International Economics (Intermediate)
Курс Куната и Бенино "Международная экономика" читается в Лондонской школе экономики на промежуточном уровне и позволяет студентам овладеть техникой частичного и общего равновесия для анализа различных аспектов международной экономики. Традиционно курс разбивается на международную торговлю и международную макроэкономику.
Курс рассчитан на бакалавров, поэтому его пререквизитами являются бакалаврские курсы "Принципы микроэкономики" (на начальном и/или промежуточном уровне) и "Принципы макроэкономики".
Основным учебником является D. R. Appleyard & A. J. Field. International Economics, 4th edn, Irwin, 2001. В курсе авторы делают упор на теорию.
На страничке курса имеется немало методических материалов:конспекты лекций, тесты, и т.д. Программа включает содержание курса, темы лекций, списки основной и дополнительной литературы.
Intended Learning Outcomes
By the end of the course the students should:
- Know the key facts relating to international trade and international macroeconomics.
- Understand the concept of comparative advantage and know its determinants.
- Understand the working and applications of the Ricardian and Heckscher-Ohlin general equilibrium models of international trade.
- Understand the implications of introducing imperfect competition and increasing returns to scale into models of international trade.
- Be able to evaluate to effects of international trade and of international trade policies on economic welfare and domestic goods and factor markets.
- Be able to use the Mundell-Fleming model to illuminate a range of issues in international macroeconomics.
- Understand how to model international borrowing as intertemporal trade.
- Understand the determinants of the exchange rate and be able to evaluate alternative exchange rate regimes.
- Understand the working of models of balance of payments and exchange rate crises.
International Trade Theory:This part of the course strives to explain the pattern of trade observed in the world and to account for the prices at which goods are traded. Positive and normative aspects of international markets are examined. Use is made of the theory of comparative advantage, increasing returns, and strategic theories of international trade. Relations between trade and domestic markets for both goods and factors are examined in terms of the theory of trade according to factor endowments.
The course studies the effect of trade policy within both partial and general equilibrium frameworks. Economic integration between countries is also discussed using the same modelling tools.
International Monetary Economics:Balance-of-Payments Definitions: Discusses the components as well as overall measures of the balance-of-payments.
Adjustment Theory: The question of the existence of an automatic mechanism in the international economy which brings about balance-of-payments equilibrium for each of the constituent economies is treated under this heading. Obstacles to the smooth functioning of such a mechanism are also considered. The modern monetary approach to the balance of payments is considered under this topic which otherwise deals with theoretical propositions which are among the oldest in economics.
Stabilisation Policy and the Analysis of Disturbances: Here the efficacy of fiscal and monetary policies in determining levels of income and employment under combinations of fixed and flexible exchange rates and fixed and flexible prices is discussed. In addition, the related investigation of the effects on the domestic economy of various external and internal disturbances is undertaken.
Asset-Market Models: This topic considers models which carefully specify the demand and supply conditions of the various assets which they include. This permits a somewhat more rigorous and complete analysis of certain questions than do either the simple monetary-approach or traditional Keynesian models.
Non-Static and Rational Expectations: This section includes an introductory exposition of the alterations to the previous analysis of open-economy models which result from assuming that expectations of variables are not invariably equal to their current values. Some implications of assuming that expectations satisfy rational-expectations criteria are also discussed.
Flexible Exchange Rates: The determination of exchange rates, the theoretical arguments for and against flexible exchange rates in comparison with fixed rates, and the practical success of flexible exchange rates over the period of floating are the issues dealt with under this topic.
The International Monetary System: This section covers the history and analysis of the international monetary system.
The main textbook for the course is D R Appleyard &A J Field, International Economics, 4th edn, Irwin, 2001. Other suitable texts are:P Krugman &M Obstfeld, International Economics, 5th edn, Addison Wesley, 2000;W Ethier, Modern International Economics, 3rd edn, Norton, 1995;F L Rivera-Batiz &L Rivera-Batiz, International Finance and Open Economy Macroeconomics, 1994;P Hallwood &R MacDonald, International Money:Theory, Evidence and Institutions, 1994;R MacDonald, Floating Exchange Rates:Theories and Evidence, 1988;D Salvatore, International Economics, 1993;J Williamson &C Milner, The World Economy, 1991;L S Copeland, Exchange Rates and International Finance, 1994. Other readings will be given during the course.