Gwybodaeth Modiwlau

Module Identifier
EC32120
Module Title
European and International Monetary Systems
Academic Year
2013/2014
Co-ordinator
Dr Kyriaki Remoundou
Semester
Semester 1
Pre-Requisite
EC10120 or EC32520
Other Staff
 

Course Delivery

Delivery Type Delivery length / details
Lecture 20 one hour lectures
Seminars / Tutorials 5 one hour tutorials
Workload Breakdown 25 contact hours. 100 hours of study and review for lectures and tutorials. 30 hours of preparation for the coursework. 45 hours of revision for the examination.
 

Assessment

Assessment Type Assessment length / details Proportion
Semester Exam 3 Hours   Unseen written examination  80%
Semester Assessment 1500 Word Essay  20%
Supplementary Exam 3 Hours   Unseen written examination  Repeat Failed Element  80%
Supplementary Assessment 1500 Word Essay  Repeat Failed Element  20%

Learning Outcomes

On successful completion of this module students should be able to:

* Demonstrate a detailed understanding of the nature of the International and European Monetary Systems, their institutions, their policies, and their relationship to both developing and developed countries, as well as their future development;

* Apply simple and practical macroeconomic modules to policy co-ordination problems between countries;

* Evaluate the pros and cons of joining a monetary union using simple macroeconomc modules built within a logical framework;

* Critically analyse the impact of fiscal and monetary policies on key macroeconomic variables under a single monetary union.

Aims

As part of the general move towards 20 credit standardization across Part Two modules, the existing EC33010 European and International Monetary Systems is being expanded and turned into a new 20 credit module. This is a core module for single honours N310 Business Finance.

Brief description

This module investigates International and European Monetary Systems, and discusses their recent developments and problems. It provides students with an advanced understanding of the monetary and political interdependence of countries and trading bloccs in their historical and institutional framework. The emphasis will be on the main changes to which the international and European monetary systems have been subject to since the breakdown of the Bretton-Wood System.

Content

Part I Introduction:

  • Overview of the International Monetary System
Part II International Monetary Systems:

  • Operation of the Gold Standard System
  • The Bretton-Woods System
  • Fixed versus flexible exchange rates
  • Eurocurrency markets
  • International macroeconomic co-ordination
  • International debt crisis
  • Currency crises and the East Asian Financial Crisis
Part III European Monetary System:

  • Theory of Optimum Currency Areas
  • Costs and Benefits of a Common Currency
  • Monetary and Political Union
  • Europen Monetary Union (Emu); Maastricht Treaty
  • ~Case for and against EMU
  • Monetary policies in the Eurozone
  • Fiscal policies in the Eurozone

Module Skills

Skills Type Skills details
Application of Number Numerical problems will be treated in tutorial exercises, appropriate assignments, and examination questions.
Communication Participation in discussion-based seminars will enhance the verbal communication skills of the participants. Written communication proficiency will also improve as a result of the compulsory coursework component of the module.
Improving own Learning and Performance Students will improve their learning by undertaking direted but independent study and work. Time management will be crucial in preparation for the assessments.
Information Technology Accessing course information and documents from Blackboard and internet for referencing material, and use of word-processing skills for the assignment.
Personal Development and Career planning The module helps students to develop various personal and interpersonal skills, generally transferable in career terms.
Problem solving Problem solving skills are treated in lectures and applied in tutorials and coursework. The module will enhance students' ability to think critically on macroeconomic issues and helps to apply various research methods and approaches to problem solving from a policy perspective.
Research skills Students are expected to obtain, select, and assimilate information from a variety of sources. This will introduce them to a range of research methods, which will facilitate development of appropriate research skills necessary to produce high quality analytical reports.
Subject Specific Skills The module helps students to be able to apply models and think critically in the abstract.
Team work Participation in seminars through individual and group discussions will improve team-working skills of all the participants.

Reading List

Recommended Text
Feenstra, R.C. and A.M. Taylor (2008) International Economics Worth Primo search Grauwe, Paul de. (2007.) Economics of monetary union /Paul De Grauwe. 7th ed. Oxford University Press Primo search Gros, Daniel (1998.) European monetary integration /Daniel Gros and Niels Thygesen. 2nd ed. Longman Primo search Pilbeam, Keith (2006.) International finance /Keith Pilbeam. 3rd ed. Palgrave Macmillan Primo search

Notes

This module is at CQFW Level 6