6 ECTS credits
151 h study time

Offer 1 with catalog number 4018135FNR for all students in the 1st semester at a (F) Master - specialised level.

Semester
1st semester
Enrollment based on exam contract
Impossible
Grading method
Grading (scale from 0 to 20)
Can retake in second session
Yes
Taught in
English
Faculty
Faculty of Social Sciences & SolvayBusinessSchool
Department
Applied economics
Educational team
Helena Sanz Morales (course titular)
Activities and contact hours

20 contact hours Lecture
8 contact hours Seminar, Exercises or Practicals
123 contact hours Independent or External Form of Study
Course Content

The aim of this course is to familiarize students with the workings of international economics in the practice of everyday business, policy and politics through the guided study of a current topic in international economics. In particular, we are going to analyse the problem of economic adjustment in firms and households in a multi-national context like the EU. The classes will consist of a mixture of standard lectures on the economic theory, hearings by keynote speakers, and exercise classes for group-work.

The content of the course will focus on the role of addressing the Financial Crisis in Europe. The Financial Crisis has been unusual due to the speed of transmission and the strength of the feedback linkages with which it has spread across financial markets and borders. Once private debt problems started to shift to Eurozone sovereign debt in 2009, the crisis then hit the weakest point in the Eurozone, Greece, and so further to other EMU countries. These events exposed unresolved governance problems in the Eurozone. The political response to this fiscal Crisis had been hesitant as it was held up by doubts on the consequences of a sovereign default in Greece, Ireland or Portugal or beyond.

The Financial Crisis had urged a rethinking of the way monetary and fiscal policies should be set, and in Europe a particular mix had been adopted by the European Central Bank and national governments. The course will first discuss the view on monetary policy in economic stabilization, and the problems this may have created leading to the build-up of the Financial Crisis. The Crisis itself, and the policies adopted, have had tremendous consequences on the banking system and credit to firms. This has led to further adaptations in the policy response in different countries. The focus is now on structural reform, fiscal constraint and an internal devaluation that should lead countries out of economic crisis through increased exports. The European approach to those problems is of course largely set by the institutional settings of the EU and the Eurozone. This has led to serious conflict on the attribution of powers across the EU.

 

Course material
Digital course material (Required) : Scientific articles and policy papers
Practical course material (Required) : Lectures by keynote speakers
Additional info

The reader of this course will be published on Canvas. A full schedule is provided on this website too. This course builds on material used in an undergraduate macroeconomics course, financial economics and the Master course in International trade.

Teaching Methods

  • Lecture: collective contact-dependent moments during which the lecturer engages with learning materials
  • Exercises or Practicals: collective or individual contact-dependent moments during which the students are guided to actively engage with learning materials
  • Independent or External Form of Study (Self): independent study

This description of the teaching methods is indicative, in order to assess the expected study load.

Lecture: 20 hours (10 x 2 hours)

Practical: 8 hours

  • group discussion: 4 hours (2 x 2 hours)
  • presentation: 3 hours (3 x 1 hour)
  • discussion report lecture: 1 hour

Self: 123 hours

  • keeping up with the course material during the semester, amounting to 1 hour per hour lecture: 20 hours
  • reading exercises, amounting to 1 hour per week: 13 hours (13 x 1 hour)
  • preparing exercises (in group), amounting to 2 hours per week: 26 hours (13 x 2 hours)
  • preparation exam: 64 hours
    • search material: 24 hours (3 days of 8 hours)
    • write draft: 40 hours (5 days of 8 hours)
Learning Outcomes

General competencies

General Competences

By the end of this course, students should develop the skills to

  • consult, understand and frame independently articles and policy papers;
  • understand how economic and political constraints force a trade-off in the choice of possible actions that may be followed;
  • interact in class, with lecturers and policy speakers;
  • be able to report on policy issues;
  • write an analytical report, using standard software and with a high standard of writing and reporting,  respecting also academic standards;
  • develop the interpersonal skills to develop a group work.

Specific Competences

Students are expected to

  • understand the role of economic policies on firms, households and government;
  • understand the role of political constraints on economic and political actions;
  • understand the main theories underlying monetary and fiscal policies;
  • understand the role of economic integration in international relations.

Grading

The final grade is composed based on the following categories:
Written Exam determines 75% of the final mark.
Other Exam determines 25% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

  • Written Exam with a relative weight of 75 which comprises 75% of the final mark.

Within the Other Exam category, the following assignments need to be completed:

  • Group Work with a relative weight of 25 which comprises 25% of the final mark.

Additional info regarding evaluation

The final grade is based on a group-work during the course that determines 25% of the final mark, and a take-home exam that determines 75% of the final mark. The final exam will be assessed on its originality, contribution to the area, and the depth of study of the chosen topic. The exam may be followed by a brief oral presentation.

A retake exam will only cover 75% of the final mark, and the score on the group-work will be transferred. The retake exam takes place in the regular second term at the end of the academic year.

Participation in the group-work is obligatory as it is an essential part of the learning objectives of this course.

Deadlines for group work and exams are communicated at the start of the course, and in the course syllabus.

Allowed unsatisfactory mark
The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context

This offer is part of the following study plans:
Master of International Business: Standaard traject