English, Economics (Introductory).
The classes are TP, with a presentation of the topics by the teacher and subsequent discussion and debate; the students have to make oral and/or written presentations on topics that are previously proposed; it will be shown movies/documentaries on issues related to the syllabus, which will be followed by debate and will be a base for the presentation of written works by the students.
Provide the students with the instruments to understand the evolution of the international monetary and financial system, the recent financial crisis, and the Euro zone crisis according to a Political Economy approach
Specific objectives and competencies
1. Explain how the international monetary system (IMS) worked under the gold-standard
2. Discuss the Bretton Woods agreements, the evolution of IMS and the crisis of the seventies
3. Assess the importance of financial globalization and the financialization of the economies
4. Explain the Great Recession recurring to the growth models promoted by globalization
5. Discuss the structural causes of the Euro zone crisis
1. Express reasoned opinions about the problems of the IMS, the financial crisis and the Euro zone
2. Develop learning capabilities and a critical reflection about monetary and financial issues
3. Interpret the relevant information in the media recurring to the knowledge acquired.
1. Introduction to the study of monetary and financial issues in open economies;
2. The IMS before Bretton Woods;
3. From Bretton Woods to financial liberalization and the crisis;
4. Models of growth and global macroeconomic imbalances;
5. Inequalities, financialization and the Great Recession;
6. The Euro zone crisis: causes and implications.
2 Test: 60.0%
Blankenburg, Stephanie et al. (2013), “Prospects for the eurozone”, Cambridge Journal of Economics, 37, 463-477.
Eichengreen, Barry (2008), Globalizing Capital: A History of the International Monetary System, 2nd ed. Princeton, NJ: Princeton University Press. [Ed. Portuguesa de 1999: 339.7 EIC]
Liang, Yan (2012) “Global Imbalances and Financial Crisis: Financial Globalization as a Common Cause”, Journal of Economic Issues, vol. 46(2): 353-362.
Palley, Thomas I. (2011) “The Rise and Fall of Export-led Growth”, WP nº 675, The Levy Economics Institute.
Rodrik, Dani (2011), The Globalization Paradox: Democracy and the Future of the World Economy. New York: W. W. Norton. [339.9 ROD]
Stockhammer, Engelbert (2012) “Rising Inequality as a Root Cause of the Present Crisis”, WP nº 282, PERI, University of Massachusetts Amherst.
Wade, Robert (2009) “The Global Slump – Deeper Causes and Harder Lessons”, Challenge, vol. 52 (5), 5-24.