Students might benefit from having a fundamental knowledge of economics.

By the end of the course, students will have acquired knowledge of the main macroeconomic variables of open economies, including the balance of payments. They will be able to compare international trade theories, from the classical approach to modern theories based on absolute and comparative advantages. They will also understand the economic policy instruments of open economies.

In the empirical-analytical section, students will learn to search for, manipulate, and generate statistical and accounting information regarding macroaggregates, multisectoral indicators, and multi-country indicators in open economies.

The course is divided into two modules. The first module introduces the main theories of international trade. The second module presents macroeconomic variables and policy instruments in an open economy in both aggregate and disaggregate terms.

Module A: Fundamentals of international economics

1.      Early theories of international trade: Mercantilism and Hume’s price-specie flow.

2.      Free trade: Absolute and comparative advantages.

3.      The neoclassical theory of international trade.

4.      The relative abundance of primary factors in international trade: the Heckscher-Ohlin (HO) model; criticisms of the HO model; and post-HO theories.

Module B: National accounts, trade policy instruments, and applications

1.      The Balance of Payments and trade policy instruments.

1.      Transactions and positions with respect to the Rest of the World in the System of National Accounts.

2.      Multiregional Input-Output (MRIO) tables: Applications and extensions.

(A) Appleyard D.R., Field A.J.; International Economics; Ninth Edition; McGraw-Hill Education; 2017; Chapters: 2-10, 13-14, 19; ISBN 9781259868610;

(A) European Commission, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, World Bank; 2025 SNA System of National Accounts – Pre-edit version; 2025; Chapters: 1-10, 33; ISBN 9789210035415

Lectures may include scheduled student interventions on in-depth topics.

• The teaching approach is theoretical and practical. Lessons introduce theoretical content and propose case study analyses. They also encourage active student participation through the analysis of indicators, multisectoral databases, and interactive maps.

• The assessment test is written. Scores will be expressed in thirtieths. The method of assessing learning is the same for both attending and non-attending students.

English

English