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Syllabus Country Reports Measuring Global Economies David Cook Office: 2346 Phone: 2358-7614 Email: [email protected] Home Page: http://home.ust.hk/~davcook/Frontpage.htm Summary Participating in global trade and finance requires the ability to quickly gain an understanding of the operating environment in countries across the world. Information about business and economic conditions is available in country reports constructed by specialist professionals. Macroeconomics provides sophisticated specialist tools for evaluating the business environment at the national level. This class will focus on some tools available to the generalist to examine country-level decisions in management and investment. These tools are drawn from a variety of social science and business disciplines. The objective of the course will be to use those tools to extract and summarize information about countries at the national level so as to use this information for business decisions. Objectives The course is designed to meet the Core Curriculum objectives in the field of Social Analysis. Graduates will learn to: Analyze key societal and behavioral issues by applying relevant social scientific approaches in different contexts The specific objectives of the course. Graduates will be able to use quantitative and qualitative methods to compare policies, institutions, systems of a variety of global economies. Graduates will be able to interpret professional reports on economic conditions Course Requirements There are no prerequisites for the course. Students will be assumed to have standard skills in algebra. Course Assignments The grading will be based on homework assignments, an in-class mid-term exam, and a final exam. The dates are as yet advisory and will be updated throughout. Assignment 1 2 3 4 Exam Mid-term Final Assigned Due September 23 October 7 November 11 November 25 September 30 October 14 November 18 December 2 Date October 21st TBA Grade 5% 5% 5% 5% Grade 30% 50% Outline and Reading List I. Introduction A. Globalization Globalization: A Brief Overview By IMF Staff 08/02 - May 2008 Link GLOBALIZATION, GROWTH, AND POVERTY World Bank Policy Research Report 2002 The World Bank Overview p.1-22 Link II. Measurement A. B. Introduction to National Income and Product Accounts Lequiller François and Derek Blades, 2006, Under standing NATIONAL ACCOUNTS, Organization for Economic Cooperation and Development, Chapter 1 and 2. Link Bureau of Economic Analysis “Introduction to the National Income and Product Accounts” Link Comparing GDP Across Time and Space World Bank International Comparisons Program, Link Kennedy, Peter, Macroeconomic essentials: understanding economics in the news, Cambridge, Mass. : MIT Press, c2000 Link C. Maddison, Angus, 2000, “The World Economy in the Second Half of the Twentieth Century,” Link Human Development United Nations, 2010, “Human Development Report 2010 - 20th Anniversary Edition,” The Real Wealth of Nations: Pathways to Human Development,” Link Kenny, Charles, 2 0 10. “Getting Better in Pictures,” Center for Global Development Link III. Gertner, John, 2010, “The Rise and Fall of GDP,” NY Times Link Policy A. Monetary Policy ECB, “Price Stability: Why is it Important for You?” Chap 2-4 Link The Monetary Policy, Committee Bank of England, “The transmission mechanism of monetary policy,” Link The Federal Reserve System: Purposes & Functions, Chap 2-3 Link B. Fiscal Policy Budget of the United States Government: Citizen's Guide to the Federal Budgets Chap 2, & Chap. 4, Link IV. IMF, 2001, Government Financial Statistics Manual, Chap. 4 Link Frameworks A. B. Country Analysis Dyck, Alexander, 1997, “Country Analysis: A Framework to Identify and Evaluate the National Business Environment”, Harvard Business Cases, Jan 22, 1997 Link Richard H.K. Vietor; Emily J. Thompson, 2003, Singapore Inc. Economist Intelligence Unit, 2010, Country Report Singapore. Link Competitive Advantage of Nations C. Porter, Michael E “The Competitive Advantage of Nations,” Harvard Business Review March-April 1990. Link Porter, Michael E.; Boon Siong Neo; Christian H.M. Ketels, 2010, “Remaking Singapore,” Harvard Business Cases World Economic Forum Global Competitiveness Report, Chap 1.1, p. 1-15 Link McKinsey Global Institute, 2010, “How to Compete and Grow,” Link Political Risk Bremmer, Ian, 2005, “Managing Risk in an Unstable World,” Harvard Business Review Link U.S. National Intelligence Coucil, “Mapping the Global Future: Report of the National Intelligence Council’s 2020 Project,” Link Papaioannou, E. and G. Siourounis, “Democratisation and Growth,” Economic Journal, Vol. 118, No. 532, pp. 1520-1551, October 2008 Link V. Topics A. B. Finance – Corporate Governance and Liberalization Claessens, Stijn, 2006, “Corporate Governance and Development,” World Bank Research Observer Link Obstfeld, M., 2008, “International Finance and Growth in Developing Countries: What Have We Learned?” IMF Staff Papers (2009) 56, 63–111. Link Exchange Rate Regimes and Risk Reinhart, Carmen and Kenneth Rogoff, 2008, “This Time is Different: A Panoramic View of Eight Centuries of Financial Crises,” NBER Working Paper No. 13882 Link Lipsky, John, 1998, Asia's Crisis: A Market Perspective Finance and Development Volume 35, Number 2 Link C. Geographical Economics Porter, Michael, 1998, “Clusters and the New Economics of Competition,” Harvard Business Cases D. Demographics Mohan, Rakesh, 2004, “Fiscal Challenges of Population Aging: The Asian Experience,” Jackson Hole Symposium Link Mckinsey Global Institute, 2005, “The Coming Demographic Deficit: How Aging Populations Will Reduce Global Savings,” Link