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   Course Title    International Economic Relations
Lecturer    Flora Salikhova
Institution    University of World Economy and Diplomacy
Country    Uzbekistan

Aim of the course.

To explain determinants and consequences of internal and external macroeconomic indicator changes upon the wealth of various economic groups and the nation as a whole, to acquire advanced skills of economic analysis, reasoning, and policy making advisering.

Objectives of the course are:

  • Students should be able to explain, using graphical and algebraic methods the result of any macroeconomics policy or protectionism on main macroeconomic indicators
  • Students should be able to clear compare results of any two different tools of making policy so that a policy maker has transparent understanding of all consequences gotten
  • Student should be able to apply all knowledge and skills obtained from the majority of background courses studied to advanced level of multilateral analysis
  • Students should be able to predict outcomes coming from either possible changes in existing conditions with high degree of reliability so that some preliminary steps are undertaken to eliminate any negative results possible.

The course of International Economic relations is the course of specialization and built upon the background developed by basic courses such as MicroEconomics, Macroeconomics, Econometrics and so on.

This is the main Course for students whose major is Economics and specialization is International Economic Relations. The course is studied by undergraduate students for two terms. The first and the second terms of their fourth year of study.

Methods used.

Lectures go alone with seminars (time distribution is about 60% and 40% correspondingly), course schedule is designed so that paper-pencil tests are combined with computer based ones, some topics are assigned to be studied by students on independent basis with following presentation. Students will be required to submit a course paper by the end of the second part of the year.(The paper will be graded separately with the max of 100 points)

Course Description:

International Trade Theory

Absolute and comparative advantages. The Ricardian Trade Model

Factor Endowments and Heckscher-Ohlin Theorem

Increasing Returns to Scale and International Trade

The Gains from Trade

International Trade and the distribution of gains among Individuals

Economic Growth and International Trade.

International Trade of Uzbekistan

Trade Policy and its tools

Import tariff theory and its effect on wealth

Import quotas

Export tariffs and export subsidies

Import discrimination, Custom Unions

International cartels and optimal price

Trade policy and developing countries

Industrial policy in developed countries

Trade Policy of Uzbekistan

International Markets

International commodity markets, markets of raw materials

International service markets

International Factor Mobility

International migration of labor

International capital migration

Direct foreign investments

Developing countries : external debt, stabilization,

Balance of Payments and Exchange Rates

National Income accounting and balance of payments, Macroeconomic Policy and Balance of Payments

Foreign exchange markets and exchange rate

Exchange rate and macroeconomic Policy

Macroeconomic Policy in an Open Economy

External and internal equilibrium

Macropolicy under fixed exchange rate regime

Macro-policy under flexible exchange rate regime

International Economic Relations and Transition Economies 1 lecture

Assessment of the course consists of the following:

28% - problem sets solution and seminars’ participation (each term)

2 interim computer tests (15% each) – each term

12% of your grade are assigned to different types of outclass activities, such as conference, Olympiad participation.

final computer test (30%) only in the 1-st term

by the end of the course you will have written exam (30%) and those points will be included into the total grade of the second term.

Required Texts:

Lindert P.X. Economics of (1992) Russian Translation. Univers, Progress

Kireev A. International Economics (1997). Moscow, International Relations.

Krugman P. and Obstfiel M, International Economics: Theory and Evidence, 1997

Kholopov A. and Miklashevskaya N., International Economics, 2-d edition, 2000

Recommended Texts:

R.E. Caves, J.A. Frankel,, R.W. Jones. World Trade and Payments: AN Introduction (6 Edition, 1993) HarperCollins College Publisher, New York

Avdokushin E.F. International Economic Relations (1997) Moscow, IVC.

Fomichev V.I. International Trade (2000(\), Moscow, Yurist

Calvo, Dornbush, Obstfeld Money, Capital Mobility & Trade

A.Rodseth Open Economy Macroeconomics

Sachs, LArrain Macroeconomics in the Global Economy

Appleyard D., Field A. International Economics. Trade Theory and Policy

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