InternationalEconomics-InternationalFinanceIntroductionModuleTutorAssessmentSchemeModuleDescriptorWhydowestudythetheory？Pre-requisitesModuleContentForeignExchangeMarket(14)TeachingandLearningMethodsContributionsinInternationalFinancefromNobelPrizeHoldersNobelMemorialPrizeinEconomics(1999)RobertMundell关于蒙代尔教授的时评BackgroundCareerInthe1970s,helaidthegroundworkfortheintroductionoftheeurothroughhispioneeringworkinmonetarydynamicsandoptimumcurrencyformsforwhichhewonthe1999NobelPrizeinEconomics.DuringthistimehecontinuedtoserveasaneconomicadvisertotheUnitedNations,theIMF,theWorldBank,theEuropeanCommission,theFederalReserveBoard,theUnitedStatesDepartmentofTreasuryandthegovernmentsofCanadaandothercountries.HeiscurrentlytheDistinguishedProfessor-at-LargeofTheChineseUniversityofHongKong.Amonghismajorcontributionsare:TheoreticalworkonoptimumcurrencyareasContributionstothedevelopmentoftheeuroHelpedstartthemovementknownassupply-sideeconomics.Historicalresearchontheoperationofthegoldstandardindifferenteras.Predictedtheinflationofthe1970s.Mundell-Flemingmodel蒙代尔教授对经济学的伟大贡献蒙代尔-弗莱明模型最优货币区域理论IndicativeReferencesBackgroundKnowledgeReviewInternationaltradeversusInternationalfinanceMacroeconomicanalysisemphasizesfouraspectsofeconomiclifeNationalIncomeAccountsNationalIncomeAccounts:GNPAnotherapproximatemeasureofnationalincomeisgrossdomesticproduct(GDP):Grossdomesticproductmeasuresthefinalvalueofallgoodsandservicesthatareproducedwithinacountryinagiventimeperiod.GDP=GNP–paymentsfromforeigncountriesforfactorsofproduction+paymentstoforeigncountriesforfactorsofproductionFigure1-1.U.S.GNPandItsComponentsin2006GNP=ExpenditureonaCountry’sGoodsandServicesExpenditureandProductioninanOpenEconomySavingandtheCurrentAccountHowIstheCurrentAccountRelatedtoNationalSaving?CA=S–IorI=S–CACountriescanfinanceinvestmenteitherbysavingorbyacquiringforeignfundsequaltothecurrentaccountdeficit.WhenS>I,thenCA>0sothatnetforeigninvestmentandfinancialcapitaloutflowsforthedomesticeconomyarepositive.CA=Sp+S