Course Name Year Term Period Faculty / Graduate School All Instructors Credits
50601:[2025 Fall]Regional Economy and Development Ⅶ (P) 2025 Fall Tue4 College　Of　Policy　Science NISHIMURA YOZO 2

Campus

OIC

Class Venue

AS451

Language

English

Course Outline and Method

This course provides an understanding of the development of exchange rate regimes around the world from the 19th century to the present, by explaining the theoretical and empirical studies and introducing the relevant anecdotal episodes. Major topics are the gold standard, the Bretton Woods system after World War II, floating exchange rates after the collapse of the Bretton Woods system, the start of the Euro, the recent growing presence of the Chinese RMB, and the future position of the US dollar. This course attempts to enable students to consider freely the future course of exchange rate regimes and the global financial system.

Student Attainment Objectives

a) Understand the pros and cons of the fixed and flexible exchange rate regimes.
b) Understand the history of exchange rate regimes of major countries.
c) Understand the challenges facing the current global financial system.

Recommended Preparatory Course

Preparatory learning of economics is not necessary.

Course Schedule

Lecture/Instructor（When there are multiple instructors) Theme
Keyword, References and Supplementary Information
1

Introduction

【+R-Jugyo】Information for “+R-Jugyo” will be posted on manaba+R.
Fixed exchange rate, Flexible exchange rate, History of exchange rate regime

2

Exchange Rate Regime

Internal balance, External balance, Monetary Trilemma, Misalignment, Volatility

3

Gold Standard

Price-specie-flow mechanism, Rules of the Game, Great Depression

4

The Bretton Woods System

International Monetary Fund, Dollar’s Link to Gold, Smithsonian Agreement

5

Floating exchange rates after the Bretton Woods System

Macroeconomic Independence, Policy Coordination, Global Imbalances

6

European Monetary System

European Integration, Europe’s Snake in the Tunnel, Single Market

7

Optimum Currency Area

Flexibility, Symmetry, Integration

8

Start of the Euro

Monetary Union, Maastricht Treaty, Convergence Criteria

9

Euro Crisis

European Sovereign Debt Crisis, Budgetary Union, Banking Union

10

Asian Financial Crisis of 1997-1998

East Asian Economic Miracle, Capital Account Crisis, Contagion

11

Global Financial Crisis of 2007-2009

Subprime Mortgages, Structured Credit Products, Boom and Bust

12

Japan’s Exchange Rate Regime

Nixon Shock, Amendment of Foreign Exchange Law, Plaza Accord

13

China’s Exchange Rate Regime

Open-Door Policy, Crawling Peg, Managed Floating, RMB Internationalization, Capital Control

14

Monetary and Financial Cooperation in East Asia

Economic Review and Policy Dialogue (ERPD), Chiang Mai Initiative (CMI), ASEAN+3 Macroeconomic Research Office (AMRO)

Class Format

14 classes on Face to Face basis.

Recommendations for Private Study

Be sure that you understand the resumes distributed in the class.

Grade Evaluation Method

Kind Percentage Grading Criteria etc.
Final Examination (Written)

Report Examination
(A report to be submitted by the unified deadline)

Exams and/or Reports other than those stated above, and Continuous Assessment　
(Evaluation of Everyday Performance in Class)		 100

Assessments will be based on several short reports or exams with prior notice, in the classroom, or at the page of ‘Assignment’ on the manaba+R, at least three times.

Grade Evaluation Method （Note）

Advice to Students on Study and Research Methods

Textbooks

Textbooks （Frequency of Use, Note）

Reference Books

Title Author Publisher ISBN Code Comment
The Economics of European Integration (5th edition) Baldwin, Richard and Charles Wyplosz McGraw-Hill Education ISBN-13: 978-1526847218
International Economics (12th edition) Krugman, Paul R., Maurice Obstfeld, and Marc J. Melitz Pearson Education Limited ISBN-13: 978-1-292-40971-9

Reference Books （Frequency of Use, Note）

Web Pages for Reference

How to Communicate with the Instructor In and Out of Class(Including Instructor Contact Information)

Learning Management System （manaba+R）,Talk with Students

Other Comments

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