Module Specification International Economics 11/08/2009 Page 1/4 Module Code Principles and Aims W.SRIFC52.08 The module elaborates on the principles of trade and monetary theory covered in “Corporate Environment II: World Economy”. In this module, the students learn about the implications of the theoretical evidence for international macroeconomic policy. Course 1 focuses on different aspects of foreign economics. Based on macroeconomic theories of Corporate Environment III and building on the Core Module Managerial Economics as well as on insights of the World Trade Organisation’s Reports, students learn about the causes of trade, the difference between globalisation and globality and about distributional consequences of trade, illustrating these issues with specific sector policies, such as agricultural policy and with concepts such as fair trade, sustainable trade. Course 2 focuses on international monetary policy. Based on the study of past or current monetary systems, for example the Bretton Woods System or the European Monetary Union, the students learn to understand the policy implications of fixed and floating exchange rate systems for macroeconomic stability. Programme Course Type of Module Level of Module ECTS Credits Submodules Pre-requisites Business Administration with International Management & Economics Bachelor C (core module) in the focus programme Advanced 6 credits 1. Foreign Economics 2. International Monetary Policy W.IGEVM02.08 (Corporate Environment I) W.IGEVM03.08 (Corporate Environment II) W.IGEVM41.08 (Corporate Environment III) W.IGEVM42.08 (Corporate Environment IV) W.SRIFC42.08 (Managerial Economics) International Financial Markets 3 credits 3 credits Follow-up modules Submodule 1: Applied Foreign Economics Intended Learning Outcomes Students will be able to 1. discuss the causes and consequences of globalisation and international trade for the world economy and for Page 2/4 Business acting at a international level; 2. discuss the difference between globality and globalisation and illustrating them with specific sectoral policies; 3. explain the rational behind international trade and its relevance for international business. Objectives Application of foreign economic models and theories in order to better understand the causes and consequences of international trade for business acting at a international level. Knowledge of distributional consequences of trade (inequality, structural adjustments etc.). Knowledge of the implications of globalisation on specific sectoral policies such as agricultural policy, energy policy. Knowledge of specific concepts such as fair trade, sustainable trade, piratry Knowledge Subject-specific knowledge Students know the mechanisms and principle of foreign economies. Students understand the difference between the concepts of globality and globalisation. Methodological knowledge Students can apply macoreconomic models and theories to explain international trade mechanisms and consequences. They are able to effectively use empirical analysis to corroborate theoretical findings. They know how to find the relevant information in order to analyze a specific economic problem. Knowledge about communication and social relationships Students know how to apply project management techniques to complex case studies. Syllabus Plan and Content Foreign economics: causes of trade Globalisation vs globality Consequences of international trade Teaching and Learning Methods Activities Directed Study Private Study Workload per semester Workload Percentage ECTS Credits 3 Skills Subject-specific skills Students can evaluate the consequences of a foreign economy from a business perspective. Methodological skills Students are able to formulate appropriate questions related to a specific foreign economy and answer these questions in a theoretically sound way. Social skills Students are able to carry out a complex case study in a team and produce a suitable report. case-based and problem-based Aims and Objectives Tutorials and discussions, team work Readings and excercises Contact Lessons 24 Contact Hours 18.0 20.0% Directed Study Directed Study (lessons) (hours) 12 9.0 10.0% Private Study (hours) 63.0 70.0% Total study time (hours) 90 100% Page 3/4 Tuition Language Assignments and Assessment Reading List English Oral examination To be defined, primarly based on selected Chapters of the WTO, World Trade Report 2008, Geneva 2008 Submodule 2: International Monetary Policy Intended Learning Outcomes Students will be able to 1. discuss how the post-World War II Bretton Woods system of globally fixed exchange rates was designed to combine exchange rate stability with limited autonomy of national macroeconomic policies and explain the factors that led to the final collapse of the Bretton Woods system and the move to floating exchange rates; 2. explain the pros and cons of floating exchange rates for macroeconomic stabilization; 3. discuss, based on the theory of optimum currency area, why the European Union introduced a single currency, the euro, and evaluate the related policy implications. Objectives Knowledge Subject-specific knowledge Students understand the implications of exchange rate theories for macroeconomic policy. Methodological knowledge Students know the main past and current monetary systems. Knowledge about communication and social relationships Students know how to apply project management techniques to complex case studies. Syllabus Plan and Content The International Monetary System up to and including the Bretton Woods System Macroeconomic Policy and Coordination under Floating Exchange Rates Optimum Currency Areas and the European Experience Teaching and Learning Methods Activities Directed Study Private Study case-based and problem-based Aims and Objectives Tutorials and discussions, team work Readings and excercises Skills Subject-specific skills Students can evaluate the consequences of a given monetary system for the macroeconomic stability of an economy. Methodological skills The students are able to formulate appropriate questions about monetary systems and answer these questions in a theoretically sound way. Social skills The students are able to carry out a complex case study in a team and produce a suitable report. Page 4/4 Workload per semester Workload Percentage ECTS Credits 3 Contact Lessons 24 Contact Hours 18.0 20.0% Directed Study Directed Study (lessons) (hours) 12 9.0 10.0% Private Study (hours) 63.0 70.0% Total study time (hours) 90 100% Tuition Language Assignments and Assessment Reading List English Oral examination To be defined, primarily based on Krugman/Obstfeld, International Economics, Ch. 18, 19 and 20 and supplementary readings.
Pages to are hidden for
"International Economics"Please download to view full document