The development of the world economy and ways in which different economies impinge on each other. Provides a broad perspective on the structure of the world economy and an introduction to some important current issues.
This paper applies the economic theory you have covered in both BSNS 113 and ECON 112 to issues affecting the world economy, though some new models may also be introduced. More specifically, we shall examine the ideas and institutions that formed the world economy and explore major current issues affecting the world today. The topics are arranged into three main sections: core ideas and concepts, issues in international monetary relations and issues in international trade relations.
The first section covers the core theory of international trade, the effects of tariffs, exchange rates and exchange rate regimes, and briefly surveys the history of the international monetary system. The second section highlights implications of a country's choice of foreign exchange regime; currency crises and issues surrounding currency areas. The third section covers sources of comparative advantage, arguments for and against free trade, multilateral versus regional trading arrangements and the importance of international trade in New Zealand.
|Paper title||The World Economy|
|Teaching period||Second Semester|
|Domestic Tuition Fees (NZD)||$846.30|
|International Tuition Fees (NZD)||$4,073.10|
- (BSNS 104 or BSNS 113) and ECON 112
- Schedule C
- Arts and Music, Commerce, Science
- More information link
- View more information about ECON 206
- Teaching staff
- Husted, S. and Melvin, M. (2013) International Economics (International Edition), 9th ed., Pearson.
- Graduate Attributes Emphasised
- Global perspective, Interdisciplinary perspective, Lifelong learning, Scholarship,
Communication, Critical thinking, Cultural understanding, Ethics, Environmental literacy,
View more information about Otago's graduate attributes.
- Learning Outcomes
- Upon successful completion of this paper, students should have a general understanding of the international monetary system and international trade relations. Students should develop both knowledge and appreciation of applying general micro- and macro- economic principles and theory in evaluating behaviour and interactions in our world of growing economic integration. Students should learn to analyse current issues and policy debates in this area and be able to assess and critique international monetary and trade policies from a more knowledgeable perspective.