Бакалавриат
2021/2022
Международная экономика
Статус:
Курс по выбору (Программа двух дипломов по экономике НИУ ВШЭ и Лондонского университета)
Направление:
38.03.01. Экономика
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
4-й курс, 1-4 модуль
Формат изучения:
с онлайн-курсом
Онлайн-часы:
24
Охват аудитории:
для своего кампуса
Преподаватели:
Захаренко Роман Леонидович,
Когутовская Наталия Евгеньевна,
Козлов Константин Константинович
Язык:
английский
Кредиты:
10
Контактные часы:
112
Course Syllabus
Abstract
The main goal of the first part course is to introduce students to both classical and modern theories of international trade in goods and services, as well as empirical research on trade. A substantial fraction of the course is dedicated to examination of efficient trade policies. The main goal of the second part of the course is to introduce students to introductory level of theories of international finance flows, determination of interest and exchange rates in interconnected economies, macroeconomic policies available to the government, and the nature of financial crises. Prerequisites: Microeconomics 1-2, macroeconomics 1-2, calculus
Learning Objectives
- Upon successful completion of the course, you should be able to discuss and explain economic forces that drive international trade, as well as welfare effects of various trade policies
- able to discuss and explain economic forces that drive international finance flows.
Expected Learning Outcomes
- Apply a specific framework to illustrate the connection between a variety of models and approaches. Explain the connections between Ricardian, Heckscher-Ohlin and the specific factors models in trade theory, or between the ‘monetary approach’ and the ‘asset approach’ in exchange rate theory
- assess the factors driving the equilibrium on the foreign exchange market, the role of interest rates and the expectations about the future exchange rate
- construct the expenditure side Keynesian model of the real sector; analyze the effects of monetary and fiscal policies on the real economy and monetary variables under flexible exchange rate regime; decide on the appropriate macro policy options in response to the state of the economy
- Discuss and explain specific policy issues such as ‘environmentalism as protectionism’; international dumping; the choice of exchange rate regime; the desirability of free capital flows
- evaluate the pros and cons of global monetary systems used in the XX century; analyze the restrictions each system places on the monetary and fiscal policies
- explain how international capital markets provide gains from trade in financial assets; outline the rough structure of global financial markets, the leading countries, currencies and types of transactions; analyze the problems that international finance (mainly banking) is facing in recent years; decide on the direction of international cooperation needed to solve those problems.
- Explain how international economic theory has been shaped by real world events
- explain the factors behind price indices behavior and their connection with the external sector, analyze the long-run dynamics of the real exchange rate behavior using a range of models
- explain the relevance of international macroeconomics in the modern global economy and Russia in particular
- explain the role of money and banking in an economy; construct the model of money and foreign exchange markets in the short run; explain and analyze the effects of monetary policy on the interest rates, exchange rates and expectations
- explain the role of the central bank as a price-setting actor on the foreign exchange market; analyze the effects of monetary and fiscal policies on the real economy and monetary variables under fixed exchange rate regime, outline the factors behind the emergence of currency crises phenomena
- explain the theoretical underpinnings of the most prominent currency crises of the last decades; decide on the driving factors of the observed currency crises
- identify the main parts of national accounts and their connection with the external sector dynamics, outline the key factors behind the balance of payments formation
Course Contents
- Introduction
- Essentials: Ricardo and Comparative Advantage
- Factor Price Equalization and Trade
- Who Wins and Who Loses from Trade?
- Standard Trade Models and Country Welfare
- An Empirical Evaluation of Trade Patterns
- Market Imperfections and Trade
- International Factor Movements
- Tariffs and Non-Tariff Barriers to Trade
- Government Intervention in Trade
- Strategic Trade Policies
- Development through Trade Policies
- Political Economy of Trade
- World Trade Organization, Preferential Trading Arrangements, Custom Unions and Economic Integration
- Introduction to international finance
- National Income accounting revisited and the Balance of Payments
- Asset Approach to Exchange Rate Determination
- Money, Interest Rates, and Exchange Rates
- Price Levels and the Exchange Rate in the Long Run
- Output and the Exchange Rate in the Short Run
- Fixed exchange rate regime
- The international monetary system
- International capital markets and emerging markets
- Financial and economic crisis of 2008-09
Assessment Elements
- mid-semester evaluation 2
- sem 1 examTo receive a passing grade in a particular semester, students should earn at least 38% of the maximum possible total points, or at least 42% of the maximum possible points for the final exam. Online format.
- home assignments
- class activity
- mid-semester evaluation 1
- sem 2 examTo receive a passing grade in a particular semester, students should earn at least 38% of the maximum possible total points, or at least 42% of the maximum possible points for the final exam.
- UoL examNot counted toward the final grade
Interim Assessment
- 2021/2022 2nd module0.5 * sem 1 exam + 0.16 * home assignments + 0.06 * class activity + 0.28 * mid-semester evaluation 1
- 2021/2022 4th module0.25 * sem 2 exam + 0.5 * 2021/2022 2nd module + 0.1 * home assignments + 0.02 * class activity + 0.13 * mid-semester evaluation 2
Bibliography
Recommended Core Bibliography
- Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2015). International Economics: Theory and Policy, Global Edition (Vol. Tenth edition, global edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1419045
Recommended Additional Bibliography
- International economics, Appleyard, D. R., 2001
- International economics, Sodersten, B., 1994