Students
ECON847 – International Trade
2015 – MQC S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Moderator
Dr.Joseph Macri
Allan McHarg
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|---|---|
| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ECON632 or ECON633 or admission to MIntRelMIntTrdeComLaw or MIntTrdeComLaw or PGDipIntTrdeComLaw or PGCertIntTrdeComLaw
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit examines international trade both in theory and practice. It first reviews the theories related to inter- and intra-industry trade determination and the empirical evidence supporting them. It then examines trade policies, covering a wide range of topics, illustrated by up-to-date case studies. The unit has a policy approach and aims at also providing students with a good understanding of major trade issues around the world and the effects of globalisation on trade. It focuses on current applications of theoretical principles.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| Class Test 1 | 30% | Monday 31, August |
| Assignment | 20% | Monday12, October 2.30pm |
| Final Examination | 50% | Formal Examination Period |
Class Test 1
Due: Monday 31, August
Weighting: 30%
The Class Test will be conducted in the first hour of lectures on Monday 31 August 2015 (WEEK 6 of the teaching week). The class test will be a combination of short-answer questions, and multiple choice questions. It will be of 60 minutes duration.
Absence from the Class Test 1 without acceptable documented evidence will result in a mark of zero. Only under exceptional circumstances will a supplementary mid-session test be granted. A date, time and location will be provided in due course.
Important Notice: Students must be available during the time of the lecture class to sit the class test. The only exception to this is if a student could not do the test because of documented illness or unavoidable disruption. In these circumstances this student may wish to consult the University’s Disruption to Studies policy- http://www.mq.edu.au/policy/docs/disruption_studies/policy.html'
On successful completion you will be able to:
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Assignment
Due: Monday12, October 2.30pm
Weighting: 20%
The topic for the assignment will be provided at the beginning of week 9 of the teaching week. Students will have ONE WEEK (from the date of the release of the assignment) to complete the assignment. A hard copy of the assignment is to be submitted on or before 2.30 p.m. Monday 12th October, 2015.
No extensions will be granted. Students who have not submitted the assignment by the deadline will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
It is important to note that any student that submits an assignment that is not their own work will be automatically be given a mark of zero. Students will also face serious disciplinary action, which may include an automatic failure of ECON847 and the possible exclusion from Macquarie University.
On successful completion you will be able to:
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Final Examination
Due: Formal Examination Period
Weighting: 50%
The final exam will be held during the official Session 2 examination period. It is important to note that it is your responsibility to find out the exact time, location and examination date for ECON847.
The structure of the final examination will typically involve short and longer answer questions, which may also include calcuations and diagrammatical illustrations. Details on the exact nature and structure of the final examination will be provided in due course. It is important to note that students must pass the final examination to satisfactorily complete this unit. However, it is also important that students must complete all tasks in this course to successfully complete this unit.
Failure to attend the final examination without approved documented evidence will result in a Fail grade for this unit.
Students MUST pass the final examination to satisfactorily complete this unit.
Important Note: It is Macquarie University Policy to not schedule any final examinations earlier than the official date. Therefore, DO NOT organise any travel within the formal examination period as all requests will be rejected.
On successful completion you will be able to:
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Delivery and Resources
CLASSES:
The unit has 3 hours face-to-face teaching per week. The class meeting will be held on Mondays between 2.30 - 5.30 p.m.
Required and Recommended Texts and/or Materials Textbook:
Salvatore, Dominick (2012), Introduction to International Economics, Third Edition, John Wiley and Sons.
Students who are wanting to purchase the E-Text option can do so at
http://au.wiley.com/WileyCDA/WileyTitle/productCd-EHEP002068.html
Other Useful Textbooks:
Gerber, James (2012), International Economics, 6th ed, Pearson Addison-Wesley.
Krugman, P, Obstfeld, M., and Melitz, M. (2014) International Economics: Theory & Policy, International Trade: Theory & Policy, Prentice Hall.
Krugman, P. and Obstfeld, M. (2009), International Economics, 8th ed., Addison Wesley.
Husted, S. and Melvin, J. (2013), International Economics, 9th ed., Pearson Addison Wesley.
Useful Websites:
Australian Department of Foreign Affairs and Trade, www.dfat.gov.au
Australian Bureau of Statistics, www.abs.gov.au
International Monetary Fund, www.imf.org
Organisation for Economic Cooperation and Development, www.oecd.org
The Economist, www.economist.com
The United Nations Conference on Trade and Development (UNCTAD), www.unctad.org
World Trade Organisation, www.wto.org
World Bank, www.worldbank.org
Course material will be posted on the ilearn website. Any technical issues that you may have with ilearn needs to be directed to the IT section of the university.
Structure of the Weekly 3 Hour Session:
Lectures will provide students with an overview of international trade theory and as well will provide a discussion of major current trade issues.Some class time will be allocated to a class discussion of particular aspects of trade theory and trade policy .Questions will be provided in advance for students to consider. The objective of this approach is to provide each student with practice in undertaking economic analysis and to deepen a student's understanding of various issues on international trade. Students are expected to read in advance the lecture material provided online, as well as the required readings, and to participate in class discussions.
Unit Schedule
LECTURE TOPICS
1. It is essential that students attend all classes, as the tests will focus on material discussed in the lectures and supplemented with the relevant readings.
2. The following references are only a complement to lecture notes: they are NOT a substitute. In addition, a number of prescribed, up-to-date journal articles will be announced during lecture time
3. The numbering of topics below is not related to the number of lecture weeks. Some topics are shorter/longer than others.
Topic 1: Introduction - The Gains from Trade
Salvatore, Chapters1&2; Lecture Notes.
Topic 2: Sources of Comparative Advantage
Salvatore, 2, 3, and 4; Lecture Notes.
Topic 3: Trade Restrictions (1): Tariffs
Salvatore, Chapter 5; Lecture Notes.
Topic 4: Trade Restrictions (2): Non-Tariff Barriers
Salvatore, Chapter 6; Lecture Notes.
Topic 5: Political Economy of Trade
Salvatore, Chapter 6; Lecture Notes.
Topic 6: Trade and the Global Economy
Salvatore, Chapter 1, Lecture Notes.
Topic 7: Trade Blocs
Salvatore, Chapter 7; Lecture Notes.
Topic 8: Trade and Development
Salvatore, Chapter 8; Lecture Notes.
Topic 9: International Factor Movements
Salvatore, Chapter 9; Lecture Notes.
Topic 10: Australia's Trade and Balance of Payments
Lecture Notes
Topic 11: International Trade and Exchange Rate Movements
Salvatore, Chapters 10 & 11; Lecture Notes.
NOTE: The numbering of topics above is not related to the number of lecture weeks. Some topics are shorter/longer than others.
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Assessment tasks
- Class Test 1
- Assignment
- Final Examination
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
- Critically analyse, compare and examine the motives behind trade disputes.
Assessment tasks
- Class Test 1
- Assignment
- Final Examination
PG - Research and Problem Solving Capability
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Learning outcomes
- Be conversant with major international trade theories.
- Understand and appreciate current major world trade and policy issues.
- Fully appreciate the impact of major trade issues on countries with a focus on the tradeoffs between efficiency and equity.
Assessment task
- Assignment