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Undergraduate Courses 2017

Economics with a Language (Spanish) - BSc (Hons)

Canterbury

Overview

The Economics with Spanish BSc (Hons) degree combines elements of the single honours programme in Economics with the opportunity to study Spanish. Each year you take modules worth 120 credits, 30 of which are from Kent's Centre for English and World Languages.

Economics examines some of the profound issues in our life and times, including economic growth and sustainable development, emerging market economies, financial and monetary crises, environmental and natural resource problems, international trade and aid to poor countries. When you study at Kent, you have the chance to learn about these issues from economists who are highly regarded within the profession for emphasising the practical application of economics in all of these arenas.

The first year of this programme introduces you to the way in which economists think about different issues and develops the kinds of tools that economists use for analysing real economic problems. You also study Spanish at the level appropriate for you.

In your second and final years, you take compulsory modules in macroeconomics, microeconomics, quantitatitve economics and Spanish, together with specialised modules from the wide variety offered by the School.

About the School of Economics

Economics at Kent is ranked in the top ten in the UK. Our passion for the subject and research-led approach to teaching helps provide students with a first-class academic experience, as well as building personal skills and enhancing career prospects. Our cosmopolitan academic and student community, coupled with a thriving research culture, creates an inspiring and challenging environment to study economics.

We offer a range of flexible undergraduate and postgraduate taught degrees that combine up-to-date real-world applications with solid theoretical knowledge and an excellent training in core economics. Our programmes allow students to specialise in areas such as finance, econometrics, microeconomic theory, international development, and agri-environmental economics.

At Kent you will be taught by economists who are internationally recognised for their research but who also take a practical approach to the subject, combining modern theoretical and applied economics, taught in exciting and innovative ways.

Many of the Economics staff advise government bodies including the UK’s Department for Environment, Food and Rural Affairs (Defra), the Department for International Development (DFID) and the European Commission. Staff also advise international organisations including the Organisation for Economic Co-operation and Development (OECD), the Bank of England, the European Central Bank (ECB), and the United Nations Conference on Trade and Development (UNCTAD).


Independent rankings

Economics at Kent was ranked 8th in The Guardian University Guide 2017. In the National Student Survey 2016, 92% of Economics students were satisfied with the overall quality of their course.

For graduate prospects, Economics at Kent was ranked 2nd in The Guardian University Guide. Of Economics students who graduated from Kent in 2015, 92% were in work or further study within six months (DLHE).

Course structure

The course structure below gives a flavour of the modules that will be available to you and provides details of the content of this programme. This listing is based on the current curriculum and may change year to year in response to new curriculum developments and innovation. 

Stage 1

Possible modules may include:

EC309 - Statistics for Economics (15 credits)

The main aim of this module is to provide you with a basic understanding of statistics suitable for the Stages 2 and 3 degree programmes in Economics, although it is also suitable for students taking other Social Science degrees. This module is a prerequisite for Stages 2 and 3 Economics modules and is a core input to the second year quantitative modules, EC580 and EC581. So as well as learning basic statistics, the module provides you with the opportunity to apply statistical concepts to economic and business data using calculators and computer software. Work with Excel is an independent study element of the module, and using calculators to undertake basic descriptive statistics is an important focus of the practical problem solving.

Credits: 15 credits (7.5 ECTS credits).

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EC314 - Data Analysis for Economists (15 credits)

The aim of the module is to introduce you to fundamental key skills used by economists in applying economics to real world issues. The module develops your use of information technology and your ability to access electronic and other secondary sources of data, particularly the range of skills necessary for evaluating and analysing economic data. Finally, the module will improve your computing and quantitative skills within a structured environment.

Credits: 15 credits (7.5 ECTS credits).

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EC304 - Principles of Economics (30 credits)

Economics is about how people make choices about what and how to produce and consume. It looks at the differences in economic outcomes between firms, people and countries and how they can be related to the effects of choices they and others have made. It builds on the very simple and plausible assumption that people make decisions in their own interests and subject to constraints. Studying economics entails both gaining an understanding of the economies in which we all live, and developing skills to think logically about economic situations. The emphasis in this module is on how economics can help us to understand the society we live in.



The module aims to provide a thorough understanding of economics at an introductory level and provides the basis for all subsequent study you may undertake in economics. It is designed to teach you how to think as an economist and how to construct and use economic models. It also shows you how be critical of economic models and how empirical evidence can be used in economic analysis.



The first term covers the principles of microeconomics and shows how they can be applied to real-life situations and economic policy. The second term develops a framework for understanding macroeconomic events and macroeconomic policy. Throughout the module and in the seminars in particular, we demonstrate the usefulness of economics as an analytical tool for thinking about real world problems.

Credits: 30 credits (15 ECTS credits).

