|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 Type||Assessment length / details||Proportion|
|Semester Exam||3 Hours Written Exam||80%|
|Semester Assessment||1500 Word Essay||20%|
|Supplementary Exam||3 Hours Repeat Failed Element||80%|
|Supplementary Assessment||Repeat Failed Element||20%|
Upon 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 moduels 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.
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.
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.
- Overview of the International Monetary System
- 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
- 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
|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 ListRecommended 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
This module is at CQFW Level 6