The module aims to introduce key facts and theories in international economics and discuss contemporaneous issues in the global economy. The topics covered in this module will introduce students to the up-to-date knowledge of the global economic environment, equip students with necessary tools analyse recent political and economic events and prepare them to work in economic consulting, data analytics, civil service, and industry. The focus on theory underpinning policy and then empirically testing the impact of policy exposes students to the way policy-oriented research is conducted.

(LO1) Students will be able to describe the key economic aspects of the global economic and business environment in recent years.

(LO2) Students will be able to identify major economic issues experienced by nations and institutions and use appropriate economic analysis to examine such issues.

(LO3) Students will be able to read and discuss empirical analyses conducted by other researchers.

(LO4) Students will be able to develop the ability to conduct individual study by drawing on multiple data sources.

(LO5) Students will be able to program empirical analyses in STATA.

(LO6) Students will be able to analyse and quantify the economic impacts of recent regional and global issues (e.g., Brexit and COVID).

(S1) Problem solving
The module teaches students to define a research hypothesis and empirically test it through discussions in lectures and seminars and written assignments.

(S2) Verbal and written communication
The module teaches students to discuss research on international trade policies through discussions in lectures, seminars and written assignments. Especially, through the module students will develop the skills of essay-based argument. This is a specialist academic skill that requires students to demonstrate the synthesis of considerable research and analysis and develop a strong, coherent argument. These skills though specialist in the form of an essay can be adapted to wider forms of communication.

(S3) Numeracy
This module will develop two types of analytical skills, data analysis and the use of economic models. To develop these two skills, weekly tutorial questions are designed to introduce real world data analysis problems. By attempting these tutorial questions and participating in seminars, students can learn how to source data from various databases, produce good summary statistics and analyse real world economic and policy issues using economic models.

(S4) IT skills
Seminars will teach students how to program empirical analyses in STATA.

(S5) International awareness
This module introduces the key facts and concepts of global economic and business environment, covering issues such as the establishment of the world’s economic order after the second world war, the functions of key international institutions, the pros and cons of economic integration, and the impacts of Brexit and the US-China trade war.

(S6) Lifelong learning
A key objective of this module is to teach students on how to conduct their own research. Students will gradually learn how to approach and solve new problems by practicing the tutorial questions and completing their assessments.

2 hour lecture x 10 weeks
1 hour seminar x 5 weeks
125 hours self-directed learning

Students will need to spend time studying the introduced trade models and reading assigned academic papers and policy reports. Significant time will also need to be spent coding STATA in order to build their skills and prepare them for assignments.

Core Topics:

1. Global economic environment: key facts
2. International trade theories
3. International prices and exchange rates
4. Regional trade agreements and Brexit
5. Analysing current policy issues using trade models
6. Globalisation and trade integration: winners and losers
7. International monetary systems and financial integration

Additional Topics as Time Permits:

1. COIVD and its global impacts

This module will introduce new topics on international trade and finance. The analytical skills developed in this module will help students to complete more complicated tasks for the modules in the second semester (e.g., Labour Economics).

Course material, such as supplementary readings, data sets, trade models, and additional learning materials, will be posted on Canvas. STATA is available through CSD. Resources for programming in STATA will be posted on Canvas. This will include example do-files, pre-packaged programs, and self-directed learning materials to assist in learning to code.