Course Information Package

Course Unit TitleECONOMICS OF INTERNATIONAL TRADE AND TRANSPORT
Course Unit CodeDLITSM514
Course Unit DetailsMA/LLM Maritime Law and Shipping Management (DL) (Specialisation Electives) - MSc International Trade and Shipping Management (DL) (Electives Courses) -
Number of ECTS credits allocated6
Learning Outcomes of the course unitBy the end of the course, the students should be able to:
  1. Critically review the theory and practice that dominates the international trade diachronically.
  2. Develop an understanding of the economic models and theories applied nowadays in the international trade scene.
  3. Monitor and review the factors that affect international trade and the dynamics of the public policies.
  4. Critically review and evaluate the terms “Balance of Trade” and “Balance of Payments” and its significance for a country’s economic performance.
  5. Review the current world trading patterns and the basic rules underlying this system.
  6. Develop an understanding of the foreign exchange, its importance for the international trade, its role as a tool for macroeconomic policy and the inner workings of the foreign exchange markets.
  7. Monitor, review and evaluate the role and the importance of the “common markets”, active trade blocks and the different characteristics of its member states.
  8. Monitor, review and discriminate the fiscal and monetary policy measures that affect international trade and transport.
  9. Monitor the factors that affect transport operations of different transportation means.
Mode of DeliveryFace-to-face
PrerequisitesNONECo-requisitesNONE
Recommended optional program componentsNONE
Course Contents
The course short (outlined) description is presented below:
• Evolution of International Trade and Transport
• Absolute and Comparative Advantage -  Resources and Trade - The Heckscher-Ohlin Model – The Ricardian Model 
• Key Indicators of the Labor market  - Labor Productivity 
• Balance of Payments – Exchange Rates and the influence on the International Trade
• Elements of Competitiveness - Exports and Foreign Direct Investments – Indicators of competitiveness
• Protectionism - Trade Barriers - Structure of trade costs  - Trade policy in developing countries - Growth – Crisis and Reform
• International Trade Bodies – International Trade Institutional Framework – The role of Active Economic Blocks
• Demand & Elasticity of demand for sea transport – Supply of Sea Transport – Economies of scale – Demand / Supply equilibrium 
• Competitive and non – competitive shipping markets – Tramp vs. Liner Shipping
• The role of shipping for EU – The particular role of ports for the international trade

Recommended and/or required reading:
Textbooks
  • Paul Krugman, International Economics: Theory & Policy, Global Edition, 2009
  • James Gerber, International Economics (3rd Edition) (Addison-Wesley Series in Economics)
  • Robert C. Feenstra, 2003, Advanced International Trade: Theory and Evidence
References
  • Paul Krugman, End this Depression Now, Melrose Road Partners, 2012
  • Paul Krugman, A Country Is Not a Company, Harvard Business Review Classics, 2009
  • Patrick Love, Ralph Lattimore, International Trade, Free, Fair and Open?, OECD Insights, 2009
  • Dixit and Norman, Theory of International Trade (DN)
  • Feenstra, Advanced International Trade: Theory and Evidence (F)
  • Krugman and Helpman, Market Structure and Foreign Trade (KH)
  • Martin Stopford, The tramp shipping market, Clarkson Research Studies, April 2014
  • Anders Grath, The Handbook of Internationla Trade and Finance, Anders Grath, 2008
  • Daniel Lederman, William F. Maloney, “Does What You Export Matter? In Search of Empirical Guidance for Industrial Policies, The World Bank, 2012
  • Mona Haddad, Ben Shepherd, Managing Openness, Trade and Outward- Oriented Growth After the Crisis, The World Bank, 2011
  • Various editions of World Bank, OECD, UNCTAD and EU
  • Databases from WB, WTO, IMF and Eurostat
Planned learning activities and teaching methods
The intended use of this module is such that you progress through from unit 1 to unit 10 in unit order. The module is designed to introduce and explain the material you are expected to learn. All the readings from the recommended textbooks associated with a specific unit, will be clearly stated. Furthermore, any relevant readings associated with a particular topic will be stated at various points within the unit, wherever appropriate. It is worth noting that all readings provide a good source of additional examples on which you can practice if you so wish.
The on-line learning environment provides an opportunity for receiving on-line feedback from the Module Instructors during your study and you are strongly advised to take advantage of this. In addition, you will be encourages to interact both with other students and your instructor so as you feel part of an on-line community of learners that belong to the University network.

Recorded lectures/ Narrated presentations
Students may be asked to watch a recorded lecture or narrated presentation posted on the web addressing the main concepts of a particular unit.
Dynamic Online Interaction: 
 • Asynchronous communication tool (Discussion Forum)
Students may be asked to participate, wherever appropriate, in an online forum posting your views on certain topics covered in a particular unit.  
 • Synchronous communication tool (instant messaging)
Using the synchronous communication tools (such as, skype, chat rooms, video-conferencing, etc.), you may discuss with the Module Instructor (s) and/or other students on line with reference to specific issues covered in a given unit.

Self-assessment:
Throughout the Study Guide, you will find a various forms of assessment/ self-assessment as follows: 

Online multiple choices questions on the topics covered. 
Online review questions designed to provoke thought/ action and reflection on the topics covered in each unit and their applicability in real life.
Online numerical exercises that require computational work designed to check that you can correctly apply a technique or method covered in a specific unit.
Discussion forum participation based on recommended articles and the questions offered for dynamic online interaction.
Instant messaging participation.
Further readings beyond those already recommended in this Guide.

Assessment methods and criteria
Midterm examination30%
Project & Presentation20%
Final Exam50%
Language of instructionEnglish
Work placement(s)NO