SCHOOL of INTERNATIONAL SERVICE

American University · Washington, D.C.

INTERNATIONAL ECONOMIC RELATIONS -- COURSE DESCRIPTIONS & SYLLABI

SIS-385 American Foreign Economic Policy (S. D. Cohen)

This course is designed to provide students with a broad introduction to international economic relations and to the political aspects of international economics. It will examine the fundamentals of international trade, financial, development, and investment policies. It will also analyze economic relations with key geographic areas Europe, Japan, and the developing countries.

SIS-465/665 International Trade and Investment Relations (Silvia)
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The course is designed to provide an in depth, sophisticated analysis of the major trade policy issues currently confronting the United States and the global economy. It is an advanced course intended as a follow up to the general introductory courses in International Economic Policy, SIS-385, .615, or 616. It is appropriate for all students interested in doing advanced work in international economic relations. In addition to the pure academic goal of providing sophisticated understanding of trade relations dynamics, a second goal of this course is to impart practical vocational, i.e. job market, skills.

SIS-466/666 International Monetary and Financial Relations (S. D. Cohen)
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We will examine contemporary trends and problems in international monetary and financial relations in an in-depth, sophisticated basis. Dealing with these issues via an inter-disciplinary economics-political science approach, this course is designed as one of the two follow-ups to the introductory courses in U.S. International Economic Policy (SIS 385, SIS 615, or SIS 616). This course is designed for both undergraduate and graduate students interested in doing advanced work in international economic relations. In addition to the traditional academic goals of learning, it also seeks to impart practical vocational, i.e., job-market, skills in international economic analysis.

SIS 466/666 -- International Monetary and Financial Relations (Henning)
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Globalization, which is particularly pronounced in money and financial markets, accentuates the impact of foreign financial disturbances on national economies and vice versa.  Emphasizing key political and economic concepts, this course examines the historical evolution of the international monetary system, the political economy of monetary regimes, and the merits of alternative exchange rate policies.  It also examines global conflicts over balance-of-payments adjustment and the management of international financial crises.  At the graduate level, this course is a sequel to International Economics (SIS 616) and a core course for the International Economic Relations field. At the undergraduate level, the course is the sequel to International Economic Relations (SIS 385). Generally taught by Prof. Henning in the fall semester.

SIS-496-014/619-014 International Economic Organizations: Public and Private (A. Porzecanski)
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A study of the entrepreneurial, corporate, and governmental forces and organizations that have shaped international commerce and cross-border finance. The class examines how official and private-sector institutions, in particular, have become more or less relevant in light of fast-paced globalization since the 1960s; the challenges these institutions currently face; and how these institutions interact with, and react to, developments in commodity and financial markets.

SIS 496/696 Financial Issues in Latin America (A. Porzecanski)
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Systemic financial problems -- fiscal, banking, currency and debt crises, often in highly damaging combination -- have loomed large in the economic history of Latin America. Indeed, it seems that every couple of years some Latin American country or other manages to get itself into serious financial trouble (e.g., the Dominican Republic in 2003-04). What explains the prevalence of macroeconomic instability in Latin America? The course attempts to answer this question by analyzing both fundamental and precipitating causes of Latin America's recent financial crises, focusing on economic policy and institutional shortcomings (in the fiscal, monetary, banking and exchange-rate areas), as well as on other domestic and external forces that have combined to generate instability in the region's economies and financial markets. We then use specific case studies to go more in depth into particular situations encountered in recent years. By the end of the course, students have an in-depth understanding of the financial problems that are being overcome and of those that are more structural in nature -- and of the major policy implications that follow.

SIS-504 Multinational Corporations (S. D. Cohen)
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The multinational corporation (MNC) has long been one of the most influential, powerful, and controversial entities in the international political and economic systems. The objectives of this course include recognizing the importance of MNCs--which can also collectively be referred to as foreign direct investment (FDI)--and constructing a scholarly framework to analyze the many facets and controversies associated with our subject. Determination of the true nature of this course's subject matter is a surprisingly elusive quest. Perceptions--sometimes diametrically different--dominate, and universal truths are few and far between. A dispassionate, scholarly critique of MNCs/FDI will be pursued by a three-way approach that encompasses the disciplines of both economics and political science. The first approach consists of an objective academic examination that circumvents value judgments and looks for empirical patterns and discernable cause and effect relationships. The second approach is to examine MNCs in a "real world manner" that focuses on actions and reactions of major companies; in part, this phase of the study will use selected case studies. Finally, we will examine and evaluate the often contradictory recommendations for "appropriate" official policies to regulate MNCs/FDI at the national and multilateral levels. By such means, we will study the impact of these phenomena on the world's people, governments, and economy, specifically, their effects, impact, goals, limitations, and "proper" roles.

SIS 519 Global Financial Architecture (Henning)
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The network of official institutions, regulatory regimes, and private sector practices that bear on financial flows and respond to financial crises – the global financial architecture -- is the main focus of the debate over international financial stability. This course examines the politics and economics of the global financial architecture and the process of reforming these institutions. First, it reviews the response of the international community to the financial crises of the last decade. Second, the course examines the major proposals for reforming global financial governance – the key institutions, stabilization programs, policies in emerging markets, regulation of banks and hedge funds, and regional financial facilities. Students learn the analytical tools with which to assess alternative reform proposals. The course satisfies, among other programs, field requirements for IER and International Politics. Spring semester.