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EC305 - Mathematics for Economics Mode A (15 credits)

This Stage 1 module is designed for students who have an A -Level in mathematics, AS mathematics or equivalent qualification. A first-year mathematics module (either Mode A or B) is a compulsory part of all economics degree programmes and these modules take place in the Autumn term with a statistics module following on in the Spring term. If you are unsure whether your mathematical background is equivalent to an A level pass, please consult the module convenors.



The aim of the module is to provide you with a good understanding of the mathematics necessary for your Stages 1, 2 and 3 Economics modules.The teaching of each topic starts from first principles, but the speed of the module assumes that you have studied mathematics before (but not economics). By the end of the module, you will have covered the important uses of mathematics in economics (and business) and be able to use many mathematical techniques commonly used to analyse economic problems. In the long term, the analytical and quantitative skills you acquire from this module are relevant to many different occupations.

Credits: 15 credits (7.5 ECTS credits).

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EC306 - Mathematics for Economics Mode B (15 credits)

The main aim of this module is to provide you with a basic understanding of mathematics suitable for the Stages 2 and 3 degree programmes in Economics, Business, and Accounting. The mathematics material is developed in a clear, contextual framework, and is linked to a Stage 1 module in Economics. You develop your understanding with suitable problem sets combining mathematical concepts and economic methods.

Credits: 15 credits (7.5 ECTS credits).

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LS300 - Learning Spanish 3 (Post A Level) (30 credits)

This module is for Post-A-level students and students who have mastered level A2 but not yet B1 of the Common European Framework of Reference for Languages (CEFR). On successfully completing the module students will have mastered level B1. The emphasis in this course is on furthering knowledge of the structure of the language, as well as vocabulary and cultural insights, while further developing the speaking, listening, reading and writing skills.

Credits: 30 credits (15 ECTS credits).

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LS302 - Intensive Learning Spanish 1 (Beginners) (30 credits)

This is an intensive module for absolute beginners, Post-GCSE students and students who have not yet mastered level A2 of the Common European Framework of Reference for Languages (CEFR). On successfully completing the module students will have mastered level A2. The emphasis in this course is on acquiring a sound knowledge of the structure of the language as well as basic vocabulary and cultural insights while developing the speaking, listening, reading and writing skills.

Credits: 30 credits (15 ECTS credits).

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Stage 2

Possible modules may include:

EC580 - Introduction to Econometrics (15 credits)

The quantitative estimation and evaluation of economic models is an essential feature of the study and application of economics. This module provides an introduction to econometric theory and the application of econometric techniques to economic models and data. This is achieved by explaining key economic and econometric issues using applications of econometrics that quantify and evaluate economic theory and which provide an empirical evaluation of economic behaviour and the assessment of economic policy.



The module provides both an analytical and practical introduction to econometric theory, equipping students with the analytical tools to carry out applied econometric work and to explore more advanced areas of econometric theory at later stages of their chosen degree programme. The practice and application of econometrics is achieved using both Microsoft Excel and specialist econometric software (eg Eviews &/or Stata).

Credits: 15 credits (7.5 ECTS credits).

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EC581 - Introduction to Time-Series Econometrics (15 credits)

This module provides an analytical introduction to time-series econometrics and the challenges that present themselves with the analysis of time-series economic data. A key issue in this regard involves consideration of whether or not a time-series process is stationary. Traditional econometric techniques such as Ordinary Least Squares (OLS) are poorly suited to the estimation of economic models or data which exhibit non-stationary processes. This module provides an introduction to econometric methods that are suitable for stationary and non-stationary time series analyses.



The focus of the module is predominantly analytical providing students with the knowledge and understanding of time-series techniques commonly used to analyse economic data. The application of these techniques is also considered using specialist econometric software (eg Eviews). The module equips students with the analytical tools to carry out advanced time-series econometrics work at a later stage of their degree programme.

Credits: 15 credits (7.5 ECTS credits).

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EC500 - Microeconomics (30 credits)

This is the core microeconomics module taken by all students following Economics degrees. It builds on the material covered in the Stage 1 Economics modules. The titles of many of the topics covered will be familiar, but the topics are dealt with in greater depth and with more theoretical rigour than in first year.



Microeconomics is concerned with the behaviour of individual economic agents such as consumers, firms and governments. As such, it provides the foundations for understanding all types of economics, including macroeconomics. An understanding of microeconomics ranges from essential to helpful for all other Economics modules you take.



The module is carefully designed to tell you what topics will be covered in lectures, give (alternative and/or complementary) readings, and provide a set of different types of questions and problems for seminars to test and extend your understanding of the material as well as to improve your key skills such as communication, problem solving, team work, and learning how to study efficiently.

Credits: 30 credits (15 ECTS credits).

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EC502 - Macroeconomics (30 credits)

Macroeconomics today is a different subject than it was just a few decades ago. Old controversies have been resolved and new ones have arisen. This module builds on the first year teaching of macroeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the world macroeconomy.



