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International Finance

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Online Course Syllabus

International Economics and Finance

INSTRUCTOR: Michael A. Rinkus
OFFICE HOURS: By appointment.

PHONE (Cell): 313­268­0721call or text
This is an advanced course that focuses on the increased globalization of the world economy.
Students examine how multinational corporations mitigate risk from foreign exchange movement, political and sovereign risk, cross border payment repatriation, balance sheet risk as well as, international trade policies such as trade blocs, protectionism, international debtors, cultural preferences, dumping, central banks, demographics. Students will learn to identify the impact of the N11 and BRIC countries on global business strategies in addition to the impact of foreign exchange rates, balance of payments, multinational enterprises, and direct foreign investment. Financing techniques of multinational companies will be introduced and applied; also the impact of new global regulations such as the Basel agreements and their impact on the cost of cross border financing and the challenges presented by international monetary arrangements are also analyzed to increase the ability to successfully interact in the world.

ECN 503 or MBA 503

Title: International Finance
Author: Maurice D. Levi
Publisher: Routledge
Fifth Edition For ISBN information, click here to search the Walsh College bookstore. 1/14


Online Course Syllabus

The Wall Street Journal
For technical support and questions contact the Division of Online Learning at: or 248­823­1680.

Following this course, the student should be able to:
Demonstrate how the international monetary system works
Assess foreign exchange risk
Identify and calculate cross­border currency risk and explain how to mitigate it through various arbitrage techniques
Identify and assess balance sheet risk
Quantify profit opportunities
Define transaction, translation, and economic risk
Identify and demonstrate the various liquidity techniques used in the cross­ border marketplace to increase working capital Analyze and define political and sovereign risk and its impact on corporate global business

Lectures: Our lectures will be open to any and all discussion. We will strive for an open discussion where no idea will be dismissed. Video Lectures: There will be several supplemental video lectures during the course of the class.
Readings and Research: Read the textbook and do outside readings. I will be delighted to recommend appropriate subject matter readings.
Class Discussions: In any online component to this class, I will place a discussion board for that component where participation is important. You will have all week to drop in on discussions at any point and frequency is important.
If you have questions, ask in the discussion board any time. I am available in the discussion board, by email, or by phone. Discussions should be free flowing so ask if you have questions, debate issues, and question the professor. Through an open and free


Online Course Syllabus

discussion we learn.
Research Paper: A paper/analysis on subjects relating to the emerging markets or the international monetary system or other topics that you may review with your professor is a requirement for this class. ASSESSMENT GUIDELINES: HOMEWORK:
All assignments are due on the day of class of each week by 11:59 p.m. unless otherwise stated. For online weeks, that would be on Monday evening. Homework is to be submitted to your student folder inside the course. The purpose is to reinforce the learning process in the text and lecture. PRACTICE ACTIVITIES & EXAMS:
There will be TWO tests and this semester. The tests are cumulative.
All tests whether they are on line, blended, or on­ground online classes will be open­book and open­notes. I recommend that you prepare for my test like you would for any other class. That is, prepare for the exam as though the test is to be closed­book and closed­notes. If I tell you in the lecture to memorize a formula, you really need to. You won't have time to look things up or learn as you go while taking an online test.
During the week of the exams, the exams will be available from 6:00 p.m. Monday until
11:59 p.m. on the following Monday for any online tests.
Exam Policy
All online quizzes and exams should be started before 7:00 p.m. on the Monday that they are due. Doing so will allow you to finish the quiz or exam in plenty of time before the 11:59 p.m. deadline­­even if you experience technical problems.
Please note that there will be no make­up quizzes or exams in this course. (See MAKE­UP
POLICY below.)
If you start your quiz or exam before 7:00 p.m. (by 6:59 p.m.) on the Monday it is due and you lose your quiz or exam while you are taking it due to some technical failure, the procedure for dealing with the situation is as follows: 3/14


