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This course will consist of 7 (or 6) tutorials in international trade and International finance. The tutorials will introduce you to the determinants of trade patterns, the gains from trade exchange rate determination and currency crisis. Tutorials will be held at Nuffield College on Fridays from 3pm. Course objectives: The objectives of the course are to: (a) Introduce students to the core concepts and theories of international trade. (b) Equip students with the tools to analyse International trade policy issues. (c) To introduce a range of new trade-related issues. Assessment: You will be given reading and an assignment (essay) to complete each week before the tutorial. Written work is to be submitted on the day prior to the tutorial. Recommended Texts: Krugman, P. R and M. Obstfeld, International Economics; Theory and Policy, 7th edition, Pearson Addison-Wesley (KO) Appleyard, D, A.J. Field and S. Cobb, International Economics, 5th edition, McGraw Hill (AF) Ethier, W. J., Modern International Economics, 3rd edition, Norton (B) There are two very good online textbooks on International Trade and Finance: Suranovic, S. M, International Trade: Theory & Policy The link to the main content list is: http://internationalecon.com/v1.0/toc.html These textbooks offer useful chapters for the topics covered in this course. Further readings per topic are given below.
Essay title:
Why did the Bretton Woods system break down? Did the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) fail for the same reasons?
Reading: Krugman and Obstfeld chapter 19 (including appendix). *McKibbin, W. (1988) "International Policy Coordination" Economic Record Vol.64 pp 242-253 McKibbin, W., and J. Sachs, Global Linkages, chapters 1, 2, 7. Fischer, S., "International Macroeconomic Policy Coordination," in M. Feldstein and S. Fischer (eds.) International Policy Coordination (Chicago University Press, 1988). Currie, D.A. (1993) "International Cooperation in Monetary Policy: Has it a Future?", Economic Journal, Vol. 103, pp 178-187 Currie, D.A., and P. Levine, "The International Coordination of Monetary Policy: A Survey," chapter 7 in C.J Green and D.T. Llewellyn (eds.) Surveys in Monetary Economics, Volume I, (Blackwell, 1991). Survey paper by Bladen Hovell in Dowd and Lewis "Current issues in financial and monetary economics" McKibbin, W. and J. Sachs "Coordination of Monetary and Fiscal Policies in Open Economies", in J. Frenkel (ed) International Aspects of Fiscal Policies, (Chicago University Press) Corden W. M. (1994) Economic Policy, Exchange Rates and the International Systems, Chapters 10, 11, 13 Feldstein, H. (1988) "Rethinking international economic coordination" Oxford Economic Papers Vol 40(2) June, pp 205-219 Bliss, C. and Joshi, V. (1988) "Exchange Rate Protection and Exchange Rate Conflict" Oxford Economic Papers Vol 40(2) June pp. 365-377 Cooper "Economic Interdependence and coordination" in Handbook of International Economics Vol. 2 chapter 23. Stevenson, Muscatelli and Gregory Macroeconomic Theory and Stabilisation Policy last chapter Essay Title: Why might there be welfare gains from international macroeconomic policy coordination among the major economies? What role should be accorded to fiscal policy in the global coordination of macroeconomic policies? (Basic Reading is the McKibbin and Sachs chapter on the Coordination of Monetary and Fiscal Policies in the Frenkel book above).