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International Finance: Theory and Policy

(4 reviews)
Steve Suranovic, George Washington University
Copyright Year: 2010
ISBN 13: 9781936126460
Publisher: Saylor Foundation
Language: English
Formats Available
 PDF
Conditions of Use
Attribution-NonCommercial-ShareAlike
CC BY-NC-SA
Reviews
Learn more about reviews.
Reviewed by Rajeeb Poudel, Assistant Professor, Western Oregon University on 6/16/21
The book does cover most of the concepts. It gives due justice to concepts such as Trade
Imbalances, Purchasing Power Parity, Interest Rate Parity, Interest Rate Determination, Fixed
and Floating Exchange Rates, and Interest Arbitrages. Some of... read more
Reviewed by Yihong Xiao, Assistant Professor, Bridgewater State University on 6/29/20
This textbook provides thorough explanations of various topics, such as trade imbalance,
exchange rate systems, IRP, and PPP, etc. However, it does not cover the exchange rate risk
management, which is a major part that I usually cover in my course. read more
Reviewed by Lina Zhou, Associate Professor, Augustana College on 11/13/18

The textbook covers almost all the content that I usually cover in my International Finance class.
I wish the specific chapter/section's content would be more comprehensive. For example, for the
balance of payments account, I prefer that students... read more
Reviewed by Mark Gibson, Clinical Assistant Professor, Washington State University on

6/20/17
The text is fairly comprehensive. It covers all the major areas of international finance and uses
standard economic concepts and models. I think students would enjoy the chapter discussing the
welfare effects of trade imbalances, which is well... read more
Table of Contents
 Chapter 1: Introductory Finance Issues: Current Patterns, Past History, and
International Institutions
 Chapter 2: National Income and the Balance of Payments Accounts
 Chapter 3: The Whole Truth about Trade Imbalances
 Chapter 4: Foreign Exchange Markets and Rates of Return
 Chapter 5: Interest Rate Parity
 Chapter 6: Purchasing Power Parity
 Chapter 7: Interest Rate Determination
 Chapter 8: National Output Determination
 Chapter 9: The AA-DD Model
 Chapter 10: Policy Effects with Floating Exchange Rates
 Chapter 11: Fixed Exchange Rates
 Chapter 12: Policy Effects with Fixed Exchange Rates
 Chapter 13: Fixed versus Floating Exchange Rates
Ancillary Material
 Submit ancillary resource
About the Book

International Finance Theory and Policy is built on Steve Suranovic's belief that to understand
the international economy, students need to learn how economic models are applied to real world
problems. It is true what they say, that ”economists do it with models.“ That's because economic
models provide insights about the world that are simply not obtainable solely by discussion of
the issues.
International Finance Theory and Policy develops a unified model of the international
macroeconomy. The text provides detailed descriptions of major macroeconomic variables,
covers the interest rate parity and purchasing power parity theories of exchange rate
determination, takes an exhaustive look at the pros and cons of trade imbalances and presents the
well-known AA-DD model to explore the effects of fiscal and monetary policy under both fixed
and flexible exchange rates.
The models are developed, not by employing advanced mathematics, but rather by walking
students through a detailed description of how a model's assumptions influence its conclusions.
But more importantly, each model and theory is connected to real world policy issues.
The Finance Text has the following unique features: o Begins with an historical overview of the
international macroeconomy to provide context for the theory. o Concludes with a detailed
discussion of the pros and cons of fixed and floating exchange rate systems. o Provides an
extensive look at the issue of trade imbalances. Readers learn techniques to evaluate whether a
country's trade deficit (or surplus) is dangerous, beneficial, or benign. o Explains how purchasing
power parity is used to make cross country income comparisons. o Offers clear detailed
explanations of the AA-DD model. o Applies the AA-DD model to understand the effects of
monetary and fiscal policy on GDP, the exchange rate, and the trade balance.
International Finance Theory and Policy by Steve Suranovic is intended for a one-semester
course in International Finance. After March 2010, you can check out the entire book online or
request a desk copy.
About the Contributors

Author
Steve Suranovic is an associate professor of economics and international affairs at the George
Washington University (GW) in Washington, DC. He has a PhD in economics from Cornell
University and a BS in mathematics from the University of Illinois at Urbana-Champaign. He
has been teaching international trade and finance for more than twenty years at GW and as an
adjunct for Cornell University’s Washington, DC, program. In fall 2002, he taught at Sichuan
University in Chengdu, China, as a visiting Fulbright lecturer. He has taught a GW class at
Fudan University in Shanghai during the summers of 2009 and 2010. He has also spoken to
business, government, and academic audiences in Japan, Malaysia, the Philippines, China, and
Mongolia as part of the U.S. State Department speaker’s programs.
His research focuses on two areas: international trade policy and behavioral economics. With
respect to behavior, he examines why people choose to do things that many observers view as
irrational. Examples include addiction to cigarettes, cyclical dieting, and anorexia. His research
shows that dangerous behaviors can be explained as the outcome of a reasoned and rational
optimization exercise. With respect to trade policy, his research seeks to reveal the strengths and
weaknesses of arguments supporting various policy options. The goal is to answer the question,
what trade policies should a country implement? More generally, he applies the economic
analytical method to identify the policies that can attract the most widespread support.
His book A Moderate Compromise: Economic Policy Choice in an Era of Globalization will be
released by Palgrave Macmillan in fall 2010. In it he offers a critique of current methods to
evaluate and choose policies and suggests a simple, principled, and moderate alternative.
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THE UNIVERSITY of EDINBURGH

