Course Name Year Term Period Faculty / Graduate School All Instructors Credits
50597:[2025 Spring]Regional Economy and Development Ⅲ (P) 2025 Spring Thu2 College　Of　Policy　Science NISHIMURA YOZO 2

Campus

OIC

Class Venue

AS451

Language

English

Course Outline and Method

International economics has never been as important as it is now. Under globalization and technological innovation in information and communications, people easily access to international transactions and nations are more closely linked with each other than ever before through international trade and investment. This course introduces the main concepts and methods of international economics, to enable students to consider freely the issues facing international community from an economic perspective. The major themes are balance of payments, foreign exchange market, exchange rates, open-economy macroeconomics, international macroeconomic policy, and international trade theory and policy.

Student Attainment Objectives

a) Understand the statistics describing international transactions.
b) Understand the foreign exchange market and international financial and capital market.
c) Understand how exchange rates, exports and imports, international investment and finance are determined, and how they affect the domestic economy and finance.
d) Understand policy for stabilizing macroeconomy as well as preventing and managing crisis.
e) Understand the factors determining the pattern of international trade and trade policy affecting the gains from trade.

Recommended Preparatory Course

Course Schedule

Lecture/Instructor（When there are multiple instructors) Theme
Keyword, References and Supplementary Information
1

Introduction

【+R-Jugyo】Information for “+R-Jugyo” will be posted on manaba+R.
Globalization, International money, International trade

2

National Income Accounting for an Open Economy

National Income Identity, Saving, Investment, Budget Account

3

Balance of Payment Accounts

Current Account, Capital Account, Financial Account, Biggest Debtor and Creditor

4

Exchange Rates

Prices and Exchange Rates, Spot Exchange Rates, Forward Exchange Rates, Arbitrage, Covered Interest Rate Parity, Exchange Rate Risks

5

Foreign Exchange Market

Actors, Futures and Options, Currencies, Markets, International Financial Center

6

Exchange Rate in the Short Run

Interest Rates, Expectations, Equilibrium, Open Interest Parity, Risk Premium

7

Exchange Rate in the Long Run

The Law of One Price, Purchasing Power Parity, Tradable Goods and Non-Tradable Goods

8

Output, Interest Rate and Exchange Rate in the Short Run

Output Market Equilibrium, Money Supply, Asset Market Equilibrium

9

Monetary and Fiscal Policy

Fixed and Flexible Exchange Rate System, Internal Balance, External Balance

10

Foreign Exchange Intervention

Portfolio Balance Effect, Signal Effect, Plaza Accord, Currency Crisis, Fundamentals and Expectations

11

Crises and World Financial Architecture

East Asian Economic Miracle, Asian Financial Crisis, Global Financial Crisis, Financial Stability Board

12

Trade Theory: Comparative Advantage

David Ricardo, Absolute Advantage, Specialization, Gains from Trade, Gravity Model, Heckscher-Ohlin Model

13

Trade Policy

Tariff, Export Subsidies, Import Quota, Voluntary Export Restrictions

14

Future of US Dollar as a Key Currency

Key Currency, World’s Financial Architecture, Superpower

Class Format

All the 14 classes on Face to Face basis.

Recommendations for Private Study

Be sure that you understand the resumes put on the manaba+R.

Grade Evaluation Method

Kind Percentage Grading Criteria etc.
Final Examination (Written)

Report Examination
(A report to be submitted by the unified deadline)

Exams and/or Reports other than those stated above, and Continuous Assessment　
(Evaluation of Everyday Performance in Class)		 100

Assessments will be based on several short reports or exams with prior notice, in the classroom, or at the page of ‘Assignment’ on the manaba+R, at least three times.

Grade Evaluation Method （Note）

Advice to Students on Study and Research Methods

Textbooks

Textbooks （Frequency of Use, Note）

Reference Books

Title Author Publisher ISBN Code Comment
International Economics: Theory & Policy (12th edition) Krugman, Paul R., Maurice Obstfeld, and Marc J. Melitz Pearson Education Limited 978-1292409719

Reference Books （Frequency of Use, Note）

Web Pages for Reference

How to Communicate with the Instructor In and Out of Class(Including Instructor Contact Information)

Learning Management System （manaba+R）,Talk with Students

Other Comments

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