International Finance
Kedge Business School · IBBA · 2026
This course provides students with the tools to understand how international financial markets work and the key issues surrounding their regulation. Through theoretical models and academic papers, we examine topics including informational efficiency, financial crises, financial regulation, and behavioral finance.
A central focus is the Global Financial Crisis of 2008–2010 and how it challenged core ideas in financial economics, including risk diversification, informational efficiency, and asset valuation. The course uses these debates to critically examine the limitations of the dominant financial economics paradigm and to encourage a more responsible approach to the practice of finance.
No textbook. Reference: Mishkin, F.S. & Eakins, S.G. (2008), Financial Markets and Institutions, 7th ed., Pearson.
Course description and announcements are also on LEARN.
Sessions
Slides: Open the slides in your browser and use → / ← to navigate or O for an overview. A PDF version is available next to each session.
2 · The international financial system, continued To come
3–4 · Securities markets To come
5–6 · Financial institutions and firms To come
7 · Regulation Individual assignment
8 · Security analysis Group presentations, in groups of five
9 · Regulation To come
10 · Final examination
Readings
Please read each paper before the corresponding session.
- Session 2 — Monasterolo, I. (2020), Climate Change and the Financial System, Annual Review of Resource Economics, 12.
- Sessions 3–4 — Sartzetakis, E.S. (2021), Green Bonds as an Instrument to Finance Low-Carbon Transition, Economic Change and Restructuring, 54.
- Sessions 5–6 — Muñoz, F. (2020), How Do the Size and Independence of the Board of Trustees Affect the Financial and Sustainable Performance of Socially Responsible Mutual Funds?, Corporate Social Responsibility and Environmental Management, 27(4).
Assessment
| Weight | When | Conditions | |
|---|---|---|---|
| Individual assignment | 20% | Session 7 | 20 minutes, no documents |
| Group work — security analysis | 40% | Session 8 | Groups of five, 12-minute presentation |
| Final examination | 40% | Session 10 | Individual, written, documents allowed |
A calculator is required for most sessions. Not your phone.
The group work
Five students per group, twelve minutes. Pick one security and answer four questions about it:
- What are the characteristics of the security?
- What are the actual and expected situations in that market?
- What is the international dimension of it?
- What are the risks and opportunities?
Choose something you can find real data on. Groups that pick an exotic derivative spend the whole presentation explaining the instrument and never reach questions 2 to 4.
Announcements
Before session 2 Read Monasterolo (2020). Bring a calculator. Start thinking about a security for the group work — a specific one, with a ticker.
Contact
Laura Contreras-Portela — questions by email, or catch me after the session. More about my research on my site.