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ES30034: International monetary economics

Follow this link for further information on academic years Academic Year: 2013/4
Further information on owning departmentsOwning Department/School: Department of Economics
Further information on credits Credits: 6
Further information on unit levels Level: Honours (FHEQ level 6)
Further information on teaching periods Period: Semester 2
Further information on unit assessment Assessment: EX 100%
Further information on supplementary assessment Supplementary Assessment: Reassessment not allowed
Further information on requisites Requisites: Before taking this unit you must take ES10001 and take ES10002
Further information on descriptions Description: Aims:
The aim of the Unit is to present a fairly rigorous account of the material that relates to monetary aspects of an open economy. Students will gain a critical appreciation of the theoretical tools used in this important area of economics and a robust analytical framework for the interpretation of policy. Although the unit can be studied as a self-contained module, it forms part of a specialist stream in International Economics, with ES30033 International Trade.

Learning Outcomes:
The learning outcomes are that, at the end of the course unit, students will understand the way in which economic theory can be applied to issues such as
(i) the use of fiscal and monetary policies in open economies;
(ii) UK balance of payments policy;
(iii) the workings of the foreign exchange market;
(iv) the European monetary system and the issue of UK membership
(v) theoretical accounts of international financial crises.

Using deductive reasoning in abstract models. Applying theory to specific contexts. Synthesising relevant material and debates.

The course unit emphasises debate mainly at the theoretical level, by generally contrasting a Keynesian real side approach with a more classically inspired monetary approach. Specific topics include: the nature and significance of the balance of payments; parity concepts; the efficient markets hypothesis; devaluation; open economy macroeconomics; flexible versus fixed exchange rates; the foreign trade sector, Europe and international policy co-ordination. Key texts:
* L.S. Copeland Exchange Rates and International Finance
* P. Hallwood and R. MacDonald International Money and Finance
* L.Sarno and M.P. Taylor The Economics of Exchange Rates.
Further information on programme availabilityProgramme availability:

ES30034 is Optional on the following programmes:

Department of Economics
  • UHES-AFB03 : BSc (hons) Economics (Full-time) - Year 3
  • UHES-AKB03 : BSc (hons) Economics (Full-time with Thick Sandwich Placement) - Year 4
  • UHES-AFB02 : BSc (hons) Economics and International Development (Full-time) - Year 3
  • UHES-AKB02 : BSc (hons) Economics and International Development (Full-time with Thick Sandwich Placement) - Year 4
  • UHES-AFB01 : BSc (hons) Economics and Politics (Full-time) - Year 3
  • UHES-AKB01 : BSc (hons) Economics and Politics (Full-time with Thick Sandwich Placement) - Year 4

* This unit catalogue is applicable for the 2013/4 academic year only. Students continuing their studies into 2014/15 and beyond should not assume that this unit will be available in future years in the format displayed here for 2013/14.
* Programmes and units are subject to change at any time, in accordance with normal University procedures.
* Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.