Autumn Term begins by looking at the basic methodology of macroeconomic models. We then examine, in greater detail than at Stage 1, how the macroeconomic theories of aggregate demand and aggregate supply are derived. This involves studying the markets on which these theories are based. It is important to be aware that there are many theories of aggregate demand and supply. In the autumn term we use the IS-LM model, with which you should be familiar from Stage 1, to derive a theory of aggregate demand in both open and closed economies. We also examine the labour market to derive a theory of aggregate supply and study the relationship between inflation and unemployment.



Spring term starts with studying the long-run, that is, what determines the standard of living of countries in the long term, as opposed to short-run economic fluctuations. We then study microeconomic fundamentals of macroeconomics to understand in-depth the determinants of consumption, investment, and labour supply decisions. We then use these and the ideas developed in the autumn term to extensively examine macroeconomic demand management policies (fiscal and monetary) and their shortcomings. We finally study the role of the financial system in the macroeconomy and the causes behind some financial crises with special focus on the 2008/09 global financial crisis.

Credits: 30 credits (15 ECTS credits).

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LS504 - Learning Spanish 3B(Intensive Post A-Level) (30 credits)

This module is intended for students who have attained the equivalent of an 'A' Level pass in Spanish or who have taken LS302 Intensive Learning Spanish 1 (Beginners). The main aims of the module are to consolidate and expand knowledge of the grammar and structure of the language, and to promote a high level of skill in speaking, listening, reading and writing. A secondary aim is to increase awareness of the history and culture of Spain and Spanish America, through the study of appropriate texts. Regular written work will be required throughout the year.

Credits: 30 credits (15 ECTS credits).

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LS505 - Learning Spanish 4 (30 credits)

This module is intended for students who have attained a level of proficiency in Spanish equivalent to at least that of first year undergraduates. The main aim is to develop communicative skills with much of the emphasis being placed on speaking and listening but also involving a fair amount of writing. It will focus on the ability to operate in a variety of registers and respond adequately to different styles of discourse. There are four one-hour contact hours each week: two language seminars, one language lab class and one conversation class.

Credits: 30 credits (15 ECTS credits).

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Year in industry

The year in industry is taken between the second (Stage 2) and third years (Stage 3) of the degree. The placement must be with a suitable employer, but the reference to 'in industry' is intended to cover employers in any service sector as well as in manufacturing.

Students are responsible for finding their placements, but the School offers structured support for the application process in the form of a non-contributory module, 'Preparing for a Placement'.

Students must have passed Stage 2 of their degree before they can embark on the year in industry.


Stage 3

Possible modules may include:

LS506 - Learning Spanish 5 (30 credits)

The module develops advanced proficiency in writing, speaking and comprehending Spanish. It concentrates on translation into Spanish and English and the development of analytical skills in the production of written and spoken Spanish. Translation exercises confront students with a variety of advanced texts in different styles and registers, and encourage accuracy and critical reflection as well as acquisition and consolidation of grammatical structures. The language skills component combines discursive writing on advanced topics with the development of proper oral competence through discussion. Conversation classes with a native speaker develop presentational ability, and enable students to speak fluently and idiomatically at the advanced level.



Students engage in the following activities throughout the year:

• translation (language mediation) from Spanish into English, using a range of registers and topics.

• translation (language mediation) from English into Spanish, using journalistic and literary texts amongst others.

• study of the grammatical and lexical subtleties of the Spanish language.

• group discussion on specific topics.

• preparation for oral exam in small groups .

Credits: 30 credits (15 ECTS credits).

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EC603 - Financial Crises (15 credits)

The aim of the module is to introduce the students to the evolution of the financial crises. Since financial crises are infrequent (though often occurring) events, a long-run perspective is necessary. This module will look at financial crises from the Tulip mania in 1636 through 1997 Asian financial crisis to the financial crisis of 2008. It will combine theoretical approaches, empirical facts, and case studies to fully understand their causes and consequences.

Credits: 15 credits (7.5 ECTS credits).

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EC531 - Policy Analysis (15 credits)

This module applies economic theory and statistical methods to the understanding and critical assessment of economic policy. It is designed for students who have completed Stage 1 Economics. The module focuses on the policy application of economic concepts and provides an introduction to material that may be studied in greater depth at Stage 3. A key aspect of this module is the relationship to contemporary policy issues.



The module introduces you to a variety of microeconomic policy issues. Alongside formal lectures, it also consists of workshops and seminars that are designed to develop your academic research skills and the ability to communicate ideas verbally and in writing. This focus provides opportunities for you to develop a range of highly transferable skills and to develop as autonomous learners. These skills lay the foundations to the independent learning skills you require for modules taught at Stage 3.

Credits: 15 credits (7.5 ECTS credits).