Online Course Syllabus

1. Immediately send me an e­mail or text or call advising me of the problem. This creates a time­stamped record showing when you reported the issue.
2. Call my phone at (313)­268­0721. If I do not answer, leave a voicemail message advising me of the problem.
3. Make every effort to go back into the online course system and finish the quiz or exam
(Switch PCs or locations if necessary.)
4. I will investigate the situation and determine how to proceed.
However, if you start your quiz or exam and it is online, at 7:00 p.m. or after on the day it is due and you lose your quiz or exam while you are taking it due to some technical failure, the quiz or exam will be forfeited. RESEARCH PAPER:
There will be a research paper due Monday of week 10. A paper/analysis on subjects relating to the emerging markets, the international monetary system, or global trade and financing is a requirement for this class. The paper will be 14­16 pages in length, double spaced, size twelve font, APA style with sources credited at the back of the paper ( 14 pages without the title page and table of contents). The instructor must approve all topics.
The topics/issues will be those comprising what is considered to be either large emerging markets, or other countries or issues/investments confronting corporate risk and globalization
(capital adequacy, free vs. fixed currency systems, nationalization of natural resources, foreign direct investments, etc.). A 15 minute high level presentation on your findings on your research will take place in week ten.
Other topics might be:
Condition of central banking system, trade flows, manufacturing base, growth, risk issues etc.
The modern history and performance of the dollar, its impact on global commerce, and where will it go from here?
The Basel agreements, impact on global business.
Risk and Global Business.
The Chinese Yuan, where will it go? Does it impact global trade? Why or why not?
History of the Continuos Linked System, why was it created, how is it working, what are the current volume flows
Impact of Sustainability/Corporate Social Responsibility efforts on lending and enablement of corporations These are just a few research paper suggestions.
Please refer to the Research Paper section below for detailed requirements. 4/14


Online Course Syllabus

SOP (Statement of Purpose) is a simple one or two sentence statement indicating the topic of your research paper. I will approve and make suggestions if appropriate
Outline: A page or two indicating the next step in your research paper (a table of contents with references) Research Paper Rubric
"A" Paper

"B" Paper

"C" Paper

"F" Paper


Complies fully with the assignment. Information clearly and effectively supports a central purpose or thesis and displays a thoughtful, in­ depth analysis of a sufficiently limited topic.
The reader gains insights.

Complies in a competent manner with the assignment.
provides firm support for a central purpose or thesis and displays evidence of a basic analysis of a sufficiently limited topic.
The paper demonstrates overall competency. It shows some genuine engagement with issues at hand. Complies adequately with the assignment.
supports the thesis at times.
Analysis is basic or general. The purpose is not always clear.
The paper completes (rather than engages in) the assignment. Does not adequately comply with the assignment. The paper does not successfully identify the thesis. Analysis is vague or not evident. Approach

Is directed towards and meets the needs of a defined audience (is persuasive, informational, or argumentative).

Is somewhat directed towards and mostly meets the needs of a defined audience (is somewhat persuasive, argumentative or informational). Presents an unclear (persuasive, informational, or argumentative) rhetorical position. Has no rhetorical position.




Online Course Syllabus


Begins, flows, and ends effectively. The introduction, body, and conclusion of the paper are sound. Begins, flows, and ends satisfactorily. The introduction, body, and conclusion of the paper are adequate. Has partial or inadequate introduction, body, and/or conclusion. Has an inadequate introduction, body, and/or conclusion. Content

Provides compelling supporting arguments, evidence, examples, and details. The use of supporting detail is embedded in the context of the discussion.

Provides adequate supporting arguments, evidence, examples, and details.
The use of supporting detail is embedded in the context of the discussion.

Provides poor supporting arguments, evidence, examples, and/or details.

Does not provide adequate supporting arguments, evidence, examples, and/or details.
may "string together" quotations without regard for the context of the discussion. Organization Is well­ organized and unified with ideas and sentences that relate to the main topic. The ideas are arranged logically to support the thesis. Is mostly well­ organized and unified with sentences that relate to the main topic. The ideas are mostly arranged logically to support the thesis. Is not arranged logically. Ideas fail to make sense and are not expressed clearly. The reader can figure out what the writer probably intends, but may not be motivated to do so. Is not arranged logically. Frequently, ideas fail to make sense and are not expressed clearly. The reader cannot identify a line of reasoning. Composition

Is comprised of well­ phrased sentences which are varied in length and structure. Contains some awkwardly constructed sentences which present an occasional distraction for the reader.

Contains frequent errors in sentence structure which present a major distraction to the reader.
Paragraphs are

Uses appropriate, direct language and the writing is compelling; the sentences are well­ phrased and



Online Course Syllabus

varied in length and structure.
Paragraphs are well­structured, use of headings is excellent, and the paper shows strong organization. There are occasional violations in the writing but they don't present a major distraction or obscure the meaning. Paragraphs are well­ structured, use of headings is good, and the paper shows general organization and flow.

