International Economics

Module description

Summary:

International economics embraces a wide range of issues. These include questions such as why countries find it desirable to engage in international trade, the factors determining the sectors/industries in which they will specialise, the role of ‘new’ trade theory in explaining the gains from trade, the desire of some countries to protect certain sectors from international competition, the reasons for countries wanting to form or join regional trading arrangements, the economics of trade policy, the World Trade Organisation, This module will discuss theoretical and policy issues associated with the above topics.

Additional Information:

Internationalisation
This module has a global perspective and addresses some of the major issues affecting the world economy today. These include: how domestic economy is affected by globalisation, how globalisation impacts the well-being of citizens across develop and developing countries, and whether more open economies grow faster than others.

Employability
Students develop their understanding of economics, improve their analytical skills, presentation and discursive skills, and their critical appraisal of recent research in policy issues.

Sustainability
All of the resources for this module are available on the ELE (Exeter Learning Environment). There will also be a regularly updated blog highlighting various issues which have appeared in the media and are relevant to the module.

Full module specification

Module title:International Economics
Module code:BEE3045
Module level:3
Academic year:2016/7
Module lecturers:
  • Professor Steve McCorriston - Convenor
Module credit:15
ECTS value:

7.5

Pre-requisites:

BEE2022 Microeconomics orĀ BEE2016 and BEE 2017 (Intermediate Microeconomics 1 and 2)

Co-requisites:

None

Duration of module: Duration (weeks) - term 1:

11

Module aims

International economics embraces a wide range of issues covering both international trade in goods and foreign direct investment (FDI). These include questions such as why countries find it desirable to engage in international trade, the factors determining the sectors/industries in which they will specialise, the role of 'new' trade theory in explaining the gains from trade, the economics of off-shoring, the desire of some countries to protect certain sectors from international competition, the reasons for countries wanting to form or join regional trading arrangements, the economics of trade policy including recent research themes, the World Trade Organisation and the determinants of foreign direct investment. This module will discuss theoretical and policy issues associated with the above topics with the overall aim that students will develop analytical skills in addressing current policy issues in international economics.

ILO: Module-specific skills

  • 1. demonstrate how to apply economics principles to a wide range of issues in international economics
  • 2. demonstrate how to apply economic reasoning to global policy issues in a critical manner
  • 3. demonstrate knowledge of the current issues in economics, an appreciation of how economists address international economic issues and be familiar with current research issues in international economics

ILO: Discipline-specific skills

  • 4. understand the economic basis behind current policy debates in international economics
  • 5. critically address different policy proposals in addressing issues arising in international economics

ILO: Personal and key skills

  • 6. deliver coherent argument in written work, including coherent arguments for assessing complex policy issues in the global economy
  • 7. demonstrate analytical and critical thinking
  • 8. develop presentation skills in addressing theoretical and empirical issues in international economics

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
251250

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Contact hours20Lectures
5Tutorials

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
10900

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination902 hours1-8Written feedback
Critical Essay101000 words1-8Written feedback
0
0
0
0

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Examination & Essay Examination (100%)1-8Aug/Sep

Syllabus plan

• Importance of trade in the world economy and overview of current policy issues;
• The gains from trade;
• What determines specialisation? Ricardian and Heckscher-Ohlin-Samuelson models of comparative advantage;
• Empirical tests of the Hecksher-Ohlin-Samuelson model;
• Current policy issue: trade, labour markets and wages;
• Current policy issue: Off-shoring and labour markets
• ‘New’ trade theory: trade with imperfect competition
• Trade policy: reasons, extent and effects of trade policy protection;
• Measurement and instruments of protection;
• Trade liberalisation and the WTO;
• New issues in trade policy analysis: (i) strategic trade policy;
• New issues in trade policy analysis: (ii) trade and the environment;
• Regional trading arrangements
• Foreign Direct Investment

Indicative learning resources - Basic reading

P R Krugman and M Obstfeld, International Economics: Theory and Policy, 6th edition (2008)

Module has an active ELE page?

Yes

Origin date

01/09/2007

Last revision date

01/08/2012