Program Overview

Key information

Duration

1-year (Max. 3-years)

Start of programme

October / January / April / June

Attendance mode

Online learning (part-time)

Location

Online

Fees

£7,280

Course code

OLTF0036

Entry requirements

A recognised UK Bachelor's degree, or international equivalent, in finance, economics, or another appropriate discipline. Qualifications in other subjects will be assessed on their merits. Your application may be considered if you have previous education and experience, equivalent to a degree-level qualification, which includes suitable preliminary training. All international applicants must be able to show that their English is of a high enough standard to successfully engage with and complete their course at SOAS.

Course overview

The Postgraduate Diploma in Economic Policy is designed principally for postgraduates working on economic policy in government, central banks, other public organisations, international institutions and consultancy. It enables you to deepen your understanding of the principles, applications, and context underlying economic policy with a focus on policy's financial aspects.

Why study PGDip in Economic Policy at SOAS?

• SOAS is ranked 38th in the UK for Accounting and Finance (Complete University Guide 2023).
• We're ranked 6th in UK for graduate employability (QS World University Rankings 2023).
• Develop an excellent understanding of the key issues shaping international business strategy in a global financial environment.
• We offer specialist knowledge of financial and management systems in the emerging markets of Africa, Asia and the Middle East.
• Acquire a sound understanding of theories in finance and the workings of financial markets, ready for a career in finance or further study.

Structure

You will study four modules selected from the list below.

