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This module is offered only to MA students.

The module will examine the process of creating open economies in former communist economies. The module will cover the costs and benefits of creating open economies in an international perspective and the application of this experience to transition economies. The module will analyse the forms of exchange rate mechanisms available to transition economies and their implications for entering monetary union in the EU; the major factors determining international trade flows and their implications for international income distribution and their application to transition economies. Students will analyse the redirection of trade flows away from the CMEA region towards the EU and its implications for the geographical dispersion of industry in an expanding Europe.

The aim of this module is to analyse the economic effects of integrating Central and East European as well as CIS countries into the global economy. The module will combine international economic theory with empirical evidence and will address the changing nature of international economic relations during and after the transition period. Both lectures and tutorial will try to provide a coherent framework to understand the determinants and implications of international trade and factor movements for the region.

The first part of the module will cover international trade issues while the second part will consist of topics related to international production fragmentation, foreign direct investment and international migration of labour.