Open Economy Macroeconomics - ECOX6003

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2024 to 2025
Autumn Term 6 15 (7.5) Jan-Philipp Dueber checkmark-circle


The module introduces you to the theoretical and policy underpinnings that constitute international finance and the nature and extent of monetary and financial relations between countries.

The module introduces concepts of international macroeconomics such as the balance of payments and exchange rates, and arbitrage conditions. It analyses the impact of opening up the economy on the alternative macroeconomic policies available. The main factors that determine exchange rates between currencies, and the power of different models are also considered. Finally, the module explores 'hot topics' in international finance including the benefits and drawbacks of fixed and floating exchange rates, the concept of a speculative attack, current account imbalances from an inter-temporal perspective, how world macroeconomic imbalances drive international financial crises and the sovereign debt crisis in Europe.

The module has both a theoretical approach and a strong empirical, applied recent historical approach that emphases the application of theories to the real problems of the world economy.


Contact hours

Private Study: 100
Contact Hours: 50
Total: 150


This module contributes to the following courses:
• Economics BSc (Professional Economist) course

Method of assessment

Main assessment methods:
VLE Moodle Quiz 1 (45 mins) (20%)
VLE Moodle Quiz 2 (45 mins) (20%)
End of term take-home exam (90 mins) (60%)

Reassessment Methods:
100% Coursework
Taken again in the following trimester, in order to achieve the overall pass mark of 40%.

Indicative reading

The University is committed to ensuring that core reading materials are in accessible electronic format in line with the Kent Inclusive Practices.
The most up to date reading list for each module can be found on the university's reading list pages.

Learning outcomes

The module outcomes have references to the knowledge, skills and behaviours defined by the Institute for Apprenticeships and Technical Education for the Professional Economist (Integrated Degree): Professional economist (integrated degree) / Institute for Apprenticeships and Technical Education

Subject specific learning outcomes. On successfully completing the module you will be able to:

1. Demonstrate knowledge and understanding of theoretical concepts such as exchange rates, interest rates and capital movements in an international setting

2. Synthesise and critically compare different economic analyses of issues relating to international finance and policy formation

3. Critically assess and examine the main debates on international money and finance problems

4. Understand the implications of capital flows for the international transmission of economic shocks

5. Identify, analyse and understand macroeconomic policy coordination within a global context.


  1. Credit level 6. Higher level module usually taken in Stage 3 of an undergraduate degree.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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