UNIVERSIDADE FEDERAL DO RIO GRANDE DO SUL FACULDADE DE CINCIAS ECONMICAS PROGRAMA DE PS-GRADUAO EM ECONOMIA REA ECONOMIA DO DESENVOLVIMENTO Disciplina:

ECOP 75 - Finanas Internacionais Perodo Letivo: 2012 TerceiroTrimestre Professor Responsvel: Dr. Andr Moreira Cunha Nmero de crditos e carga horria: 3 crditos e 45 h/a I. Ementa: Evoluo do sistema financeiro internacional entre os sculos XIX e XXI. Instituies, mercados e instrumentos financeiros internacionais. Regimes Cambiais e Gesto Macroeconmica. Impactos macroeconmicos dos movimentos de capitais. II. Objetivo: Compreender os aspectos tericos, institucionais e empricos associados evoluo do sistema financeiro internacional. III. Sistema de avaliao: A avaliao ser composta de realizao de seminrios (50% da nota) e trabalhos individuais (50% da nota). IV. Contedo 1. O Sistema Financeiro Internacional: aspectos tericos e evidncias empricas Bibliografia Bsica: Carneiro (2010), Cohen (2012a), Obstfeld (2008), Cecchetti e Kharroubi (2012), CarrickHagenbarth e Epstein (2012) Bibliografia Complementar: Cohen (2009a, 2009b), Minsky (1991), Thirlwall (2003, cap. 17), Obstfeld & Taylor (2004, caps. 1-3), Harvey (2003), Rochon (2003), Mishkin (2006, cap. 3, 2009b), Kregel (2007), Mishkin (2009). 2. O Sistema do Padro Ouro Internacional: origem e desenvolvimento Bibliografia Bsica: Eichengreen (1996, Introduo e caps 2); Block (Introduo e captulo II); Isard (2005, cap. 2), Polanyi (1944, caps 1-2) Bibliografia Complementar: Bordo (1993b), Isard (2005, cap.1), Bordo & Kydland (1987) 3. A Ruptura da Ordem Liberal: instabilidade e crises no entre guerras Bibliografia Bsica: Eichengreen (1996, cap. 3), Block (cap. II) Kindleberger (1983, Introduo e cap. 14); Isard (2005, cap. 2), Polanyi (1944, caps 1-2), Hobsbawm (1995, caps. 3-4) Bibliografia Complementar: Eichengreen (1985, 1987, 1989), Obstfeld et al. (2004) 4. Impactos da Crise Financeira na Teoria Econmica: algumas interpretaes Bibliografia Bsica: Fisher (1933), Bernanke (1983, 1995), Minsky (1982, Introduo e caps 1 e 2) Bibliografia Complementar: Minsky (1991) 5. O Sistema Bretton Woods: a tentativa de regulao das finanas internacionais Bibliografia Bsica: Eichengreen (1996, cap. 4), Block (captulo III e IV), De Cecco (1979); Isard (2005, cap. 2), Boughton (2002) Bibliografia Complementar: Keynes (1943, 1944); Bordo (1993); Strange (1998, Introduo); Helleiner (1994, caps. 2-3); Boughton (1997, 2006); Bordo (1993b) 6. Globalizao Financeira
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Bibliografia Bsica: World Bank (2005, cap. 7), Isard (2005, cap. 2, 4 e 5), Stallings & Studart (2005, cap.2), Prasad et al. (2003), Mishkin (2006, cap. 4), Reinhart e Reinhart (2008). Bibliografia Complementar: Davidson (2002, cap.1); Solomon (2002, caps 1-2 e 5); Eatwell & Taylor (1999, cap. 2); Strange (1998, Introduo), Eichengreen (1996, cap. 5), World Bank (2000, cap.6), Kose et al. (2006). 7. A Nova Ordem Internacional: Desequilbrios Globais e Crises Financeiras Bibliografia Bsica: Bibow (2010a, 2010b, 2012), Fitoussi e Stiglitz (2011), Ferguson e Schularick (2007), Unctad (2007, 2008), BIS (2007, 2008), Dooley et al. (2005, 2009), Roubini & Setser (2005), Eichengreen (2006), Eichengreen & Park (2006), Palley (2006), Bijian (2005), Wang (2006), Trinh, Voss e Dick (2006), World Bank (2007). Bibliografia Complementar: Unctad (2006, cap. 1), Goldstein (2005), Papadimitriou et al. (2005), Bernanke (2005), Eichengreen (2004), Papadimitriou et al. (2006), Cooper (2005), Hausmann & Sturzenegger (2006), rasad & Wei (2005), Prasad & Ranjan (2006), Woo (2005), Bijian (2005), Mahbubani (2005), Zweing & Jianhai (2005), IMF (2006, cap. 3), Finance and Development (2007). 