Početna Undergraduate StudiesInternational RelationsFourth year of studies – European IntegrationInternational Economic Relations

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International Economic Relations

  • Study programme/study programmes: International Studies – module European Integration
  • Type and level of studies: Undergraduate academic studies
  • Name of the course: International Economic Relations
  • Teacher (Surname, middle initial, name): Prof. Svetlana Lj. Adamović
  • Status of the course: Compulsory
  • Number of ECTS: 6
  • Teaching methods: Lectures, seminar papers
  • Number of classes: 3+1

Aim and outcome of the course

The course International Economic Relations should serve as an introduction to international economy. As long as there are sovereign states, analysis of international economy shall differ from the rest of economics science.

The course stipulates an introduction with: basic theories of international trade, institutionalization of trade and financial relations through international forums, problems of capital movement and transnational corporations (TNC), regional economic integrations, international monetary system, international financial institutions, debt crisis, as well as payment balance as an account giving a survey of foreign economic transactions of the country. The aim of the course is to offer a general review of contemporary economic problems, both on the level of real flows (trade, direct foreign investment) and from the financial aspect, enabling student for easier understanding of the phenomenon of world economy, international division of labor and involvement of Serbia into international economic flows.

By mastering the syllabus student gains the following general capacities: of analysis, synthesis and prediction of solution and consequences; mastering the methods, procedures and processes of research; development of critical and self-critical thinking and approach. By mastering the syllabus student gains the following course-specific capacities: knowledge and understanding of the discipline of international economy; monitoring and application of news in the profession; use of information-communication technologies in mastering the knowledge in the field of international economy.

Content of the course
Theoretical teaching
International economic relations before and after the World War Two; Globalization or triadization (Western Europe, North America and Japan/Eastern Asia); Classical theories of international trade (mercantilist view, theory of absolute advantages, theory of comparative advantages, theory of reciprocal demand); Institutionalization of trade relations – from the General Agreement on Tariffs and Trade to the World Trade Organization (WTO); Establishment and functioning of the WTO; Modes of state intervention in foreign trade: customs and non-customs barriers; International movement of production factors: capital (direct and portfolio investments) and labor (migrations); Transnational corporations; Institutional forms of the process of international economic integration (zone of free trade, customs union, common market, economic union, monetary union). Particular review to the European Union, Review of certain regional, economic integration groups (NAFTA, LAFTA, CARICOM, MERCOSUR, ASEAN, APEC); Economic organizations of the UN: Economic and Social Council (ECOSOC), UN Conference on Trade and Development (UNCTAD), The UN Industrial Development Organization (UNIDO) and Food and Agriculture Organization (FAO): International monetary system (golden standard, Bretton Woods monetary system, European monetary system); International financial institutions (International Monetary Fund, International Bank for Reconstruction and Development, International Development Association, International Financial Corporation, European Bank for Reconstruction and Development); Payment balance – concept and basic sub-balances

Practical teaching: Exercises, Other modes of teaching, Study research work


а) basic:
1. Branislav Pelević, Uvod u međunarodnu ekonomiju, Ekonomski fakultet, Belgrade, 2003 (pp. 139-147, 183-212, 229-241, 279-285, totally 56) 2. Đurić, Prekajac, Vidas-Bubanja, Međunarodna ekonomija, Institut ekonomskih nauka, Belgrade, 2000 (pp. 1-22, 121-146, 371-382, totally 56) 3. Vujo Vukmirica: Svetska trgovinska politika i tržišta, Privredni pregled, Belgrade, 2000 (pp. 141-153, 293-322, total 42) 4. Guortni, Strup. Ekonomija i prosperitet – šta svako treba da zna o tržišnoj privredi, Institut ekonomskih nauka, Belgrade 1996, ed. S. Adamović, p. 120
b) additional literature shall imply usage of various sites related to actual events in the field of international economic relations (e.g. progress of Doha round of trade negotiations, etc.)

Assessment of knowledge

Pre-examination commitments

  • Activity during the lectures 5
  • Colloquim(a) 30
  • Seminar(s) 25

Final examination

  • Oral examination 40