Objectives and competences
In this course students:
1. Acquire basic theoretical and empirical knowledge in the field of international trade.
2. Acquire basic theoretical and empirical knowledge in the field of international monetary economics.
Content (Syllabus outline)
1. World trade: an overview
2. Labor productivity and comparative advantage; factor abundance
3. Economies of scale and international trade
4. Gains from free trade and protectionism in international trade
5. Instruments of trade policy
6. Money, interest rates and exchange rate
7. Optimum currency area and the European experience
Learning and teaching methods
- lectures;
- case studies;
- discussion of the seminar papers;
- teachers' consultations;
- self study with literature
Intended learning outcomes - knowledge and understanding
Development of knowledge and understanding
Students:
1. Understand mechanisms of international economic environment.
2. Gain knowledge about factors of international trade specialization, instruments of trade regulation and money-related macroeconomic issues.
3. Gain knowledge about reasons and effects of international trade and economic cooperation with emphasis on European Union.
4. Develop the skills to interpret international statistical data on economic trends.
Intended learning outcomes - transferable/key skills and other attributes
Cognitive/Intellectual skills
Students:
1. Gain the ability to identify the basic relations between economic aggregates in international economic environment.
2. Learn to collect, compare and interpret data from international statistical data bases.
Key/Transferable skills
Students:
1. Ability to understand and analyse economic processes.
2. Ability to apply basic economic analysis in order to identify advantages and disadvantages of European economic and monetary integration.
3. The ability to work with databases by preparing analysis of economic trends.
Practical skills
Students:
1. Get practical experience in the field of preparing an analysis of economic trends in individual open economy.
Readings
Krugman, R. Paul, Obstfeld Maurice in Melitz Marc. 2018. International Economics: Theory and Policy. London: Pearson. Eleventh Edition. Salvatore, Dominick. 2004. International Economics. New Jersey: Wiley.
Prerequisits
The course requires that students have taken the undergraduate courses in microeconomics and in macroeconomics.
Additional information on implementation and assessment - class participation;10%
- preparation of seminar paper (a positively evaluated seminar paper is a prerequisite for taking the written exam); 30%
- written examination 60%
