ECON110023.01 中国金融发展导论 Financial Development in China

Course outline-Introduction to China's Financial Development

Prof. Shen homepage: http://fdjpkc.fudan.edu.cn/201914/

I．Basic Information

Course code

ECON110023.01

Written date

2020/02/21

update

Course title (English)

Credit

3

Teaching hour

3 lessons/week

（15 weeks）

Course time

Wednesday,

13:30-16:10

Classroom

15 weeks for undergraduate and exchange students:

H6401, Lessons 6-8

If you want to continue this course, please join the closely related course for EMA students: EMAE630006 Monographic Study on Chinese Finance.

EMA New schedule: H6401, Lessons 6-8 on Wed. of week1-4 transferred to H6108, Lessons 3-5 on Sat. of week 7-10,  because of COVID-19. 

*Instructor

Shen Guobing

Department

School of Economics

Office hour

Tuesday

15:30-17:00

Contact Information

Room 722, SOE; 65643508

guobingshen@sina.com

**Pre-courses

Macroeconomics, and/or Microeconomics

Nature of the course:

            Comprehensive   √          Basic        □

            Compulsory      □          Elective     √

II．Course Description

This course is aimed to enable foreign and overseas exchange students to grasp the basic knowledge introduction to Chinese finance, and to apply core advanced economic theories and quantitative methods to the issues of Chinese finance, through lecture learning, literature reading and case thinking. We believe that foreign and overseas exchange students can understand the Chinese financial issues related closely to RMB exchange rate, evolution of China’s banking and finance industry, China’s exchange rate determination, Chinese money market and capital market, Chinese international balance of payments, the choice of RMB exchange rate regime, Chinese foreign exchange reserves, and foreign exchange control and RMB internationalization, by learning systematically the following seven topics or fourteen lectures.

Further, they can use the basic theories of RMB exchange rate and exchange rate regime to analyze and understand the causes and development path of exchange rate regime choice in China. Moreover, the theoretical study of this course will enhance foreign exchange students’ understanding for the evolution and choice of Chinese international balance of payments and foreign exchange reserves. The teaching contents of this course include seven topics, and will be divided into fourteen lectures. 

III．Course Objectives

Through learning and literature reading, plus the teaching of financial theories and cases, this course makes foreign and overseas exchange students understand the basic knowledge introduction, and grasp the frontier theories and cases in the field of Chinese finance, and then enables them to analyze the detailed issues related to major developments of Chinese finance, and to explore the developing prospects in Chinese finance.

After finishing this course, we believe that the learning outcomes are such that foreign and overseas exchange students will be able to:

3.1 Knowledge and understanding

3.1.1 Understand the basic knowledge introduction, and apply core advanced economic theories and quantitative methods to the issues of Chinese finance.

3.1.2 Show understanding of advanced analytical methods, both theory- and model based.

3.1.3 Show understanding of relevant mathematical and statistical techniques.

3.1.4 Demonstrate a deeper understanding of the issues of Chinese finance.

3.2 Intellectual and Practical Skills

3.2.1 Identify appropriate economic theories and models to analyze financial issues in China

3.2.2 Reason logically and work analytically

3.2.3 Apply complex ideas and appropriate techniques to solve Chinese financial problems

3.2.4 Justify conclusions using economic arguments with appropriate rigor

IV．Course Materials

4.1 Required textbooks （please choose one of them）

Krugman, P.; M. Obstfeld and M. Melitz (2018), International Economics: Theory and Policy——Part Three and Four: International Macroeconomics, Pearson Education Limited, 11th Edition in 2018.

Yarbrough, Beth V. and Robert M. Yarbrough (2006), The World Economy: Trade and Finance——Part Two: International Macroeconomics, 7th Edition, Thomson/South- Western.

Hallwood, Paul and Ronald MacDonald (2000), International Money and Finance, 3rd Edition, Blackwell Publishers Inc.

Shen, Guobing (2018), International Finance, 3rd, Beijing: Peking University Press, August 2018.

Prof. Shen homepage: http://fdjpkc.fudan.edu.cn/201914/

4.2 Recommended Materials

4.2.1 Topic 1 Currency, RMB Exchange Rate, Foreign Exchange Market in China.

The Related Reading and Discussion of Topic One (please choose three of them):

Money Origin: the Evidence of British Museum Money Hall; the exchange rate is originated from the trade among the different currencies.