Modules

• Banking and Capital Markets - 30 credits - Open
  • Learning outcomes:
    • Explain the functions of financial intermediaries, and evaluate the strengths and weaknesses of bank-oriented and market-oriented financial systems.
    • Critically evaluate theories of the banking firm which focus on the role of the bank as a provider of liquidity insurance for depositors, and as a delegated monitor of borrowers.
    • Explain the methods available to a bank to manage credit risk, interest rate risk, market risk and liquidity risk.
    • Explain why credit markets may fail to clear, and critically evaluate theories of credit rationing and overlending.
    • Discuss the methods used by shadow banking institutions to raise finance, and the risks to financial stability presented by shadow banking.
    • Critically evaluate methods for measuring the efficiency of banks, and the intensity of competition in deposits and loans markets.
    • Explain how a loss of depositor confidence, and asset price bubbles, can trigger banking and financial crises.
    • Critically evaluate the effectiveness of regulatory arrangements for the banking industry in promoting financial stability.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Key texts: Matthews K and J Thompson (2014) The Economics of Banking. 3rd Edition. Chichester UK: John Wiley & Sons. Freixas X and J-C Rochet (2008) Microeconomics of Banking. 2nd Edition. Cambridge MA: The MIT Press.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.
• International Finance - 30 credits - Open
  • Learning outcomes:
    • Outline the decline of Bretton Woods and the rise of the Flexible Exchange Rate Regime, 1973 to the present
    • Analyse and discuss fixed versus flexible exchange rate regimes
    • Explain the difference between hedging, arbitrage and speculation and the interaction of hedgers, arbitrageurs and speculators
    • Discuss the parity relationships between spot and future exchange rates
    • Demonstrate how a balance of payments is constructed with a series of transactions, and show how transactions are recorded
    • Explain how the national income framework and elasticities framework can be linked to the absorption framework
    • Discuss the policy problem the Mundell-Fleming model is designed to address, and the historical circumstances that made it relevant
    • Differentiate between the assumptions of the Polak model and those of the Mundell-Fleming model
    • Assess the strengths and weaknesses of the monetary approach
    • Relate the traditional arguments for and against fixed and floating exchange rates
    • Explain the rationale behind discretionary intervention in the foreign exchange market
    • Give an account of the development of the European Monetary System and the European Monetary Union.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Key texts: Pilbeam, K (2013) International Finance, 4th Edition, Macmillan.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.
• Macroeconomic Policy and Financial Markets - 30 credits - Open
  • Learning outcomes:
    • Outline and discuss the connection between financial markets, real saving by households, and real investment by firms
    • Analyse how monetary policy can affect real macroeconomic activity through its interaction with financial markets
    • Explain the relation between financial markets and governments' fiscal policies
    • Discuss the effect that expectations of future inflation and interest rates can have on macroeconomic policy and financial markets
    • Analyse the connection between foreign exchange markets, imports and exports
    • Examine the possibility of instability arising from interaction between international capital flows and financial markets
    • Evaluate theories in the light of empirical evidence
    • Use theory and evidence to analyse actual problems facing macroeconomic policy makers.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Key texts: Miles, D, A Scott & F Breedon (2012) Macroeconomics: Understanding the Global Economy, 3rd Edition, Wiley.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Video: You will also have access to video content on the VLE, in which leading policy-makers talk to CeFiMS about their experiences. All the decision makers and advisers in the video have dealt with difficult macroeconomic problems in a range of countries and they explain how they approached the problem and considered alternative policies.
    • Virtual learning environment: You will have access to the VLE, web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.
• Microeconomic Principles and Policy - 30 credits - Open
  • Learning outcomes:
    • Explain the principles underlying consumer demand from different perspectives
    • Discuss what economists mean by the 'theory of the firm'
    • Spell out the implications of competitive and noncompetitive market structures on the firm's pricing and output decisions
    • Evaluate how firms respond to the pricing and output decisions of other firms in the market
    • Debate the importance of the markets for inputs or factors of production, such as labour, capital and natural resources
    • Analyse how firms expand and the implications for market structure
    • Discuss how globalisation has influenced the firm's behaviour and the implications for pricing and output decisions.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Key texts: Pindyck, R & D Rubinfeld (2018) Microeconomics, 9th Edition. Pearson. Goodwin N, J Harris, JA Nelson, B Roach & M Torras (2019) Microeconomics in Context. 4th Edition, Routledge.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Virtual learning environment: You will have access to the VLE, which is a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.
• Public Financial Management: Revenue - 30 credits - Open
  • Learning outcomes:
    • Outline and discuss the main sources of government revenue
    • Explain the main criteria for assessing types of taxation
    • Analyse the main trends in taxation especially as between advanced and developing countries
    • Evaluate the main recommendations and analytical methods of the theory of optimal taxation that underpins modern tax reform
    • Gauge the degree of inequality and evaluate policies to reduce inequality
    • Outline the economic arguments for and against environmental taxes
    • Assess the impact of taxes on people’s consumption behaviours
    • Evaluate the causes of weak tax administration in developing countries and recommended appropriate policies to improve tax administration
    • Judge the use of Value Added Taxes in the context of developing countries
    • Discuss the causes and effects of tax competition between countries
    • Evaluate the effects of natural resource abundance on countries
    • Explain the economic case for fiscal decentralisation
    • Explain the characteristics of local taxes and some of the problems of tax collection at local level
    • Define the issues in how fiscal policy can be used to stabilise economies
    • Outline the different effects and policy implications of internal and external debt
    • Explain how governments can create the illusion of fiscal adjustment by financial engineering
    • Assess the success of aid giving as a method of supplementing government revenues in poorer countries and analyse its effects on government spending, tax raising and borrowing.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Virtual learning environment: You will have access to the VLE, a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.
• The IMF and Economic Policy - 30 credits - Open
  • Learning outcomes:
    • Identify who pursues stabilisation policies, and why
    • Distinguish between countries that seek to stabilise on their own, and those that seek help in doing so
    • Outline and discuss the role, function and operations of the IMF and its approach to stabilisation
    • Discuss the influence of the financial sector in precipitating instability
    • Explain the prevalent stabilisation theories and assess their appropriateness in differing circumstances
    • Identify and discuss the major criticisms and controversies that the IMF's approach has elicited
    • Explain the particular problems and prescribed remedies for low-income countries seeking to stabilise their economies.
  • Tuition and assessment:
    • Students are individually assigned an academic tutor for the duration of the module, with whom you can discuss academic queries at regular intervals during the study session.
    • You are required to complete two Assignments for this module, which will be marked by your tutor.
    • You will also sit a three-hour examination on a specified date in September/October, worth 70% of your total mark.
  • Study resources:
    • Study guide: The module study guide is carefully structured to provide the main teaching, defining and exploring the main concepts and issues, locating these within current debate and introducing and linking the assigned readings.
    • Readings: Throughout the module you will be directed to study a selection of readings, including journal articles, book extracts and case studies that are of particular relevance and interest to the topics covered in the module.
    • Virtual learning environment: You will have access to the VLE, which is a web-accessed study centre. Via the VLE, you can communicate with your assigned academic tutor, administrators and other students on the module using discussion forums. The VLE also provides access to the module Study Guide and assignments, as well as a selection of electronic journals available on the University of London Online Library.

Teaching and learning

The programme takes a minimum of 1-year to complete. Each module lasts 10 weeks. You are registered for a maximum of 3 years.

Key dates and calendar

To find out when a particular module is running, please view the study calendar on each individual module page.

Fees and funding

Tuition fees 2022/23

PGDip (4 modules) £7,280

Fees are inclusive of all required resources. Whilst we incorporate all of the costs into your module fees, depending on your country of residence, you may incur local costs such as: fees paid to local examination centres for sitting your examinations.

Fees may increase each year, therefore may be higher in subsequent years of study. See online learning fees for further information.

Employment

As a graduate of this programme you will be prepared for a career as an economist in government, central banks, other public organisations, international institutions and consultancy.

Programme team

Professor Christine Oughton

Industrial organisation and policy, innovation, sustainable development and corporate governance, including the governance and regulation of sport