International Economics

Teaching results

Teaching results:
The aim of the course is to introduce the students to relevant theories serving for the analysis of open economics. The course enables students to analyze and interpret processes in an open economy and the interactions between national, European and global levels of economic development. The theories presented are applied to the current matters arising in international trade, international migration, international capital flows, and international monetary relations. The course is aimed at leading students to critical thinking and application of knowledge in international economics to current European and global economic issues. It covers both microeconomic and macroeconomic aspects of international economics. Attention is also paid to the changes that are currently outstanding in the world economy.
Knowledge:
Completion of the course enables students
a) to understand and master the relevant theories serving for the analysis of the open economy, to synthesize individual theories in relation to important matters of international trade, exchange rates, as well as external and internal balance,
b) to analyze and critically evaluate international economic relations, as well as current problems of the European and world economies (in economic discussions and economic analyzes).
Competencies:
After completing the course, students are able to explain:
- the current pattern of international trade and how it has changed over time
- the benefits of international trade for the economy
- effects of the different trade policy instruments (tariffs, quotas, subsidies) on the well-being of different groups in the economy as well as the well-being of the society as a whole
- the political and economic context of the introduction of trade restrictions
- the effects of migration and international capital flows on national economies
- factors or economic policy events affecting the value of the exchange rate
- the effectiveness of monetary and fiscal policy in smoothing fluctuations in the economic cycle in an open economy
- the importance of the balance of payments in an open economy
- the benefits and costs of economic integration and membership in the monetary union that does not meet the criteria of an optimal currency area
- the reasons for the excessive debt burden of developing countries
Skills:
a) The ability to think critically and apply theoretical knowledge in analyzing current economic problems.
b) Acquisition, processing, and interpretation of relevant economic data from international databases (OECD, WB, IMF, UNCTAD, Eurostat, etc.), the ability to empirically examine the relevance of theories.
c) In tutorial, students are expected to work not only individually but also in teams when evaluating the current matters of the world economy and their impact on the national economy.