ECONOMIA E POLITICA DELLA GLOBALIZZAZIONE
The course deals with the main issues in the field of open economy macroeconomic policy, in the light of the globalization process, focusing on the causes of the global financial crisis, and on its consequences on the Eurozone economies. We first present the standard reference frameworks (Ricardo-Torrens comparative advantages theory, Mundell-Fleming model, Marshall-Lerner conditions); then, we discuss the scope for national policies in a globalized economy; finally, we analyze the structure and the role of the supranational institutions, both at a global level (International Monetary Fund, World Bank, World Trade Organization), and at a regional level (European Union), and we examine the challenges that the globalization poses to the economic governance both at the national and the supranational level.
First module: economic policy in the age of globalization. National policies in the framework of international openness: analytical frameworks and economic policies; balance-of-payment imbalances and adjustment policies; trade policies: laissez-faire and protectionism. Institutions at the international level: exchange rate regimes; the Bretton Woods institutions; the regional institutions and the European Union. Globalization and the public institutions. Textbook: Acocella (2005).
Second module: the Eurozone crisis – The Eurozone as a currency area. The European rules: theoretical foundations and policy implications. Globalization, capital movements and the Eurozone crisis. Textbooks: Bagnai (2011, 2013).
Acocella, N. (2005) La politica economica nell’era della globalizzazione, seconda edizione con esercizi, Roma: Carocci.
Bagnai (2011) "Crisi finanziaria e governo dell'economia", Costituzionalismo.it, 3.
Alberto Bagnai (2013) "Unhappy families are all alike: Minskyan cycles, Kaldorian growth, and the Eurozone peripheral crises," a/simmetrie Working Papers Series 1301, Italian Association for the Study of Economic Asymmetries.
Lectures, classwork.
Written and oral exam.
E-mail: bagnai@unich.it
Website: http://bagnai.org
Office hours: see http://bagnai.org