Integrated Master in Economics: International Economics

Program Overview

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How do different countries around the world trade, and what systems do they use? How much of an influence do historical events have on the development of international policies? Our course gives you a solid grounding in economics, and has a focus on international areas such as world trade, world economy, international monetary relations and the flow of trade and assets between countries. Our course is built on the core principles of economics, which are applied to your study of international trade, international finance, and the international institutions supporting these systems. You receive a thorough training in economics and mathematics up to post-graduate level, as well as training in quantitative research methods. You study the mathematical and statistical analysis of economic problems, and how the global economy functions, choosing from a range of topics on international economics including:

• Models of international trade and the world trading system
• Foreign exchange markets
• The history of European overseas trading
• International financial organisations
• The impact of business decisions on products, prices, and social welfare

We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021) and we have particular strengths in the areas of, game theory and strategic interactions, theoretical and applied econometrics and labour economics. The quality of our work is reflected in our stream of publications in high-profile academic journals, including American Economic Review, Econometrica, and Review of Economic Studies. Why we're great.

• We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021).
• You’re taught by world-leading academics who are experts in their field
• We give you diverse employment potential and the chance to meet future employers

Study abroad

Your education extends beyond the university campus. We support you in expanding your education through offering the opportunity to spend a year or a term studying abroad at one of our partner universities. The five-year version of our degree allows you to spend the third year abroad or employed on a placement abroad, while otherwise remaining identical to the four-year course. Studying abroad allows you to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. If you spend a full year abroad you'll only pay 15% of your usual tuition fee to Essex for that year. You won't pay any tuition fees to your host university.

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Placement year

Alternatively, you can spend your third year on a placement year with an external organisation, where you learn about a particular sector, company or job role, apply your academic knowledge in a practical working environment, and receive inspiration for future career pathways. You will be responsible for finding your placement, but with support and guidance provided by both your department and our Employability and Careers Centre. If you complete a placement year you'll only pay 20% of your usual tuition fee to Essex for that year.

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Our expert staff

Study and work alongside some of the most prominent economists. Our researchers are at the forefront of their field and have even received MBEs, with students coming from across the globe to study, research or work with us. Our Department of Economics is a richly diverse home to staff and students from all over the world who have a strong sense of belonging and want to think, learn and change the world together. Many of our researchers also provide consultancy services to businesses in London and other major financial centres, helping us to develop research for today's society as well as informing our teaching for the future.

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Specialist facilities

Take advantage of our extensive learning resources to assist you in your studies:

• Extensive software for quantitative analysis is available in all computer labs across the university
• Access a variety of economics databases and multiple copies of textbooks and e-books in the Albert Sloman Library
• A comprehensive online learning environment (Moodle) for each module
• A top class computer Lab (ESSEXLab) to run economic research experiments

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Your future

Many employers want economists with critical thinking skills who can tackle large data sets and practical problems. Our course helps you to become more employable and takes you closer to that dream job or postgraduate course when you graduate. Our students are in demand from a wide range of employers in a host of occupations, including financial analysis, management, public administration and accountancy. Our recent graduates have gone on to work for a wide range of high-profile companies including:

• Bank of England
• Barclays Capital
• Citigroup
• Deloitte
• Ernst and Young
• Morgan Stanley
• Bank of New York
• Santander

We also work with the University’s Student Development Team to help you find out about further work experience, internships, placements, and voluntary opportunities.

