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Global Markets (19M60026)

General information






S semester

ECTS Credits:


Teaching Staff:

Group Teacher Department Language
Sec: A Carolina Villegas Sanchez Economía, Finanzas y Contabilidad ENG

Group Teacher Department Language

Group Teacher Department Language


Basic Microeconomics and Macroeconomics

Previous Knowledge

Basic Microeconomics and Macroeconomics


How do national economies evolve and interact in a globalized world? This course focuses on the economic forces and the policy responses that are relevant for business and investment strategies. Specific topics include the meaning and measures of national and international economic activity; what determines which emerging markets develop and grow, while others stagnate; what drives business cycles, how they are propagated globally, and how government policy responds; monetary policy decisions and their effect on financial institutions and credit markets; government liabilities and how markets react to government debt; what determines trade deficits and surpluses, and the relative strength of a currency. The course provides a high-level overview to support business planning, investment strategies, and policy analysis.

Course Learning Objectives

- Acquire the basic tools to be able to understand the context where firms operate and the main (external & internal) challenges they face.
- Country approach analysis: familiarize with the main macroeconomic concepts and policies (fiscal, monetary, exchange rate...).
- Deeper understanding of the economic and financial links between countries.
- Study the mechanics of economic crisis.


1. Drivers of Economic Growth

2. Fiscal and Monetary Policy

3. International Capital Flows

4. Exchange Rate Regimes and Financial Crises

5. Current Debates

Relation between Activities and Contents

1 2 3 4 5


The course will be based on:
- Lectures based on different textbooks and papers-each week I will post the lectures and the references for each chapter.
- Student presentations and class discussions of newspaper articles and academic papers.
- Cases

Assessment criteria

- A written final-exam: 60%
- In-class activities (cases, presentations etc): 30%
- Class participation: 10%
A minimum grade of 4 in the final exam is required to pass the course. The course is passed with a total evaluation of at least 50%, i.e. 5 out of 10.


Reference books:
Feenstra and Taylor (2012): International Macroeconomics: 2nd Edition. Textbook background on most issues in class.
David A. Moss (2014): A Concise Guide to Macroeconomics: What Managers, Executives and Students Need to Know, 2nd Edition.

Additional textbooks:
Krugman, Obstfeld and Melitz (2011), 9th edition, International Economics: Theory and Policy, Pearson.
Obstfeld, M. and K. Rogoff (1996) Foundations of International Macroeconomics, Cambridge: The MIT Press.

Timetable and sections

Group Teacher Department
Sec: A Carolina Villegas Sanchez Economía, Finanzas y Contabilidad

Timetable Sec: A

Group Teacher Department

Timetable Sec: B

Group Teacher Department

Timetable Sec: C