SSST Subjects

EC 220 International Economics


Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
  • BA in Political Science and International Relations with Economics
  • BSc in Computer Science with Economics
  • BSc in Information Systems with Economics

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications

Introduction to Microeconomics, Introduction to Macroeconomics


Module Code

EC 220


Module coordinator

Vjekoslav Domljan


Applicable From



Educational Aims of the Module

  • The module covers both international trade and international finance. It is divided into two main parts. The first half focuses on theory and the second half focuses on policy.
  • This module gives a broad knowledge of commonly used trade models, international finance and international monetary economics.
  • The goal of the module is to enable students to critically analyze those economic issues that result from a country’s interaction with the outside world: trade with other countries, gains from trade and their distribution, supranational economic integration, current account imbalances, analysis of protectionism; strategic trade barriers; the trade deficit; exchange rate determination, government intervention in foreign exchange markets, external imbalances under currency board regimes etc.
  • The prerequisites for the module are previous modules in microeconomics and macroeconomics.
  • No mathematical prerequisites are required but students should feel comfortable manipulating graphs and simple algebraic equations.

Module Outline/Syllabus

  • Introduction and World Trade: An Overview

  • Labour Productivity and Comparative Advantage: the Ricardian Model

  • The Instruments of Trade Policy

  • The Political Economy of Trade Policy

  • Trade Policy in Developing Countries (import-substituting industrialisation, trade liberalisation since 1985; take-off in Asia)

  • Controversies in Trade Policy

  • National Income Accounting and Balance of Payment

  • Exchanges Rate and the Foreign Exchange Market: An Asset Approach

  • Money, Interest Rates, and Exchange Rates

  • Output, Price Levels and the Exchange Rate in the Long and Short Run

  • Fixed Exchange Rates and Foreign Exchange Intervention

  • International Monetary Systems: An Historical Overview

  • Financial Globalisation: Opportunity and Crisis

  • Optimum Currency Areas and the Euro

  • Developing Countries: Growth, Crisis and Reform


Student Engagement Hours

Type Number per Term Duration Total Time



1.5 30


1.5 15
Total Guided/Independent Learning Hours


Total Contact Hours


Total Engagement Hours



Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline

Final exam


3 hours


Week 17

Mid-semester test


2 hours


Week 8

Group Project: Report on Topic (Including presentation)


2000 words

20 minutes presentation



Week 12


Module Outcomes

Intended Learning Outcomes:

  • To understand key economic terminology as used in the field of Economics and to be competent in the reading of economic literature

  • Articulate on the now dominant economic theories and their global, regional, country and business applications

  • Evaluate and critically analyse the interrelationships of political and economic factors.

  • Understand and be able to treat analytically the basic economics, international trade and finance issues

  • Evaluate the principle of comparative advantage and how free trade between countries can benefit all, and under what conditions;

  • Familiarise with the major instruments of trade policy and how their economics and effects can be analysed

  • Articulate on the international macroeconomic policy and how its economic effects can be analysed

  • Critically analyse major issues in international trade and finance, be able to deal with them analytically, and identify possible resolutions for those issues.

  • Use already established methods to undertake investigation in the field of International Economics and communicate results in appropriate format.

Teaching and Learning Strategy:

  • Teaching will mostly be done in a lecture-type style with plenty of real-world examples crucial for core understanding of the topic. (ILO:1-8)

  • Lectures will contain theoretical and application-based examples as well as some thought provoking exercises for students to engage with. (ILO:1-8)

  • Most of the application-based problems will be done in tutorial sessions. Students are encouraged to participate in group discussions and the presentation of group ideas. They will be tutored on preparing reports of group debate and class exercises. (ILO:1-9)

Assessment Strategy:

  • Mid-term and final exam (ILO:1-8)

  • Group project: Report on Topic (Including presentation) (ILO: 1-9)

Practical Skills:

  • Ability to explain theoretical concepts from the field of International Economics and own point of view, as well as to listen and appreciate alternative points of view on international trade.

  • Interpret GPSs (global position strategies)

  • To theoretically apply economic concepts of international trade to real-life concerns

  • To analyse national accounts and balance of payments

  • Ability to create written reports on relevant topics related to the field of International Economics.

Teaching and Learning Strategy:

  • Teaching will be dominantly lectures, with use of historical examples (PS:1,2,4)

  • Tutorials and exercises will emphases practical skills (PS: 3-5)

Assessment Strategy:

  • Mid-term and final exam (PS: 1-4)

  • Group project: Report on Topic (Including presentation) (PS: 1,5)

Transferable Skills:

  • A problem-centered and problem-solving approach

  • Ability to effectively present own and others’ point of view

  • Communication Skills

  • Presentation Skills

  • Ability to work independently

  • Meet deadlines

Teaching and Learning Strategy:

  • Teaching will be predominantly lectures, with ample use of examples. (TS: 2-4)

    The tutorials and set class exercises will emphasize practical use of skills (TS:1-5)

Assessment Strategy:

  • Mid-term and final exam (TS:1,2)

  • Group project: Report on Topic (Including presentation) (TS: 2-7)


Key Texts and/or other learning materials

Set text

  • Paul Krugman, M. Obsfeld, M. Melitz, (2017) International Economics: Theory and Policy; 11th Edition, The Pearson series in economics

Supplementary Materials

  • R. Carbaugh, (2016), International Economics, 16th Edition, Cengage Learning

  • J. N. Bhagwati and A. S. Blinder, (2009) Offshoring of American Jobs - What Response from U.S. Economic Policy? MIT Press

  • World Trade Organisation, (2017) WTO [online], (Accessed 17th April 2017)

  • The Economist, (2017), Economics, [online],, (Accessed 17th April 2017)

  • J. Greenwood, 2008, “Hong Kong’s Link to the US Dollar, Origins and Evolution”, Hong Kong Institute for Monetary Research, Hong Kong University Press.

  • S. Eijffinger, (1998), Foreign Exchange Intervention: Objectives and Effectiveness, Edward Elgar Publishing

  • E. Buffie,(2001), Trade Policy in Developing Countries, Cambridge University Press

  • J. Stiglitz, (2003), Globalization and Its Discontents. Norton & Company

  • The Open University, (2016), Developing Countries in the World Trade Regime,(Kindle Edition), [online at] (Accessed 17 April 2017)

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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Hrasnička cesta 3a, Sarajevo, 71 000

Bosna i Hercegovina

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