University Homepage
DEGREE REGULATIONS & DRPS Homepage
PROGRAMMES OF STUDY DRPS Search
DRPS Contact
2015/2016
DRPS : Course Catalogue : School of
Economics : Economics
Undergraduate Course: Public Sector Economics
(ECNM10075)
Course Outline
School School of Economics
Credit SCQF Level 10 (Year 3 Undergraduate)

level
(Normal
year
taken)
SCQF 20
Credits
Summary This course is an introductory course in Public Sector Economics. It provides an overview of the most important topics
market, experimental evidence), social welfare and theory of public choice, education, social security (with examples
theoretical topics are also presented. The course also includes insights from Behavioural Economics.
Course This course provides a broad overview of topics in Public Sector Economics. It focuses not only on implications of econ
descriptio designed in a way that allows students develop tools of analysis of topics in Public Sector Economics and contribute to
n
In terms of structure of the course, in the beginning microeconomic foundations are considered. Students are present
this context failures of competitive markets are studied. Among other empirical studies, evidence from Experimental
In the second part of the course topics of taxation are considered. Efficiency of taxation and social welfare considerat
taxation. In particular, implications of taxation on economic growth are considered. Voting-dependence and economic
In the final part of the course public expenditures on education and social security are analyzed in detail. This part of
Economics in terms of policy design are presented. Research agenda in that regard is outlined.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)
Prohibited Combinations
Information for Visiting Students
Pre-requisites Students should usually have at least 3 Economics courses at grade B or above (or be predicted
Microeconomics. We will only consider University/College level courses.
High Demand Course? Yes
Course Delivery Information
Not being delivered
Learning Outcomes
On completion of this course, the student will be able to:
1. 1a) Acquire knowledge of microeconomic foundations of Public Sector Economics, social welfare and efficiency measures, various aspec
discuss relevance of behavioural theories in various contexts.
2. 2a) Develop an understanding of implications of public debt and various aspects of taxation. 2b) Develop tools of analysis of theoretical i
3. Demonstrate ability to analyse specific aspects of economic policies, for example expenditures on education or redistributive function of
4. Demonstrate ability to discuss and critically comment on current research in the area of Public Sector Economics.
5. Demonstrate ability to discuss various topics in Public Sector Economics using recently learned concepts and theories.
Reading List
None
Additional Information
Graduate Attributes and Skills Research and Inquiry

B1. The ability to identify, define and analyse theoretical and applied economic problems and i
B3. The ability to critically assess existing understanding of economic and social issues, the limi
issues.
B4. The ability to question the principles, methods, standards and boundaries of economic know
Personal and Intellectual Autonomy

C1. The ability to be independent learners who take responsibility for their own learning, and a
C4. The ability to collaborate and debate effectively to test, modify and strengthen their own v
Communication
D1. The ability to make effective use of oral, written and visual means to critique, create and c
D2. The ability to further their own learning through effective use of feedback.
D3. The ability to use communication as a tool for collaborating and relating to others.
Personal Effectiveness
E1. The ability to manage tasks and also skills in time-management.
E4. The ability to work effectively with others, capitalising on their different thinking.
Special Arrangements University of Edinburgh students will not receive credits for this course.
Additional Class Delivery The course has a 5 week duration - 3 weeks of classes with 2 further weeks of independent stud
Information
One in three lectures has a form of discussion-based problem-solving session during which relev
Keywords PubSecEcon
Contacts
Course organizer Dr Richard Holt

Tel: (0131 6)50 8350
Email: Richard.Holt@ed.ac.uk
© Copyright 2015 The University of Edinburgh - 18 January 2016 3:48 am
Course Learning Outcomes

On successful completion of this course, students will be able to:
1. Apply economic analysis to the management of human resources;

2. Identify the considerations relevant to designing recruitment and retention strategies;
3. Compare the effectiveness of different incentives and compensation schemes to increase
productivity;
4. Apply the principles relevant to designing contracts to align managers’ incentives to the goals
of the organisation;
5. Engage in team work to autonomously build a case study in the management of human
resources, and to present and discuss it in front of a challenging audience.
6. ECON 7240 - Human Resources Economics PG
7. North Terrace Campus - Semester 1 - 2020
2020
8. 2020
9. This course applies economic analysis to crucial aspects of the
employment relationship within firms and corporations. Topics may
include the selection and recruitment of managers and employees, job
design, employee training, motivating and providing incentives to
managers and employees, designing compensation schemes,
managing turnover, solving retention problems. The course provides
theoretical background using the analytical tools of economics and
presents empirical evidence from research in the field.
Required Resources
Textbook:
Personnel Economics in Practice, 3rd Edition, by Edward P. Lazear and Mike Gibbs - ISBN 978-1-118-
20672-0
Human Resource Economics
 course
Course Number: 3.21303

Credit Points: 3
Year of Study: 2
Semester: 1
This course introduce students to the basic understanding of factors affecting the efficient use
and allocation of human resources, factors determining the quality and quantity of human
resources i.e., investment in health and education, etc. and the impacts of these have on human
resource market structure, wage structure, wage differentials and worker mobility which
ultimately results in economic growth for the country measured either by Gross Domestic
Product (GDP) or Gross National Product (GNP). The topics covered include demand and supply
of human resources, perfect and imperfect labour markets which may cause unemployment,
worker mobility and worker remittances and income inequality are discussed.
The importance of human resource as valuable asset is emphasised which possess unique
qualities that can determine the success of any organizations and nations competing in the global
marketplace today. A global market that has become more competitive as a result of the forces of
globalization. Various economic concepts are used to make a distinction between the concept of
labour which is subject to the traditional economic principles of laws of scarcity and diminishing
returns compared with the newer concepts of human resources and human capital which
identifies the unique qualities (i.e., proprietary knowledge of producing a product) embodied in
the worker which does not diminish but expands with use over time and which determines the
success of organisations in the 21st Century.
Prerequisites: 3.10301
Main Text Book: Ehrenberg R and Smith R, “Modern Labour Economics, Theory and Practice
“(2012) Prentice Hall, London, UK
Assessment: Continuous 50% + Final Examination 50%
 Programs & Courses |
 Undergraduate Programs |
 Strands |
 Human Resource Management |
 Human Resource Economics
 6910 - The Economics Of Human