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EC534 - The Economics of Money and Banking (15 credits)

The module asks what determines the set of equilibrium prices required to provide an appropriate level of savings in an economy to finance the expected level of expected activity. It tries to link models of money, banking and finance into one generic, or foundation, view. Specifically, we shall move towards an understanding of how financial and economic innovation have moved hand in glove over many centuries and how it seems to be that when finance fails, so does the modern market economy. Some of the questions we consider are:



• How can we analyse the appearance of money in an economy?

• What is the link between money and finance?

• What explains bank runs?

• Can we explain the occurrence of financial crises?



This second-year optional module emphasises both analytical techniques and historical experience. The economic analysis of money and banking is the starting point for understanding financial markets.

Credits: 15 credits (7.5 ECTS credits).

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EC538 - Economic Controversies (15 credits)

This module teaches you the skills of economic reasoning and argument by exposing you to critical debate within the discipline. It is designed for students who have completed Stage 1 Economics.



The module draws on current and past controversies to give you a critical insight into theoretical and empirical differences of opinion and approach to economics in the real world. The curriculum provides an insight into the academic and professional development of the discipline, and provides opportunities to develop a range of highly transferable skills and lay the foundations to many of the skills required for modules taught at Stage 3.

Credits: 15 credits (7.5 ECTS credits).

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EC540 - Development Economics (15 credits)

Average income in the richest country in the world is more than 100 times greater than average income in the poorest country. The existence of such stark differences in living standards is one of the most striking features of the world we live in.



How did this come to be?

What are the proximate and fundamental causes of such differences?

What, if anything, can be done about it?



These are some of the most important questions for human society, and they form the basis for the field of Development Economics. More specifically, Development Economics is a sub-field of economics that tries to understand the unique problems of poor countries in order to answer the questions posed above. This course will serve as an introduction to this fascinating and challenging subject. In the course we will use economic analysis to better understand the structure of poor economies and the difficulties faced by individuals and policy makers within them. The course will primarily focus on studying problems at a more aggregate level, so it integrates particularly well with EC 570 (Microeconomics of Development – taught in the Spring term), which focuses on understanding the behaviour of individual agents in developing countries. The course assumes that students possess a strong background in basic macroeconomic and microeconomic theory as well as basic calculus and statistics.

Credits: 15 credits (7.5 ECTS credits).

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EC541 - Economics Dissertation (30 credits)

This dissertation is a 30-credit module based on self-directed study, which allows you to develop a complete piece of work within the general field of economics, from the initial idea through to a final written report. It is unique amongst the modules you are taking towards your degree in Economics, both in the ways that you learn and in the ways that you are assessed. Your learning will be largely independent, but is supported by structured supervision from your dissertations supervisor and weekly computing sessions to help in accessing, coding analysing and interpreting your data.

Credits: 30 credits (15 ECTS credits).

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EC542 - Econometrics I: An Introduction to Modern Econometrics using Stata (15 credits)

This is a 15-credit module in applied econometrics using Stata (the most popular general-purpose statistical software package used by empirical economists), for students who have followed Stage 1 modules in mathematics and statistics and who have taken the Stage 2 module in econometrics (EC580 and EC581) or equivalent. What distinguishes this module is the adoption of the modern learning-by-doing approach to teaching econometrics, which emphasises the application of econometrics to real world problems. The focus is on understanding the theoretical aspects that are critical in applied work and the ability to correctly interpret empirical results.

Credits: 15 credits (7.5 ECTS credits).

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EC543 - Econometrics 2: Topics in Time Series (15 credits)

Empirical research in macroeconomics as well as in financial economics is largely based on time series, ie chronological sequences of observations, showing the development of quantities, goods and asset prices, and interest rates. The module offers an introduction to contemporary time-series econometrics, linking the theory to empirical studies of the macroeconomy. Topics include: stationary and non-stationary stochastic processes; linear autoregressive and moving average models; linear difference equations; autoregressive distributed lag models; cointegration and equilibrium correction; vector autoregressive models. These topics are illustrated with a range of theoretical and applied exercises, which are discussed in seminars and computer classes.



The module introduces you to the research methods used by macroeconomists in academia, government departments, think tanks and financial institutions. It also helps you to prepare for the quantitative requirements of a masters programme in economics.

Credits: 15 credits (7.5 ECTS credits).

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EC544 - Economic Integration in the EU (15 credits)

The European Union features strongly in all discussions of economic policy and political decision making, in particular in view of Brexit. The UK referendum has exemplified the strongly polarised and politicised opinions on the EU, its policies and regulations. Frequently economists are unable to provide a consistent analytical framework for the analysis of the various issues posed, but at the same time the demand for economists trained on the issues related to the EU – e.g. customs Union and Single Market - is growing. In this module we shall explore the meaning and analysis of regional economic integration in the context of the EU. This will provide a general introduction to the economic rationale for the existence of the EU, the working of some of its main policy areas, and a critique and assessment of the developments to date. Since this module involves issues of importance concerning the debate about Brexit and its consequences for the UK and the EU, we will cover studies about the potential consequences of various post-Brexit policies and will discuss options for post-Brexit trade and migration.