1.   Baum, C.; M. Caglayan and N. Ozkan (2004), “Nonlinear Effects of Exchange Rate Volatility on the Volume of Bilateral Exports.” Journal of Applied Econometrics, Vol.19, Issue 1, pp.1-23.

2.   Chang, Gene and Elliott Parker (2004), “The Chinese RMB Issue in Dynamic and Global Perspective”, China Economic Review, Vol.15, Issue 3, pp.323-324.

3.   Ogawa, Eiji and Michiru Sakane (2006), “Chinese Yuan after Chinese Exchange Rate System Reform”, China & World Economy, Vol.14, Issue 6, pp.39-57

4.   McKinnon, R. (2006), “China’s Exchange Rate Appreciation in the Light of the Earlier Japanese Experience”, Pacific Economic Review, Vol.11, Issue 3, pp.287-298.

5.   Phylaktis, K. and E. Girardin (2001), “Foreign Exchange Markets in Transition Economies: China”, Journal of Development Economics, Vol.64, Issue 1, pp.215-235.

6.   Wang, Y; X. Hui and A. S. Soofi (2007), “Estimating renminbi (RMB) equilibrium exchange rate”, Journal of Policy Modeling, Vol.29, Issue 3, pp.417-429.

7.   Wong, Tak-Chuen, Jim Wong and Phyllis Leung (2009), “The Foreign Exchange Exposure of Chinese Banks”, China Economic Review, Vol.20, Issue 2, pp.174-182

8.   Zhang, Z. and K. Sato (2012), “Should Chinese Renminbi be Blamed for Its Trade Surplus? A Structural VAR Approach”, The World Economy, Vol.35, Issue 5, pp.632–650.

9.   Sato, Kiyotaka; J. Shimizu, N. Shrestha and Z. Zhang (2012), “New Estimates of the Equilibrium Exchange Rate: The Case for the Chinese Renminbi”, The World Economy, Vol.35, Issue 4, pp.419–443.

10. Jarko Fidrmuc and Martin Siddiqui(2015), “Exchange Rate Policy in China after the Financial Crisis: Evidence from Time-varying Exchange Rate Basket”, Review of development economics, Vol.19, Issue 3, pp.608–623.

11. Heikki Oksanen (2015), “Managing the renminbi: should China peg to a trade-weighted basket?”, Asian-pacific Economic Literature, Vol.29, Issue 2, pp.18–29.

12. Li, H; Ma, H. and Xu, Y. (2015), “How do Exchange Rate Movements Affect Chinese Exports? A Firm-level Investigation”, Journal of International Economics, Vol.97, Issue 1, pp.148–161.

13. Kim, S. and Y. Kim (2016), “The RMB Debate: Empirical Analysis on the Effects of Exchange Rate Shocks in China and Japan”, The World Economy, Vol.39, pp.1539-1557.

14. Maggiori, M.; Neiman, B. and Schreger, J. (2018), “The Rise of the Dollar and Fall of the Euro as International Currencies”, NBER Working Paper, No.25410, pp.1-11.

15. Sun, P.; Hou, X. and Zhang, J. (2017), “Does US quantitative easing affect exchange rate pass-through in China?”, The World Economy, Vol.41, Issue 1, pp.242-261.

4.2.2 Topic 2 Evolution of China’s Banking and Finance Industry and New Basel Accord.  The Related Reading and Discussion of Topic two (please choose two or three of them):

1.     Yeung, Godfrey, Canfei He, Hao Liu (2012), “Centralization and marginalization: The Chinese banking industry in reform”, Applied Geography, Vol.32, Issue 2, pp.854-867.

2.     Hu, Fred (2006), “Chinese Banking Industry-Past, Present and Prospect”, Academic Working Paper, pp.1-19.

3.     Fu, (Maggie) Xiaoqing and Shelagh Heffernan (2009), “The effects of reform on China’s bank structure and performance”, Journal of Banking & Finance, Vol.33, Issue 1, pp.39-52.

4.     Maria Concetta Chiuri, Giovanni Ferri, Giovanni Majnoni (2001), “Enforcing the 1988 Basel Capital Requirements: Did It Curtail Bank Credit in Emerging Economies?”, Economic Notes, Vol.30, Issue 3, pp.399-419.