Resources
 ACADEMIC YEAR 2017/2018
 Learning outcomes
 Adopting an eclectic approach, this course deepens the analytical tools and the
empirical evidence concerning the development of human resources on both
macro and the microeconomic level.
 This course provides students, who should have already an average degree of
understanding of the fundamentals of economics and of the juridical and socio-
political disciplines, with a body of valuable knowledge for the analysis,
evaluation and solution of problems related to the development of human
resources in families, business and society.
 At the end of the course, the students will be familiar with the concepts,
developed in the economic literature after World War II, for the study, on the
one hand of the main relations between labor, human capital and human
development and, on the other hand, of issues related to economic development,
competitiveness and welfare. Given their increased importance in the long-run
strategies of many European and emerging countries, the notions of knowledge-
based economy and smart development will be the arrival point of this course.
 In this way, the student will learn critically the three main theoretical
frameworks which have been developed in order to interpret the role of human
resources in economic systems: the main approaches to the economics of
education; models of analysis and measurement of human capital from the
labour supply side, founded on wage competition; models of analysis and
measurement of human capital from the labour demand side, founded on job
competition. Finally, the student should know the distinctive elements of the
training systems that characterize the main models of capitalism, in order to
apprehend the useful tools for comparison between countries and regional areas
with different levels of development and to understand the priorities, the critical
points (such as the impact on inequality) and the relevant policies.
 Course contents
 A Master (Laurea Magistrale) course should provide deepening of topics and
methods already known to the students, favouring their active participation in
teaching activities. For this reason, various experts cooperate to the teaching
activities. This course is divided into five modules; a significant part of each
module, after few hours devoted to a general overview of the main issues, is
devoted to the presentation and discussion of the works prepared by the
students, following the bibliographical references provided by the lecturers. The
subdivision into modules enhances the flexibility on the amount of credits
provided by the course.
 Module 1. Human resources and economic development
 1.1. Human resources and broad production factors
 1.2. Growth potential and its exploitation in the formation and utilization of
human resources
 1.3. Comparative and absolute advantage
 1.4. Creation and destruction of human resources: interaction between cyclical
and strucrural dynamics
 1.5. Need of retrospective and perspective tools
 1.6. Creation and destruction of jobs
 1.7. Human resources and human development

 Module 2 Human resource and labour supply
 2.1. Economics of education and education supply
 2.2. Demand for education
 2.3. Human capital theory
 2.4. Wage competition
 2.5. Stylized facts in the Italian and international experience
 2.6. Human capital as a private or social good

 Module 3. Work organization in the firm
 3.1. High volume production: performance and organization
 3.2. Tayloristic organization and burocratic competition
 3.3. Dual labour market and segmentation
 3.4. High value production: performance e organizzazione
 3.5. Flexible specialization: toyotist organization; SMS firms
 3.6. Firms as cognitive systems, innovation and unboundling
 3.7. Labour markets and value chains
 3.8. New organizational practices: incentive schemes; corporate social
responsibility (CSR); corporate university; public policies

 Module 4. Human resources and demand for labour
 4.1. Job competition
 4.2. Labour cueue and allocation of jobs
 4.3. Demand for human capital by firms
 4.4. Competences pipelines
 4.5. Fragmentation of production, off-shoring and value chains
 4.6. New international division of labor and new geography of jobs
 Module 5. Priorities, problems, policies
 5.1. Models of capitalism and priorities
 5.2. Flexibility in labour markets
 5.3. Sustainable and unsustainable inequality
 5.4. Taxonomy for employment and labour policies
 5.5. Policy evaluation
 5.6. Human Resource Management (HRM) and diversity in models of capitalism
 5.7. The European case
 Readings/Bibliography
 The lecturer will assign specific readings to the students according to their
choices about work presentations.
 Module 1.
 Compulsory lecture: G. Antonelli (2012), Politiche del lavoro e della crescita
nell'economia dei servizi dopo la crisi globale: sviluppo umano o
efficienza?, Economia dei Servizi, Vol. VII, N. 1, pp. 3-23.
 Optional lectures:
 M. Abramovitz (1991), The elements of social capability, paper presented at the
International Conference on Economic Development of LDC's, July 1-2, Seoul,
Korea Development Institute, mimeo.
 G. Antonelli (1997), Broad production factors and technological systems”, in G.
Antonelli e N. De Liso (a cura di), Economic analysis of structural change and
technical progress, London, Routledge, pp. 86-106.
 G. Antonelli and G. Pegoretti (1995), Paths of technological change, markets for
production factors and the social cost of knowledge, Dynamis - Quaderni IDSE,
N. 6, pp. 34.
 G. Antonelli and G. Pegoretti (2008), Knowledge endowment and composition as
dynamic capabilities, in R. Leoncini, S. Montresor (a cura di), Dynamic
capabilities between firm organization and local systems of production, London,
Routledge, pp. 289-323.
 G. Antonelli and R. Leoncini (1994), Creation and destruction of human
resources in the process of economic growth: Some thoughts on the Italian
experience, International Journal of Technology Management, Special Issue on
Technology, Human Resources and Growth, Vol. 9, NN 3/4, pp. 367-393.

 Module 2.
 Compulsory lecture : G. Antonelli and G. Guidetti (2008), Economia del lavoro e
delle risorse umane, Torino, Utet, Ch. 3.
 As an alternative: G.J. Borjas (2010), Labor Economics, New York, McGraw-Hill,
Chs. 6, 7 and 9.

 Optional lectures :
 G. Antonelli (ed.) (2003), Istruzione, economia e istituzioni, Bologna, Il Mulino.
 G. Antonelli and G. Guidetti (2008), Formazione professionale e domanda di
lavoro in Italia, in G. Ghisla, L. Bonoli and M. Loi (eds.), Economia della
formazione professionale: stato dell'arte, apporti empirici, letteratura critica,
Novara, UTET-De Agostini, pp. 221-264.
 G. Antonelli (2008), Principi economici di base nella valutazione dell'istruzione
universitaria, in A. Cammelli, G. Vittadini (ed.), Capitale umano: Esiti
dell'istruzione universitaria, Bologna, Il Mulino, pp. 17-59.
 G. Antonelli and L. Campiglio (2009), Retribuzioni e potere d'acquisto dei
laureati, in AlmaLaurea (ed.), XI Rapporto sulla condizione occupazionale dei
laureati italiani. Occupazione e occupabilità dei laureati. A dieci anni dalla
Dichiarazione di Bologna, Bologna, Il Mulino, pp. 153-178.
 A. Cammelli, G. Antonelli A. di Francia , G. Gasperoni and M. Sgarzi (2011),
Mixed outcomes of the Bologna process in Italy, in H. Schomburg and U. Teichler
(eds.), Employability and mobility of bachelor graduates in Europe, Rotterdam,
Sense Publishers, pp. 143-170.

 Module 3.
delle risorse umane, Torino, Utet, Chs. 6 and 7.
 As an alternative: G.J. Borjas (2010), Labor Economics, New York, McGraw-Hill,
Capitolo 12.

