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101681-HS2026-0-International Financial Markets and Cryptocurrencies
*** former "International Macroeconomics" ***
Instructors: Pierpaolo Benigno and Anastasia Burya
The objective of this course is to introduce students to international financial markets, combining theoretical tools with empirical applications. The course starts with money and currency and then studies the core pricing mechanisms of bond and equity markets, including the yield curve, the expectations hypothesis, risk premia, credit risk, liquidity premia, and asset-price bubbles. It then turns to international financial markets through the law of one price and tariffs, purchasing power parity, current accounts, net international investment positions, exchange-rate markets, uncovered interest parity, exchange-rate overshooting, exchange-rate risk and hedging, covered interest parity, and the global financial cycle. The final part introduces blockchains, cryptocurrencies, and the evolution of financial markets through digital and decentralized finance.
Evaluation (grade). The grade will be determined exclusively by a final exam consisting of exercises, essay and multiple-choice questions.
Readings:
Class Notes provided during the course.
Krugman Paul, Maurice Obstfeld and Marc Melitz (2023), International Economics: Theory and Policy, 12th Edition, Pearson.
Harvey, Campbell, Ramachandran Ashwin and Joey Santoro (2021), DeFi and the Future of Finance, Wiley.
Schar, Fabian and Aleksander Berentsen (2020), Bitcoin, Blockchain, and Cryptoassets. MIT Press.
Lectures: Wednesdays, 14.15-16.00 hrs, tba
Exercise / TA sessions: Thursdays, 08.15-10.00h, tba
Teaching Assistant: Philippe Gerspacher (philippe.gerspacher@unibe.ch)
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1. exam: Wednesday, 16.12.2026, 14.15-15.45 hrs, tba
2. exam: Wednesday, 17.02.2027, 14.15-15.45 hrs, tba |
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