Elective module M13 is to be completed during the third semester. Two modules from W5 to W27 are regularly offered during the third semester.

W5 Social Protection in Low- and Middle-Income Countries

This course discusses what vulnerability means, where it comes from and how it can be measured, shows that people in different contexts face different risks and manage their risks in very different risks, analyses why and when social protection is needed, which actor can and should offer it, what role the state should play and how it can be financed and organised, compares different forms of social protection and their respective strengths, examines the specific challenges and weaknesses of social protection in low and middle income countries (LICs and MICs) as well as strategies to overcome them and identifies the economic, technical and political reasons for the weaknesses. Finally, different options of protection against the effects of illness, unemployment and old-age in LICs and MICs are discussed more extensively. The goals of the course include that students, understand the nature and relevance of different risks, learn about the origin of risks and vulnerability and about the different linkages between vulnerability and poverty, get to know about different strategies how risks can be managed, learn to assess when and why social protection is needed, get to know different forms of organising and financing social protection and their respective strengths and weaknesses, discuss ways to extend the coverage of social protection schemes in low- and middle income countries and reflect on the requirements of an effective social protection policy.

W6 Topical Issues of International and Development Economics

Students know in how far the topic chosen for the course is of particular relevance within the area of international and development economics. They are aware of the overall importance of the chosen topic as well as of various major aspects related to the topic in terms of theory, methodology, empirical findings and policy issues. They understand the respective debates and policy activities, are able to put them into historical perspective as well as to critically discuss their assumptions and limitations and can analyse policy recommendations under different assumptions and framework conditions. Moreover, they are able to read and understand academic papers of moderate complexity in the respective field and are able to present these papers to fellow students.

W7 Central Banking

Students know how money is created in the interaction between households, firms, commercial banks and central banks. They understand how different monetary policy instruments influence the creation of money and can analyse the potential impact of different monetary policy actions both on the financial sector and the economy at large. They are aware of recent academic and real-world disputes about the best approach to central banking and know the specific difficulties for central banking in developing countries. Based on these foundations, they are able to analyse the main factors in a central bank’s decision and can formulate an informed decision on the best path for monetary policy under varying macroeconomic conditions.

W8 Financial System Development

Students understand the basic role of finance and the financial system for capital accumulation. They are aware of current and historical theoretical disputes about the role of finance for economic development. They understand the specifics of financial markets 
(compared to markets for goods and other services) and the logic of different types of financial regulations and financial institutions related to these specifics. They understand the arguments for and against financial deregulation. They can analyse the impact of specific regulatory measures on the development and stability of a financial system.

W9 Regional Integration

Students know the basic types and classifications of regional integration agreements. They understand the basic models of preferential liberalisation and can apply them to analyse the impact of regional integration agreements on trade flows. They understand the logic of optimum currency area theory. They understand the different positions in the debate on South-South vs. North-South integration, both with regards to trade and monetary integration. They can apply this theoretical knowledge to critically analyse the achievements and challenges of existing regional integration agreements.

W10 The State in Business

Students know major concepts, theoretical approaches, historical developments and debates on state-owned enterprises, privatization and nationalization with regard to developed as well as in developing countries. Students are able to undertake with a critical assessment of the arguments for establishing state owned enterprises, the problems of state owned enterprises, the arguments in favour of privatisation and nationalization as well as the problems and conflicts associated with privatisation and nationalization in practice. Students are able to analyze privatization, nationalization and other related policy approaches, policies and their respective outcomes. They are able to evaluate policy options, design policies and give policy recommendations as well as to do their own academic research and present, discuss and defend their case in front of an audience, both individually and in task groups and teams.

W11 Environmental and Resource Economics

Students know major concepts, theoretical approaches, historical developments and debates on environmental resources, their economic use and economic policy-measures aimed at their protection. Students are aware of current national and global issues regarding environmental and resource economics. They know and are able to use the main theoretical and statistical approaches in order for them to deal with current problems and debates in the field. Participants know the relevant software regarding simulation and analysis of issues in environment and resource economics and are familiar with the practical use of such software programmes. Students are able to evaluate policy options, design policies and give policy recommendations as well as to do their own academic research and present, discuss and defend their case in front of an audience, both individually and in task groups and teams.

