COURSE OUTLINE. Compulsory CC. YES in English

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1 COURSE OUTLINE 1. GENERAL SCHOOL MANAGEMENT AND ECONOMICS DEPARTMENT INTERNATIONAL TRADE LEVEL OF STUDY Undergraduate COURSE UNIT CODE SEMESTER OF STUDY 6 st COURSE TITLE INTERNATIONAL TRADE II COURSEWORK BREAKDOWN TEACHING WEEKLY HOURS ECTS Credits Lecture 5 8,0 COURSE UNIT TYPE Compulsory CC PREREQUISITES : LANGUAGE OF INSTRUCTION/EXAMS: COURSE DELIVERED TO ERASMUS STUDENTS MODULE WEB PAGE (URL) 2. LEARNING OUTCOMES Learning Outcomes Greek YES in English On successful completion of this module the learner will be able to: 1. Have knowledge of the international macroeconomic and to explain determinism the operation of open economies and the global economy altogether. 2. Have knowledge of and analyze the peculiarities of development and operation of global monetary, currency and financial system, the complex conditions of globalization of financial transactions. 3. Have knowledge and explain the theory of balance of payments (BP) and the role of macroeconomic balance of payments and to diversify the macroeconomic regulation on large and small open economy. 4. Determine the foreign exchange (option and future) and explain the models of the exchange market. 5. Distinguish the types of exchange rate (ER) and medium-term factors that define the face ER, and to apply the methods of calculating the ER. 6. Understand and explain the basic theories of exchange rate, nominal and real ER and changes in ER. To understand the theory of equivalence of purchasing power (PPP) currency and compare over-rated and under-valued currency of a country. To assess the effect asynchronous rates of inflation and exchange-rate fluctuations on foreign trade of the country. 7. Explains the exchange rate policy and macroeconomic role in exchange rate, but the tools of monetary and exchange rate policy.

2 8. Analyze and explain the macroeconomic equilibrium in an open economy and models of internal and external balance. 9. Analyzes the internal and external balance in an open economy to explain the macroeconomic policy in open economy with fixed and variable exchange rate and apply the tools of fiscal, monetary and external trade policy with low and high capital mobility in the extended model IS-LM-BP in the open economy. 10. Explaining and analyzing the macroeconomic planning in the open economy, a sustainable balance of payments and the harmonization of macroeconomic policies in the context of regional economic integration organizations (EU-Euro zone). General Skills The purpose of this course is to provide the student with knowledge on: The international macroeconomic as part of the theory of international economic, who consider determinism operation of open economies and the global economy fully, in conditions of the globalization of financial markets. The international monetary, currency and financial system. The theory of balance of payments and macroeconomic role of balance of payments and macroeconomic regulation in large and small open economy The foreign currency market and exchange rate theory. The exchange rate policy, the macroeconomic role of exchange rate, the tools of monetary and exchange rate policy. The macroeconomic equilibrium in open economy, models of internal and external economic balance in the open economy. The international macroeconomic policy in open economy with fixed and floating exchange rate. 3. COURSE CONTENTS Exchange rate (ER) and species. Methods of calculating the ER. Reserve currency. ER balance and change the value of the currency. The foreign exchange (option and future). Models exchange market (EM): supply and demand of foreign exchange, the model Marshall - Lerner and stability of the EM, curve-j and the influence of devaluation on the trade balance. a) Exchange Rate Theory: theory of general equilibrium in exchange rate, the theory of equivalence of purchasing power (PPP) currency (law of one price, absolute and relative PPP), over-rated and under-valued currency, interest rates influence the exchange rate, exchange rate balanced, the result of Fisher, b) exchange Rate Theory: The monetary theory of exchange rate (demand, money supply and exchange rate), the general theory of exchange rate, the overreaction of exchange rate, the main factors influencing the exchange rate, exchange rate general model). The real exchange rate and influence economic