8. Globalizao Financeira, Instabilidade e as Economias Emergentes Bibliografia Bsica: BIS (2012), Griffith-Jones e Ocampo (2011), Hausmann e Panizza (2011), Fitoussi e Stiglitz (2011), Blanchard, Dell'Ariccia e Mauro (2010), Ostry et al. (2010), Eichengreen (2009b), CGFS (2009), BIS (2008b), Kregel (2008), Unctad (2007, cap. V; 2008), Caballero, Caldern, Cspedes (2006), BIS (2007, cap. III; 2008, 2009, 2010), BIS (2006), Mishkin e Schmidt-Hebbel (2007), Morgan Stanley (2007), Farrell e Lund (2007), Toloui (2007). Bibliografia Complementar: Hanson (2005), Stallings & Studart (2005, cap.2), Truman & Wong (2006), Unctad (2006, cap. 1), Isard (2005, cap. 7 e 8), Mohanty & Turner (2006), Cowen et al. (2006), Eichengreen (2006c), Rana (2006), Plummer (2006). 9. A Crise Financeira Global e Seus Desdobramentos Bibliografia Bsica: BIS (2012), Wray (2012), Bibow (2012) World Bank (2010, caps 2 e 3), Kregel (2010), Fitoussi e Stiglitz (2011), Almunia et al. (2009), Reinhart e Rogoff (2008), Bordo (2008), Taylor (2009) Bibliografia Complementar: Eichengreen (2008, 2009), Wray (2009, 2010), Wray e Tymoigne (2008), Kregel (2008, 2008b, Dooley (2008), Levy Economics Institute (2008), Global Financial Stability Report, Finance and Development, IMF World Economic Outlook. 10. A Contestao do Dlar e a Ascenso da China Bibliografia Bsica: Eichengreen (2009a, 2011), Felipe et al. (2010), Cohen (2009a, 2009b, 2012), Breslin (2011), Ikenberry (2011), Nye (2010), Subramanian (2011), Kregel (2010b), McKinnon (2010), Helleiner (2008). Bibliografia Complementar: Eichengreen e Flandreau (2010), Flandreau e Jobst (2009), Ferguson e Schularick (2007), Unctad (2007, 2008, 2009 e 2010), BIS (2007, 2008, 2009 e 2010), Dooley et al. (2005, 2009), Roubini & Setser (2005), Bijian (2005), Wang (2006), Trinh, Voss e Dick (2006).

V. Planejamento de Aula Aula 1 2 3 4 5 6 7 8 9 10 11 Apresentao e Tpico 1 Tpico 1 Tpico 2 (Resenha 1) Tpico 3 (Resenha 2) Tpico 4 (Resenha 3) Tpico 5 (Resenha 4) Tpico 6 Seminrio Tpico 7 (Resenha 5) Seminrio Tpico 8 (Resenha 6) Seminrio Tpico 9 (Resenha 7) Seminrio Tpico 10 (Resenha 8) Atividade

VI. Resenhas e Seminrios Resenha 1: Polanyi (1944, caps 1-2) Resenha 2: Block (cap. II) Resenha 3: Fisher (1933) e Bernanke (1983) Resenha 4: Boughton (2002) Textos Bsicos dos Seminrios (para elaborao de resenha e pergunta) Resenha 5 (Seminrio 7): Bibow (2010) Resenha 6 (Seminrio 8): Griffith-Jones e Ocampo (2011 Resenha 7 (Seminrio 9): Eichengreen (2009) Resenha 8 (Seminrio 10): Eichengreen (2009a) e Cohen (2012) VII. Bibliografia Bsica ALMUNIA, M., BNTRIX, A. S., EICHENGREEN, B., OROURKE, C. H., RUA, G. From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons, 2009 (www.econ.berkeley.edu/.../great_dep_great_cred_11-09.pdf) BERNANKE, B. Nonmonetary effects of the financial crisis in the propagation of the Great Depression. American Economic Review 73 (3): 257276, 1983. BERNANKE, B. The Macroeconomics of the Great Depression: a comparative approach. Journal of Money, Credit and Banking, v. 27, n.1, 1995. BIBOW, J. Bretton Woods II Is Dead, Long Live to Bretton Woods III Working Paper No. 597, May. New York: Levy Economics Institute of Bard College, 2010b.