Paragraphs are unstructured, headings are missing, and general organization and flow are lacking. unstructured, headings are missing, and the paper lacks general organization and flow.


Correctly acknowledges and documents all sources in
APA style (e.g., in­text citations, works cited, pages, etc.).

Correctly acknowledges and documents most sources in APA style
(e.g., in­text citations, works cited, pages, etc.).

Incorrectly or partially acknowledges and documents sources in APA style (e.g., in­ text citations, works cited, pages, etc.).
occasional references are provided, the writer relies on unsubstantiated statements.
The reader is confused about the source of ideas. Does not acknowledge or documents sources in APA style (e.g., in­ text citations, works cited, pages, etc.).
The reader has no idea of the source of ideas.


Is free of errors in grammar, punctuation, word choice, spelling, and format. Contains minimal errors in grammar, punctuation, word choice, spelling, and format. Contains numerous errors in grammar, punctuation, word choice, spelling, and format which are distracting

Contains numerous errors in grammar, punctuation, word choice, spelling, and format which obscure the



Online Course Syllabus

to the reader.



meaning of the passage. The reader is confused and stops reading.

Maintains a level of excellence throughout and shows originality and creativity in realizing the previously listed criteria.

Maintains good quality throughout and shows some originality and creativity in realizing the previously listed criteria.

Maintains poor quality throughout and shows little originality and creativity in realizing the previously listed criteria.

Maintains substandard quality throughout and shows no originality or creativity in realizing the previously listed criteria. "A" Paper

"B" Paper

"C" Paper

"F" Paper

Students will be required to participate and interact with one another during the semester on the course discussion boards. You will also be required to create at least ONE original reply to the discussion topic and respond to at least TWO of your classmates for each discussion.
Discussion credit will be determined based not only on quantity, but quality of your involvement.
Early posting in the discussion board will ensure you receive replies from fellow students.
Interaction is more important than just replying with short sentence answers in the discussion board. Agree, disagree, and ask a question, just as you would in class in an on­ground setting. I value dialogue as an important part of the learning experience and certainly look forward to any debate I might have with you.
Discussion Board Rubric






Posts consist of original thoughts not already contained in the threaded discussion Some original thoughts/some repeat of what has already been listed in the threaded discussion Few original thoughts, primarily a summary of other discussion posts Lacks original input, is merely an echo of other discussion posts Responses are thought Responses are on topic,

Responses are somewhat on

No response or merely "I



Online Course Syllabus

provoking, supported well, clearly and add to the supported, and discussion further build the discussion Content

topic and/or weakly supported; nothing new contributed to discussion agree" or "I disagree" Posts are written clearly with strong connection to content Posts contain comments that are written well and have a good connection to content Posts contain comments that are not clear and only somewhat connected to content Post is off topic/poorly written

Cited good examples/ideas from the
Internet and/or did not include reference URLs

Cited weak
No examples examples/ideas or ideas cited from the
Internet and/or did not include reference URLs

References Cited clear examples/ideas from the
Internet and included URLs to referenced information MAKE­UP POLICY:

There will be no make­up quizzes or exams.



Your performance in this course will be assessed as follows:
Class Discussions (10
@ 6 pts; 1 @ 5 pts.)
Research Paper


Statement of Purpose 930 and above
900 ­ 929
870 ­ 899
830 ­ 869
800 ­ 829
770 ­ 799

= A
= A­
= B+
= B
= B­
= C+

730 ­ 769
700 ­ 729

= C
= C­


Online Course Syllabus



Outline for Paper
Homework (5 @ 8 pts;
1 @ 5 pt)
Final Exam

670 ­ 699
630 ­ 669
600 ­ 629 below 600


= D+
= D
= D­
= F




Syllabus opens

Read Syllabus
Discussion 1 ­

Introduction ­ First

Chapter 1 Introduction International
Monetary System
Chapter 22 International Banking

Read chapters 1,2,3
Chapter 1: P. 22/23
Assignment Pro. 3, 4

Chapter 22 P. 519
Assignment Pro.
Discussion 2

Chapter 1 assignment from last week due today
Discussion 2

Chapter 2 Foreign
Exchange System

Chapter 2 P. 55/56
Assignment Pro. 1,
Discussion 3

Assignments from last week
Discussion 3

Chapter 3 Forward
Markets, hedging and risk Chapter 15

Chapter 3 P. 73
Pros. 1, 2, 5, 6, 7
Chapter 15 P. 358
Pro. 3, 4, 5, SOP due next week
Discussion 4