5.     Giovanni Carosio (2001), “The New Basel Capital Adequacy Framework”, Economic Notes, Vol.30, Issue 3, pp.327-335.

6.     Ian Linnell (2001), “A Critical Review of the New Capital Adequacy Framework Paper Issued by the Basle Committee on Banking Supervision and Its Implications for the Rating Agency Industry”, Journal of Banking & Finance, Vol.25, Issue 1, pp.187-196.

7.     Anjan V. Thakor (2004), “Special Issue on Bank Capital Adequacy Regulation under the New Basel Accord”, Journal of Financial Intermediation, Vol.13, Issue 2, pp.89.

8.     Harald Benink, Clas Wihlborg (2002), “The New Basel Capital Accord: Making it Effective with Stronger Market Discipline”, European Financial Management, Vol.8, Issue 1, pp.103-115.

9.     Cheng Hsiao, Yan Shen, Wenlong Bian (2015), “Evaluating the effectiveness of China’s financial reform—The efficiency of China’s domestic banks”, China Economic Review, Vol.35, pp.70-82.

10.  Chun-Yu Ho (2012), “Market structure, welfare, and banking reform in China”, Journal of Comparative Economics, Vol.40, Issue 2, pp.291-313.

11.  Rubio, M. and J.A. Carrasco-Gallego (2016), “The new financial regulation in Basel III and monetary policy: A macroprudential approach”, Journal of Financial Stability, Vol.26, pp.294–305.

4.2.3 Topic 3 Theories of Exchange Rate Determination and China’s Exchange Rate Determination.  The Related Reading and Discussion of Topic three ((please choose two or three of them)):

1.     Hau, Harald (2000), “Exchange Rate Determination: The Role of Factor Price Rigidities and Nontradeables”, Journal of International Economics, Vol.50, Issue 2, pp.421-447.

2.     Benigno, Gianluca and Pierpaolo Benigno (2008), “Exchange Rate Determination under Interest Rate Rules”, Journal of International Money and Finance, Vol.27, Issue 6, pp.971-993.

3.     Cuddington, John T. and Hong Liang (2000), “Purchasing Power Parity over Two Centuries?”, Journal of International Money and Finance, Vol.19, Issue 5, pp.753-757.

4.     McKinnon, Ronald and Gunther Schnabl (2009), “The Case for Stabilizing China’s Exchange Rate: Setting the Stage for Fiscal Expansion”, China & World Economy, Vol.17, Issue 1, pp.1-32.

5.     Zhang, Fan and Zuohong Pan (2004), “Determination of China’s Long-Run Nominal Exchange Rate and Official Intervention”, China Economic Review, Vol.15, Issue 3, pp.360-365.

6.     Rapach, David E. and Mark E. Wohar (2002), “Testing the Monetary Model of Exchange Rate Determination: New Evidence from A Century of Data”, Journal of International Economics, Vol.58, Issue 2, pp.359-385.

7.     Sarno, Lucio and Giorgio Valente (2006), “Deviations from Purchasing Power Parity under Different Exchange Rate Regimes: Do They Revert and, If So, How?”, Journal of Banking & Finance, Vol.30, Issue 11, pp.3147-3169.

8.     Lo, Melody and M.C. Sunny Wong (2006), “What Explains The Deviations of Purchasing Power Parity Across Countries? International Evidence from Macro Data”, Economics Letters, Vol.91, Issue 2, pp.229-235.

9.     Litsios, Ioannis (2013), “Exchange rate determination and equity prices: Evidence from the UK”, The Journal of Economic Asymmetries, Vol.10, Issue 2, pp.115-128.

10.  Kiyotaka Sato, Junko Shimizu, Nagendra Shrestha and Zhaoyong Zhang (2012), “New Estimates of the Equilibrium Exchange Rate: The Case for the Chinese Renminbi”, The World Economy, Vol.35, Issue 4, pp.419-443.

11.  Zhang, Z., F. Chau, W. Zhang (2013), “Exchange rate determination and dynamics in China: A market microstructure analysis”, International Review of Financial Analysis, Vol.29, pp.303–316.

12.  Bacchetta, P. and van Wincoop, E. (2019), “Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment”, NBER Working Paper, No.26259, pp.1-45.

13. Greenaway-McGrevy, R.; Sul, D.; Mark, N. and Wu, J. L. (2017), “Identifying Exchange Rate Common Factors”, NBER Working Paper, No.23726, pp.1-42.