 Modulo 3.
 Lettura di base : G. Antonelli e G. Guidetti (2008), Economia del lavoro e delle
risorse umane, Torino, Utet, Capp. 6 e 7.
 In alternativa: G.J. Borjas (2010), Labor Economics , New York, McGraw-Hill,
Cap. 12.
 Letture a scelta :
 (3.a.)
 M. Aoki (1990), Toward an economic model of the Japanese firm, Journal of
Economic Literature, 28 (1), pp. 1-27.
 M. Aoki (1991), La microstruttura della economia giapponese, Milano, Franco
Angeli, Cap. 2, pp. 24-80, Cap. 3, pp. 81-144.
 (3.b.)
 R.B. Reich (1992), The work of nations, New York, First Vintage Books Editions,
Parte 1, pp. 13-77, Parte 2, pp. 81-168.
 e
 G. Antonelli (2008), Nuovi mercati del lavoro, formazione, fallimenti sistemici, in
A. Brugnoli e G. Vittadini (a cura di), La sussidiarietà in Lombardia. I soggetti, le
esperienze, le policy, Milano, Guerini e Associati, pp.57-61.
 (3.c.)
 P.B. Doeringer e M.J. Piore (1971), Internal labor market and manpower
analysis, New York, D.C. Heath and Company, Parte 1, pp. 13-92.
 e
 G. Guidetti (2001), Teoria della segmentazione e dei mercati interni del lavoro.
Attualità, limiti ed evoluzioni dell'analisi istituzionalista, Economia Politica, Vol.
XVIII, N. 2, pp. 249-306.
 (3.d.)
 R. Leoni, A. Tiraboschi, B. Vanoncini (1998), Accordi di partecipazione,
performance d'impresa e guadagni di competitività: ipotesi per uno sviluppo
dell'occupazione produttiva, Bergamo, Università di Bergamo, mimeo.
 e
 G. Pedrini e G. Cappiello (2013), Le corporate university italiane, L'Industria, Il
Mulino, Vol. XXXIV, n. 2, pp. 295-328.
 (3.e.)
 G. Pedrini e G. Cappiello (2013), Le corporate university italiane, L'Industria, Il
Mulino, Vol. XXXIV, n. 2, pp. 295-328.
 e
 G. Antonelli, G. Cappiello e G. Pedrini (2013), The corporate university in the
European utilities industry, Utilities Policy, Vol. XXV, pp. 33-41.

 Module 4.

 G. Antonelli and G. Cappiello (eds.) (2016), Smart development in smart
communities, London, Routledge.
 G. Antonelli (2012), Governo e governance dei servizi di pubblica utilità per lo sviluppo
umano: un'introduzione, Economia dei Servizi, Vol. VII, N. 2, pp. 217-236 .
 G. Antonelli and M. Nosvelli, Demand for skilled labour services, job design and
the ‘revealed' learning function”, in R. Leoncini and S. Montresor (eds.), Dynamic
capabilities between firm organization and local systems of production, London,
Routledge, 2008, pp. 107-135.
 G. Antonelli, R. Antonietti and G. Guidetti, Misurazione del capitale umano dal
lato della domanda di lavoro. Un inquadramento teorico, in L. Tronti
(ed.), Capitale umano. Definizione e misurazione, Padova, Cedam-Kluwer, 2012,
pp. 43-74.
 G. Antonelli, R. Antonietti and G. Guidetti, Le scelte di investimento in capitale
umano delle imprese italiane, in L. Tronti (ed.), Capitale umano. Definizione e
misurazione, Padova, Cedam-Kluwer, 2012, pp. 225-272.
 E. Moretti (2012), La nuova geografia del lavoro, Milano, Mondadori, Capitolo 2,
pp. 45-72, Ch. 3, pp. 73-120, Ch. 4, pp. 121- 153 .

 Module 5.
 Compulsory lectures : G. Antonelli and G. Guidetti (2008), Economia del lavoro e
 G. Antonelli, Convergenza tra mercati del lavoro e modelli di capitalismo in
Europa, Atlantide, Vol. X, N. 31, 2014, pp. 53-60.
 B. Amable (2000), Institutional complementarity and diversity of social systems
of innovation and production, Review of International Political Economy , Vol. 7,
N. 4 , pp. 645–687.
 B. Amable (2003), The diversity of modern capitalism, Oxford, Oxford University
Press, Ch 1, pp. 13-37, Ch. 2, pp. 38-65.
 G. Antonelli (2011), Emerging powers development, global economic crisis and
value chains restructuring, in B. Rehbein (ed.), Globalization and inequality in
emerging societies, Houndmills, Palgrave Macmillan, pp.175-193.
 G. Antonelli and M. Nosvelli (2005), L'evoluzione delle politiche del lavoro
europee all'inizio del Terzo Millennio, Istituzioni e Sviluppo Economico /
Institutions and Economic Development, Vol. III, N. 1-2, pp. 27-66.
 G. Antonelli and P. Pini (1995), Risorse umane e modelli di capitalismo. Anomalie
dell'Italia tra mercato e sistema, Sociologia del Lavoro, NN. 59-60, pp. 80-117.
 P. Boxall, J. Purcell and P. Wright (2007), Human resource management: scope,
analysis, and significance, in P. Boxall, J. Purcell and P. Wright (eds.), Oxford
handbook of human resource management, Oxford, Oxford University Press, p.
1-18.
 M. Estevez-Abe, T. Iversen and D. Soskice (1999), Social protection and the
formation of skills: A reinterpretation of the welfare state, in Hall P., Soskice D.,
(eds.), Varieties of capitalism: The institutional foundations of comparative
advantage, Oxford and New York, Oxford University Press, pp. 145–83.
 D. Grimshaw e J. Rubery J (2007), Economics and HRM, in P. Boxall, J. Purcell
and P. Wright (eds.), Oxford handbook of human resource management, Oxford,
Oxford University Press, pp. 68–87