Chapter 4
Chapter 5

Chapter 4 P. 93 Pros.
1, 2, 6, 8, 11, 12
Chapter 5 P. 111
Pros. 9, 10, 11, 12,
13, 14
Discussion 5






Chapter 3 and 15 homework due
SOP Due today, A simple two sentence description of what your topic will be for



Online Course Syllabus

your paper. Please email to the SOP folder. I will review and give suggestions if appropriate.
Discussion 4

Discussion 5
Chapter 4 and 5
On­Ground Lecture
Test will be Online
Exam opens5/02



Chapter 20
Political and
Sovereign Risk
Reading Handouts

Chapter 20 P. 473
Pro. 2,6,7,8

Chapter 20 homework 6

Chapter 11 P. 262
3,5,6,11, 13, 16
Discussion 6

Exam Closes
Chapter 11
Outline due today
Discussion 6


Chapter 11

Chapter 17

Chapter 17 P. 399
Review Questions: 1 thru 5


Chapter 17 homework Chapter 23 P.539
Probs. 1 thru 12

Discussion 9


Chapter 23
International Trade
Financing Techniques

Chapter 23 continuation Working
Capital Management

Finish Your Paper!
Don't Start It!

Research Paper due
Today 6/06
Discussion 10

Money Laundering and balance sheet risk Study For Final


Final Exam opens
6/08 and is due today 6/13

Note: The instructor reserves the right to modify syllabus information if necessary. Students will be notified of any changes to the syllabus. 11/14


Online Course Syllabus

Please click this link to view key semester dates, including add/drop dates and the last day to withdraw from the course.

The Walsh College Success Center, located in Room 123 of the Troy Campus, is a valuable resource for students to:
Improve writing skills, with coaching and resources available on site.
Enhance public speaking skills, with dedicated space for practicing and recording individual and team presentations (especially ideal for online class presentation requirements). Throughout the semester, look for flyers and emails about special events coordinated with
Career Services, Student Life, business leaders, and outside consultants for networking and enhancing one's executive presence.

The following Tutoring Services are available to all Walsh students free of charge:
Richard E. Pearson Student Success Tutoring Labs for accounting, communications
(writing and oral presentation), finance, and quantitative methods
Student Success Tutoring Lab English Language Enhancement (ESL and English skill­ building support)
Arthur Strunk Accounting Workshops and Accounting Lab Reviews
Individual and Group Tutoring available for students on campus and online (5 hours of free tutoring per semester)
To learn more:

Walsh College students are expected to conduct themselves in a manner that is conducive to continued growth toward a business and/or professional career. Each student is expected to access classes regularly and to be fully prepared. All students are expected to act professionally and with a high degree of ethical conduct while applying themselves fully to the job of learning. All communications are expected to be conducted in a professional manner, whether written or oral. It is the student's obligation to know and observe all college policies and procedures and to keep current by reading the materials posted on bulletin boards and/or printed in publications of Walsh College. 12/14


Online Course Syllabus

Walsh College works to ensure that its graduates are able to add value to the business community and to become successful professionals and leaders. One way to deliver that value is to embed the knowledge, skills, abilities, and behaviors the College has identified as Core
Competencies into the coursework of every degree. The three Walsh College Core
Competencies are: Communication Skills, Problem Solving Skills, and Mastery of a Business
Discipline. A selection of core competencies are chosen on an annual basis for assessment and a variety of measures are used collectively to assess student achievement. These measures include standardized tests; student, alumni, and employer surveys; and course embedded assignments.