4.2.4 Topic 4 Chinese Money Market and Capital Market

The Related Reading and Discussion of Topic four (please choose two or three of them):

1.   Wang Yu (2009), “The basic frame and rapid development of China’s gold market”, Journal of Shanghai Finance University, No.6, pp.26-30.

2.   Su Shuyin, Niu Dongmei(2011), “The differentiation analysis on China’s interbank foreign exchange market”, Journal of Economic Outlook, , pp.100-103.

3.   He Ying (2010), “Ups and Downs of the Shanghai Securities Market”, The Chinese Economy, Vol. 43, No. 6, pp.76–93.

4.   Andrew H. Chen (2011), “China’s Corporate Bond Market Development”, The Chinese Economy, Vol. 44, No.5, pp. 6–33.

5.   Chen Daisong (2009), “Retrospective of China’s Capital Market—30 years’ of reforms and opening-up”, Technology &Economy, Vol.22, Issue 127, pp.70-73.

6.   Su Changlei(2011), “Analysis of the development of China’s money market fund market”, Investment Stock&Insurance, May 2011,pp.36-39.

7.   Hu Jinfang(2008) , “Retrospective of China’s bill market development in the past 30 years of reforms and opening-up ”, China Money, December 2008,pp.4-8.

8.   Zhang, Chengsi and Joel Clovis (2009), “Financial market turmoil: implications for monetary policy transmission in China”, China & World Economy, Vol.17, Issue 3, pp.1-22.

9.   John G. Fernald, Mark M. Spiegel, Eric T. Swanson (2014), “Monetary policy effectiveness in China: Evidence from a FAVAR model”, Journal of International Money and Finance, Vol.49, Part A, pp.83-103.

10.Sun, R. (2015), “What measures Chinese monetary policy?”, Journal of International Money and Finance, Vol.59, pp.263-286.

11.Boonman, T. M. (2019), “Dating currency crises in emerging market economies”, The North American Journal of Economics and Finance, Vol.49, pp.273-286.

12.Nakatani, R. (2017), “Structural vulnerability and resilience to currency crisis: Foreign currency debt versus export”, The North American Journal of Economics and Finance, Vol.42, pp.132-142.

4.2.5 Topic 5 Chinese International Balance of Payments and Adjusting Theories

The Related Reading and Discussion of Topic five (please choose three of them):

1.   Corden, W. Max (2009), “China’s Exchange Rate Policy, Its Current Account Surplus and the Global Imbalances”, The Economic Journal, Vol.119, Issue 541, pp.430-441.

2.   Xu, Zhenhui (2008), “China’s Exchange Rate Policy and Its Trade Balance with the US”, Review of Development Economics, Vol.12, Issue 4, pp.714-727.

3.   Koo, Won W. and Renan Zhuang (2007), “The Role of Exchange Rate in Sino-U.S. Bilateral Trade”, Contemporary Economic Policy, Vol.25, Issue 3, pp.362-373.

4.   Zhang, Yin and Guanghua Wan (2007), “What Accounts for China’s Trade Balance Dynamics?”, Journal of Policy Modeling, Vol.29, Issue 6, pp.821-837.

5.   Yu Yongding(2007), “Global Imbalances and China”, The Australian Economic Review, Vol. 40, No. 1, pp.3–23.

6.   Cyn-Young Park, Charles Adams, and Hoe Yun Jeong (2011), “Asia’s Contribution to Global Rebalancing”, Asian-Pacific Economic Literature, Vol.25, Issue 2, pp.38–51.

7.   John Knight and Wei Wang (2011), “China’s Macroeconomic Imbalances: Causes and Consequences”, The World Economy, Vol.34, Issue 9, pp.1476–1506.

8.   Arslan, Y.; M. Kılınc, I. Turhan (2015), “Global imbalances, current account rebalancing and exchange rate adjustments”, Journal of Policy Modeling, Vol.37, pp.324–341.

9.      Bahmani-Oskooee, M. and Y. Wang (2007), “The Impact of Exchange Rate Volatility on Commodity Trade between the U.S. and China”, Economic Issues, Vol.12, Issue1, pp.31-52.

10.   Dai, M.；M. Maitra and M. Yu (2016), “Unexceptional Exporter Performance in China? The Role of Processing Trade”, Journal of Development Economics, Vol.121, pp.177-189.