At the end of this module you will be expected to have knowledge of the basic theories underlying customs union and economic and monetary union, and of the rationale for, and strengths and weaknesses of, policy intervention at EU level.



This is a module in Applied Economics and the emphasis throughout is on the development of appropriate economic theories and their application in the specific context of the regional integration in Europe. It is not concerned with the detailed discussion of the Treaties or the implementation of policy measures. Decision-making in the EU is introduced in order to understand the question of the exercise of economic power and one of the main arguments used by the Leave campaign in the UK. The nature of the economic integration is such that this module involves a broad coverage of both microeconomics and macroeconomics, often involving applied issues and applied analysis going beyond that covered in the main theory courses.

Credits: 15 credits (7.5 ECTS credits).

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EC545 - Economics of the Labour Market (15 credits)

This is a one unit module offered by the School of Economics in the Autumn Term to final year students who have completed at least Stage II level or equivalent modules in macroeconomics and microeconomics.



The market for labour is the crucial mechanism that determines the distribution of income, work and opportunities. Macro factors such as globalisation, (im)migration, technological change and government policy will affect and be affected by the structure of labour markets. Rather than trying to cover the entirety of this very broad subject, the aim of this course is to focus on a few areas of topical interest and importance. We will examine the issues like the following:



1. The relationship between unemployment and wages

2. The impact of immigration on the resources of the lower skilled

3. The differences in pay and opportunities between men and women

4. Government policy towards skills and education

5. Executive pay



Throughout we attempt to integrate theoretical issues, empirical evidence and questions of policy, drawing on research covering a range of OECD countries.

Credits: 15 credits (7.5 ECTS credits).

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EC546 - Games for Economics and Business (15 credits)

The growing use of game theory by economists suggests that a professional economic education is incomplete without a firm understanding of this new tool. The module aims to introduce you to a topical and important research area of microeconomic analysis, to develop your skills in setting up and solving games that arise in business and economics, and to enable you to apply game theory to different areas of economics and business.

Credits: 15 credits (7.5 ECTS credits).

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EC547 - Industrial Economics (15 credits)

Industrial Economics studies why and how firms and industries behave and interact with each other. This is probably one of the most important and interesting areas in economics. Understanding firms' behaviour is relevant not only to the firms but also to the governments that design industrial policies in order to favour consumers without decreasing firms' efficiency.



During the module, we deal with issues that are present in everyday news: anti-competitive practices, the effect of market power on consumer welfare and the incentives for product innovation, and private and public effects of mergers. You have the opportunity to discuss and understand many of these topics in a deeper and more economically informed way.



This module has been designed for students who have already taken intermediate microeconomics. You are encouraged to apply economic analysis and techniques to understand the behaviour of firms and industries.

Credits: 15 credits (7.5 ECTS credits).

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EC548 - International Finance (15 credits)

When we open a newspaper or an economics and business magazine, we often read topics related to monetary and financial relations between countries. A good deal of political debate is also focused on the various aspects that constitute international finance. However, these debates do not allow us to understand their theoretical underpinnings. This is what we are going to study in this module from a rigorous perspective. The first part of the module deals with some basic concepts of international macro such as the balance of payments and exchange rates, and arbitrage conditions. We then go on to analyse the impact of opening up the economy on the alternative macroeconomic policies available. In that part we also analyse the main factors that determine the exchange rates between currencies, and the power of the different models proposed. The third part of the module deals with ‘hot topics’ in international finance. We discuss the benefits and drawbacks of fixed and floating exchange rates, the concept of a speculative attack, how to understand current account imbalances from an inter-temporal perspective, and how world macroeconomic imbalances drove the 2008/09 international financial crisis and recent sovereign debt crisis in Europe.



The module has both a theoretical and an applied emphasis in order to insert the available theories into the real problems of the world economy. It does not analyse the detailed workings of international financial markets or questions related to firm financial management in international capital markets but students interested in these aspects can acquire basic foundations that are fundamental in understanding the context in which firms and governments work.

Credits: 15 credits (7.5 ECTS credits).

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EC549 - International Trade (15 credits)

The study of international trade has always been an especially lively and controversial area in economics. Yet there was never a time when the study of international trade was as important as today. The economies of different countries are more dependent on each other than they have ever been before, meaning that, among other things, regional crises can spread throughout the world. Keeping up to date with this changing international environment and being able to understand the dynamics behind it is of key importance to firms and governments.

Credits: 15 credits (7.5 ECTS credits).

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EC553 - Public Economics (15 credits)

To understand and be able to evaluate the role played by government in the economy it is important to understand key elements of microeconomic analysis and then be able to apply this understanding to the practical evaluation of policy issues. Economic theory is typically a positive science with right and wrong answers but evaluating policy issues is a much more normative science where there are often no correct answers (just opinions). The module reflects these two sides of studying public economics.

