Links:
[1] http://www.iesabroad.org/study-abroad/programs/european-union
[2] http://www.thinkingeurope.eu/images/dbimages/docs/CESPublicDebtintheEUWebVersion.pdf
[3] http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/index.aspx
[4] http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database
International Economic Relations of the EU
This course focuses on the international economic relations of the European Union in real and monetary matters. Part one covers trade and monetary theory on an intermediate macroeconomic level illustrated by trade patterns, structures and other examples of the EU and the US. The major goal is to analyze the interdependencies on trade and money. The second part covers the EU Common Commercial Policy and the economic relations of the EU with its most important partners the U.S., Japan, China, India, Russia and developing countries. The Doha Process and its bottlenecks will be an integral subject of the second part of this class.
Introductory micro- and macroeconomics
All IES Abroad courses require attendance and participation. Attendance is mandatory per IES Abroad policy. Any unexcused absence may count against your final grade. Any student who has more than three (3) unexcused absences will receive an “F” as the final grade in the course. Absences due to sickness, religious observances, and family emergencies may be excusable at the discretion of the Center Director. In the case of an excused absence, it is the student’s responsibility to inform the Academic Officer of the absence with an Official Excused Absence Form, as well as any other relevant documentation (e.g. a doctor’s note), and to keep a record thereof. This form must be turned in as soon as possible before the class, in the case of a planned absence, or immediately after the class, in the case of an unplanned absence, in order for the absence to be considered excused. It is also the student’s responsibility to inform the professor of the missed class.
TESTS MISSED DURING UNEXCUSED ABSENCES CANNOT BE MADE UP!
The use of laptop computers during class is not permitted. Cell phones are to be switched off. Updated information on your course and readings can be found on the Moodle platform.
By the end of the course, students are able to:
Lecture, discussions, presentations and ad hoc speeches.
2 essays (6 pages, double-spaced, each) (25%), 2 tests and midterm (25%), final exam (25%), oral presentations (15%), class participation (10%).
Students are required to complete all reading assignments and will be expected to demonstrate this through regularly assigned homework, pop quizzes and/or insightful and relevant contributions to in- class discussion. All of these components will count toward the class participation grade. Written assignments (homework and quizzes) will count toward 50% of the participation grade, and in-class participation will count toward 50% of the grade. Written assignments not handed in on time or not fulfilled in a satisfactory manner (e.g. not really answering a question) will lead to a 5 point deduction from a total of 50 points (50% of participation grade).
Essays will be evaluated not only on the basis of content but also on correct structure and formatting. An outline of these requirements will be available to students as a guide. Shortcomings in any of these aspects will be reflected in the grade. To receive an ‘A’ on an essay, students cannot neglect any of the given standards. The first essay is based on a country presentation. Each student must present the country which they represent during Model EU. Deadline for the first essay is the day of the presentation on which the essay is based upon. The second essay will deal with the DOHA round and your evaluation of the Geneva trip with regards to WTO.
Learning Objective: The course is designed to strengthen the student’s ability to critically analyze economic phenomena of international trade relations. This objective will be strived in the foreground of “real” trade and monetary relations of the European Union with major trade partners, including the emerging economies. The challenges of the “developed world” in the field of economic policy and international policy coordination are subject of class discussions besides a systematic criticism of the orthodox approach of quantitative economics. Individually preferred readings on these topics are welcome to be discussed in class.
I. Introduction
1. How do we know that trade is good for us?
II. Trade and Monetary Theory in internationals Economics and their Interdependencies in the Foreground of the European Commercial and Economic Policy
2. What is International Economics about: Trade and Money
3. Structure and specializations Patterns of EU and US Trade – Does size matter?
4. National Income Accounting and the Balance of Payments - Macroeconomics
5. The monetary interdependencies of trade – Exchange Rates
6. The monetary interdependencies of trade – Trade and Current Account Deficits (EU/US)
7. Revision of Part I & II: Exercises in Trade and Monetary Theory
8. MID TERM
III. International European Economic Policy, Institutions and the Global Market
9. Field Trip Meeting Brussels: European Centre for International Political Economy
10. European Institutions and the current debt crisis (Presentations)
11.European Institutions and the current debt crisis (1nd ESSAY DUE + Presentations)
12. Further into the debt crisis: Reasons, Consequences and Institutions
http://www.thinkingeurope.eu/images/dbimages/docs/CESPublicDebtintheEUWe... [2])
13. Field Trip to Geneva
14.Common Commercial Policy: Rules and corresponding Policies (CAP)
15.GATT, WTO and the Doha Process - Why has it failed? (Presentations: WTO 1-4 + Doha Process 5-7)
16. EU trade relations with the ACP states and the developing countries: Why is Geneva important to them? (Presentations: Trade Relations ACP and ASEAN)
17. EU trade relations with the US, Japan and the developed world; Policy and Institutions (Presentations: Trade Relations US and Japan)
18.EU – BRIC Relations (Brazil, Russia, India, China) - A new era of global trade (2nd ESSAY DUE + Presentations: Trade Relations Russia and China)
19.The EU trade relations with oil (energy) exporting countries and the future of EU Trade relations
20. Revision of Part I -III
21.Revision of Part III.
Articles and other material distributed in class are required to be read. Please note that required readings may be supplemented with other resources, especially with respect to the current debt crisis.
El-Agraa, A., The European Union. Economics and Policies , 8th ed., Harlow, 2007
Baldwin, R./Wyplosz, C., The Economics of European Integration, 2nd ed., Maidenhead, 2006
Dinan, D., Ever Closer Union. An Introduction to European Integration, 3rd ed., Houndmills, 2005
Dinan, D., Origins and Evolution of the European Union, Oxford, 2006
Gandolfo, G., Elements of International Economics, Berlin, 2004
Krugman, P.R./Obstfeld, M., International Economics, Theory and Policy, 8th ed., Reading, Mass., 2009
Peterson, J.; Shackleton,M., The Institutions of the European Union, 2nd ed., Oxford, 2006
Roubini, N., The Unsustainability of the U.S. Twin Deficits, in the Cato Journal Vol. 26 no.2, Washington, 2006
Smith, A., An Inquiry into the Nature and Causes of the Wealth on Nations, Vol.1, Reprint, Oxford, 1776/1979
Bomerg, E.; Stupp, A.; The European Union: How does it work?, Oxford, 2004
Helpman, E.; Krugman, P., Market Structure and Foreign Trade. Increasing Returns, Imperfect
Competition and the International Economy, Cambridge, Mass., 1990
CIA: The World Factbook, Pittsburgh, 2006
IMF: World Economic Outlook Database, 2010, http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/index.aspx [3]
Eurostat: The European Union’s Statistic Database, http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_da... [4]
Journals & Newspapers: The Economist, New York Times