Please note: there may be some adjustments to the teaching arrangements published in the course catalogue for 2020-21. Given current circumstances related to the Covid-19 pandemic it is anticipated that some usual arrangements for teaching on campus will be modified to ensure the safety and wellbeing of students and staff on campus; further adjustments may also be necessary, or beneficial, during the course of the academic year as national requirements relating to management of the pandemic are revised.

International Finance ECON4017

  • Academic Session: 2022-23
  • School: Adam Smith Business School
  • Credits: 15
  • Level: Level 4 (SCQF level 10)
  • Typically Offered: Semester 2
  • Available to Visiting Students: Yes
  • Available to Erasmus Students: Yes

Short Description

Students are provided with an introduction to international finance in this course. We begin with an examination of the Balance of Payments. Next, open economy macro models are discussed in addition to models of exchange rate determination. We also examine whether exchange rate models are consistent with actual exchange rate data. Finally, we consider real world events such as currency crises, financial crises, monetary union etc.


Lectures: 10 x 2-hour lectures

Other: Labs: 3 hours (3 x 1-hour)

Labs are held at various times and can be selected on MyCampus

Additional 1-hour revision lecture outside normal hours

Requirements of Entry

Entry to an Honours programme in Economics or a minimum grade C3 (average) in Economics 2A and 2B for students taking an Honours programme in another subject.

Excluded Courses

International Finance ECON3004





Duration/ Word limit




750-1000 words

Main Assessment In: April/May

Are reassessment opportunities available for all summative assessments? Not applicable

Reassessments are normally available for all courses, except those which contribute to the Honours classification. For non Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

Course Aims

The aims of this course are:

■ to analyse the workings of the international economy, in terms of capital movements;

■ to show how techniques of both macroeconomic and microeconomic analysis can be deployed in the context of an open economy;

■ to set out a coherent framework within which open economy macroeconomic policy, and exchange rate policy can be analysed.

Intended Learning Outcomes of Course

By the end of this course, students should be able to:

1. analyse current issues in international economic policy by reference to alternative open economy macroeconomic models and alternative theories of exchange rate determination;

2. assess critically empirical studies of exchange rate determination;

3. show an ability to deploy theoretical principles to address practical issues and problems in international finance

4. communicate clearly using effective writing to impart information to specialists as well as non-specialists about economic analyses and findings

5. analyse and clearly present macroeconomic data, including using spreadsheet packages such as Excel.

Minimum Requirement for Award of Credits