Skip to main content
Unit of study_

ECON6008: International Money and Finance

This unit of study provides analytical and theoretical frameworks for understanding various problems and current issues in macroeconomics in the global economy. The unit builds on ECON5002, but at a more advanced and specialised level with its focus on international/open-economy aspects of macroeconomics. The first part of the unit deals with qualitative analysis, following this there is a focus on quantitative analysis using contemporary microfounded general equilibrium models. Topics to be covered include foreign exchange markets, interest parity, exchange rate determination and intervention, goods market and money market, the international monetary system and the role of central banks.


Academic unit Economics
Unit code ECON6008
Unit name International Money and Finance
Session, year
Semester 2, 2021
Attendance mode Normal day
Location Remote
Credit points 6

Enrolment rules

Available to study abroad and exchange students


Teaching staff and contact details

Coordinator John Romalis,
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam
Final exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4
Assignment Assignment 1
Written assignent involving economic theory and data analysis.
12.5% Week 07
Due date: 24 Sep 2021 at 23:00
Outcomes assessed: LO2 LO3 LO4 LO1
In-semester test (Open book) Type C in-semester exam In-class Mid-Semester Exam
Mid-Semester Exam
25% Week 08
Due date: 08 Oct 2021 at 18:00
1 hour
Outcomes assessed: LO1 LO4 LO3 LO2
Assignment Assignment 2
Written assignent involving economic theory and data analysis.
12.5% Week 13
Due date: 12 Nov 2021 at 23:00
Outcomes assessed: LO1 LO2 LO3 LO4
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range


High distinction

85 - 100



75 - 84



65 - 74



50 - 64



0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

WK Topic Learning activity Learning outcomes
Week 01 Introduction; Measuring International Transactions; Balance of Payments Crises. Seminar (3 hr)  
Week 02 Current Account; International Capital Flows; Sudden Stops. Seminar (3 hr)  
Week 03 Current Account; International Capital Flows; Sudden Stops (Continued). Seminar (3 hr)  
Week 04 The Foreign Exchange Market; Covered Interest Parity; Uncovered Interest Parity; The Carry Trade. Seminar (3 hr)  
Week 05 The Real Exchange Rate. Seminar (3 hr)  
Week 06 The Real Exchange Rate (continued). Seminar (3 hr)  
Week 07 Monetary Models of the Exchange Rate: Long Run. Seminar (3 hr)  
Week 08 Mid-Semester Exam. Seminar (3 hr)  
Week 09 Monetary Models of the Exchange Rate: Short Run. Seminar (3 hr)  
Week 10 Exchange Rate Regimes. Seminar (3 hr)  
Week 11 Currency Crises. Seminar (3 hr)  
Week 12 Risk and Term Structure of Interest Rates. Seminar (3 hr)  
Week 13 Portfolio Balance Models. Seminar (3 hr)  

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
  • Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed on the Library eReserve link available on Canvas, including the main textbook for this unit: Principles of International Finance and Open Economy Macroeconomics, 1st Edition, by Cristina Terra.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University’s graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. understand the theoretical models that form the body of contemporary international macroeconomics
  • LO2. understand and apply international macroeconomic models to various economic problems and issues
  • LO3. understand the associated empirical implications and policy issues
  • LO4. apply quantitative analysis to various issues in international macroeconomics.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
No changes have been made since this unit was last offered


The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.