SURVEY OF INTERNATIONAL ECONOMICS

A COMPLETE ONLINE COURSE OUTLINE AND STUDY GUIDE

The following list includes 14 learning modules that cover a one-semester course introducing international trade and international finance principles. It is based on an intermediate course taught at George Washington University requiring principles of micro and macroeconomics as prerequisites. Instructors and students are welcome to use the material freely with appropriate attribution. - Steven Suranovic

1. Introduction to International Trade: History, Trade Law and the WTO
2. Trade and the Importance of Ethics
3. Production, Comparative Advantage and Income Redistribution
4. The Effects of Trade, Tariffs and Retaliations
5. The Effects of Export Subsidies and Political Economy Issues
6. Market Imperfections and Distortions
7. More Market Imperfections and Distortions
8. National Income Accounts and International Economic Comparisons
9. The Balance of Payments, the Twin-Deficit Identity and the International Investment Position
10. Evaluation of Trade Imbalances
11. The Foreign Exchange Market (FOREX)
12. Rates of Return and Interest Rate Parity
13. Purchasing Power Parity
14. Fixed vs. Floating Exchange Rates

 

Lecture Videos

The following lecture videos were recorded in the Fall of 2016. Instructors and students are welcome to use the material freely.

1. Introduction to International Trade: History, Trade Law and the WTO
2. Trade and the Importance of Ethics
3. Production, Comparative Advantage and Income Redistribution
4. The Effects of Trade, Tariffs and Retaliations
5. The Effects of Export Subsidies and Political Economy Issues
6. Market Imperfections and Distortions
7. More Market Imperfections and Distortions
8. National Income Accounts and International Economic Comparisons
9. The Balance of Payments, the Twin-Deficit Identity and the International Investment Position
10. Evaluation of Trade Imbalances
11. The Foreign Exchange Market (FOREX)
12. Rates of Return and Interest Rate Parity
13. Purchasing Power Parity
14. Fixed vs. Floating Exchange Rates

 

OVERVIEW

This one-semester survey of international economics course consists of a half semester of international trade and a half semester of international finance. It is designed to be covered in 14 weeks with in class presentations between 90 and 120 minutes per week. Topics include measurement of national welfare, trade imbalances, exchange rate theories, motivations and effects of trade and trade policies, and international economic institutions.

LEARNING OUTCOMES

1. to know the history and purpose of major international trade laws and institutions
2. to understand the fundamental conditions and ethical constraints necessary for mutually advantageous trade
3. to be able to explain the difference between absolute and comparative advantage and the market forces that promote comparative advantage production
4. to understand the price, welfare, and redistributive effects of free trade
5. to understand the effects of tariffs and retaliations
6. to understand the political motivations and effects of export subsidies
7. to be able to give several examples of trade policy effects with market imperfections
8. to be able to provide arguments both supporting and opposing free trade.
9. to describe and define the main international macroeconomic variables
10. to gain international perspective by comparing macroeconomic values across many different countries
11. to be able to judge when a country's trade imbalace is problematic, beneficial, or benign.
12. to understand the mechanics of the foreign exchange market
13. to understand the interest rate and purchasing power parity theories of exchange rate determination
14. to understand how a fixed exchange rate is maintained
15. to understand the pros and cons of fixed and floating exchange rates