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Principles of Development Economics and Emerging Markets - ECO00098M

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  • Department: Economics and Related Studies
  • Module co-ordinator: Dr. Thilo Huning
  • Credit value: 20 credits
  • Credit level: M
  • Academic year of delivery: 2024-25
    • See module specification for other years: 2023-24

Module summary

As the first core module of the Development Economics and Emerging Markets MSc, this module welcomes students to their field by providing an international macroeconomic perspective on economic growth, fluctuations, and stabilization policies in developing and emerging economies.

Related modules

This module and Topics in Development Economics are the two core modules within the Development Economics and Emerging Markets MSc.

Module will run

Occurrence Teaching period
A Semester 1 2024-25

Module aims

The module delivers different intertwined perspectives on macroeconomics for developing and emerging markets, ranging from long-run determinants of conditional convergence to short and medium-run economic challenges to do with capital flows, the balance of payments, macroeconomic fluctuations and stabilization policies.

The long-run arm of the module focuses on the role of geography, establishing theories of the origin and role of international trade, the emergence of states’ capacity to tax or provide public goods and the nature of states as extractive or inclusive institutions. It provides an overview of modern growth theory and the evidence for (conditional) convergence, from there to discuss several obstacles to economic growth. We then survey the current state of empirical and theoretical development economics from a long-run perspective, outlining the role of history on the state of the world today.

The macroeconomic fluctuations arm introduces students to relevant theories from macroeconomics that shed light on developing economies’ problems in the 21st century. This includes, among other factors, balance of payment crisis, banking and financial crisis, debt overhang, and the dominant currency paradigm.

Apart from learning about theories and empirical insight on their field of study, this module aims to strengthen students’ ability to present their ideas to others, outline and defend an argument in verbal and written formats, and discuss their educated opinion with others

Module learning outcomes

Having completed this module, students should be able to use a variety of theoretical tools to evaluate macro approaches to development issues both in the medium and the long run, acquire the relevant theoretical skills and understanding which will enable them to apply the insights to a variety of economic phenomena. They will be able to evaluate published research in a large variety of fields, ranging from geography, political institutions, to state of the art macro theories.

Students will be able to apply these insights to a variety of different situations, rely on these insights to establish hypotheses and beliefs about the economy, convey and discuss their argument to others, and express their thoughts in verbal or written format.

Assessment

Task Length % of module mark
Essay/coursework
Coursework 1: Principles of Development Economics and Emerging Markets		 N/A 15
Essay/coursework
Coursework 2 : Principles of Development Economics and Emerging Markets		 N/A 15
Online Exam -less than 24hrs (Centrally scheduled)
Principles of Development Economics and Emerging Markets		 2 hours 70

Special assessment rules

None

Additional assessment information

Opportunities for formative assessment

Oral feedback to improve on the project report and on the presentation itself is provided short presentations during the seminar

Problem sets and solutions discussed during the seminars

Reassessment

Task Length % of module mark
Online Exam -less than 24hrs (Centrally scheduled)
 2 hours 70

Module feedback

  • Verbal feedback on the presentation and formative feedback on the reports (also verbal) is provided during the seminars

  • Proposed solutions to problems sets discussed in seminar classes.

  • Written feedback on the project reports is provided within two weeks of their submission

  • Feedback on the exam is provided within 25 working days of its submission

Indicative reading

For the long run part

  • Acemoglu, Daron and James Robinson (2012): “Why Nations Fail”, Crown

  • Acemoglu, Daron: “Introduction to modern economic growth” (2009), Princeton

  • Koyama, Mark and Jared Rubin (2022): “How the World Became Rich: The Historical Origins of Economic Growth”, Wiley

For the short run part

  • Obstfeld, M. and Rogoff, K., 1996. Foundations of international macroeconomics. MIT press

  • Uribe, M. and Schmitt-Grohé, S., 2017. Open economy macroeconomics. Princeton University Press


The information on this page is indicative of the module that is currently on offer. The University is constantly exploring ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary by the University. Where appropriate, the University will notify and consult with affected students in advance about any changes that are required in line with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.