11.   Berman, N., P. Martin and T. Mayer (2012), “How Do Different Exporters React to Exchange Rate Changes?”, The Quarterly Journal of Economics, Vol.127, No.1, pp.437-492.

12.   Chen, N. and Juvenal, L. (2016), “Quality, Trade, and Exchange Rate Pass-through”, Journal of International Economics, Vol.100, pp.61–80.

13.   Li, H; Ma, H. and Xu, Y. (2015), “How do Exchange Rate Movements Affect Chinese Exports? A Firm-level Investigation”, Journal of International Economics, Vol.97, Issue 1, pp.148–161.

14.   Ito, H. and R. McCauley (2018), “A key currency view of global imbalances”, BIS Working Papers No.762.

15.   Fischer, A. M. and H. Groeger (2019), “Current account adjustment and retained earnings”, Journal of International Money and Finance, Vol.94, pp.246-259.

16.   Brumm, J. and G. Georgiadis (2019), “Global value chain participation and current account imbalances”, Journal of International Money and Finance, Vol.97, pp.112-124.

4.2.6 Theories of Exchange Rate Regime and the Choice of RMB Exchange Rate Regime.  The Related Reading and Discussion of Topic six (please choose three of them):

1.     Broda, Christian (2004), “Terms of Trade and Exchange Rate Regimes in Developing Countries”, Journal of International Economics, Vol.63, Issue 1, pp.31-58

2.     Dellas, Harris and George Tavlas (2005), “The Global Implications of Regional Exchange Rate Regimes”, Journal of International Money and Finance, Vol.24, Issue 2, pp.243-255

3.     Carmignani, Fabrizio, Emilio Colombo and Patrizio Tirelli (2008), “Exploring Different Views of Exchange Rate Regime Choice”, Journal of International Money and Finance, Vol.27, Issue 7, pp.1177-1197

4.     von Hagen, Jürgen and Jizhong Zhou (2007), “The Choice of Exchange Rate Regimes in Developing Countries: A Multinomial Panel Analysis”, Journal of International Money and Finance, Vol.26, Issue 7, pp.1071-1094

5.     Zhang, Zhichao (2001), “Choosing an Exchange Rate Regime during Economic Transition: The Case of China”, China Economic Review, Vol.12, Issues 2-3, pp.203-226.

6.     Frankel, Jeffrey A. (2009), “New Estimation of China’s Exchange Rate Regime”, Pacific Economic Review, Vol.14, Issue 3, pp.346-360.

7.     Sun, Jie (2010), “Retrospect of the Chinese Exchange Rate Regime after Reform: Stylized Facts during the Period from 2005 to 2010”, China & World Economy, Vol.18, Issue 6, pp.19-35

8.     International Monetary Fund (2009), “Revised system for the classification of exchange rate arrangements”, IMF Working Paper, WP/09/211, September 2009.

9.     Robert Dixon, Zhichao Zhang, and Yang Dai (2016), “Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change”, Review of International Economics, Vol.24, Issue5, pp.875–892.

10.  Imad Moosa and Larry Li (2017), “The mystery of the Chinese exchange rate regime: basket or no basket?”, Applied Economics, Vol.49, Issue 4, pp.349-360.

11.  Yu, Y., Zhang, B. and M. Zhang (2017), “Renminbi Exchange Rate: Peg to A Wide Band Currency Basket”, China & World Economy, Vol.25, pp.58-70.

12.  Dixon, R., Zhang, Z. and Y. Dai (2016), “Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change”, Review of International Economics, Vol.24, pp.875-892.

13.  Ilzetzki, E.; C. M. Reinhart and K. S. Rogoff (2017), “The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?”, NBER Working Paper, No.23135, pp.1-134.

14.  Zeev, N. B. (2019), “Global credit supply shocks and exchange rate regimes”, Journal of International Economics, Vol.116, pp.1-32.

15.  Bleaney, M.; S. Saxena and L. Yin (2018), “Exchange Rate Regimes, Devaluations and Growth Collapses”, Journal of Macroeconomics, Vol.57, pp.15-25.

4.2.7 Topic 7 Theories of International Reserves and Chinese Foreign Exchange Reserves.  The Related Reading and Discussion of Topic seven (please choose two or three of them):

1.     Ronald U. Mendoza (2004), “International Reserve-Holding in the Developing World: Self Insurance in A Crisis-Prone Era?”, Emerging Markets Review, Vol.5, Issue 1, pp.61-82.