Conduct deemed appropriate for students at Walsh College is that which the faculty and administration consider most conducive for proper academic achievements. If any member of the faculty, administration or student body considers a student's conduct inappropriate for the
Walsh College environment, that person must report it to the Chief Academic Officer.
Plagiarism, unauthorized collusion on examinations, theft, sale, purchase or other unauthorized procurement of examinations, use of unauthorized aids while taking an examination, having someone else take an exam in your place or submitting for credit any paper not written by student, taking an exam for another student, copying of "do not copy" designated library materials, copying copyrighted software and destruction of equipment by introducing a computer virus, and other similar actions are considered to be academic misconduct and unacceptable for students enrolled at Walsh College. Any of these acts may result in the immediate expulsion of the student and will be so noted on a student's transcript. The misconduct related to academic matters will be reported to the faculty chair of the academic program. If the issue is not resolved with the involvement of the faculty chair, the incident will be reported in writing to the Chief Academic Officer. The Chief Academic Officer may take such actions as issuing a failing grade, ordering academic withdrawal from the course, redoing a paper or exam or recommending to the President or his designee, administrative dismissal or other appropriate disciplinary action.
The Chief Academic Officer, or his designee, shall have the final authority with regard to disciplinary action to be taken which may range from a warning to suspension and/or dismissal from college. Any student issued a grade for misconduct may not at any time withdraw from the course. A student receiving an administratively directed grade as disciplinary action resulting from misconduct may not seek financial relief or withdraw from the course at any time.

The Walsh academic community will maintain the highest ethical standards in our quest for academic excellence. We will not lie, cheat, steal, or claim credit for the ideas and work of others. We commit to respecting the intellectual property of others and will always acknowledge the authorship of intellectual property in all forms. 13/14


Online Course Syllabus

The Family Educational Rights and Privacy Act (FERPA) requires institutions to protect and secure all student education records, including electronic records. This includes e­mails between a student and an instructor related to the student's course work. Therefore, all communication related to a student's course work must be sent from one of the student's official
Walsh College e­mail accounts to an instructor's official Walsh College e­mail account (either or ­ that is, in the Walsh College Portal or in the student's Walsh College online course. The instructor will provide you with his/her correct e­ mail account for this course.
If an e­mail relating to a student's course work is sent from a non­Walsh College e­mail account, the instructor will respond only to the student's appropriate Walsh College e­mail account. Students are responsible for checking their Walsh College e­mail account regularly to ensure that it does not become full and result in undeliverable messages.


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...International Finance: A Course Overview Mihir A. Desai* Harvard University and NBER ABSTRACT This paper describes the International Finance course at Harvard Business School for instructors considering adopting the associated material. The paper begins by arguing that the forces of globalization have fundamentally changed the scope and activities of firms thereby altering the practice of finance within these firms. As a consequence of an increasing reliance on tightly-integrated foreign operations, a parallel world of finance has been opened within every multinational firm and this world has, heretofore, been overlooked. The course materials are designed to address the many aspects of financial decision making within global firms prompted by these changes that are not addressed in traditional materials. The paper provides an overview of the structure of the course and its seven modules with particular emphasis on the three modules that constitute the core of the course. The paper also describes an analytical framework that has been developed through the creation of the course materials to guide critical financial decisions on financing, investment, risk management and incentive management within a multinational firm. This framework emphasizes the need to reconcile conflicting forces in order for multinational firms to gain competitive advantage from their internal capital markets. The paper concludes with a discussion of the course's pedagogical approach and detailed......

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...International Finance Assignment 1 Nine Dragon Paper NDP case study By: Ehab M. Helmy Marina Emad Supervised By: Dr. Abir Zein How Mrs. Cheung does think? What does she believes in when it comes to building her business? She always thinks ahead and has a strong long-term vision of where her company should be. She has strong industry knowledge and so much enthusiasm for her work. This is the quality that good management must have. She wants to make NDP a 100 years old business, not only a lifelong career for her but a business lasts for generations. (The answer was taken from a research on Mrs. Cheung business history) How would you summarize the company’s financial status? How does it reflect the business development goals and strategies employed by Mrs. Cheung? While trying to analyze a company’s financial status, we have to take a look on three main statements: Balance sheet statement – Cash flow statement – Income statement | | 2011 | 2012 | 2013 | Rate of Change | | Liquidity Ratio | Current Ratio | 1.312961 | 1.014966 | 1.277426 | -3% | Ability of the firm to pay its short term obligations | | Quick Ratio | 0.993251 | 0.71159 | 1.0084 | 2% | | | Returns |   | -0.22696 | 0.258589 |   | | | | | | | | | Assets Management Ratios | Inv. Turn Over | 9.53362 | 6.475214 | 7.604922 | -20% | Utilization of the firm's Assets | | Days of sales outstanding DSO | 75.68459 | 68.40927 | 94.96364 | 25% | | | Fixed Assets......

