ECON 3526 - The Economics of European Integration III
North Terrace Campus - Winter - 2018
General Course Information
Course Code ECON 3526 Course The Economics of European Integration III Coordinating Unit School of Economics Term Winter Level Undergraduate Location/s North Terrace Campus Units 3 Contact Intensive course taught over three weeks, with up to 15 hours per week Available for Study Abroad and Exchange Y Prerequisites ECON 2506 or ECON 7200 or equivalent Course Description The course analyses the economics of European economic integration since 1945. The main focus is on applying economic theory, especially trade and open economy macro/international finance, but also public finance and micro topics related to harmonizing competition policy, regulation, etc., Attention is also paid to the historical and institutional background and the political economy of decision-making in Europe. The outline is roughly chronological: Week 1 - 1950 until the 1970's, Week 2 - the 1980s and 1990's, and Week 3 - the twenty-first century. It is however, an applied economics course, not international relations or narrative history.
Course Coordinator: Professor Richard Pomfret
The full timetable of all activities for this course can be accessed from Course Planner.A winter semester course includes 36 contact hours. Students are expected to attend all classes.
Note also that the expected reading is similar to that for a normal full- semester. Lectures and seminars will be held at 11am - 1 pm on Monday, Tuesday, Wednesday, Thursday and Friday in Napier, 209, Lecture Theatre Tutorials are daily except for Monday 2 July, Wednesday 11 July or Friday 20 July at 2-3pm and 3-4pm in Napier 205.
There is a 90-minute mid-course examination on Wednesday, July 11, at 11:00 am, and a two-hour final examination on Friday, July 20 from 11am - 1 pm. The full timetable of all activities for this course can be accessed from the Course Planner.
Course Learning OutcomesThe University of Adelaide is a research-intensive university, which seeks to develop graduates of international distinction by supporting high quality education. The University of Adelaide provides an environment where students are encouraged to take responsibility for developing the graduate attributes listed below. Achievement of the first two attributes is primarily assessed in two in-class examinations. The exams test analytical thinking, use of evidence, and ability to apply the analysis to assess alternative social and policy outcomes. Additionally, the continuing development of good inter-personal and communication skills is widely recognized as important for all graduates, and this course seeks to develop students’ abilities to make oral contributions to their tutorial group, and to write three short analyses/reports based on assigned reading material
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1,2 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
1,2 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
1,2,3 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
1,2,3 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- Able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
1-3 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
Required ResourcesWe will draw mainly on two textbooks:
Richard Baldwin & Charles Wyplosz: The Economics of European Integration 5th. ed. (McGraw-Hill, 2015) - BW in the reading list
Mark Gilbert: European Integration: A concise history (Rowman & Littlefield,2012) The Baldwin-Wyplosz book focuses on economic analysis, and the Gilbert book provides an historical narrative.
Students are expected to have read both books before the final exam. The course does not precisely follow the chapter order of these books. Students are expected to read assigned chapters before tutorials. Class participation will be evaluated and will count five per cent toward the overall marks for the subject.
Recommended ResourcesFor more detailed analysis of the economics of regional trading arrangements see:
Richard Pomfret: The Economics of Regional Trading Arrangements (Clarendon Press, Oxford, 1997; paperback edition with new Preface, Oxford University Press, Oxford, 2001).
Also available through Oxford Scholarship Online at - http://www.oxfordscholarship.com/oso/public/content/economicsfinance/019924887 7/toc.html.
Additional readings will be posted on MyUni.
Online LearningThe overheads from the lectures and selected optional reading materials will be available on MyUni.
Learning & Teaching Activities
Learning & Teaching Modes
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Learning Activities Summary
The course outline is roughly chronological: week 1 on 1950 until the 1970s, week 2 the 1980s and 1990s, and week 3 the twenty-first century. It is, however, an applied economics course, not international relations or narrative history. The analytical structure focuses on applying economic theory, especially trade and open economy macro/international finance, but also public finance and micro topics related to harmonizing competition policy, regulation, etc.
Monday 2 July 11.00 - 13.00 European Integration - origins, issues and timelines
Tuesday 3rd July 11.00 - 13.00 Customs Union: common commercial policy & CAP
Tutorial: BW p.117-8 questions 2, 6 and 8 (effects of a tariff and equivalent trade barriers)
Wednesday 4th July 11.00 - 13.00 The first Enlargement: Trade creation and trade diversion
Tutorial: trade creation & trade diversion - BW Fig.5.4 and p.141 question 2.
Thursday 5th July 11.00 - 13.00 External economic relations: The pyramid of preferences & GMP
Tutorial: imperfect competition - BW p.161 questions 2-3.
Friday 6th July 11.00 - 13.00 The road to EMU (the Snake, and EMS)
Tutorial: trade policy towards non-members - BW, p.295, questions 4-5. Written Assignment 1 due (CU theory)
Monday 9th July 11.00 - 13.00 Challenges in the 1970s and 1980s (budget, VERs)
Tutorial: the Impossible Trinity - BW p.322 questions 6-7.
Tuesday 10th July 11.00 - 13.00 Creating the single market; Schengen
Tutorial: review of EU micro policies and their relation to macro policies up to 1986 --Written Assignment 2 due (deep integration)
Wednesday 11th July 11.00- 12.30 Mid-Semester Exam
Thursday 12th July 11.00- 13.00 The Fall of the Wall; German reunification; monetary union
Tutorial: review of mid-semester exam
Friday 13th July 11.00-13.00 The EU in the world economy (WTO; GVCs)
Tutorial: optimum currency areas and the euro
Monday 16th July 11.00-13.00 Enlargement from 15 to 28
Tutorial: the Stability Pact, p.443-4 questions 1-10
Tuesday 17th July 11.00- 13.00 Financial crises and PIGS
Tutorial: how did the 2004 enlargement affect the growth of GVCs within Europe? -- Written Assignment 3 due (monetary union)
Wednesday 18th July 11.00- 13.00 Migration, refugees and the future of Schengenland Tutorial: use Figure 8.12 to analyze the impact of the 2004 enlargement on EU labour markets
Thursday 19th July 11.00-13.00 Brexit tutorial
Friday 20th July 11.00- 13.00 Final Exam
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Assessment SummaryThe University’s policy on Assessment for Coursework Programs is based on the following five principles: 1) assessment must encourage and reinforce learning; 2) assessment must measure achievement of the stated learning objectives; 3) assessment must enable robust and fair judgements about student performance; 4) assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned; and 5) assessment must maintain academic standards (see: http://www.adelaide.edu.au/policies/700/ )
TUTORIALS (three assignments and class participation) 20%
MID-SEMESTER EXAM (ninety minutes) 30%
FINAL EXAM (two hours) 50%
Assessment DetailStudents are expected to hand in three sets of assignments, each worth 5%, and to prepare for and participate in tutorial discussion (worth 5%).
The mid-semester exam, whose format and content will be announced in class and posted on MyUni, is intended to provide feedback on students’ progress over the first half of the course.
The final examination requires students to write extended essay-style answers to two questions. Sample exam questions will be posted on MyUni. The final exam will cover the entire course. All material from the classes and required readings is examinable; wider reading and deeper thinking are likely to be rewarded by higher grades. Students’ work will be assessed on the logical quality of the arguments presented and on the ability to determine which arguments better explain the facts. Legible hand-writing and the quality of English expression are integral parts of the assessment process; marks may be deducted in the final examination because of poor hand-writing.
Students may NOT take a DICTIONARY (English or English-Foreign) or a CALCULATOR into either examination.
No information currently available.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
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