Program Outline

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation. We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 Year 2 Year 3 Final Year How do consumers make decisions? Or firms conduct different market strategies? What impact does government policy have on inflation? Or unemployment? Develop your knowledge of economics in relation to a range of contemporary issues. Learn how to apply both micro and macroeconomic principles to the analysis of such problems. View Introduction to Economics on our Module Directory COMPONENT 02: COMPULSORY WITH OPTIONS EC114-4-FY or (MA114-4-AU and MA108-4-SP) (30 CREDITS) COMPONENT 03: COMPULSORY WITH OPTIONS EC115-4-FY or MA101-4-FY (30 CREDITS) COMPONENT 04: OPTIOL Option(s) from list or Outside Option(s) (30 CREDITS) Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory What tools can you use for macroeconomic analysis? And how can these then be applied to macro-policy issues? Learn how to build alternative macroeconomic models and apply analytical reasoning. Examine real-life macroeconomic questions, on topics such as government budgets or wage-price flexibility, and critically evaluate macroeconomic policies. View Macroeconomics (Intermediate) on our Module Directory How do consumers behave in a competitive market? And what about producers? How do various imperfections affect the outcome of decentralised markets? Study the fundamental concepts and methods in microeconomics. Understand the tools and methods of analysis for economic reasoning, and develop your critical approach to economic issues and policies. View Microeconomics (Intermediate) on our Module Directory Want to know more about the IMF or the Federal Reserve? Interested in the European Central Bank and the European Stability Mechanism? Examine these international financial institutions to evaluate their existence, policies and effects on the international monetary system. Understand the institutional framework within which international financial relations are organised. View International Financial Institutions and Policy on our Module Directory Which institutions control international trade? How are they organised? What are their objectives? And why are some of their activities deemed controversial? Study the world trading system since World War Two, learning about the most important issues in international trade policy and deepening your knowledge of the global economy. View International Trade Institutions and Policy on our Module Directory What mathematical methods can analyse economic problems? And what mathematical tools are needed to understand economic models? Gain an introduction to the mathematical methods commonly used in economics, build your knowledge of mathematical tools for work in economics and develop your understanding of the mathematical language used in economic literature. View Mathematical Methods in Economics on our Module Directory Which econometric methods can analyse economic data? How do you critically assess applied economic literature? Learn how to carry out statistical and econometric calculations, plus gain experience of using the Stata software package. Demonstrate your subsequent understanding of the linear regression model with your own investigation on an empirical issue. View Introduction to Econometric Methods on our Module Directory Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory Despite all the talk about the “death of distance”, geography matters more than ever. This course is a journey through the current economic landscape. We will try to understand the economic forces driving trends in wages, productivity and innovation across cities and regions. These are the forces that will define the geography of future jobs and will shape the economic destiny of local communities around the world. View The Economic Geography of Employment, Innovation and Trade on our Module Directory How do foreign exchange markets determine trade? Understand the economic role that international currency markets play. Study models to interpret exchange rate movements and how this links to key macroeconomic variables. Analyse real-life policies that respond to events in the international monetary system. View International Money and Finance on our Module Directory What interests you? Design and implement your own research project, under the guidance and supervision of our world-leading academic staff. Demonstrate your knowledge of economic ideas in greater depth, building your professional research skills and developing further understanding of a topic that fascinates you. View Project: Economics on our Module Directory COMPONENT 04: OPTIOL Final year Economics option (15 CREDITS) COMPONENT 05: OPTIOL Economics option (15 CREDITS) COMPONENT 06: OPTIOL Economics option (or outside option if not already taken in 2nd year) (30 CREDITS) Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory Wish to conduct your own research using econometric methods? Understand econometric methods and learn to apply them to a wide variety of situations. Examine methods of linear regression and hypothesis testing. Study time series concepts of unit roots and co-integration. Explore ideas around simultaneous equation models and panel data models. View Econometric Methods on our Module Directory What mathematical concepts are vital to understanding modern economic theory? Gain the essential mathematics skills needed to study economics at Masters-level, such as optimisation theory and the role of equilibrium. Understand how economic arguments work and improve your problem solving skills by using real-world economic problems. View Mathematical Methods on our Module Directory Despite all the talk about the “death of distance”, geography matters more than ever. This course is a journey through the current economic landscape. We will try to understand the economic forces driving trends in wages, productivity and innovation across cities and regions. These are the forces that will define the geography of future jobs and will shape the economic destiny of local communities around the world. View The Geography of Employment and the Environment on our Module Directory What are the main uncertainties for international financial markets? What causes a currency crisis? How do you deal with global imbalances? Understand the analytical tools used in the field of international macroeconomics and finance. Demonstrate how such tools can be applied by examining key policy issues of interest today. View International Finance on our Module Directory COMPONENT 05: OPTIOL Economics options from list (40 CREDITS)

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Teaching

• Teaching is arranged to allow freedom in how you organise your learning experiences
• After receiving a general overview of a topic in your two-hour weekly lecture, you discuss and solve the issues it raises in a class with 15 to 20 fellow students
• Optional support classes

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Assessment

• You are assessed each year through a mixture of coursework and end-of-year examinations
• The balance is set at 50% coursework and 50% exam
• For many of your second- and final-year modules, coursework takes the form of an extended essay
• Complete your final year project in consultation with a personal supervisor