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2010/1 Module Catalogue
Module Provider: Economics Short Name: EC662
Level: M Module Co-ordinator: WITT RJ Prof (Economics)
Number of credits: 15 Number of ECTS credits: 7.5
Module Availability


Assessment Pattern
Unit(s) of Assessment

Weighting Towards Module Mark (%)



Qualifying Condition(s)
A weighted aggregated mark of 50% is required to pass the module
Module Overview
The module is intended to introduce students to international financial issues as they relate to developing economies.


Module Aims

The aim of this module is to provide a thorough understanding of international financial issues as they relate to developing countries. This will involve assembling an appropriate body of open economy macroeconomic theory and applying it to contemporary policy issues in the context of developing and emerging economies. Recognition will be made of the fact that developing countries need to be disaggregated when analysing their international financial problems

Learning Outcomes

By the end of the module student will:- 

  • Have a sound grasp of open economy macroeconomics as it applies to developing countries
  • Be familiar with the sources of external finance that are relevant to developing economies
  • Be aware of the principal issues raised in the literature and will possess the analytical and empirical knowledge necessary to discuss these issues with authority
  • Possess some detailed regional and country-specific knowledge








Module Content

The following is an indication of the likely topics to be covered

  • Causes of Macroeconomic disequlibria in developing economies
  • Monetary and Fiscal Policy: Managing aggregate demand
  • Exchange Rate Policy
  • Structural adjustment policy and economic liberalisation: Managing aggregate supply
  • Theory and practice of economic policy in developing economies
  • Financial and economic crises theory and policy
  • Sources of external financing, trends and explanations
  • Private capital flows to developing countries
  • Foreign Aid, the IMF and developing countries, the World Bank and developing countries
  • External debt







Methods of Teaching/Learning

Lectures (20 hrs)

Selected Texts/Journals

There are two core textbooks for the module, which you should read carefully. These are:
Bird, G; International Finance and Developing Countries: Issues and Policy. Palgrave (2004)
Ocampo, Jose Antonio and Stiglitz, Joseph: Captital Market Liberalisation and Development. Oxford University Press 2008. 
You should acquaint yourself with the data relevant for the module by consulting: Global Development Finance (World Bank);International Financial Statistics (IMF); World Economic Outlook (IMF); World Development Report (World Bank). These publications can also be accessed electronically. Useful web sites are" and " Recent changes in international financial arrangements with relevance for developing countries are regularly reported and discussed in: IMF Survey (published twice a month) and Finance and Development (published quarterly by the IMF and the World Bank)

Last Updated

28 September 2010