 Specific readings aimed at integrating or substituting those above will be
indicated in the lectures.
 Teaching methods
 Students will be actively engaged in individual and class work presentations.
 Experts of labour economics and economics of human resources collaborate in
the course.
 Students with at least two courses in economics in their cv (including first degree
courses) are better equipped in following this course.
 Specific readings will be suggested during the course, in addition or in
substitution to those listed in the bibliographical references for the course.
Updating and changes will be promptly communicated during the course.
 For further explanation and analysis, students can contact and speak to lecturers
during their office hours or through e-mail.
 The help of librarians is useful to find both basic and specific bibliographical
references.
 Assessment methods
 The exam aims at verifying the students' achievement of the following teaching
objectives:
 · the mastery of the key concepts proposed in the economic
literature after World War II dealing with human resources;
 · the knowledge of the main approaches in the economics of
education;
 · the knowledge of theoretical and applied human capital models on
both labour supply side and labour demand side;
 · the knowledge of useful economic tools for comparing countries
and regions at different stages of economic development, in order to explore
priorities, issues and policies and evaluate human capital development projects;
 The examination will consist of a written exam evaluated with a mark of “out of
30”.
 Students who regularly attend the course have the chance to do one or more
oral presentations supported by power-point slides specifically prepared,
addressing separate parts of the modules in which the course is articulated. All
the presentations will be discussed with the class participation.
 Teaching tools
 Any clarification or explanation concerning the course contents can be requested
both in the office hours and through e-mail. During office hours specific parts of
the course can also be explained or deepened.
 Assisted web navigation will be carried on in order to retrieve on-line references
and statistical sources on relevant topics.
 The help of librarians is useful to find both basic and specific bibliographical
references.
 Links to further information
 https://www.unibo.it/sitoweb/gilberto.antonelli/cv http://www.sdic-school.org/
 Office hours
 See the website of Gilberto Antonelli
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1. ECONOMICS
2. FIELDS OF STUDY
3. ECONOMICS OF HUMAN RESOURCES
ECONOMICS OF HUMAN RESOURCES

MORE IN FIELDS OF STUDY
 APPLIED ECONOMETRICS
 ECONOMICS OF HUMAN RESOURCES
 FINANCIAL ECONOMICS
 INTERNATIONAL AND DEVELOPMENT ECONOMICS
 MACRO AND MONETARY ECONOMICS THEORY AND POLICY
 PUBLIC ECONOMICS
This field covers Labor Economics, Health Economics, and Human Resource Economics. Labor
Economics is concerned with the determination of wages and hours of work in labor markets.
Health Economics is concerned with the production and demand for health care and how the
determinants of demand and supply affect the costs of various types of health care services.
Human Resource Economics studies individual, family, and market investments in various forms
of human capital such as education, on-the-job training, and health. The field uses the tools of
microeconomics and econometrics to examine empirical issues in the following areas:
 Derived demand analysis

 Labor supply
 Labor market structure including unions, minimum wage laws, and discrimination
 Investment in human capital
 Production and demand for health care and derived demand for medical care
 Economic models of the family, including population theory, quantity-quality substitution in
the economics of fertility, and interactions among family background, ability, health,
education, and earnings
 Supply and demand for physicians' services, hospital care, nurses and other personnel
 Uncertainty, health insurance, and the financing of medical care
 Inequality, economic opportunity, and socioeconomic mobility
REQUIRED COURSE WORK

Two courses from the following list are required:
Economics 85600, Inequality, Economic Opportunity and Public Policy

Economics 87100, Labor Economics I
Economics 87200, Labor Economics II
Economics 87400, Health Economics
Economics 87500, Human Resources
FACULTY
1. APPLIED ECONOMETRICS
APPLIED ECONOMETRICS
This field extends the study of econometrics beyond the core of Econometrics I and II, with in-
depth study of microeconometrics, macroeconometrics, panel econometrics, and spatial
econometrics.
Among the topics to be studied are:
 Methods for causal inference

 Randomized experiments
 Difference-in-differences
 Synthetic control methods
 Regression discontinuity
 Robust inference (resampling, clustering, randomization inference)
 Instrumental variables methods in cross-section, time series, panel, and spatial contexts
 Machine learning methods for classification and prediction
 Time series analysis
 Nonstationarity in time series and panel data
 ARCH/GARCH and multivariate GARCH
 Markov switching
 VAR, SVAR, FAVAR, and cointegration
 Dynamic factor models
 Analysis of longitudinal (or panel) data
 Dynamic panel data models
 Discrete choice models in panel contexts
 Spatial correlation
 Spatial endogeneity and peer effects
 SARAR
 Network analysis: modeling geographic, economic and sociological linkages
 Spatial panel models
 Finite mixture models

The field consists of four courses, of which students must choose two. However, note that
students must take either ECON 82300 or ECON 82400 as part of their general degree
requirements; see [link to Requirements for Degree webpage]. Thus, if a student takes ECON
82300 to fulfill the general degree requirements, it becomes ineligible for the purpose of
fulfilling the requirements for the Applied Econometrics, which leaves the student a choice of
two of the remaining three courses. Similarly, if a student takes ECON 82400 to fulfill the
general degree requirements, it becomes ineligible for the purpose of fulfilling the requirements
for the Applied Econometrics, which leaves the student a choice of two of the remaining three
courses.
ECON 82300, Applied Microeconometrics

ECON 82400, Applied Macroeconometrics
ECON 82800, Panel Econometrics
ECON 82900, Spatial Econometrics
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TAO WANG
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 Business
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INTERNATIONAL AND DEVELOPMENT

ECONOMICS
This field combines the specializations of International Economics (usually defined by
International Trade and Internatioanl Finance) and Dvelopment Economics (both at the macro
and micro levels). Among the issues to be studied are:
 The theory of trade and investment in both static and growth models, including the effects of
trade and investment on income distribution within and across countries, on growth and the
composition of output, and on relative prices and terms of trade.
 The theory and measurement of the effects of tariffs, quotas, and other commercial policies.
 The theory of international finance and the balance of payments in its relationship to
employment and inflation policies in developed and less developed economies.
 The evolution, present state, and proposed changes of the international monetary system.
 The role of multinational corporations in determining the pattern and terms of trade among
developed and less developed economies.
 Theories of grouwth and development.
 Labor markets and entrepreneurship in developing economics.
 Human resources (labor, health, education, gender) in developing economics.
 Agriculture and development.