3 policy. Expectations change the par exchange rate. Selection of the exchange rate system. The effect asynchronous inflation rates and exchange-rate fluctuations on foreign trade of the country. Theory of balance of payments (TBP). National income accounts and the balance of payments -BP (CAB, BCA). Change in reserve balance of payments. Macroeconomic role of balance of payments: National Product and the Currency account balance, the mutual relationship between the balance of payments accounts, foreign trade multiplier in an open economy. Economic policy and balance of payments. Exchange rate policy: macroeconomic role in balance of payments (influence on price levels in the balance of payments, the state budget, the flows of foreign reserves, to commodities market), tools for exchange rate policy, currency regulation (currency convertibility, multiple currency practice). Balance of payments and macroeconomic stability. Balance of payments and the reform of foreign trade policy. Balance of payments and balanced market assets. Macroeconomic equilibrium in an open economy. Basic mutual relations in an open economy. Models of internal and external balance (Keynesian model, diagram T. Swan, rule J. Tinbergen, model Mundell-Fleming). Regulation in a small and very open economy. External and internal balance in the open economy (model J. Hicks-A. Hansen, curves IS-LM-BP). Total supply and demand in the open economy (Model AS-AD). Adaptation of the open economy to the external factors. Macroeconomic policy in open economy with fixed and floating exchange rate (implementation tools, fiscal, monetary and external trade policy with low and high mobility of capital). Extended IS-LM model to open economy. Comparing the effects of macroeconomic policy with fixed and variable exchange rate. Makro regulation influence on price levels. Encourage long-term growth. Macroeconomic planning to open economy. International interdependence and the harmonization of macroeconomic policies. (Breakdown of topics lectures per week) 4. TEACHING METHODS - ASSESSMENT MODE OF DELIVERY Lectures in the classroom USE OF INFORMATION AND COMMUNICATION TECHNOLOGY Dynamic powerpoint transparencies e-class support TEACHING METHODS Method description Semester Workload Lectures 52 Laboratory 13 Personal Study 135 Total 200 ASSESSMENT METHODS Written exams on the progress of the course (100%) - multiple choice questions - theory evaluation 5. RESOURCES - Recommended Book Resources: - Recommended Article/Paper Resources:

