1. General information
Course:
INTERNATIONAL TRADE AND FINANCIAL MARKETS
Code:
53323
Type:
CORE COURSE
ECTS credits:
6
Degree:
316 - UNDERGRADUATE DEGREE IN ECONOMICS
Academic year:
2020-21
Center:
5 - FACULTY OF ECONOMICS AND BUSINESS
Group(s):
10
17
Year:
3
Duration:
C2
Main language:
Spanish
Second language:
English
Use of additional languages:
English Friendly:
Y
Web site:
Bilingual:
N
Lecturer:
CARLOS ALVAREZ ALEDO
- Group(s):
10
17
Building/Office
Department
Phone number
Email
Office hours
Despacho 2.04
ECO .ESP. E INT.,ECONOMET. E Hª E INS.EC
carlos.alvarez@uclm.es
Monday 12:45-14:15 h.
Tuesday 12:45-14:15 h.
2. Pre-Requisites
There are no specific prerequisites for this subject. However, some of the knowledge obtained in the first course about basic theoretical aspects of Microeconomics and Macroeconomics should be reviewed for a more suitable follow up of the present subject. Furthermore, it would be useful to remember some items learned about World Economy.
3. Justification in the curriculum, relation to other subjects and to the profession
International Trade and Financial Market considers an advanced analisys of International Economics. The subject looks into the main items about Trade and Financial Globalization. Special attention will be paid to recent changes in International Trade and new competitive strategies of nations, in particular, global value chains and offshoring strategies. In addition, regarding financial topics, we will focus on the main international macroeconomic relations, such as inflation, interest rates and exchange rates, the main theoretical determinants of international crisis and its real characteristics in recent years (Great Recession in US and Sovereign debt crisis of Eurozone).
4. Degree competences achieved in this course
| Course competences | |
|---|---|
| Code | Description |
| E01 | Know the theoretical performance and the implications of the economic system in the production and financial fields, nationally and internationally |
| E02 | Understand the role of institutions and economic agents in economic and social activities. |
| E08 | Know the different types of government intervention, as well as the fundamental premises of welfare economics. |
| E11 | Diagnosis and assessment skills to conduct structural and cyclical reports, as well as economic forecast summaries on the reality of the economy in Spain, the European Union and in any of the product sectors and factor markets. To do so, it will be necessary to understand and use common handbooks, as well as articles and, in general, leading edge bibliography in the core subjects of the curriculum. |
| E12 | Obtain theoretical and practical knowledge on international economic development, international trade, and international financial systems. |
| E13 | Know and understand the process of European integration, the main aspects of its operation and economic relations between the countries of the European Union. |
| E14 | Understand how a market economy works, determine output levels, employment and the general price level as well as equilibrium price in different market structures. |
| G01 | Possession of the skills needed for continuous, self-led, independent learning, which will allow students to develop the learning abilities needed to undertake further study with a high degree of independence. |
| G02 | Ability to understand the ethical responsibility and the code of ethics of professionals working in the field of economics. To know, respect and contribute to the fulfillment of the commitments related to gender equality, non-discrimination, human rights legislation and development cooperation. |
| G03 | Develop oral and written communication skills in order to prepare reports, research projects and business projects and defend them before any commission or group of professionals (specialised or non-specialised) in more than one language, by collecting relevant evidence and interpreting it appropriately so as to reach conclusions. |
| G04 | Ability for the use and development of information and communication technology in the development of professional activity. |
| G05 | Capacity for teamwork, to lead, direct, plan and supervise multidisciplinary and multicultural teams in both national and international environments. |
5. Objectives or Learning Outcomes