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BIBOW, J. The Euro Debt Crisis and Germanys Euro TrilemmaWorking Paper No. 721. New York: Levy Economics Institute of Bard College, 2012. BIBOW, J. The Global Crisis and the Future of the Dollar: Toward Bretton Woods III? Working Paper No. 584. New York: Levy Economics Institute of Bard College, 2010a. BIJIAN, Z. Chinas Peaceful Rise to Great Power Status. Foreign Affairs, v, 84, n. 5. New York: Council of Foreign Relations, 2005. BIS (2006). Financial Globalisation. BIS Papers n. 32, December. Basle, Bank for International Settlements. BIS. 77th Annual Report. Basle: Bank for International Settlements, 2007 (www.bis.org). BIS. 78th Annual Report. Basle: Bank for International Settlements, 2008 (www.bis.org). BIS. 79th Annual Report. Basle: Bank for International Settlements, 2009 (www.bis.org). BIS. 80th Annual Report. Basle: Bank for International Settlements, 2010 (www.bis.org). BIS. 82ndh Annual Report. Basle: Bank for International Settlements, 2012 (www.bis.org). BIS. Financial Globalisation and Emerging Market Capital Flows, BIS Papers No 44, December, 2008b. (www.bis.org) BLANCHARD et al. (eds). In the Wake of the Crisis: Leading Economists Reassess Economic Policy. The MIT Press, 2012. BLANCHARD, O. J., DELL'ARICCIA, G., MAURO, P. Rethinking Macroeconomic Policy. Staff Position Note No. 2010/03. Washington, DC: International Monetary Fund, 2010. BLOCK, F. L. The Origins of International Economic Disorder, 1977. (Las Orgenes del Desorden Econmico Internacional, Fondo de Cultura, Mxico, 1980). BORDO, M. An Historical Perspective on the Crisis of 2007-2008, December, NBER Working Paper No 14.569. Cambridge, Mass.: National Bureau of Economic Research, 2008. BORDO, M. Historical Perspective on Global Imbalances. NBER Working Paper No. 11.383. Cambridge, Mass.: National Bureau of Economic Research, 2005. BORDO, M. The Bretton Woods International Monetary System: an historical overview. NBER Working Paper No. 4033, march. Cambridge, Mass.: National Bureau of Economic Research, 1993. BORDO, M. The Gold Standard, Bretton Woods and other Monetary Regimes: an historical appraisal. NBER Working Paper No. 4310. Cambridge, Mass.: National Bureau of Economic Research, 1993b. BORDO, M.D., KYDLAND, F.E. (1987). The Gold Standard as a Rule. NBER Working Paper 3367. Cambridge, Mass.: National Bureau of Economic Research. Disponvel em: www.nber.org. BOUGHTON, J.M. American in the Shadows: Harry Dexter White and the design of the International Monetary Fund. IMF Working Paper, 06/6. Washington: International Monetary Fund, 2006. BOUGHTON, J.M. From Suez to Tequila - The IMF as Crisis Manager. IMF Working Paper, 97/90. Washington: International Monetary Fund, 1997. BOUGHTON, J.M. Why White, Not Keynes? Inventing the Postwar International Monetary System. IMF Working Paper, 02/52. Washington: International Monetary Fund, 2002. BRESLIN, S. 2011. The China Model and the Global Crisis. International Affairs, Volume 87, Number 6, November, p. 1323-1343, November. CABALLERO, R. J., CALDERN, C., CSPEDES, L. F. External Vulnerability and Preventive Policies, Serie de Libros Banca Central, X. Santiago de Chile: Banco Central de Chile, 2006. CARNEIRO, R. O Dlar e seus Rivais. Observatrio da Economia Global, Textos Avulsos no. 1 Abril, 2010. (http://www.iececon.net/arquivos/O_dolar_e_seus_rivais.pdf).