Credits: 15 credits (7.5 ECTS credits).

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EC562 - Economics of Finance 1 (15 credits)

This module provides an overview of the main instruments in financial markets, the motivation for trade in these assets and the pricing of these assets. Specifically, we show how the economics of uncertainty motivates trade in a wide range of financial assets. This helps us determine how the risk and maturity of different assets affects the demand for those assets.



First, the module introduces the key principles of asset pricing: discounting, diversification, arbitrage and hedging. Second, the module introduces and motivates the use of debt, equity and derivative instruments in financial markets. Third, the module applies the key principles of asset pricing to help understand the behaviour of prices across these asset classes. While different classes of assets expose their holders to different types of risks, the key principles of asset pricing are common to all asset classes. This concept is formalised by the Fundamental Theorem of Asset Pricing.





While focusing on financial applications, the module does speak more widely to methodological challenges encountered when testing economic theories against data. These challenges are particularly relevant in financial economics. While the literature has developed a range of innovative techniques to more effectively test competing theories against the data, the answers to a number of key questions remain contested.

Credits: 15 credits (7.5 ECTS credits).

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EC563 - Economics of Finance 2 (15 credits)

The module develops your skills in asset pricing and your understanding of the theoretical basis of the theory behind it. The module stresses practical training in asset pricing.



There are three key topics; (i) investors' optimisation, (ii) discrete time models and (iii) option Greeks and option strategies. For (i), the module first introduces the basic financial economics, and, based on it, we establish the basis of the risk-neutral probability. For (ii), the module discusses how to construct the tree model based on the historical price data, and shows that the model can be used to find the fair prices of a wide range of financial derivatives. For (iii), the module investigates the Black-Scholes-Merton (BSM) formula, and then how to use it to find the optimal hedge ratio for delta hedging. In this respect, the module also discusses how to use the return correlations to find the optimal hedge ratio.



Although the module requires some mathematical techniques, its main aim is to offer training to obtain some practical skills. Hence, the module puts stress on the intuitions and heuristics behind theorems and formulae, rather than their rigorous derivations and semantic definitions. In addition, you are expected not only to understand theories but are also to master how to use them. Indeed, you are expected make frequent use of a calculator in the final exam and the term-time assessment in order to obtain actual numbers from historical stock price data.



There are no pre-requisites for this module but the following modules are recommended: EC534(Money and Banking), EC550(Monetary), EC548(international Finance), EC562(Finance 2).

Credits: 15 credits (7.5 ECTS credits).

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EC565 - Extended Economics Essay (15 credits)

The module aims to provide an alternative to the EC541 dissertation option for students. In this module, rather than conducting an original piece of research, you are given a set of questions with readings. You can also construct your own question so long as it is approved. You choose a question and (with help from your supervisor) write a 5,000 word essay on this question. The material covered in these essays is typically broader than that explored in the dissertation option and there is no requirement to make any 'contribution to knowledge'. However, the essay still demand more independent work than required for coursework in other modules. You are expected to read round the question AND to assimilate concepts and ideas not covered in lectures.

Credits: 15 credits (7.5 ECTS credits).

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EC569 - Economic Growth (15 credits)

This module covers a variety of growth issues from both empirical and theoretical views. The first part of the course deals with basic concepts of economic growth, including how to measure growth and the core theories of economic growth. The second part deals with productivity; how to measure productivity and analyse different sources of productivity growth. The third part deals with economic fundamentals, including the relationship between government policies, income inequality, and growth.



The aim of the module is to teach the basic principles of economic growth in order to answer such questions as:

- what are the determinants of growth?

- how can we improve productivity?

- what kind of role does the government play on growth?

- why are there differences in the level of income among countries?

Credits: 15 credits (7.5 ECTS credits).

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EC570 - Microeconomics of Development (15 credits)

In the last 30 to 35 years, the study of economic development has increasingly focused on the behaviour of individuals – their opportunities, constraints, and choices – to understand the causes and nature of poverty, and on formulating strategies for improving their economic well-being. This trend includes the increased application of microeconomic theories to understand phenomena related to underdevelopment, the collection and analysis of data at the individual level (as opposed to the regional or national level) and, most recently, the use of lab and field experiments to better understand individual behaviour.



The module introduces you to these trends, to show how the related microeconomic tools have contributed to a better understanding of the process of economic development. Some of these methods are now widely used by international development agencies – such the World Bank and DfID – as well as academic researchers to critically assess development strategies and evaluate programmes aimed at improving the economic well-being of the poor in developing countries.

Credits: 15 credits (7.5 ECTS credits).