Economics 86100 International Trade Theory and Policy

Economics 86200 International Macroeconomics and Finance
Economics 81100 Monetary Theory and Policy
Finance 77000 International Financial Markets and Institutions
Finance 77100 International Corporate Finance
Economics 84100 Economic Development I
Economics 84200 Economic Development II
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KARNA BASU
Associate Professor
 Economics
PETER C.Y. CHOW

Professor
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JONATHAN CONNING
Associate Professor
 Economics
PARTHA DEB
Professor
 Economics
NADIA DOYTCH
Associate Professor
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ZADIA FELICIANO
Associate Professor
 Economics
TIMOTHY J. GOODSPEED
Professor
 Economics
FRANCESC ORTEGA
Professor
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SANGEETA PRATAP
Associate Professor
 Economics
YOCHANAN SHACHMUROVE
Professor
 Economics
MERIH UCTUM
Professor
 Economics
GEORGE VACHADZE
Associate Professor
 Economics
WIM P.M. VIJVERBERG

Professor
 Economics
LIUREN WU
 Economics
Professor
 Business
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PUBLIC ECONOMICS
Public Economics is primarily concerned with the role of government in a market economy.
Relationships between theory and application as well as between public economics and political
systems will be emphasized, with analytical and empirical approaches to such issues as:
 Theory of public goods

 Tax incidence
 Public choice
 Models of urban economics
 Design of fiscal systems
 Income redistribution
 Fiscal federalism
 Cost-benefit analysis

Economics 81500, Special Topics in Macroeconomics; Economics of the Welfare State
Economics 85100, Public Finance I (recommended as the foundational course in this field )
Economics 85200, Public Finance II
Economics 85600, Inequality, Economic Opportunity, & Public Policy
Economics 88100, Urban Economics I
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MILES CORAK
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Professor
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LISA GEORGE
Associate Professor
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Professor
 Economics
GUILLAUME HAERINGER
Associate Professor
 Economics
SANDERS KORENMAN
Professor
 Economics
PAUL KRUGMAN
Distinguished Professor
 Economics
Distinguished Scholar
 Stone Center on Socio-Economic Inequality
CHANOCH SHREIBER
Professor
 Economics
Faculty members of the Ph.D. Programs in Philosophy and Political Science may also have
relevant interests.
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theory and policy, with an emphasis on problems of stabilization policy in a stochastic world
with both closed and open economies. Among the issues to be studied are:
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Economics 81500 Special Topics in Macroeconomics
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INTERNATIONAL AND DEVELOPMENT

ECONOMICS
This field combines the specializations of International Economics (usually defined by
International Trade and Internatioanl Finance) and Dvelopment Economics (both at the macro
and micro levels). Among the issues to be studied are:
 The theory of trade and investment in both static and growth models, including the effects of
trade and investment on income distribution within and across countries, on growth and the
composition of output, and on relative prices and terms of trade.
 The theory and measurement of the effects of tariffs, quotas, and other commercial policies.
 The theory of international finance and the balance of payments in its relationship to
employment and inflation policies in developed and less developed economies.
 The evolution, present state, and proposed changes of the international monetary system.
 The role of multinational corporations in determining the pattern and terms of trade among
developed and less developed economies.
 Theories of grouwth and development.
 Labor markets and entrepreneurship in developing economics.
 Human resources (labor, health, education, gender) in developing economics.
 Agriculture and development.
Economics 86100 International Trade Theory and Policy

Finance 77000 International Financial Markets and Institutions
Finance 77100 International Corporate Finance
Economics 84100 Economic Development I
Economics 84200 Economic Development II
FACULTY
KARNA BASU
Associate Professor
 Economics
PETER C.Y. CHOW

Professor
 Economics
JONATHAN CONNING
Associate Professor
 Economics
PARTHA DEB
Professor
 Economics
NADIA DOYTCH
Associate Professor
 Economics
ZADIA FELICIANO
Associate Professor
 Economics
Professor
 Economics
FRANCESC ORTEGA
Professor
 Economics
SANGEETA PRATAP
Associate Professor
 Economics
YOCHANAN SHACHMUROVE
Professor
 Economics
MERIH UCTUM
Professor
 Economics
GEORGE VACHADZE
Associate Professor
 Economics
WIM P.M. VIJVERBERG

Professor
 Economics
LIUREN WU
 Economics
Professor
 Business
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LEC 3102 Investment Appraisal I

Rationale/Course Description
This course is concerned with the methodologies used in the selection and appraisal of investment
decisions in private and public sectors. It introduces the main theoretical and practical issues
involved in the appraisal and assessment of investment projects. It covers aspects of investment and
project appraisal; difference between private and public sector investments; basic principles of
investment appraisal; main evaluation methods and techniques.

Objectives
 Evaluate the profitability of an investment especially real estate investments

and developments
 Understand how to take account of risk and uncertainty in investment
appraisals
 Differentiate between private and public sector investments
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ECON-6221 Investment and Project
Appraisal
ECON-6221 Investment and Project
Appraisal
Intoduction to Course:
This course focuses on the application of investment techniques to operating

and investing decisions. The purpose of investment and project appraisal is to
assess the viability of project, programme or portfolio decisions and the value
they generate. In the context of a business case, the primary objective of
investment appraisal is to place a value on benefits so that the costs are
justified. The course is designed to ex-ante examination of a proposal project
to determine whether the same should be implemented or not whereas project
evaluation is an ex-post assessment of the impact of accomplished project
and it ensures students reach a proficient level of professional applicability.
Course pre requisites (if any):
No
Learning Outcomes
After completing this course student will be able to
 Understand the concepts which underlie the appraisal of investment projects and the
advantages and drawbacks of each of the main approaches used (namely cost benefit analysis,
multi criteria analysis and other important concepts.
 Understand the ultimate outcome of a public or a private investment that closely links the
financial and economic analysis, and in turn identifies the distribution of benefits and costs over
the various interest groups.
Textbooks:
1. Hussain, Ch.M: “Project Appraisal, Monitoring and Evaluation Process with Special Reference to
Pakistan “Royal Book Co. Karachi, (1985)
2. Adwin.J, Elton and Martin J Goober, Modern Portfolio Theory and Investment Analysis, John
Wiley and Sons(1997).
3. Donald, E., Fischer, J., Security Analysis and portfolio Management, Prentice Hall Delhi, ( Latest)
Description of system of Evaluation (Exam, assignments etc.):
Mid Term Exam: 30%
Final Term Exam: 50%
Sessional Marks: 20% (Presentations/Participation, Assignments)
Date and Time of Class Meetings:
Monday
Regular: 10:00am to 11:00am; Self Support: 4:00pm-5:00pm
Tuesday
Wednesday
Course Material
01Course Outline
02Week 1-2 Introduction of Investment, Project, Project
Appraisal, Limitations and aspects of project appraisal, Plans
03Week 3-4 Identify Project Benefits and Costs, Methods of

