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INTERNATIONAL ECONOMICS

Syllabus

EN IT

Learning Objectives

LEARNING OUTCOMES: The course analyses advanced topics in international monetary economics. Graduates acquire qualified methodological and professional skills to assess in a critical way the policy making process in an international context. The course offers a compendium between case-studies and the theory of international economics and international finance. Special attention will be devoted topics such as the theory of financial, debt and currency crises and the recent US subprime crisis; we will focus in particular on the relationship between liquidity and banks leverage and its effect on macroeconomic risk and the business cycle. The course will also look at sovereign debt crisis, especially in the European context.


KNOWLEDGE AND UNDERSTANDING: Knowledge of the main topics in international economics and international monetary economics; analysis of the exchange rate regimes, of the main rules governing the international financial markets, of the economic consequences of the international exchange rate crises, financial crises and debt crises. Analysis the subrpime and pandemic crises. Conventional and unconventional monetary policies response.
Students have to understand the analytical models presented during the lectures and develop the capacity to analyse an economic problem and elaborate a policy solution. Students have to address the main economic issues in the light of the main theories in international economics and to develop their own original research ideas.




APPLYING KNOWLEDGE AND UNDERSTANDING:

The notions, concepts and theoretical models learned allow to understand in a clearer and more organic way the reasons for international crises and the foundations and implications of the processes of integration of markets and real economies always in an international context and to be able to formulate proposals concrete policies. What has been learned can be used in new fields and in a working context in the management of relations with international institutions, with central banks, research divisions within international bodies, etc.



MAKING JUDGEMENTS: Ability to understand the main topics issues in international economics and address them in order to inform policy. The notions acquired during the lectures can be used to assess in a critical way the policy making process in an international context.


COMMUNICATION SKILLS: Ability to present the main economic ideas in international economics and the policy decision making process in a rigorous way to specialised and non-specialised audiences.


LEARNING SKILLS: At end of the course the students should have acquired the ability to analyse and assess in a critical way the main economic events in an international context. They are expected to be able to read and understand in a deep critical way the main articles and papers published in the area of international economics and international monetary economics and to be able to elaborate autonomously new research ideas.


Prerequisites

Macroeconomics, international economics. Knowledge of macro-economic models (IS-LM)
in closed and open economy (IS-LM-BP and Mundell-Fleming). Knowledge of the
fundamentals of international economics (fixed/flexible exchange rates), purchasing power
parity, uncovered interest parity.

Program

6 CFU (36 ore) divided as follows:
Part I (10 hours)
Foundations of International Economics.
Exchange Rate Regimes.
Part II (14 hours)
Currency Crises. Financial Crises. Debt Crises.
Part III (12 hours)
The Subprime Crisis. Liquidity, Banks Leverage and the Macroeconomics, Conventional
and Unconventional Policies. Policies during the Pandemic.
Material: the slides and the material used for the course will be available on the course
website

Books

Materials related to lectures and the reading list will be provided on the course web page:
https://sites.google.com/site/luisacorrado/pro/international-economics

Bibliography

Krugman Paul and Maurice Obstfeld (2003) International Economics: Theory and Policy,
6th ed. Boston, MA: Addison Wesley.

Teaching methods

Classroom Lectures; Laboratory sessions, Seminars, Workshops and students’ discussions
on specific projects works individually assigned
Lessons focused on problem-solving
Searching of additional dedicated materials in the library and on-line
Analysis of referred readings and textbooks
Studying suggested articles and readings

Exam Rules

Discussions and interactive participation during the course.
Final written exam in which closed questions are formulated to ascertain whether the
student is able to use the acquired knowledge to understand the proposed problems.
Assessment in the final examination of the student's ability for critical analysis and to draw
conclusions.
The score of the exam is awarded by means of a mark expressed out of thirty. Criteria for
the formulation of the judgment expressed in thirtieths:
o Unsuitable: significant deficiencies and/or inaccuracies in knowledge, and comprehension of topics
o 18-20: knowledge and comprehension of the topics just sufficient with
possible imperfections.
o 21-23: Knowledge and comprehension of routine topics.
o 24-26: Fair knowledge and understanding of the topics.
o 27-29: Comprehensive knowledge and understanding of the topics.
o 30-30L: Excellent level of knowledge and understanding of the topics.
Students who withdraw or fail the exam may take the exam again in the same exam
session.