| Course learning outcomes | |
|---|---|
| Description | |
| Know the main macroeconomic variables and the economic policy instruments. | |
| Know the performance and regulation of product and factor mark ets at national and international level and the drivers for the generation of wealth and a suitable distribution of income. | |
| Enable student for autonomous work and learning, as well as for personal initiative | |
| Train the student to listen to and defend arguments orally or in writing | |
| Train the student to search for information in order to analyze it, interpret is meaning, synthesize it and communicate it to others. | |
| To Know different basic concepts of Finance, focusing on its interpretation to extract relevant information for the company | |
| Additional outcomes | |
| Not established. |
6. Units / Contents
-
Unit 1: INTERNATIONAL TRADE, COMPETITIVENESS AND INTERNATIONAL PRICES
-
Unit 1.1: Introduction
-
Unit 1.2: Competitiveness and trade patterns (I): wages and productivity
-
Unit 1.3: Competitiveness and trade patterns (II): endowment and factor intensity
-
Unit 1.4: International prices analysis: economic and geopolitical determinants
-
-
Unit 2: INTRA-SECTORAL TRADE, INTERNATIONAL FACTORS MOBILITY AND OFFSHORING
-
Unit 2.1: New flows and strategies of international trade
-
Unit 2.2: Capital international flows: Foreing Direct Investments
-
Unit 2.3: Offshoring and Global Value Chains
-
Unit 2.4: Present drivers and competitivity models en Advanced Countries and Emerging Market Economies
-
-
Unit 3: INTERNATIONAL TRADE AND DISTRIBUTIVE EFFECTS
-
Unit 3.1: Short and Long term effects of effects of international trade
-
Unit 3.2: Globalization impact on Advanced, Emerging and Developing Countries
-
Unit 3.3: Globalization and technological change: labour and wages effects
-
-
Unit 4: INTERNATIONAL MACROECONOMIC INTERDEPENDENCY
-
Unit 4.1: Real and Financial markets in an open economy: internal shocks
-
Unit 4.2: Current Account Balance, International Investment Position and financial indebtedness
-
Unit 4.3: International Economic Transmission Channels and external shocks
-
Unit 4.4: International Economic Analysis: main indicators and imbalances
-
-
Unit 5: EXCHANGE RATE DETERMINANTS AND INSTABILITY
-
Unit 5.1: Theoretical drivers of exchange rates in the long and short term
-
Unit 5.2: Commitment to exchange stability, instability factors and risk premium
-
Unit 5.3: Country Risk Premium: measure and determinants
-
Unit 5.4: Theoretical models of Currency and Financial Crisis
-
-
Unit 6: INTERNATIONAL FINANCIAL CRISIS
-
Unit 6.1: Financial globalization and financial markets: implications for macroeconomic governance
-
Unit 6.2: Recent Financial Crisis: The Great Recession, the Debt Crisis of Euro Area and macro-financial changes in 2010 Decade
-
Unit 6.3: Current International Economic Situation Analysis: the effects of 2020 crisis
-
7. Activities, Units/Modules and Methodology
| Training Activity | Methodology | Related Competences (only degrees before RD 822/2021) | ECTS | Hours | As | Com | Description | |
| Class Attendance (theory) [ON-SITE] | Lectures | E01 E02 E08 E11 E12 E13 E14 | 1.33 | 33.25 | N | N | ||
| Class Attendance (practical) [ON-SITE] | Combination of methods | E11 E12 | 0.67 | 16.75 | Y | N | ||
| Other on-site activities [ON-SITE] | Combination of methods | E01 E11 G01 G02 | 0.15 | 3.75 | Y | N | ||
| Analysis of articles and reviews [OFF-SITE] | Reading and Analysis of Reviews and Articles | E01 E11 G01 G02 | 1 | 25 | Y | N | ||
| Practicum and practical activities report writing or preparation [OFF-SITE] | Problem solving and exercises | E12 G01 G02 G03 G04 | 1 | 25 | Y | N | ||
| Other off-site activity [OFF-SITE] | Combination of methods | E12 E13 E14 | 0.3 | 7.5 | Y | N | ||
| Study and Exam Preparation [OFF-SITE] | Self-study | E12 E13 E14 | 1.4 | 35 | Y | N | ||
| Final test [ON-SITE] | Assessment tests | E01 E11 E12 E13 E14 G01 G02 G03 G04 | 0.15 | 3.75 | Y | Y | ||
| Total: | 6 | 150 | ||||||
| Total credits of in-class work: 2.3 | Total class time hours: 57.5 | |||||||
| Total credits of out of class work: 3.7 | Total hours of out of class work: 92.5 | |||||||
As: Assessable training activity Com: Training activity of compulsory overcoming (It will be essential to overcome both continuous and non-continuous assessment).
