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Prof. Dr. Karl-Heinz Paqué Chair of International Economics Perspectives of International Financial Markets 1. Intr

Prof. Dr. Karl-Heinz Paqué Chair of International Economics Perspectives of International Financial Markets 1. Introduction. Meetings. November 18th, 2011 from 8-18 in G22A-210 (midterm presentation ), send the presentation one day in advance to Mrs Mohr

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Prof. Dr. Karl-Heinz Paqué Chair of International Economics Perspectives of International Financial Markets 1. Intr

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  1. Prof. Dr. Karl-Heinz Paqué Chairof International Economics Perspectivesof International Financial Markets 1. Introduction

  2. Meetings • November 18th, 2011 from 8-18 in G22A-210 (midterm presentation), send the presentation one day in advance to MrsMohr • December 19th, 2011 11am: Deadline for essay submission, 2 paper copies and electronic version (pdf and doc) • January 13th, 2012 from 11-18 in G22A-210 and January 14th, 2012 from 8-18 in G22A-210 (final presentation and co-presentation), send the presentations one day in advance (January, 12th, 2012) to Mrs Mohr)

  3. Grading • 10 % midtermpresentation • 5 % discussion in midtermpresentation • 45 % essay • 25 % final presentation • 15 % co-presentationanddiscussion • pleasenote:A 5.0 in oneofthesepartsleadsto an overall grade of 5.0!

  4. Who works on whichtopic • MrsHeifnieder:3. Global monetary relations – is there some need for cooperation?  Mrs Mohr • Mr Klasen: 6. A comparison of the Argentine with the Greek debt crisis. What can we learn? Mr Horn • Mrs Liu: 9. Sovereign wealth funds and the lack of profitable investment opportunities.  Mr Horn • MrsMetodieva: 1. International business cycle synchronization  Mrs Mohr • Mrs SillerCota: 5. The great Depression of the early 1930s and the Sharp Contraction of the late 2000s – A comparison  Mrs Mohr • Mr Wächter:7. Is the Euro Area abouttobreakup? Mr Horn • Mrs Zang: 10. Why is China Saving so much?  Mr Horn • Mrs Zhu: 8b) Switzerland and Euroland Mrs Mohr

  5. Topics • 1. International business cycle synchronizationpaper: Michael Bordo / Thomas Helbling (2010): International business cycle synchronization in historical perspective, NBER Working Paper Series 16103. Jotikasthirer, C. Et al. (2009): “Asset Fire Sales and Purchases and the International Transmission of Financial Shocks” • 3. Global monetary relations – is there some need for cooperation?paper: Jeffry Frieden (2009): Global Governance of Global Monetary Relations: Rationale and Feasibility, Economics: The Open-Access, Open-Assessment E-Journal Vol. 3 2009-6. • 5. The great Depression of the early 1930s and the Sharp Contraction of the late 2000s – A comparisonpaper: Michael Bordo / Harold James (2010): The Great Depression and the Great Recession: What Have We Learnt?, Paper prepared for the conference “Past and Present: From the Great Depression of 1929 to the Great Recession of 2009” December 2010. Grossman, R.S. and Meissner, C. M. (2010), International Aspects of the Great Depression and the Crisis of 2007: Similarities, Differences, and Lessons, in: NBER Working Paper Series No. 16269.

  6. Topics • 6. A comparison of the Argentine with the Greek debt crisis. What can we learn? Perry, G. and Servén, L. (2002) „The Anatomy of a Multiple Crisis: Why was Argentina special and what we can learn from it“, World Bank. Arghyrou, M. G. and Tsoukalas, J. D. (2010)„The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes“, in: CESifo Working Papers, Working Paper No. 3266. Alcidi, C. et al. (2011), „History repeating itself: From the Argentine default to the Greek tragedy?“ CEPS Commentary. Nechio, F. (2010), „The Greek Crisis: Argentina Revisited?, in: FRBSF Economic Letter No. 2010-33.

  7. Topics • 7. Is the Euro Area abouttobreakup? Eichengreen, B. (2007) „The Breakup oft he Euro Area“, in: NBER Working Paper Series, Working Paper 13393. Scott, H. S. (1998), „Whenthe EURO Falls Apart“, in: International Finance 1, No.2, pp. 207-228. Buiter, W. H. et al. (2010), “Greeceandthefiscalcrisis in the EMU“, in: CEPR Policy Insight. Arghyrou, M. G. andTsoukalas, J. D. (2010), The Option of Last Ressort: A two-currency EMU. Leblond, P. (2011), Onefor All and All forOne: The Global Financial Crisesandthe European Integration Project“, in CIRANO – SérieScientifique/Scientific Series. • 8b) Switzerland and Euroland Hellwoig, M. (2007) European Monetary Union, Monetary Stability and Financial Stability, in: Max Plank Institute

  8. Topics • 9. Sovereign wealth funds and the lack of profitable investment opportunities. Fernandes, Nuno (2009), „Sovereign Wealth Funds: Investment Choices and Implications around the World, in: ecgi, Finance Working Paper No 238/2009. Weizsäcker, C. C. von (2011), „Public Debt Requirements in a Regime of Price Stability“, Working Paper. • 10. Whyis China Saving so much? Chamon, M. and Prasad, E. (2008) „Why are Saving Rates of Urban Households in China Rising?, in: NBER Working Paper Series, WP. 14546. Tao Yang, D. et al. (2010) „Whyaresavingsrates so high in China“ in: HKIMR Working Paper No.31/2010.

  9. Where do I find furtherinformation • IMF • Google –Scholar • Worldbank • OECD • ECB • Eurostat • European Parliament • Kiel Institute forthe World Economy • CESifo • DIW • … • WikipediaisNOT a source! • Onlysourcesthatareavailable in English or German maybeused!

  10. Paper requirements • The papersaretobebased on economictheory. • Applywhatyouhavelearned in thelectures. • Weexpecttheoreticalmodelsandempiricalinvestigations. • Base yourpaper on thefindingsofotherresearchers. • formal requirermentstobefound on ourhomepage: http://www.ww.uni-magdeburg.de/vwl-iw/underthe link forAbschlusarbeiten • 15 +/-2 pagesaretobewrittenwhileonepageconsistsof 2500 charactersincludingblanks • rememberthateconomistsdeal withefficiency: lesscanbemore.

  11. Presentation • 10 minutesforthemidtermpresentation • 20 minutesforthe final presentation • 5 minutesfortheco-presentation

  12. Whatgoes in thepresentation • introducethemainideasofyourpaper • gofurtherbeyondtosomepoint • point on furtherresearchpossibilities • includerecentdevelopments • raisequestionsforthediscussion

  13. Co-Presentation • you will beassignedrandomlythepaperofanotherstudent • youaretodiscussthepaper‘sargumentationandreasoning • provideyourquestionstostartthediscussion • please do NOTdiscussthefomat! • REMEMBER TO SEND THE CO-PRESENTATION ON JANUARY 12TH TO MRS MOHR!

  14. Contact • Fabian Horn, M. Sc. • E-Mail:fabian.horn@ovgu.de • Telefon: +49-391-67-18175 • Room:G22/C 112 • Office hour: on appointment • Jessica Mohr, M. Sc. • E-Mail:jessica.mohr@ovgu.de • Telefon: +49-391-67-11345 • Room:G22/C 110 • Office hour: on appointment

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