Project Appraisal and Financial Analysis
04Week 5-6 Pricing Project Costs and Benefits, Financial

(Investment) Analysis
05Week 7-8 Financial (Investment) Analysis

06Week-9 Mid Term Exam
07Week -10 Shadow Prices, Trade Policies
08Week 11-12 Measuring market value, financial and real
variables,financial analysis of industrial sector
09Week 13-14 Applying Discounted Measures of Project Worth,

Cost Effectiveness Analysis
10Week 15-16 Discounted measures, Undiscounted measures,

Investment Ratio
11Week-17 Methods of analysis
12Week-18 Final Term Exam
 Total Lessons12
 Department Economics
 AboutVisit Profile
 TeacherMs. Rizwana Yaseen
Other Courses by Ms. Rizwana Yaseen
 Financial Accounting
Developed by: Adeel Hassan, Directorate of IT, University of Sargodha
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Project appraisal
M475
This module is about financial and economic appraisal of projects.
This module is also part of

Finance (Major: Economic Policy)
Public Financial Management
Public Policy and Management
Study as an individual module(Opens in new window)

This module is both specific and technical, and will enable you to
carry out financial and economic appraisals. It will give you enough
theory to understand the financial and economic processes
involved in such an appraisal, but the emphasis is on practice, with
some critique of the methods involved.
Topics covered
 Unit 1: Investment Appraisal Techniques I

 Unit 2: Investment Appraisal Techniques II
 Unit 3: Social Cost-Benefit Analysis
 Unit 4: Valuation Methodologies in Social Cost-Benefit
Analysis
 Unit 5: Sector Analysis and Case Studies in SCBA
 Unit 6: Risk and Uncertainty Analysis
 Unit 7: Distributional Issues and Social Cost-Benefit Analysis
 Unit 8: Critique and Reflection
Assessment
 one three-hour unseen written examination (70%)

 two tutor marked assignments (30%)
Essential reading
 Boardman, AE, D Greenberg, AR Vining & DL Weimer (2014)
Cost-Benefit Analysis: Concepts and Practice, 4th
(International) Edition, Pearson.
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7 March 2023
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Investment Appraisal Methods

What you will study
1.
1. Investment and the capital budgeting process
2. Relevant cash flows
3. Payback period
4. Return on capital employed (ROCE)
5. Discounted cash flow (DCF)
6. The net present value (NPV) method
7. The internal rate of return (IRR) method
8. Comparison of DCF methods in project appraisal
9. Difference between nominal rates of return and real rates of return,
taking into account inflation and taxation
10.Sensitivity analysis, probability analysis and other risk adjustment
techniques
11.Evaluating specific investment decisions: leasing, asset replacement,
capital rationing
Key features of the course
 Flexibility to suit your needs – allowing you to study anytime,

anywhere
 An emphasis on personal and professional development through
independent learning
 Relevance of topics and practical examples to the context of your
own professional practice
 Illustrative practice activities with solutions, “test your
understanding” activities and tutor-marked assignments to reinforce
learning
 Certificate of completion from London School of Finance and Law
This non-credit short-term course is intended for students who want to gain general
knowledge, learn a new skill, upgrade existing skills or develop personal interests in
subjects related to business management, economics, finance or accounting.
This course can be taken alongside your degree or professional qualification studies
elsewhere or as part of your informal career development programme. It will be of
particular value to undergraduate, postgraduate or professional students of business
management, finance, banking, economics or accounting.
Learning outcomes

 Knowledge and understanding

 Key skills
 Cognitive skills
 Practical and professional skills
 Transferable skills
Career relevance
 Accounting professions
 Financial management
 Tax advisory
 Investment analysis and management
 Business administration
 General management
 Sales and marketing
 Risk management
 Management consultancy
 Professional bodies
 Professional training
 Coaching, mentoring and counselling in finance, tax advisory and
business management
 Government offices and NGOs
Study method
Online learning with tutor guidance and support
How long it takes

1 month (32 hours)
You need to be able to spend approximately 8 hours per week on studying this
module.
Teaching and assessment
A tutor will guide you throughout the study process and mark and comment on your
written work. You and your tutor will primarily communicate with each other through
email.
The course work includes online practice tests, tutor-marked assignments and end-of-
module assessment. You must use the online VLE-system to submit your tutor-
marked assignments and end-of-module assessment.
The Pass mark for the module is 50%. Upon successful completion, students are
issued a certificate of completion from London School of Finance and Law.
Study materials
All study materials are provided on the module website.
Microsoft Office presentations and Adobe Portable Document Format (PDF) versions
of study material are available.
A computer with a browser and broadband internet access is required for this module.
Functionality may be limited on mobile or tablet devices.
If you have a disability or particular study requirements, please tell us as soon as
possible.
Fees and funding

Course fees for 2022/2023 academic year: £170
Course fees cover registration, course materials, tuition and assessment.
LSFL course fees depend on the level and duration of courses: check all tuition fee
rates for the current academic year here.
You may be eligible for tuition funding.
Registration
Next term start date: 20 May 2023
The module website will be available to registered students three days in advance of
module start. Module sessions will be opened on a weekly basis to enable tutor-led,
gradual progression through the study materials and continuous assessment.
Course registration is open, but please be aware that due to the increased demand it
may take us longer to respond than usual.
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Introduction to Monitoring and Evaluation
Course Description
This course introduces participants to key concepts of Monitoring and Evaluation,
to enable them to better understand, participate in, and contribute to the M&E
processes of the Commonwealth of Learning. It is a self-directed course that can be
taken individually or as part of a team. The course offers flexibility with options for
learning the content. You will learn from readings, videos, discussions with other
participants, practical activities, and short quizzes. Certification is available for those
who complete the quizzes for all units.
Course Contents
Unit 1: Monitoring and Evaluation Overview
Participants will:
 be introduced to Monitoring and Evaluation (M&E) and its key concepts

 understand some of the inter-relationships among key M&E concepts
 be able to identify where a pathway of change may need more development or
details
 see how key M&E concepts are manifest in a relevant example
Unit 2: Results-based Monitoring and Evaluation