SIS-519 Monetary Union in Europe (Henning)
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The creation of the single currency in Europe, the euro, was the most dramatic step toward a united Europe since the founding of the European Community and the most profound change of the international monetary system in more than a generation. This course examines the politics, institutions and economics of the euro area and its impact on the global economy. First, the course surveys the design of the euro area in the Maastricht treaty, the creation of the euro and its early evolution. Second, the course addresses five challenges facing the euro area: (1) the Stability and Growth Pact, (2) divergence of economies of member states, (3) reform of labor markets and structural policies, (4) enlargement to new members, and (5) exchange rate policy and international representation. Students will bargain as members of the European Council over the enlargement of the monetary union in a simulation exercise. This course satisfies SIS field requirements for CRS/Europe and IER. Spring semester.

SIS-565 U.S. Economic Relations with Japan and China (S. D. Cohen)
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We will examine the benefits, tensions, and driving forces of U.S. economic relations with two of its most important-and arguably most controversial-trading partners. The primary goal is to provide an objective examination (with a minimum of detailed, technical economic analysis) of the important dynamics in the bilateral U.S. trade relationships with Japan and China. Special attention will be given to the causes and consequences of, as well as efforts to reduce, the frictions associated with the very large, politically sensitive U.S. bilateral trade deficits with both countries. Continuing themes will be the similarities and differences between: 1) the export strengths of Japan and China, and 2) the U.S. responses to the economic and practices of these two countries. The course is designed to meet the needs of students interested in international economic relations (it counts towards the credit hours required for this field), international business, and Far East area studies.

SIS-596-008 International Finance and the Emerging Markets (A. Porzecanski)
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This course deals with the implications of financial globalization for emerging market countries, and specifically with the pros and cons of attracting direct investment and portfolio flows; the peculiarities of global capital movements such as "contagion" and "sudden stop" phenomena; the roles of credit rating agencies and the IMF in facilitating access to international lenders and investors; the importance of currency and maturity mismatches; the effectiveness (or not) of controls on capital flows; and the relationship between capital flows, overindebtedness and sovereign debt defaults.

SIS-616 International Economics (A. Porzecanski)
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International economics consists of the application of the principles of micro- and macro-economics to the realistic case of countries open to trade and capital flows across borders. It covers why international trade in goods and services takes place and what are its many consequences; the motivation for and consequences of barriers to trade; the pros and cons of joining trade blocks; the role of trade in economic development; the part played by multinational companies specifically, and foreign investors generally; the established accounting for cross-border trade and financial transactions; the workings of the foreign exchange market; the rationale behind and effects of different exchange-rate policy regimes; the underlying reasons for international financial crises; and the interplay between international and domestic macroeconomic forces. This course serves as a stand-alone introduction to the subject and also as the "gateway" course to the International Economic Relations (IER) field, and is therefore offered every semester. It is the prerequisite for taking "International Trade and Investment Relations" (SIS 665) and "International Finance and Monetary Relations" (SIS 666).

SIS-619 International Trade Law (E. Patterson)
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This course is designed to provide students with an understanding of the international laws that discipline national governments’ regulation of international trade and investment. The course will cover the laws and policies of the World Trade Organization, including with respect to nondiscrimination, unfair trade practices (subsidies and antidumping), and dispute settlement. The rules of the many bilateral and regional trade and investment agreements to which the United States is a party will also be reviewed. We will discuss US implementation of these agreements, multilateral and regional, and the role of the Executive, Congress, private sector and the NGO community in the development of US policy. The course also treats the role of the law in specific policy flashpoints, such as with respect to environmental and labor standards.

SIS 630 -- Economic Policies of the European Union (Henning)
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This course examines the politics, institutions and content of the economic policies of the European Union.  It reviews the EU institutions and their relationship to decisionmaking in specific issue areas, stressing the ramifications of politics at the national level for policymaking at the European level and vice versa.  The course then surveys major economic policies of the EU (trade, agriculture, competition, single market, regulation, social models, and enlargement), contention among member states and other actors over those policies, and the processes by which they are formulated.  The ramifications of EU policies for the rest of the world and international economic regimes are then also addressed.  Issues related to the monetary union are covered in a companion course, Monetary Union in Europe.  Students interested in European monetary integration should consider enrolling in that course.  This course can be used to fulfill requirements in both Comparative and Regional Studies (Europe) and the International Economic Relations (IER) fields.  Usually taught in the fall semester.

SIS-665 International Trade and Investment Relations (Silvia)
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International Trade and Investment Relations presents a detailed and analytically informed treatment of international trade and investment issues. It is designed for undergraduate and graduate students pursuing more advanced work in international economic relations as well as for those who plan to go directly into the work force. Undertaking an in depth analysis of major issues in international trade and investment, the course examines trade theory and policy-making, theories of international investment and the multinational corporation, and debates about the efficacy of liberal trade, preferential trade arrangements and various development strategies. The course also investigates trade and investment trends in the United States, Central and Eastern Europe, and China.

NOTE: More course syllabi will be added as they become available.

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