2.     Avner Bar-Ilan, Dan Lederman (2007), “International Reserves and Monetary Policy”, Economics Letters, Vol.97, Issue 2, pp.170-178.

3.     Victoria Miller (2008), “Bank Runs, Foreign Exchange Reserves and Credibility: When Size Does Not Matter”, Journal of International Financial Markets, Institutions and Money, Vol.18, Issue 5, pp.557-565.

4.     Yuanlong Wang (2006), “Rethinking Fast Growth in China’s Foreign Exchange Reserves”, China & World Economy, Vol.14, Issue 2, pp.56-66.

5.     Qiangbing Chen (2009), “Why China Should Invest Its Foreign Exchange Reserves in the Major US Banks”, China & World Economy, Vol.17, Issue 4, pp.1-17.

6.     Xiaoli Chen, Yin- Wong Cheung(2011), “Renminbi Going Global”, China & World Economy , Vol. 19, No. 2, 2011,pp.1-18.

7.     Yongnian Zheng, Jingtao Yi (2007), “China’s Rapid Accumulation of Foreign Exchange Reserves and Its Policy Implications”, China & World Economy, Vol.15, No.1, 2007, pp.14-25.

8.     Bonatti, L. and A. Fracasso (2013), “Hoarding of international reserves in China: Mercantilism, domestic consumption and US monetary policy”, Journal of International Money and Finance, Vol.32, pp.1044-1078.

9.     Schröder, M. (2017), “Mercantilism and China’s hunger for international reserves”, China Economic Review, Vol.42, pp.15–33.

10.  Jung, K. M. and J. H. Pyun (2016), “International reserves for emerging economies: A liquidity approach”, Journal of International Money and Finance, Vol.68, pp.230–257.

4.2.8 Topic 8 Foreign Exchange Control and RMB Internationalization

The Related Reading and Discussion of Topic eight (please choose two of them):

1.     Purba Mukerji (2009), “Ready for Capital Account Convertibility?”, Journal of International Money and Finance, Vol.28, Issue 6, pp.1006-1021

2.     Yasuhiro Maehara (1993), “The Internationalization of the Yen and Its Role as A Key Currency”, Journal of Asian Economics, Vol.4, Issue 1, pp.153-170.

3.     Prakash Kannan (2009), “On the Welfare Benefits of an International Currency”, European Economic Review, Vol.53, Issue 5, pp.588-606.

4.     Huang Fanzhang, Xu Zhong (2000), “Carrying Forward Financial Reform in China and Promoting Internationalization of Financial Supervision”, Journal of Asian Economics, Vol.11, Issue 1, pp.15-22.

5.     Ma Di (2009), “The Choice of RMB Exchange Rate and the Internationalization of RMB under the Financial Storm”, China’s Foreign Trade, No.3, pp.26-28.

6.     Wendy Dobson and Paul R. Masson (2009), “Will the Renminbi Become A World Currency?”, China Economic Review, Vol.20, Issue 1, pp.124-135.

7.     Chen-yuan Tung, Guo-chen Wang, Jason Yeh (2012), “Renminbi Internationalization: Progress, Prospect and Comparison”, China & World Economy, Vol.20, Issue 5, pp.63-82.

8.     Friedrich Wu, Rongfang Pan, Di Wang (2010), “Renminbi’s Potential to Become a Global Currency”, China & World Economy, Vol.18, Issue 1, pp.63-81.

9.     Zhang, M. and B. Zhang (2017), “The Boom and Bust of the RMB's Internationalization: A Perspective from Cross‐Border Arbitrage”, Asian Economic Policy Review, Vol.12, pp.237-253.

10. Chey, H. K.; Kim, G. Y. and Lee, D. H. (2019), “Which foreign states support the global use of the Chinese renminbi? The international political economy of currency internationalization”, The World Economy, Vol.42, Issue 8, pp.2403-2426.

V．Course Delivery

5.1 Teaching downloads

Lecture notes will be available for download to foreign and overseas exchange students. A password may be required to access these materials, if necessary.

Academic Homepage: http://fdjpkc.fudan.edu.cn/201914/main.htm, and go to 教学课件Downloads (Lecture Notes)

5.2 Lectures and tutorials

Lecture timetables of foreign and overseas exchange students are available online at

http://www.urp.fudan.edu.cn:78/epstar/app/fudan/frameSub.jsp?affairNO=035031

One 135-minute lecture weekly throughout Spring semester. Lectures will provide the basic contents in each topic and will form the foundation for further analysis. A teaching assistant will help every student with solving his/her questions.

