Type of module:

Summary module description:

Module Lead at NUIST: Dr. Irfan Ullah Khan (proposed) / irfanecon@nuist.edu.cn

International economics is concerned with economic interactions among sovereign nations, in terms of trade in goods and services as well as investment in financial and real assets. It tries to answer questions such as: why do nations trade; what are the gains from trade; are such benefits fairly allocated across various social groups; should trade be free or protected; how much should trade and financial relations among nations be regulated, integrated, coordinated; why do monetary regimes and exchange rates matter; why do some nations tend to accumulate current account deficits and foreign debt whereas other are in surplus and are net lenders. Part of the module will apply the introduced theoretical concepts and models to the policy context of Brexit and EU integration.

Aims:

Our key objective will be to understand, analyse and discuss solutions to a number of topical issues we face in modern world economic policy. The module is divided into two parts, of 5 lectures each. In the first part, we will use a range of models to analyse trade across nations and the workings of the macroeconomy in an international context. In the second part, trade and exchange rate theories will be extended to applications in modern policy issues such as preferential trade agreements, WTO, and post-Brexit developments. The applications also include international trade as it pertains to China.Ìý EC311NU serves as a continuation of the ‘International Trade Theory’ and ‘International Trade Practice’ modules offered during the second year of the economics sequence.

Assessable learning outcomes:

• Understand and interpret a range of theoretical explanations of trade flows.


• Analyse the workings of the macroeconomy in an international context. Ìý


• Apply trade models to modern policy issues such as preferential trade agreements, WTO, and post-Brexit developments.

Additional outcomes:

Outline content:

Trade theory and policy: Classical theories of trade. ‘New’ explanations of trade. Tariffs and protectionism.

Open-economy macroeconomics: Theories of exchange rate determination. Policy issues.

Brief description of teaching and learning methods:

This module is delivered through 42 x two-hour lectures in the spring term.