EC311-International Economics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Spring term module
Pre-requisites: EC201 Intermediate Microeconomics and EC202 Intermediate Macroeconomics
Non-modular pre-requisites:
Co-requisites: EC202 Intermediate Macroeconomics
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Alexander Mihailov

Email: a.mihailov@reading.ac.uk

Summary module description:

International economics is concerned with economic interactions among sovereign nations, in terms of trade in goods and services as well as investment in financial and real assets. It tries to answer questions such as: why do nations trade; what are the gains from trade; are such benefits fairly allocated across various social groups; should trade be free or protected; how much should trade and financial relations among nations be regulated, integrated, coordinated; why do monetary regimes and exchange rates matter; why do some nations tend to accumulate current account deficits and foreign debt whereas other are in surplus and are net lenders. Part of the module will apply the introduced theoretical concepts and models to the policy context of Brexit and EU integration.


Aims:

Our key objective will be to understand, analyse and discuss solutions to a number of topical issues we face in modern world economic policy. The module is divided into two parts, of 5 lectures each. In the first part, we will use a range of models to analyse trade across nations and the workings of the macroeconomy in an international context. In the second part, trade and exchange rate theories will be extended to applications in modern policy issues such as preferential trade agreements, WTO, and post-Brexit developments.


Assessable learning outcomes:

Understand and interpret a range of theoretical explanations of trade flows. Analyse the workings of the macroeconomy in an international context.  Apply trade models to modern policy issues such as preferential trade agreements, WTO, and post-Brexit developments.


Additional outcomes:

Discuss and evaluate the benefits and problems of free international trade.

Analyse and assess the consequences of different policy agreements on trade and integration.



 


Outline content:
Trade theory and policy: Classical theories of trade. ‘New’ explanations of trade. Tariffs and protectionism.
Open-economy macroeconomics: Theories of exchange rate determination. Policy issues.

Brief description of teaching and learning methods:

Lectures.


Contact hours:
  Autumn Spring Summer
Lectures 20 2
Guided independent study 160 18
       
Total hours by term 180.00 20.00
       
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 70
Set exercise 30

Other information on summative assessment:

Two problem sets, one for each part.



 



















Written exam



70



Set exercise (on the first part)



15



Set exercise (on the second part)



15




 


Formative assessment methods:

Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One 3-hour unseen written paper.
    Part 3 examinations are held in the Summer term.

    Requirements for a pass:
    A minimum overall mark of 40%.

    Reassessment arrangements:
    Re-examination for all modules takes place in August/September of the same year.
    Re-assessment is by examination only; coursework is not included at the second attempt.

    Additional Costs (specified where applicable):
    1) Required text books: Single compulsory/main textbook:
    “International Economics: Theory and Policy”, by Paul Krugman, Maurice Obstfeld and Marc Melitz, published by Pearson Education, 2015 (10th global ed. ISBN: 9780133423648)
    (paperback price of about £60 – not listed on Blackwell lists(?) hardback price at Blackwell lists: £146.99, ISBN 9780133423648)

    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding: There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy.
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 31 March 2017

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