BSc (Hons) in Economics

This is a single semester introductory module in macroeconomics. Macroeconomics is the study of the aggregate economy, focusing on the cyclical pattern of aggregate output and co-movement of real and monetary aggregates in general equilibrium. This module introduces a series of basic models used in modern macroeconomics, with a particular focus on dynamic general equilibrium modelling tools and techniques necessary to build theoretical models. 

This module is an introduction to microeconomics, including behaviour of firms and households in situations of competitive and imperfectly competitive markets. 

The first half of the module provides an introduction to the mathematical methods required for economic modelling, focusing on

• mathematical finance
• analysis of functions
• supply and demand
• matrix algebra
• differentiation
• elasticities
• maximisation/minimisation
• optimisation subject to constraints
• Lagrange multipliers
• integration

The second half introduces the statistical methods and concepts most applicable in economics. The analysis of economic data necessarily proceeds in an environment where there is uncertainty about the processes that generated the data. Statistical methods provide a framework for understanding and characterising this uncertainty.

These concepts are most conveniently introduced through the analysis of single-variable problems. However, economists are most often concerned about relationships among variables. The module builds towards the study of regression analysis, which is often applied by economists in studying such relationships.

Economic Integration 1

This module introduces you to the economics of integration. The module analyses the consequences for countries seeking closer economic integration through successively more ambitious forms. This begins with a limited trade arrangement, followed by a common market, which also allows free movement of capital and migrant workers, and a Single Market.

The final part of the module examines monetary integration, beginning with exchange rate stabilisation and then considering Monetary Union. The module aims to combine principles of economic analysis with an assessment of the impact of such measures on the member economies.

Economic Integration 2

This module introduces you to the economics of integration. It analyses the economic rationale for, and practice of, policy coordination and harmonisation both at the European and at a global level. An examination of the economic rationale for common EU policies is followed by an analysis of such examples as the common agricultural, trade and regional policies, and the operation of the European Budget.

At the global level cooperation in trade, finance and development policies are reviewed in relation to the operation of institutions such as the World Trade Organisation, the International Monetary Fund and the World Bank. The module aims to combine principles of economic analysis with an assessment of the impact of international policy coordination.

This module explores current economic issues in Malaysia, economists' modelling of these issues, and potential policy responses. It covers the Malaysian economy's structure, trade and industrial policies, monetary and exchange rate policies, middle-income trap, budget deficit and debt, and subsidy rationalisation among others. 

This module examines the historical factors that have influenced the wealth of nations over the past 500 years. It delves into why some countries are wealthier than others and provides insights on promoting economic growth in developing nations. Drawing on recent economic literature, it analyses comparative development as a result of history and uses economic techniques to enhance our understanding of this process. 

This module explores how economics influences politicians and how politicians impact economics. It covers historical figures like Alexander Hamilton, Sir Robert Peel, the Meiji Emperor, Franklin D Roosevelt, Ludwig Erhard, Margaret Thatcher, and Deng Xiaoping, and their contributions to economic theory and practice. Topics include the role of the state in the economy, free trade, industrialisation, demand management, supply-side economics, monetarism, and growth and development strategies. 

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

• introducing the modern theory of expectations and economic dynamics
• using this approach to think about short run fluctuations
• studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand insights from Keynesian economics. This will serve as a base to discuss the role of macro-policy in controlling for fluctuations in output and employment.

This module covers intermediate microeconomics including general equilibrium analysis, welfare economics, elementary game theory, and strategic behaviour of firms. 

An introduction to the theory and practice of econometric methods, focusing on regression analysis and its application to economic situations. This module will pay particular attention to the principles of estimation and inference in the multiple regression model, and will rely on illustrations and intuition to develop an understanding of the techniques and their interpretation.

You will deepen your understanding of the material covered in class via a series of 'hands-on' computer classes using specialist econometric software (STATA) and a set of tutorials that will review worked examples.

It will also introduce you to regression analysis and forecasting using time series data. It will rely on illustrations and intuition to develop an understanding of the techniques and their interpretation. You will advance your understanding of the material covered in class via a series of 'hands-on' computer classes using Stata. A set of tutorials will also examine topics discussed in the lectures through worked examples.

This module is a general introduction to the economic problems of developing countries. The module will cover topics such as:

• the implications of history and expectation
• poverty, income distribution and growth
• fertility and population
• employment, migration and urbanisation
• markets in agriculture
• agricultural household models' risk and insurance
• famines

This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their well-being by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions.

The module will introduce you to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty, decision-making in strategic situations and competition in markets.

To familiarise students with the basic concepts and tools that have been developed for the analysis of Financial Economics and Financial Markets. 

Learning outcomes:

• The development, access and operation of markets for resources, goods and services.
• The sources, uses and management of finance.
• Financial markets and institutions.

This module is an introduction to international trade theory and policy. It covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade and modern topics like foreign outsourcing. On the policy side, it examines the effects of different government trade policy instruments and the role of international trade agreements. 

An independent research project, involving the application of techniques of economic analysis to a self-chosen research topic and the presentation of a written report. There will be lectures to provide general guidance on economic research methods and writing an undergraduate dissertation in economics.

Topics include:

• introduction to the dissertation
• types of dissertation
• literature reviews
• sources of data
• writing up your dissertation
• data entry and data management
• an introduction to STATA
• descriptive statistics
• practical issues in regression analysis
• model selection
• endogeneity bias

This module adopts a broad focus on factors influencing growth and development. Topics covered include macroeconomic policies, aid, debt, trade; growth experiences in East Asia, China and Africa. 

This module provides a window on three important sub-areas of experimental and behavioural economics. The first focuses on design issues and individual decision-making, the next two sections focus on applications to the study of strategic behaviour and market behaviour.

You do not need to have studied experimental or behavioural economics before because all topics will be introduced at a level that will be accessible to the newcomer. The module is, nevertheless, suitable as a sequel to the year two module Experimental and Behavioural Economics because the contents of the two modules cover distinct, but complementary, topics.

The module covers:

• saving, focusing on how agents make intertemporal decisions about their savings and wealth accumulation
• saving puzzles and household portfolios, focusing on credit markets and credit markets imperfections, and why do households hold different kinds of assets
• asset allocation and asset pricing, focusing on intertemporal portfolio selection, asset pricing and the equity premium puzzle
• the role of behavioural finance in explaining stock market puzzles

Advanced International Trade 1

The module covers:

• Economic policy for trade and international factor mobility: theory and evidence
• Trade policy and imperfect competition
• Trade and distortions
• The political economy of protection
• Trade policy reform

Advanced International Trade 2

The module looks at:

• Models of intra-industry trade
• Trade policy in oligopolistic industries
• Multinational Enterprises
• Testing trade theories
• The WTO and "new issues”

This module focuses on important issues in the labour market, with the aim of enhancing students' abilities to analyse empirical research in labour economics. Students will also learn how to integrate theoretical models and data to address political issues in the context of the labour market.   

This module will provide an introduction to international monetary issues, including the determination of exchange rates, and the functioning of the international monetary system.

This module covers commonly used micro-econometric methods to estimate how policies and events affect economic outcomes. It expands on applied econometrics taught in the first and second years. Topics include causal effects, selection bias, randomisation, matching, regression, instrumental variables, regression discontinuity, and difference-in-differences.