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International Finance

...International Finance Research Paper Assignment As part of the course you will write an original paper on an international finance topic. The paper should be short and focused. It should use original data nad if it should include proper references. Your paper should have four parts: introduction, data, analysis, and conclusion. The introduction should state the question that you are asking, explain why this question is important, how you plan to answer the question, and how it is related to what others have done. The data section should describe the data that you are using. This may include the description and discussion of the data source, variables that you are using and a table with descriptive statistics. The analysis may consist of a series of graphs, tables, correlations and perhaps even a regression. The conclusion should summarize the results, state their implications, and suggests further research. Your project should not exceed 20 pages You can choose any of the following topic 1. What determines exchange rates? A study on exchange rtaes of Bangladesh 2. Exchange rate risk managemnt by MNcs (you must answer the following two questions a. What are the types of exchange rate risks faced by the MNCs? b. Understand the attempt for the use of foreign exchange derivatives (exchange rate risk management approaches) that can benefits the MNCs. c. How Bangladeshi companies manage exchange rate risk. 3. Is the......

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International Finance

... MFI 442 International Finance-Individual Assignments II Name Institution MFI 442 International Finance-Individual Assignments II Over the years, global businesses are increasing rapidly because most countries are attractive and have lucrative policies that attract foreign direct investments (FDIs). Foreign direct investments are simply business entities operated by a corporation in one country (the home country) but with subsidiaries in the foreign markets (the host countries) (Agarwal, 2009).A perfect example for FDIs is Multinational Corporations (MNCs) which have their parent company located in their home country but with subsidiaries in foreign markets. In most cases, FDIs are operated through joint ventures, franchises or mergers where the parent company of the MNC acquires other businesses in overseas markets (Chaurasia, 2008). The objective of this assignment, therefore, is to discuss and explain further the operations of MNCs and issues surrounding these corporations. Hedging Transaction Exposure Four of the Hedging Techniques Available To MNCs Hedging simply means minimizing or mitigating the effect of the exchange rate exposure. This risk is of three types namely, translation exposure, economic exposure and transaction exposure (Luo, 2001). A transaction exposure is a form of foreign exchange risk which results to loss or gains when operations are carried out or denominated in foreign currency (Hill, 2005). It is a short-term exposure that......

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International Finance

... MFI 442 International Finance-Individual Assignments I Name Institution MFI 442 International Finance-Individual Assignments I Most corporations expand beyond their local boundaries to become multinationals. There are myriad reasons behind this (Wells & Wint, 2000). The biggest of all these reasons is to gain access to international markets and perhaps invest in economic zones that have high investment returns as compared to home countries (Fu, 2000). The trend of globalization has made most firms become multinational corporations. The most common method for MNCs is through franchises (Jones, 2005). In line with this, economists have put up theories explaining why businesses expand beyond their national boundaries (Hicks, 2000). My primary objective in this paper, therefore, is to discuss international finance and other macroeconomics policies. To foresee this goal, I will delve into foreign exchange market and operations of multinational corporations (MNCs). Theories Explaining Why Corporations Expand to become Multinationals a). Financial economists have brought forward three key arguments that enumerate why companies expand their operations to global markets. These theories are; the imperfect markets theory, the comparative advantage theory and the product cycle theory (Levi, 2004). i).The Comparative Advantage Theory This theory is among the most important concepts in international trade. It states that economic welfare increases when countries......

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International Finance

...International Finance May 10, 2015 U.S International Debt Please look at the International part of the U.S. Government debt and discuss, 1) why the country has had to rely on International lenders, 2) why the situation with the International lenders may have caused the U.S. Federal Reserve System to initiate Quantitative Easing, and 3) give your opinion of the possible future state of the U.S. economy as it relies on International lenders. This future state should cover government issues, corporate issues, and individual issues. The history of international lending to developing countries shows surges of lending and recurrent financial crisis. Consequently, international lenders have proved to be very important entities during financial crisis. In my personal opinion the United States government has had to rely on international lenders to enable higher spending without having to increase taxes and to meet the debt that the government has created during the past several decades looking forward to recover and stabilize the economy. From the beginning of the early 1990s, the United States has borrowed heavily and continuously money from international lenders and from its trading partners due to the crisis that the United States economy has been experiencing since the recession. Developing countries can be at a disadvantage when it comes to borrowing funds from international lenders. From my point of view, problems can arise when governments do not have the knowledge and......

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