8. Evaluation criteria and Grading System
| Evaluation System | Continuous assessment | Non-continuous evaluation * | Description |
| Final test | 60.00% | 100.00% | The final test includes different questions concerning theoretical aspects and practical exercises, |
| Assessment of problem solving and/or case studies | 40.00% | 0.00% | The quantity and quality of the problem solving and/or case studies carried out by the students delivered by Campus Virtual will be assessed within the established timeschedule (before correction). The grade obtained in them will be taken in account in the resit/retake exam. The active participation of student and class work will be assessed |
| Total: | 100.00% | 100.00% |
According to art. 4 of the UCLM Student Evaluation Regulations, it must be provided to students who cannot regularly attend face-to-face training activities the passing of the subject, having the right (art. 12.2) to be globally graded, in 2 annual calls per subject , an ordinary and an extraordinary one (evaluating 100% of the competences).
Evaluation criteria for the final exam:
-
Continuous assessment:It is based on the assessment of competences through various training activities (problem-solving, debates, complementary readings, questionnaires,...), active participation in class, and a final test. Attendance at seminars or other events programmed in the Faculty will also be positively assessed. According to the Student Evaluation Regulations, the student is required to obtain a mark of 4,5 in the final test to average the obtained scores in the rest of the proposed training activities.
-
Non-continuous evaluation:The assessment will consist of a final exam of longer duration that will include specific tasks in order to assess all the competences.
Specifications for the resit/retake exam:
In the resit/retake exam the student will be allowed to recover learning outcomes through a final exam . Students requiring an assessment of acquired competences in training activities will inform instructors in advance, before the beginning of the exam period. The latter will be done through specifics tasks that may be included in the final retake exam.
Specifications for the second resit / retake exam:
Given the special characteristics of this call, the final mark corresponds to a final test.
9. Assignments, course calendar and important dates
| Not related to the syllabus/contents | |
|---|---|
| Hours | hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 33.25 |
| Class Attendance (practical) [PRESENCIAL][Combination of methods] | 16.75 |
| Other on-site activities [PRESENCIAL][Combination of methods] | 3.75 |
| Analysis of articles and reviews [AUTÓNOMA][Reading and Analysis of Reviews and Articles] | 25 |
| Practicum and practical activities report writing or preparation [AUTÓNOMA][Problem solving and exercises] | 25 |
| Other off-site activity [AUTÓNOMA][Combination of methods] | 7.5 |
| Study and Exam Preparation [AUTÓNOMA][Self-study] | 35 |
| Final test [PRESENCIAL][Assessment tests] | 3.75 |
| Unit 1 (de 6): INTERNATIONAL TRADE, COMPETITIVENESS AND INTERNATIONAL PRICES | |
|---|---|
| Teaching period: Weeks 1 -2 |
| Unit 2 (de 6): INTRA-SECTORAL TRADE, INTERNATIONAL FACTORS MOBILITY AND OFFSHORING | |
|---|---|
| Teaching period: Weeks 3-5 |
| Unit 3 (de 6): INTERNATIONAL TRADE AND DISTRIBUTIVE EFFECTS | |
|---|---|
| Teaching period: Weeks 6-7 |
| Unit 4 (de 6): INTERNATIONAL MACROECONOMIC INTERDEPENDENCY | |
|---|---|
| Teaching period: Weeks 8-10 |
| Unit 5 (de 6): EXCHANGE RATE DETERMINANTS AND INSTABILITY | |
|---|---|
| Teaching period: Weeks 11-12 |
| Unit 6 (de 6): INTERNATIONAL FINANCIAL CRISIS | |
|---|---|
| Teaching period: Weeks 13-14 |
| Global activity | |
|---|---|
| Activities | hours |
10. Bibliography and Sources