Unit IX - European Union and Euro

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Unit I - An introduction to International Economics (IE) : 

Unit I - An introduction to International Economics (IE) Day and Date: Thursday, July 24,’08

Unit Highlights… : 

Unit Highlights… Meaning Significance Scope Composition of IE – Trade theory Trade policy and International finance/Open economy macroeconomics

Text book reference chapters… : 

Text book reference chapters… International Economics by Dominick Salvatore – Chapter 1 International Economics by Francis Cherunilam – Chapter 1

What is IE? : 

What is IE? International economics describes and predicts PRODUCTION, TRADE, and INVESTMENT across countries.

What is IE? : 

What is IE? The study of ECONOMIC INTERACTIONS among countries -- including trade, investment, financial transactions, and movement of people -- and the POLICIES and INSTITUTIONS that influence them.

Why study IE? : 

Why study IE? Trends towards ever-increasing openness-Liberalization and Globalization Rapid integration of international economic markets – new opportunities, new challenges Revolution in ICT

Scope of IE : 

Scope of IE Trade Globalization and regional integration Comparative economic policy International political economy –international organizations and policy cooperation Monetary and real/technological dynamics in open economies Migration International investment Internet commerce and regulation

Composition of the study of IE : 

Composition of the study of IE Three aspects of IE – Trade theory Trade policy and International finance/Open economy macroeconomics

1. Trade theory : 

1. Trade theory International trade theory helps us assimilate, Why nations trade? What are gains from trade? What is the pattern of trade?

2. Trade policy : 

2. Trade policy Restrictions and regulations that nations impose on the free movement of commodities, capital, investment, and people across borders.

3.International finance/Open economy macroeconomics : 

3.International finance/Open economy macroeconomics Cross-border capital flows

To conclude… : 

To conclude… Hallmarks of today’s world economy, Liberalization Integration Innovation

You should now know… : 

You should now know… What is IE? Why study IE? What is the scope of IE? What is the composition of IE as an academic discipline?

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