International Finance

Welcome to the chair of International Finance.


Information for the Current Term 

During the current winter term, all lectures, seminars and office hours are taking place in person.

For appointments for office hours, please contact Mrs. Despina Tourmousoglou under the contact below. Online office hours may be arranged upon request.

Further information about lectures and seminars is available under the link “Teaching” on the left of this page.


Office hours with Prof. Dr. Philip Sauré upon appointment.


What is International Finance?

The discipline of International Finance – or International Macroeconomics or Open Macroeconomics – studies the cross-border trade in financial assets. The motives and determinants of international assets trade are analyzed, its patterns, features, and its ultimate effects on domestic economies. Many studies put their focus on episodes of financial instability and crises. Countries’ monetary policies, their exchange rates, current account and international investment positions are central objects of the discipline.

Financial assets that are traded across borders are in a general sense contractual claims on the future delivery of financial or real resources. They therefore ultimately enable and facilitate the exchange of goods and services over time. The disciplines of International Finance and International Trade are thereby intimately linked.


Research at the Chair

At the chair of International Finance here at JGU, we study cross-border trade in assets as well as cross-border trade in goods. Past projects in International Finance have focused on capital flows in times of financial crises and uncertainty, the pitfalls of measuring international investment positions or the current account, the effect of exchange rate changes on domestic prices (the exchange-rate pass-through) as well as the channels of international propagation of inflation. Past projects in International Trade have highlighted effects of cross-border trade in goods on labor markets, particularly on female labor force participation, hidden trade costs, export-led growth strategies, and the nature of deep trade agreements. More information on these topics can be found under the section Research.

A current project of the chair’s team assesses the effects of shocks to trade flows on various segments of labor markets and the fallout for worker biographies. In another project, we investigate strategies of industrial firms in the transition towards an economy of net zero emissions, e.g., their reaction to local regulation. We also analyze the patterns of firms’ investment, their reaction to foreign competition and the role of foreign investment and ownership.

Most of the projects have an empirical focus or a segment that appeals to data and applications. At the same time, all projects are tightly founded in standard economics theory, adopting, combining and sometimes modifying the building blocks of neoclassical economics.



Tel.:     +49 6131 39 25705
Fax:     +49 6131 39 25588