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CARRICK-HAGENBARTH, J., Epstein, G. A. Dangerous interconnectedness: economists conflicts of interest, ideology and financial crisis. Cambridge Journal of Economics 2012, 36, 4363. CECCHETTI, S. G., KHARROUBI, E. Reassessing the impact of finance on growth. Working Papers No 381, July. Basle: Bank for International Settlements, 2012. CEPAL. Desarrollo Productivo en Economas Abiertas. Santiago, Chile: Comissin para America Latina y Caribe, 2004. CEPAL. Growth with Stability: financing for development in the new international context. Santiago, Chile: Comissin Econmica para America Latina y Caribe, 2002. CGFS. Capital Flows and Emerging Markets Economy, CGFS Papers, n. 33 January. Basel: Commission on Global Financial System (http://www.bis.org/publ/cgfs33.pdf?noframes=1) COHEN, B. Currency and State (http://www.polsci.ucsb.edu/faculty/cohen/working/index.html) Power, November 2009b.

COHEN, B. J. The Benefits and Costs of an International Currency: Getting the Calculus Right. Open Econ Rev (2012) 23:13-31, 2012a. COHEN, B. J., The Yuans Long March: can an international currency be manufactured? January, 2012b. (http://www.polsci.ucsb.edu/faculty/cohen/working/index.html) COHEN, B. Toward a Leaderless Currency World. In Eric Helleiner and Jonathan Kirshner (eds.), The Future of the Dollar, Cornell University Press, 2009a. (http://www.polsci.ucsb.edu/faculty/cohen/recent/index.html) COOPER, R. Living with Global Imbalances: a contrarian view. Policy Brief, 05-3.Washington, DC: Institute for International Economics, 2005. DAVIDSON, P. (2002). Financial Markets, Money and the Real World. Northampton, Ma: Edward Elgar. DE CECCO, M. The Origins of Postwar Payments System. Cambridge Journal of Economics, 3, pp. 49-61, 1979. DOOLEY, M. Is the sub prime crisis the end of Bretton Woods II? University of California Santa, April 2008 (http://sccie.ucsc.edu/conference/2008/april/Dooley_Subprime.pdf) DOOLEY, M. P., FOLKERTS-LANDAU, D., GARBER, P. Bretton Woods II Still Defines the International Monetary System. Cambridge, Mass.: National Bureau of Economic Research, February, 2009 (NBER Working Paper n. 14.731). DOOLEY, M. P., FOLKERTS-LANDAU, D., GARBER, P. International Financial Stability, Deutsche Bank, 2005. (http://econ.ucsc.edu/~mpd/). EATWELL, J., TAYLOR, L. Global Finance at Risk. New York: The New Press, 2000. EICHENGREEN, B. China's Exchange Rate Regime: the long and short of it. Columbia University's conference on Chinese money and finance held in New York on February 2-3, 2006b (http://www.econ.berkeley.edu/~eichengr/) EICHENGREEN, B. From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons. Presented at the 50th Economic Policy Panel Meeting, held in Tilburg on October 23-24, 2009. (http://www.econ.berkeley.edu/~eichengr/great_dep_great_cred_11-09.pdf) EICHENGREEN, B. Global Imbalances and the Asian Economies: Implications for Regional Cooperation. Working Papers Series on Regional Economic Integration, n. 4. Manila: Asian Development Bank, 2006c. EICHENGREEN, B. Global Imbalances: the blind men and the elephant. Issues in Economy Policy No.1, January, 2006 (http://www.brookings.edu/views/papers/200601_iiep_eichengreen.htm) EICHENGREEN, B. Globalizing Capital: a history of the international monetary system. Princeton: Princeton University Press, 1996 (edio brasileira da Editora 34, So Paulo, 2000).

