2016/2017

2016/2017

DM270

SECS-P/01 (ECONOMIA POLITICA)

DIPARTIMENTO DI SCIENZE ECONOMICHE E AZIENDALI

ECONOMICS, FINANCE AND INTERNATIONAL INTEGRATION - ECONOMIA, FINANZA E INTEGRAZIONE INTERNAZIONALE

International Economic Integration and Development

1°

Secondo Semestre (20/02/2017 - 20/05/2017)

9

66 ore di attività frontale

english

SCRITTO E ORALE CONGIUNTI

VAGGI GIOVANNI (titolare) - 3 CFU
CASTLEY ROBERT - 6 CFU

basic micro, macro and international economics

This core class is offered in the second semester. It focuses on the key development issues and the success of some developing countries (the emerging economies) in partially overcoming development constraints.

Class aim
To understand the complexity of economic development, the need for an interdisciplinary methodology and the lack of any single approach to the solution of the problems of development.

Part I Prof Castley
Introduction to Concepts
Growth and development, countries classified by GDP, income distribution and inequality,
social development and indicators, human development index.
Growth and expansion of multinational corporations

Role of the banking sector
Neo-liberal doctrine,Washington Consensus (IMF and World Bank policies)
Structural adjustment programmes and PRSPs

B. Direct Foreign investment
Role of DFI in economic development
Facilitating factors
New information and communication technology, improved transport systems
Changing industrial structures
Commodity chains and regional production
DFI in emerging economies

C. Key development problem
Urban Population growth
Demographic transition, rural-urban migration,
Exploding urban populations and unemployment

D. Industrialization
Importance of Industrialisation
Agriculture and diminishing returns
Dependence on commodities and the ‘resource curse’
Advantages of manufacturing
The Newly Industrializing Countries
Record of the NICs; competing explanations
Role of external geo-economic and geopolitical factors

E. The Industrial ladder
Climbing the ladder; internal and external factors
Developmental state and industrial strategies
DFI and trade policies
Subcontracting promotion policies
Human resources and cultural factors

F. Industrialization Case Studies

(a) East Asia and other key emerging economies


Part II Professor Gianni Vaggi

H. The role of finance in economic development and the emerging economies
by Gianni Vaggi

H1 Different types of financing economic development
• Internal Sources: the Saving-Investment nexus, how to promote it.
• External sources: Grants, Aid, Remittances, FDI, Loans, Portfolio Investments
• The problem of the external imbalances in the world economy

H2 From the debt crisis of the eighties to emerging markets
• The management of foreign debt in a developing economy.
• What is a sustainable debt?

H3 The international financial markets and the financial crisis
• The evolution of the international financial markets in the seventies and eighties
• The derivative markets: innovative financial instruments
• Some major crisis:
o The European Monetary System in 1992
o Mexico 1982, 1994
o The Asian crisis of 1997
o Argentina 2001
From the subprime in 2007 and ....up till

Frontal classes with active participation by the students in working groups and presentations

Development
• Reinert E. ‘How rich countries got rich. and why poor countries stay poor’ Constable, London 2007
• De Rivero O. ‘The Myth of Development ‘ Zed Books 2001
• Chang Ha-Joon ‘Reclaiming Development’ Zed Books 2005
• Davis M. ‘The Planet of Slums’ Verso 2007
• Chang Ha-Joon ‘Globalisation, Economic development and the role of the state’ Zed Books 2003
• Sachs J. ‘The End of Poverty’ Penguin 2005
• Gallagher K P (ed)‘Putting Development First’ Zed Books 2005
• Murakami Y ‘An Anticlassical political Economic Analysis’, Stanford University Press 1996
• Hewitt etc (Ed) ‘Industrialization and Development’ OUP 1992
• Serra and Stiglitz J. (Eds) ‘Washington Census Reconsidered’ 2008.
• Easterly W. ‘The Elusive Quest for Growth’ MIT Press Cambridge, USA 2001
• G Magnus ‘Uprising-will emerging markets shape or shake the world Economy’ Wiley 2011
• Ruchir Sharma ‘Breakout Nations; in pursuit of the next economic miracles’ Allen books, 2012
Globalisation
• Stiglitz J. ‘Making Globalisation Work’ Penguin 2006
• Reich R. ‘SuperCapitalism’ Icon Books 2009
• Chang Ha-Joon ‘Bad Samaritans’ Business Books, 2007
East Asia
• Chowdhury A. & Islam I ‘The newly Industrialising Economies of East Asia’ Routledge 1995
• Vogel E. ‘The Spread of Industrialisation in East Asia’. Harvard University Press 1991
China
• Kynge J. ‘China shakes the World’ Phoenix 2006
• Hutton W. ‘ China and the West in the 21st Century’ Abacus 2007
• Overholt W. ‘China the next Superpower’ Weidenfeld & Nicolson 1993
• Jacques M. ‘When China rules the World’. Penguin press 2009
India
• Kamdar M. ‘Panet India’ Pocket Books 2007
• Smith D. ‘The Dragon and the Elephant’ Profile Books 2008
Africa
• Guest R. ‘The Shackled Continent’, Pan Books 2004
• Collier P ‘The Bottom Billion’ OUP 2008
Others
• Perkins J. ‘Confessions of an Economic Hit Man’, Penguin 2006

On Part II

• Gallagher K., Griffith-Jones S and Ocampo J.A. Regulating Global Capital Flows
• for Long-Run Development, Pardee Center Task Force Report 2012, Boston University, Boston Massachusetts.
•
• Gianni Vaggi G. ECONOMIC AND FINANCIAL INSTABILITY: LESSONS FORM THE ASIAN CRISIS in “International Financial Systems and Stocks Volatility: Issues and Remedies”, Edited by Nidal R. Sabri, The International Review of Comparative Public Policy, Vol. 13, Elsevier Science Ltd. 2002.

written exam

the course will be given by Prof Robert Castley on Part I and by Prof. Gianni vaggi on Part II
NOTICE for 2016-17 the course will begin with Prov Vaggi classes