Participants will:
 understand the key elements of results-based M&E

 be able to distinguish the roles of monitoring and evaluation activities
 be able to identify where there is a breakdown in the logic of a results chain
Unit 3: Theory of Change

Participants will:
 understand key elements of a theory of change (ToC)

 become familiar with the process of constructing a theory of change
 be able to analyse a theory of change to check the logic of pathways of change
and the evidence for them
Unit 4: Logical Frameworks

Participants will:
 understand the purpose of a Logframe

 be able to identify the key elements of a logframe
 review the links between different results levels in a logframe
 consider possible indicators for logframes and how results can be measured
 review the appropriateness of assumptions
Unit 5: Indicators and Means of Verification

Participants will:
 understand how indicators can be used as a sign of the results

 learn about the process for developing SMART and gender-responsive
indicators
 identify possible evidence (means of verification) that can be used to track
progress against indicators
Unit 6: Developing an M&E Strategy

Participants will:
 understand the necessity of and critical components of M&E strategies

 be able to develop the outline for a broad M&E strategy
Unit 7: Data Collection Methods - Overview

Participants will:
 understand the importance of balancing comprehensiveness versus the cost of

data collection
 be able to distinguish between primary and secondary data
 identify the strengths and weaknesses of quantitative and qualitative data
 have an overview of a variety of data collection methods and sampling
approaches.
Unit 8: Overview of Quantitative Methods

Participants will:
 learn about a variety of quantitative methods used in M&E and types of

analysis to use for quantitative data collected.
 understand the difference between descriptive and inferential statistics.
Unit 9: Overview of Qualitative Methods

Participants will:
 learn about a variety of qualitative methods used in M&E

 have an overview of types of analysis to use for qualitative data, with a focus
on content analysis.
Unit 10: Overview of Participatory Methods and Approaches to M&E

Participants will:
 understand the importance of a participatory approach to M&E

 be able to identify features of participatory M&E as well as common methods
and approaches.
Target audience
This course is intended for COL partner staff who are currently or will be working
on the implementation of a COL project. It is also a useful introduction to M&E for
COL staff and consultants who will be overseeing or supporting M&E for a COL
project.
Background/pre-requisite: This course does not require any prior exposure to
Monitoring and Evaluation.
Expected time investment: There are 10 units in this course. It is expected that
each unit of the course will take approximately 3-5 hours to complete (30-50 hours
total). There is no time limit in which you must complete the course or a particular
unit
Mentoring: This is intended to be a self-directed course. If you are currently
working with COL on a project, a COL staff member or consultant may arrange to
provide support or feedback to you/your team as you work through the course.
They may also arrange supplementary activities related to your specific COL project,
aligned to the course. You will be advised of these arrangements prior to enrolling.
Outcomes of this Course

By the end of this course, participants will: Understand key terms and concepts
related to M&E; and be able to critically engage with and participate in core M&E
processes including contributing to the development and interrogation of theories
of change, logframes, indicators and Means of Verification, M&E strategies, and
data collection.
Certificates
You will be awarded a Certificate of Completion by COL based on the following
criteria:
1. Completion of required readings and videos
2. Completion of quizzes for all units (no minimum score)
Enrollment Closed
Start Date
Monday, January 4, 2021
Other Information
This course is based on Results-Based Monitoring and Evaluation at the
Commonwealth of Learning: A Handbook by Glen Farrel and Addendum by Tristan
Measures; and Monitoring and Evaluation: A Reference Guide for Development
Practitioners by Damodaram Kuppuswami.
Instructors
Lectures presented by:
Dr Robert Sauder
Mr Tristan Measures
Dr Kirston Brindley
Dr Balasubramanian Raman
Operations Team
Soyeon Kim, Administrative Support
Advisory/course development support provided by:

Dr Robert McCormick
Dr Tony Mays
Dr V. Balaji
This platform made available
courtesy Commonwealth of Learning
Copyright 2022· All rights reserved
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International Finance: Theory and Policy

Copyright Year: 2010

ISBN 13: 9781936126460

Publisher: Saylor Foundation

Reviewed by Rajeeb Poudel, Assistant Professor, Western Oregon University on 6/16/21

Reviewed by Yihong Xiao, Assistant Professor, Bridgewater State University on 6/29/20

Reviewed by Lina Zhou, Associate Professor, Augustana College on 11/13/18

Reviewed by Mark Gibson, Clinical Assistant Professor, Washington State University on

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THE UNIVERSITY of EDINBURGH

School School of Economics

Credit SCQF Level 10 (Year 3 Undergraduate)

Entry Requirements (not applicable to Visiting Students)

Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)

Information for Visiting Students

Course Delivery Information

Not being delivered

On completion of this course, the student will be able to:

Graduate Attributes and Skills Research and Inquiry

Personal and Intellectual Autonomy

Course organizer Dr Richard Holt

© Copyright 2015 The University of Edinburgh - 18 January 2016 3:48 am

Course Learning Outcomes

1. Apply economic analysis to the management of human resources;

Course Number: 3.21303

 Programs & Courses |

 Human Resource Economics

 6910 - The Economics Of Human

3. ECONOMICS OF HUMAN RESOURCES

ECONOMICS OF HUMAN RESOURCES

 Derived demand analysis

REQUIRED COURSE WORK

Economics 85600, Inequality, Economic Opportunity and Public Policy

Among the topics to be studied are:

 Methods for causal inference

REQUIRED COURSE WORK

ECON 82300, Applied Microeconometrics

WIM P.M. VIJVERBERG

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3. INTERNATIONAL AND DEVELOPMENT ECONOMICS

INTERNATIONAL AND DEVELOPMENT

REQUIRED COURSE WORK

Economics 86100 International Trade Theory and Policy

PETER C.Y. CHOW

WIM P.M. VIJVERBERG

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 Theory of public goods

REQUIRED COURSE WORK

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MACRO AND MONETARY ECONOMICS

 Inflation, its causes, social costs, and control