4 ΑΓΙΟΜΥΡΓΙΑΝΑΚΗΣ Μ.Γ, ΒΛΑΣΣΗΣ.Μ, THOMPSON.H ( 2006) Διεθνές Εμπόριο. Διεθνείς Οικονομικές Σχέσεις Εκδότης: ΤΖΩΡΤΖΑΚΗ Μ. & ΣΙΑ Ε. Ε. Husted S., Melvin M. (2008) «Διεθνή Οικονομικά» εκδόσεις ΙΩΝ. Αθήνα Κάτου-Κατσούλη Ελένη (2007) Οικονομική ανάλυση της Ευρωπαϊκής Ένωσης. Εκδόσεις Ζυγός. ΠΟΥΡΝΑΡΑΚΗΣ ΕΥΘΥΜΙΟΣ (2004) Διεθνής Οικονομική - Μία εισαγωγική προσέγγιση Γ' Εκδότης: ΠΟΥΡΝΑΡΑΚΗΣ ΕΥΘ. ΚΟΝΤΗΣ ΑΝΤΩΝΗΣ (2006) Διεθνείς Οικονομικές Σχέσεις τ.α' Εκδόσεις ΠΑΠΑΖΗΣΗ Αθήνα ΜΑΡΔΑΣ ΔΗΜΗΤΡΙΟΣ (2006) Διεθνείς Οικονομικές Σχέσεις Εκδόσεις ΙΩΑΝΝΗΣ Γ.ΜΑΡΚΟΥ & ΥΙΟΣ Ο.Ε.-ΕΚΔΟΣΕΙΣ "ΖΥΓΟΣ" ΒΑΜΒΟΥΚΑΣ Γ. (2004) Διεθνείς Οικονομικές Σχέσεις. Θεωρία-Μεθοδολογία-Εφαρμογές Εκδότης: ΜΠΕΝΟΥ ΣΩΤ.ΓΕΩΡΓΙΑ ΜΑΚΕΔΟΝΑΣ Ε.ΚΩΝΣΤΑΝΤΙΝΟΣ 2004 Διεθνές Εμπόριο Εκδότης: ΕΛΛΗΝ- Γ.ΠΑΡΙΚΟΣ & ΣΙΑ ΕΕ OBSTFELD MAURICE, KRUGMAN RAUL (2003) Διεθνής Οικονομική Θεωρία & Πολιτική Τ.Β Εκδότης: ΚΡΙΤΙΚΗ ΑΕ σε 2 τόμους. ΧΑΤΖΗΔΗΜΗΤΡΙΟΥ ΑΘ.ΙΩΑΝΝΗΣ (2003) Διεθνείς Επιχειρηματικές Δραστηριότητες Εκδότης: ΑΝΙΚΟΥΛΑ ΑΜΑΛΙΑ. Bilorus O.,(2003) Economic system of Globalization. ISEMV NAS.Kiev.Ukraine ΠΑΠΑΔΙΟΔΩΡΟΥ 2002 Διεθνές Εμπόριο Εκδότης: ΙΩΑΝΝΗΣ Γ.ΜΑΡΚΟΥ & ΥΙΟΣ Ο.Ε.-ΕΚΔΟΣΕΙΣ "ΖΥΓΟΣ" Bilorus O., D Lukyanenko (2001). Globalization and safety of development: Monograph. - К.: KNEU, Savelyev Yevhen (2001) International Economics: theory of international trade and finance. Publisher Economic Thought (Tempus/Tacis). Ternopil ΚΑΡΑΝΤΩΝΗΣ ΗΛΙΑΣ (2000) Διεθνείς Οικονομικές Σχέσεις τ.α Εκδότης: ΚΥΡΙΑΚΙΔΗ ΑΔΕΛΦΟΙ ΑΕ KENEN PETER (1999) Διεθνής Οικονομική τ.α και τ.β. Εκδότης: ΠΑΠΑΖΗΣΗ ΕΚΔΟΣΕΙΣ ΑΕΒΕ Kireev, A.P. (1999) International Economics. Part 1. Part.2. Publisher International Relations, Moscow ΧΡΙΣΤΟΔΟΥΛΟΥ ΔΗΜΗΤΡΗΣ, ΝΙΚΑΣ ΧΡΗΣΤΟΣ (2004) Οι Διεθνείς Οικονομικές Σχέσεις στην Εποχή της Παγκοσμιοποίησης Εκδότης: ΓΚΙΟΥΡΔΑΣ.Μ.ΒΑΣΙΛΕΙΟΣ.ΕΠΕ. ΘΑΛΑΣΣΙΝΟΣ ΕΛΕΥΘΕΡΙΟΣ, ΣΤΑΜΑΤΟΠΟΥΛΟΣ ΘΕΟΔΩΡΟΣ (1998) Διεθνή Οικονομικά Εκδότης: ΕΚΔΟΣΕΙΣ ΣΤΑΜΟΥΛΗ ΓΙΑΝΝΑΚΟΠΟΥΛΟΣ ΝΙΚΟΛΑΟΣ (1994) Μαθήματα Καθαράς Θεωρίας του Διεθνούς Εμπορίου Εκδότης: ΕΚΔΟΣΕΙΣ ΣΤΑΜΟΥΛΗ STEEDMAN IAN (1993) Διεθνές Εμπόριο Εκδότης: ΚΡΙΤΙΚΗ ΑΕ

5 CAVES, FRANKEL (1992) Διεθνές Εμπόριο & Πληρωμές τ.α Εκδότης: ΠΑΠΑΖΗΣΗ ΕΚΔΟΣΕΙΣ ΑΕΒΕ DAVID GOWLAND(1990) Διεθνής Οικονομική Εκδότης: ΕΚΔ/ΚΟΣ ΟΙΚΟΣ ΠΑΡΑΤΗΡΗΤΗΣ ΑΕ Μανωλάτος, Γαβριήλ (2000) Διεθνείς εμπορικές σχέσεις Α.Εκδόσεις: Μπένου Ε King P. International Economics and International Economics Policy: A Reader. Irwin McGraw-Hill, Krugman P.R., Obstfeld M. International Economics: Theory and Policy. Addison- Wesley, Fifth Edition, Salvatore D. Theory and Problems of International Economics. McGrow-Hill, New York, Dornbusch R. Open Economy Macroeconomics. Academic Press, new York, ΒΑΙΤΣΟΣ ΚΩΣΤΑΣ, ΜΗΤΣΟΣ ΑΧΙΛΛΕΑΣ (1982) Διεθνής Οικονομική Εκδότης: ΒΕΡΒΑΤΗΣ ΝΙΚ.ΠΑΝ. & ΣΙΑ ΕΕ. E. Siskos. Teaching Notes course "International trade II (e-library website Department of International Trade)

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