VI．Teaching assessment

There is one compulsory closed exam related to Study on Chinese Finance Development at the end of the semester, which constitutes 70% of assessment. Another 30% is composed of the participation of foreign and overseas exchange students and actively article reviews.

Your grade will be evaluated based on the following criteria:

Participation                              15%

Article Reviews                         15%

Closed Exam                                70%

Total                                               100%

Students will be graded as follows:

A= Achievement excellent relative to the level necessary to meet course requirements.

B= Achievement significantly above the level necessary to meet course requirements.

C= Achievements meeting the basic course requirements.

D= Does not fully meet basic course requirements, but worthy of credit.

F= Performance failing to meet course requirements.

1.    Participation: Each student is expected to attend lectures, complete some readings each week, and significantly contribute to the seminar discussions. Participation in class discussions is an essential part.

2.    Article Reviews: you will submit one short article review related to your reading papers. This article review should produce a critical discussion of the literature, not just summarize the readings. You should address the main points in the readings but also present an argument focusing on particular issues (theoretical weaknesses, empirical problems, things that have been ignored, ways in which the argument could be improved, etc). In doing so, you need conduct some academic research by consulting those articles listed in each topic of the syllabus or other newest literature. The article review should be 7 double-spaced pages. It should be sent to professor and the teaching assistant (c/o the rest of the class) by e-mail before class. Prepare a 10-minute PPT presentation in the class.

◆ The article review should have references to at least 12 journal articles.

◆ The article review of seven A4 pages is due by May 13, 2020.

◆ Final closed exam is due by June 10, 2020. Exam time: 13:30-15:30. Classroom: Forthcoming.

Furthermore, foreign and overseas exchange students are reminded that plagiarism is a very serious academic offence and that they should refer back to their Student Handbook for confirmation of what it is and the penalties for committing it. Foreign and overseas exchange students are further reminded that they have signed a declaration acknowledging that they understand the nature of the offence and the attendant penalties.

VII．Course Schedule

**Teaching and Research Briefings：

In teachings, heuristic teaching mode in which students are the priority while the teacher is the supplement is always insisted on.

1. Main Achievements in Teachings

（1）Guobing Shen (2018), International Finance, 3rd (in Chinese), Beijing: Peking University Press, August 2018.

（2）Guobing Shen (2013), International Finance, 2nd (in Chinese), Beijing: Peking University Press, 2013. 2015 Excellent Textbook Prize from Shanghai Education Committee, May 2015.

（3）Editing “International Finance”, Peking University Press, 2008, Republished in 2013;

（4）Editing “International Finance”, Shanghai University of Finance & Economics        Press, 2004;

（5）The construction of the English courses “Introduction to Chinese Finance Development” for the exchange students between Fudan University and University of California and other foreign universities.

（6）The construction of the English course “Monographic Study on Chinese Finance” for foreign students of Chinese Economy EMA of Fudan University.

2. Internal and External Evaluations of Teaching Achievements

（1）In December 2012, won the title of “The Outstanding Teacher of the Undergraduate Teachings of 2012”.

（2）In June 2010, “The Course Construction of the Basic Principles and Practical Problems of International Finance” was awarded the 3^rd prize of “Teaching Achievement Award” of Fudan University.

（3）In November 2008, awarded “The Liberal Arts Research Achievement Award ” of Fuhua Teaching Scholarship of Fudan University;

（4）The “International Finance”, republished by Peking University Press and Shanghai University of Finance & Economics Press for several times, have sold thousands of copies, which received high praise and recognition from domestic peers, and is listed as textbook for undergraduate teaching and reference book for postgraduate entrance exam.

3. Research and Academic Visit

（1）Finishing four National Social Science Foundation Projects, two major project of the key research base of the Ministry of Education, one Shanghai social science foundation project, and Shanghai Pujiang Talent Program, and Shuguang Scholar Program Project.

（2）At present, hosting a major project of the key research base of the Ministry of Education.

（3）Having published seven monographs, edited five textbooks and published more than seventy academic papers.

（4）These academic works have won ten provincial level awards and other seven awards.

（5）Academic Visitor of Nottingham University during 2008-2009, and Academic Visitor of Oxford University during 2015-2016.