulatory governance.
LEARNING OUTCOMES
On successful completion of the unit, students should be able to:
Knowledge and Understanding
K1
Critically discuss the function and operation of the main institutions within the
international financial system.
K2
Evaluate the main markets in the international financial system.
Cognitive Skills
C1
Critically evaluate competing theories on the management of
intermediation, capital flows and debt.
C2
Analyse state/market relations in the development of global finance.
financial
Practical and Professional Skills
P1
Synthesise and contextualise economic theories in order to explain the operation of
money in the global economy.
Transferable and Key Skills
T1
Communicate effectively and produce satisfactory written reports.
AREAS OF STUDY
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Foundational Monetary Theory
Bretton Woods system and Financial Liberalisation
Financial Intermediation
The Foreign Exchange Market
Exchange Rate Theory
International Capital Markets
International Financial Institutions
Eurocurrency and Eurobond markets
Derivative Markets
Capital flows and External Debt
Crisis Aversion and Regulation
LEARNING AND TEACHING STRATEGY
Lectures will provide the conceptual framework and will provide a broad overview of each
subject area. They will adopt a strongly interactive approach in order to develop
reasoning and analytical skills. Seminars will provide the opportunity for discussion and
elaboration of issues from the previous week’s lecture. Students will be expected to have
prepared for seminars by having read and evaluated specific reading references. This will
develop research and analytical skills. Cognitive skills will be developed by the interactive
and discussion orientated seminars. It is recognised that students learn in different ways
and this, therefore, forms the cultural ethos for the unit delivery. The university MyCourse
site (available on the student portal) for the unit, gives students the ability to review
material at their own pace.
The unit aims to develop the following employability skills:
Self Management
Business & Customer
Awareness
Problem Solving Skills
Communication & Literacy
Progressive studying and preparing for the
assignment and examination, meeting deadlines
and managing course workloads
Application of ideas/theories on current financial
issues and preparing recommendations for
decision-makers in the financial sector
Analysing economic and business models/theory,
and evaluating solutions, in finance study context
Communication through the in-class assignment as
well as the written examination
The unit aims to develop the following behavioural skills:
Problem-solving
Through the consideration of contemporary financial sector
issues the students develop skills of problem resolution and
consultancy
Management
Leadership Skills
Analysis and Synthesis
Through analysing and explaining complex arguments with
more than one theoretical explanation
To have both the knowledge and confidence to
communicate with others intelligently over developments
in the global financial environment
Work related learning opportunities will be provided in the seminar sessions where case
studies, articles and current finance-industry research will be used to help the student to
actively apply the information covered within the areas of study.
Students taking this unit on a course via a blended learning delivery method will cover
theoretical aspects with a mix of campus-based sessions and self-directed learning
activities. Students will be expected to take an active part in any asynchronous activities
such as forums, wikis, blogs etc., as well as synchronous activities (i.e. Skype meetings)
where appropriate. Participation in these types of activities, with particular emphasis on
the self-directed learning activities, will be essential to the successful achievement of
learning outcomes in this unit.
ASSESSMENT STRATEGY
The examination will be of two hours duration and will be comprised of six questions
(students must choose four). The assignment has two sections. The first will consist of
questions requiring short answers only. The second section will require an answer in essay
format, thus requiring a longer answer. The examination and assignment together will
assess all of learning outcomes set for the unit.
The seminar programme will be the vehicle for formative feedback. Such feedback will be
provided by the tutor, and by peers, when discussing answers to indicative questions based
on the subject material from the previous week’s lecture. At the end of each unit theme
there will also be a class questioning session comprised of short answer questions.
ASSESSMENT
AE1
weighting:
assessment type:
length/duration:
online submission:
grade marking:
anonymous marking:
AE2
weighting:
assessment type:
length/duration:
online submission:
grade marking:
anonymous marking:
50%
In-class test
60 Minutes
No
Yes
Yes
50%
Exam
2 hours
No
Yes
Yes
AGGREGATION OF MARKS
The marks for each element of assessment will be aggregated to give an overall mark for
the unit.
RE-ASSESSMENT ARRANGEMENTS
For referral in AE1, students will be required to resit the in-class test which will comprise
two essay questions of equal weighting. Students referred in AE2 will be required to resit
the examination.
Unit Author: Simon Mouatt
Unit history:
Unit Approved/Year Implemented/Code
Unit modified/Year Implemented/Code
Apr 2012
Jun 2016
2012/13
2016/17
ECO297
ECO297