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MISHKIN, F. S. Globalization and Financial Development, Journal of Development Economics, Vol. 89, n. 2, July, pp. 164-169, 2009b.(http://www0.gsb.columbia.edu/faculty/fmishkin/research.html) MISHKIN, F. S. Why We Shouldnt Turn Our Backs on Globalization, IMF Staff Papers Vol. 56, No. 1, pp. 139170, 2009. (http://www0.gsb.columbia.edu/faculty/fmishkin/research.html) MISHKIN, F. The Next Great Globalization: how disadvantaged nations can harness their financial systems to get rich. New Jersey: Princeton University Press, 2006. MISHKIN,F.S., SCHMIDT-HEBBEL, K. Monetary Policy Under Inflation Targeting, Serie de Libros Banco Central vol. XI. Santiago de Chile: Banco Central de Chile, 2007. MOHANTY, M.S., TURNER, P. Foreign exchange reserve accumulation in emerging markets: what are the domestic implications? BIS Quarterly Review, September 2006. Basle: Bank for International Settlements, 2006. (www.bis) MORGAN STANLEY. How Big Could Sovereign Wealth Funds Be by 2015? Morgan Stanley Research, May 3, 2007. NYE, JR, J. S. N. 2010. The Future of American Power: dominance and decline in perspective. Foreign Affairs, November/December, Vol. 89, N. 6, p. 2-12. OBSTFELD, M. International finance. In: Durlauf, S. N.; Blume, L. E. From The New Palgrave Dictionary of Economics, Second Edition, 2008. OBSTFELD, M., SHAMBAUGH, J.C., TAYLOR, A.M. The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility. Cambridge, Mass.: National Bureau of Economic Research (NBER Working Paper n. 10.396), 2004. OBSTFELD, M., TAYLOR, A. M. Global Capital Markets: integration, crisis and growth. New York: Cambridge University Press, 2004. OSTRY, J. D., GHOSH, A. R., HABERMEIER, K. F., CHAMON, M., QURESHI, M.,S., REINHARDT, D. B. S. Capital Inflows: The Role of Controls. Staff Position Note No. 2010/04. Washington, DC: International Monetary Fund, 2010. PALLEY, T. The Fallacy of the Revised Bretton Woods Hypothesis. Public Policy Briefs.N.85, June. Levy Institute, 2006 (www.levy.org) PAPADIMITRIOU, D.B., CHILCOTE, E., ZEZZA, G. Can the Growth in the U.S. Current Account Deficit Be Sustained? Strategic Analysis, may. New York: The Levy Economic Institute of Bard College, 2006. (www.levy.org) PAPADIMITRIOU, D.B., SHAIKH, A., SANTOS, C. H., ZEZZA, G. How Fragile is the U.S. Economy? Strategic Analysis, march. New York: The Levy Economic Institute of Bard College, 2005 (www.levy.org). PLUMMER, M. G. The ASEAN Economic Community and the European Experience. Working Papers Series on Regional Economic Integration, n. 1 Manila: Asian Development Bank, 2006. POLANYI, K. The Great Transformation, 1944 (traduo para o portugus da Editora Elsevier, 9 ed., 2000). PRASAD, E., RAJAN, R. Modernizing China's Growth Paradigm. Policy Discussion Paper No. 06/03, March. Washington, DC: International Monetary Fund, 2006. PRASAD, E., WEI, S. Understanding the Structure of Cross-border Capital Flows: The Case of China. China at Crossroads Conference: Columbia University, December 2005. (http://www.brookings.edu/index/papersarticles.htm?show=all) PRASAD, E.; ROGOFF, K.; WEI, S.; KOSE, M. A. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. Washington, DC: International Monetary Fund, September, 2003. RANA, P. B. Economic Integration in East Asia - Trends, Prospects, and a Possible Roadmap. Working Papers Series on Regional Economic Integration, n. 2 Manila: Asian Development Bank, 2006.
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