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Learning outcomes:
Accomplishing this course will help
your skills in abstract thinking and modeling develop;
sharpen your problem-solving skills;
develop your analytical thinking;
you develop a more critical attitude of looking at things.
Course description
The course introduces students to the main theories and methods of international economics.
The first half of the course deals with the basic models explaining international trade, such as
the theory of comparative advantages, the Hecksher-Ohlin model, and various alternative trade
theories. The effects and reasons of government intervention in international trade, a topic of
growing importance today, will be discussed, along with the pros and cons of protectionism.
During the second part of the semester the course will discuss other topics of international
economics, such as international factor flows, international finance and foreign exchange. The
course combines rigorous economic analysis with attention to issues of economic policy alive
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and important today. Special attention is given to analyzing current world economic events, as
well as the relevance of empirical application of the theories and models discussed.
Methodology to be used
Each week there will be an 90 minute lecture followed by an 90 minute seminar. Lectures will
tend to be interactive, but the main idea here is to develop the theories and models that will be
further discussed during the seminars. Seminars will concentrate on solving problems and
exercises related to the topic of the lectures, and also discussing some further implications.
Material of the lectures will not be repeated on the seminars, except where further clarification
is necessary. Attending lectures and seminars and trying to understand the material there will
save you lots of time.
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Week 14 Review for the final exam
Week 15 Final exam
Week 16 Make-up exam
Assignments
Besides taking part is seminar discussions, students are required to hand in two short
assignments during the semester. Your task will be to find an article in the international
business press (daily’s such as Wall Street Journal, New York Times, Washington Post etc)
and elaborate how the case you found fits in with the theories discussed in class.
Assignment 1: Find an article on an African country and world trade. How does it relate
in your opinion to comparative advantages and the Hecksher-Ohlin theory?
Assignment 2: Find an article on global migration. How does it relate to what we have
learned about the advantages and disadvantages of migration for host and home
countries?
You must summarize each article in half a page (in Times size 12, normal line spacing), and
then write 1/3-1/2 page on how the article relates to the theories we have discussed in class.
Do not forget to write your name and Neptun code on the paper, and also provide an exact
reference to the original article. You do not need to hand in the original article.
The first assignment is due on the 5th week, the second is due on the 11th. Please hand it in on
paper to the leader of your seminar after class. Submissions by email are not accepted, and
neither are any excuses. Late submissions are worth 0 points. Each home assignment will be
given a maximum of 5 points. Grading of the assignments is based on the following guidelines:
If you do not elaborate on the relationship between theory and the article, you will be
given a maximum of 2 points. Same goes if you do not include the summary of the
original article.
Make sure you explicitly reference the theories we have discussed in class, and make
sure you understand and use them correctly.
Word-by-word copy-pastes from the original article will result in 0 points. Use your own
words!
Expect to get points deducted if you do not meet some of the formal requirements
(your assignment is too short, you forget to write your name on it, etc).
Also, please take care to use grammatically correct English. Bad English can also lead
to losing points, as it can imply that you do sloppy work and it can make it difficult for
us to understand what you have written. Still, bad English is preferable to word-by-
word copy-pastes.
Assessment, grading:
10% class attendance, participation in discussions
10% home assignments
40% mid-term exam
40% final exam
Mid-term assessment (counted as 40 per cent in the final result) will be based upon a written
exam including numerical exercises, definitions, short essay-type questions and multiple choice
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tests. The final exam at the end of the semester is similar, but only covers material from the
second half of the semester. Students may retake the midterm exam without any penalty at the
end of the semester, in this case they will write their final exam from the material of the entire
semester, and this will count as 80 per cent of the final grade. For rules on retaking the final
exam, see the ISP’s Study and Exam Regulations.
The points for class participation are made up as follows. Class attendance, although highly
recommended, is not compulsory. Still, class attendance sheets will be taken. Those who do
attend class regularly (they are present on at least 10 lectures and seminars) will receive a
maximum of 5 points. A further 5 points can be gained by regularly contributing to seminar
discussions. Also, students should try not to be late, as attendance sheets will be circulated at
beginning of classes.
Compulsory readings:
The 12th and 13th editions of the book may also be used. If you do have a previous edition, we
still recommend that you photocopy and read Chapter 6 from the 14 th edition, as it has been
greatly improved.
The book is available in the Central Library and can also be purchased from the library’s
bookshop. A companion website to the textbook, with study guides, presentations, a glossary,
sample tests and quizzes is available at www.mhhe.com/pugel14e, click ‘Student edition’.
If you do decide to use one of the alternative textbooks, you do so at your own risk, and it is up
to you to find the material covered in class in the book. We will not be held liable for any
misunderstandings arising from the usage of alternative textbooks.
Recommended readings:
Goldin, Ian – Reinert, Kenneth (2006): Globalization for Development: Trade, Finance, Aid,
Migration and Policy. Washington D.C.: Worldbank and Palgrave-MacMillan
Szentes Tamás (2002): World Economics 1. Comparative Theories and Methods of
International and Development Economics. Budapest: Akadémiai Kiadó
Grading:
Grading will be done according to the standard Faculty of Business Administration ISP grading
table, which is repeated here for convenience.
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Percentage Hungarian Grade ECTS ISP Explanation
achieved Grade Grade
97-100 5 A A+ Excellent
94-96 5 A A Excellent
90-93 5 A A- Excellent
87-89 5 B B+ Very good
84-86 4 C B Good
80-83 4 C B- Good
77-79 4 C C+ Good
74-76 3 D C Satisfactory
70-73 3 D C- Satisfactory
67-69 3 D D+ Satisfactory
64-66 2 D D Low pass/Sufficient
60-63 2 E D- Low pass/Sufficient
0-59 1 FX/F F Fail, 0 credit
N N No grade received,
0 credit
Grades are non-negotiable. Please take into account that any complaints concerning the points
of the midterm and final written exams (except for obvious adding mistakes) will result in a re-
evaluation of the entire test.
It is in our interest that you receive the best possible grade on this course. Due to this, we will
both be available throughout the semester for consultation, either by e-mail, during our office
hours or by appointment.