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EC571 - Agricultural, Food and Natural Resource Economics (15 credits)

This module introduces you to agriculture, food and natural resource economics and economics generally. A key objective is to help you develop an ability to apply economic thinking to problems in this area. The module considers various aspects of agricultural, food and resource economics including food production, economic theory related to agricultural policy, food supply chains and food prices, food economics specifically food labels and various economic aspects of natural resource management such as forestry and fisheries.



The module is divided into three parts. In Part A we examine the relationship between the economy and the agriculture. In Part B we consider aspects of food economics. In Part C we examine various issues relating to natural resource. The emphasis in all parts of the module is to understand the links between theory and practice.

Credits: 15 credits (7.5 ECTS credits).

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Teaching & Assessment

All of our modules are taught by a combination of lectures and small group sessions, which include seminars, computing practicals, problem sets, debates and role-play games. On average, you have a total of 12-14 hours of lecture, seminar and other formal contact time per week.

The School of Economics is committed to making sure that you leave Kent with much more than just a degree in Economics. We put great emphasis on the development of transferable skills, including numeracy, analytical problem solving, data analysis, and written and oral communication, as well as subject-specific skills for further study at postgraduate level.

The modules are assessed by continuous assessment of coursework throughout the year and an end-of-year exam in the final term. A number of modules at each stage are assessed solely through coursework.

Programme aims

The programme aims to:

  • provide a stimulating education in the principles of economics and their application, in which high-quality teaching motivates students to achieve their full potential
  • provide a flexible and progressive curriculum that is suitable for students who have or have not studied economics before
  • develop in students the ability to apply economic knowledge, analytical tools and skills in a range of theoretical, applied and policy problems
  • widen the student learning experience through providing a well-organised opportunity to study economics as well as developing Spanish language skills
  • provide a range of options to enable students to study selected areas of economics in depth; the teaching of these options is informed by the research and scholarship of teaching staff
  • provide students with the knowledge, analytical and other skills from which they can proceed to employment in a related area to economics or further study in economics
  • develop in all students, through the study of economics, a range of skills that will be of value in future employment
  • provide information and advice on future employment and higher education opportunities.

Learning outcomes

Knowledge and understanding

You develop knowledge and understanding of:

  • the main concepts, principles, theories, models and methods of modern economic analysis and their application in different areas of economics
  • the analytical skills that allow students to formulate and consider a range of economic problems and issues
  • the mathematical, statistical and computing methods used in economics.
  • economic data and methods used to analyse such data; economic analysis of policy
  • specific problems, issues and policies in a range of areas in economics
  • key concepts affecting decision-making
  • critical discussion of economic problems, issues and policies in politics and media
  • the study of other social science subjects in the first year
  • oral, aural and written fluency in the Spanish language.

Intellectual skills

You develop the ability to:

  • abstract the essential features of a complex system
  • think about the important variables and fixed parameters in solving a problem
  • analyse complex issues using deductive and inductive reasoning
  • organise and use information to analyse complex issues and test different hypotheses
  • review critically alternative explanations and analyses of a problem.

Subject-specific skills

You develop the following subject-specific skills:

  • analytical skills in economics
  • the ability to apply economic principles and analysis to a range of issues, problems and policies
  • the ability to abstract the essential features of an economic issue, problem or system
  • knowledge of the principal sources of economic data and information and ability to use and present this information
  • the ability to carry out economic/econometric analysis of economic data
  • knowledge and ability to make and provide advice on how to make economic decisions
  • ability to synthesise and compare critically different economic analyses of an economic issue
  • ability to research the literature on an economic issue
  • written, aural and oral fluency in the Spanish language.

Transferable skills

You develop the following transferable skills:

  • effective communication of analysis and ideas orally, aurally and in written form (in English and Spanish)
  • the ability to assemble, analyse, use and present data
  • understanding and ability to use economic, mathematical and quantitative methods to analyse issues and problems
  • the ability to analyse and make decisions using economic concepts, eg opportunity cost and strategic behaviour
  • information technology skills through using statistical and econometric packages
  • independence in initiating and executing work
  • the ability to think critically about proposed analyses and solutions to a problem or issue
  • responsibility for managing your own learning and academic performance.

Careers

Economics at Kent has a high success rate in the graduate employment market, with past students going on to careers in accountancy, banking, finance, journalism, management consultancy and business. Our range of modules provides the opportunity to tailor your degree to support your particular career choice, giving you a competitive edge in the employment market. Additionally, there are modules that concentrate on preparing you for life as a professional economist.

Our degrees not only provide you with economics training but also with many transferable skills. Most employers are looking for skills such as good communication, initiative and proactiveness, team working, time management, planning and organisation, analysis of information and problem solving.

Economics at Kent has been recognised for its excellent employability record in the national league tables:

  • 2nd for graduate prospects in The Guardian University Guide 2017
  • 5th for graduate prospects in the Complete University Guide 2017

Recent Economics graduates have gone on to work for Deloitte, the Government Economic Service, HMRC, Citibank, KPMG, PwC, Bank of America, Schroders, Goldman Sachs and Barclays.

