Advanced Macroeconomics (In English)

ISA Study Center with Universidad Internacional Menéndez Pelayo-Sevilla

Course Description

  • Course Name

    Advanced Macroeconomics (In English)

  • Host University

    ISA Study Center with Universidad Internacional Menéndez Pelayo-Sevilla

  • Location

    Seville, Spain

  • Area of Study

    Economics, International Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Contact Hours

    45
  • Recommended U.S. Semester Credits
    3
  • Recommended U.S. Quarter Units
    4
  • Overview

    Prerequisite: open to all language levels; taught in English.

    Course Objective: The 20-21st Centuries can be described as a period of rapid, and sometimes revolutionary developments in several areas of the social world, especially in the economic sphere. Regarding the economic systems, it is possible to differentiate between the changes in ideas (theoretical) from the changes at the practical level (reality). This course will analyze the main economic systems: considering their historical background, their theoretical underpinning. How they function in the real world and how they differ/interact with one another.
    The major objectives of the course are to:
    - identify the characteristics of capitalism, planned socialism, and market socialism
    - assess the performance of the economic systems
    - study leading examples of each system (the United States, the Soviet Union, and Yugoslavia)
    - learn the major tasks of transition from planned or market socialism to capitalism
    - study the experience of transition in Russia, China, and central Europe
    - gain a better understanding of capitalism, our own system

    This course is designed to combine lectures with in-class group exercises and case discussion. Students will learn how to react to situations that multinational firms face in their international operations. On occasion, videos will be used to augment the lecture and stimulate class discussion.

    The means to attain these objectives include a thorough study of class notes, case analysis, and in-class small group discussions. The textbook will be used as a guideline. Reading assignments will be given everyday. DO NOT attempt to pass quizzes and examinations by just reading the textbook. Material for quizzes and examinations will be from lectures, cases, and group discussions.

    Contents:

    UNIT ONE: INTRODUCTION TO COMPARATIVE ECONOMICS
    - Economics
    - Scares Resources in a changing World
    - Universal Goals of Economics
    - Economic Systems
    - Economic Performance
    - Classification of the World?s Economies

    UNIT TWO: ANALYSIS OF ECONOMIC DATA
    - Analyzing Countries? GPD/GNI
    - Analyzing Countries? Employment
    - Analyzing Countries? Inflation
    - Analyzing Countries? Fiscal Indicators
    - Other relevant Economic Data

    UNIT THREE: INTERNATIONAL FINANCIAL ANALYSIS
    - Exchange Rates
    - Factors affecting Exchange Rates
    - Appreciation vs. Depreciation: Economic Implications
    - Balance of Payments
    - International Monetary System

    UNIT FOUR: COMPARING DOMESTIC ECONOMIES
    - Evaluating the Size of Markets:
    - Population
    - Incomes
    - GDP
    - Evaluating the Nature of the Economies
    - Physical Endowment
    - Infrastructure

    UNIT FIVE: COMPARING INVESTMENT CLIMATES
    - Currency
    - Conversion and transfer policies
    - Expropriation and compensation
    - Dispute Settlement
    - Performance requirements and incentives
    - Protection of intellectual property rights
    - Transparency of regulatory system
    - Efficient Capital Markets and Portfolio Investment
    - Political violence
    - Corruption
    - Bilateral investment agreements
    - OPIC
    - Labor
    - Foreign trade zones
    - Major foreign investors (FDI)

    UNIT SIX: INTERNATIONAL ECONOMIC AND SOCIAL INSTITUTIONS
    - Organization for Economic Co-operation and Development
    - United nations
    - World Trade Organization
    - World Bank
    - Other Institutions: UE, NAFTA, MERCOSUR, OPEC...

    UNIT SEVEN: CAPITALISM AND THE MARKET ECONOMY
    - Capitalism as an Economic System
    - Institutional Arrangements of Capitalism
    - Critics of the Market Economy

    UNIT EIGHT: TYPES OF CAPITALISM
    - American Capitalism
    - Eurocapitalism
    - Asian Capitalism
    - Comparative Analysis

    UNIT NINE: SOCIALISM
    - Socialism vs. Capitalism
    - Historical Background
    - Institutions of Socialism
    - Critics of Socialism

    UNIT TEN: COMMUNISM
    - Karl Marx
    - Communism vs. Socialism
    - Marx?s Theory of Value
    - Marx?s Theory of Surplus
    - Why did Communism fail?

    Bibliography: Students will be provided selections from other sources including articles from :

    - Financial Times
    - The Economist
    - Business Week
    - United Nations Library
    - World Bank Library
    - US Department of State

    Grading System:
    Midterm Examination 35%
    Final Examination 15%
    Quizzes 15%
    Presentation (and paper*) 20%
    Attendance & Participation 15%

    Note: All assignments, quizzes, and examinations will be announced in class

    Class presentations: PRESENTATION: Students will to select two countries of their choice from different economic systems and make an economic comparative analysis by evaluating:
    ? The Economy
    ? The Investment Climate
    ? The Political Climate
    ? The World?s Economic Role

    Attendance Policy: Attendance is obligatory. Only four hours of unexcused absence from class will be permitted. Medical absences are excused with the prompt receipt of proper documentation. It is expected that students arrive to class on time and that they return promptly to class after any given class break. Tardiness is figured into the absence policy.

    Class Protocol: Students are required to be involved in class activities. They are expected to show their preparation by participating in discussions, by asking relevant questions, being critical and analytical with the contents presented in class as well as by sharing their ideas and opinions. In class the student is required to maintain a polite demeanor always and under every circumstance. Students are asked not to eat in class and to put their cell phones on silence. With the exception being for class presentations, laptops are not to be used in class.

    IMPORTANT: This is a tentative schedule. The instructor has the right to make any modifications at his wish

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Some courses may require additional fees.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations