Those required by the degree program. An introductory background in international economics is recommended.
The aim of the course is to analyse the main economic factors driving the increased interdependence of national economies, and the trend towards greater integration of goods, labor and capital markets. At the end of the course, students are expected to have a good knowledge of the mechanisms underlying the determinants and the consequences of the integration of national economies and of the internationalisation strategies of firms.
The course covers the following topics:
• International integration: definitions and stylized facts;
• Main determinants of global trade and gains from trade;
• Firm heterogeneity and international trade: Why are exporting firms so different from non-exporting firms? Does firms' heterogeneity differently affect the growth of industries and countries?;
• International fragmentation of production and Global Value Chains (GVCs);
• Trade policy, preferential trade agreements, and WTO;
• Balance of payments, exchange rates and exchange rate regimes: definitions and analysis;
• Monetary and fiscal policies under fixed and flexible exchange rates.
• Current Account and Global Imbalances.
Lectures and in class discussion of real world events.
Specific lectures will be devoted to empirical work on issues presented during the course.
Written exam with 3 open questions (10 points each). Students have 90 minutes to complete the exam.
The exam aims to test the understanding of the economic models and the ability to link the models to events of the world economy.
The course exists in e-learning mode. The registration is strongly advised to all the students.
If the teaching is taught in mixed mode or at a distance, changes may be introduced compared to what is stated in the syllabus to make the course and exams usable also in these ways.