General information

Subject type: Mandatory

Coordinator: Núria Masferrer Llabinés

Trimester: Second term

Credits: 4

Teaching staff: 

Monica Juliana Oviedo León
Albert Clols Of The Church 
Ismael Hernández Adell 

Teaching languages

  • Spanish
  • English
  • Catalan

Check the schedules of the different groups to know the language of teaching classes. Although the material can be in any of the three languages.


Basic skills
  • B3_Students have the ability to gather and interpret relevant data (usually within their area of ​​study), to make judgments that include reflection on relevant social, scientific or ethical issues


  • B5_That students have developed those learning skills necessary to undertake further studies with a high degree of autonomy

Specific skills
  • E1_Interpret basic economic concepts and economic reasoning, as well as microeconomic and macroeconomic functioning


General competencies
  • G1_Be able to work in a team, actively participating in tasks and negotiating dissenting opinions until reaching consensus positions, thus acquiring the ability to learn together with other team members and create new knowledge

Transversal competences
  • T1_Communicate properly orally and in writing in the official languages ​​of Catalonia

  • T2_Show willingness to learn about new cultures, experiment with new methodologies and encourage international exchange


  • T5_Develop tasks applying, with flexibility and creativity, the knowledge acquired and adapting it to new contexts and situations



The aim of the course is to provide an insight into the functioning of the open economy in international markets. The most relevant aspects associated with international trade and finance and economic integration processes are introduced in order for the student to acquire a rigorous and up-to-date view of the main problems and prospects of the world economy.


Part 1: Macroeconomics of an open economy and foreign exchange markets

  • National accounts and balance of payments.
  • Exchange rates and foreign exchange markets.
  • Domestic production and exchange rates.
  • Fixed exchange rates and intervention in the foreign exchange market.

Part 2: Theory of international trade

  • Ricardo's model.
  • Specific factors and income distribution.
  • Heckscher-Ohlin model.
  • The Standard Business Model.

Part 3: Multinational companies

  • External economies of scale and outsorcing.
  • Specialized markets.
  • Export decisions and external contracting - internationalization.
  • Non-competitive market structures and the phenomenon of internalization.

Part 4: International Trade Policy

  • The instruments of international trade policy.
  • The political economy of trade policy.
  • Controversies over trade policies.




Evaluation system

The evaluation consists of three parts:

  • Participation in classroom activities (online tests) (10%)
  • Work in groups (30%)
  • Exam (60%)



Krugman, Paul; OBSTFELD, Maurice; MELITZ, Marc (2021). International Economics: Theory and Policy. 12th Edition (or Global Edition, 11th 2018), Pearson Education.

PUGEL, Thomas (2020) "International Economics". McGraw-Hill Education; 17th Edition.

Krugman, Paul; OBSTFELD, Maurice; MELITZ, Marc (2016) “International Economics: Theory and Policy”, 10th Edition, Pearson Education.


CORE (2021) The Nation and the World Economy. Chapter 18 of the online book "The Economy"by the CORE Project (also available in Spanish).

WTO and UNCTAD (2012) "A Practical Guide to Trade Policy Analysis". World Trade Organization and United Nations Conference on Trade and Development. Available on their website:

AUBOIN, Marc; RUTA, Michele (2013) The relationship between exchange rates and international trade: a literature review. World Trade Review, Vol. 12, no. 3, p. 577-605.