Entry requirements

Home/EU students

The University will consider applications from students offering a wide range of qualifications, typical requirements are listed below, students offering alternative qualifications should contact the Admissions Office for further advice. It is not possible to offer places to all students who meet this typical offer/minimum requirement.

Qualification Typical offer/minimum requirement
A level

ABB from three full A levels, or BBB if A level Mathematics is included. If you have taken A level Spanish, you should achieve grade B in it

GCSE

Mathematics grade B, plus a modern European Language other than English at grade C

Access to HE Diploma

The University of Kent will not necessarily make conditional offers to all access candidates but will continue to assess them on an individual basis. If an offer is made candidates will be required to obtain/pass the overall Access to Higher Education Diploma and may also be required to obtain a proportion of the total level 3 credits and/or credits in particular subjects at merit grade or above.

BTEC Level 3 Extended Diploma (formerly BTEC National Diploma)

BTEC National Diploma at DD or BTEC Extended Diploma at DDD plus A level Mathematics at grade B

International Baccalaureate

34 points overall or 15 points at HL, including Mathematics 4 at SL or HL, or Mathematical Studies at 5, and a modern European language (other than English) 4 at HL or 5 at SL

International students

The University receives applications from over 140 different nationalities and consequently will consider applications from prospective students offering a wide range of international qualifications. Our International Development Office will be happy to advise prospective students on entry requirements. See our International Student website for further information about our country-specific requirements.

Please note that if you need to increase your level of qualification ready for undergraduate study, we offer a number of International Foundation Programmes through Kent International Pathways.

Qualification Typical offer/minimum requirement
English Language Requirements

Please see our English language entry requirements web page.

Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways.

General entry requirements

Please also see our general entry requirements.

Funding

University funding

Kent offers generous financial support schemes to assist eligible undergraduate students during their studies. See our funding page for more details. 

Government funding

You may be eligible for government finance to help pay for the costs of studying. See the Government's student finance website.

The Government has confirmed that EU students applying for university places in the 2017 to 2018 academic year will still have access to student funding support for the duration of their course.

Scholarships

General scholarships

Scholarships are available for excellence in academic performance, sport and music and are awarded on merit. For further information on the range of awards available and to make an application see our scholarships website.

The Kent Scholarship for Academic Excellence

At Kent we recognise, encourage and reward excellence. We have created the Kent Scholarship for Academic Excellence. The scholarship will be awarded to any applicant who achieves a minimum of AAA over three A levels, or the equivalent qualifications as specified on our scholarships pages.

The scholarship is also extended to those who achieve AAB at A level (or specified equivalents) where one of the subjects is either Mathematics or a Modern Foreign Language. Please review the eligibility criteria.

Enquire or order a prospectus

Resources

Read our student profiles

Contacts

Related schools

Enquiries

T: +44 (0)1227 827272

Fees

The 2017/18 tuition fees for this programme are:

UK/EU Overseas
Full-time £9250 £13810

Fees for Year Abroad/Industry

As a guide only, UK/EU/International students on an approved year abroad for the full 2017/18 academic year pay an annual fee of £1,350 to Kent for that year. Students studying abroad for less than one academic year will pay full fees according to their fee status. 

Please note that for 2017/18 entrants the University will increase the standard year in industry fee for home/EU/international students to £1,350.

UK/EU fee paying students

The Government has announced changes to allow undergraduate tuition fees to rise in line with inflation from 2017/18.

In accordance with changes announced by the UK Government, we are increasing our 2017/18 regulated full-time tuition fees for new and returning UK/EU fee paying undergraduates from £9,000 to £9,250. The equivalent part-time fees for these courses will also rise from £4,500 to £4,625. This was subject to us satisfying the Government's Teaching Excellence Framework and the access regulator's requirements. This fee will ensure the continued provision of high-quality education.

For students continuing on this programme, fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* If you are uncertain about your fee status please contact information@kent.ac.uk

Key Information Sets


The Key Information Set (KIS) data is compiled by UNISTATS and draws from a variety of sources which includes the National Student Survey and the Higher Education Statistical Agency. The data for assessment and contact hours is compiled from the most populous modules (to the total of 120 credits for an academic session) for this particular degree programme. Depending on module selection, there may be some variation between the KIS data and an individual's experience. For further information on how the KIS data is compiled please see the UNISTATS website.

If you have any queries about a particular programme, please contact information@kent.ac.uk.

The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to provide educational services as described. However, the courses, services and other matters may be subject to change. Full details of our terms and conditions can be found at: www.kent.ac.uk/termsandconditions.

*Where fees are regulated (such as by the Department of Business Innovation and Skills or Research Council UK) they will be increased up to the allowable level.

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The University of Kent, Canterbury, Kent, CT2 7NZ, T: +44 (0)1227 764000

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