W12 Development Cooperation

Students know the basic motivations and trends in official development aid (ODA) flows. They know the most important international institutions concerned with economic development issues and have a deeper understanding of the working of a limited number of selected international organisations. They understand the current disputes about these institutions‘ policies. They can form and argue soundly an opinion about current development policy issues and defend these positions against criticism.

W13 Econometrics

The students understand the Gauss-Markov assumptions for the OLS of the linear model and can interpret them in light of actual empirical applications. Students can identify the specificities of datasets and the associated thorny issues affecting OLS. Students can propose practical solutions to address these issues. Students are able to read critically refereed journal articles with econometric contents and possess a sound base for conducting (very) basic empirical research. For more elaborated research the lectures W5 and W14 are highly recommended.

W14 Advanced Applied Research Methods

Students can design, structure and conduct their own empirical research project within a clearly defined methodological area. They master the specific empirical research methodology covered in the module. They also understand the limitations of their empirical methodological knowledge and of the specific research methodology covered. They can realistically assess the amount of time and effort needed to put into conducting an empirical research project.

W15 Current Issues in Global Development

Students know in how far the current issue chosen for the course is of particular relevance within the area of international and development economics. They are aware of the overall importance of the issue as well as of various major aspects related to the current issue in terms of theory, methodology, empirical findings and policy issues. They understand the respective debates and policy activities, are able to put them into historical perspective as well as to critically discuss their assumptions and limitations and can analyse policy recommendations under different assumptions and framework conditions. Further they are able to read and understand academic papers of in the respective field moderate complexity and are able to present these papers to fellow students.

W16 Development Cooperation in Practice 

The students understand the main complications of development cooperation in practice. To this end, they have gained in-depth insight either into a specific field of development policies promoted by institutions in the realm development cooperation or into a specific project of development cooperation. They are able to analyse the observed problems and link them to appropriate theoretical concepts.

W17 Institutions and Development 

The students understand the main impact of institutional characteristics and structures on the process of economic development. To this end, they have an insight into selected important theories explaining the importance of institution. Moreover, they are able to apply these theories to empirical cases and observations.

W18 History of Economic Thought

The students understand the main developments in the history of economic thought. They are able to link current theoretical debate to the history of economic thought and hence evaluate the scope of economic theories and models.

W19 Regional Economic Development in Perspective

The students have gained insight into the economic development process of a selected region (e.g. Southeast Asia, Latin America) or a selected country. They understand how the development of this region compares to that of other regions and which approaches might explain this relative over- or underperformance. They are able to apply this knowledge when it comes to development performance of other regions or countries.

W20 National Economic Development in Historical Perspective

Students know the historical economic development of a specific country and/or a specific country group in general as well as with regards to a number of selected aspects. They can identify particular time periods, economic policy decisions, policies implemented and policy outcomes and have the capability to assess and evaluate their immediate economic relevance for the respective country or country group. Students further understand the mid- to long-term consequences and implications of selected events in the economic history of the concerned country or countries and can give examples or provide case studies.

W21 Sector Strategies and Development

Students have substantial knowledge concerning the basics of one or of a limited number of sector strategies of importance for developed industrial nations, emerging markets and/or developing countries in general as well as with regards to a number of selected aspects. They are familiar with relevant theoretical and methodological foundations, with approaches and trends in policy design and implementation over time as well as with the related policy outcomes. Students understand mid- to long-term consequences and implications of selected approaches and policies and can evaluate their implications for emerging markets and developing countries. Further they are able to read and understand academic papers in the respective field of moderate complexity and are able to present these papers to fellow students.

W22 Current Challenges for National and Regional Development

Students know the major challenges for national and regional development of a country in a particular region and/or that region as a whole. They are familiar with theoretical and methodological foundations and with sources of empirical data appropriate to analyse and discuss the nature of the respective challenges for national and regional development as well as for the design of strategies, policies or programmes to deal with these challenges. Students understand mid- to long-term consequences and implications of selected approaches and policies to deal with these challenges and can evaluate their implications for emerging markets and developing countries. Further they are able to read and understand academic papers in the respective field of moderate complexity and are able to present these papers to fellow students.

W23 The National Economy in the Global Context

Students have a basic understanding of the global context within which national economic development takes place as well as of major processes and trends linked to the phenomenon of globalization. They are aware of the global context’s impact on the social, economic and political situation in specific countries and its respective mid- to long-term consequences. Based on theoretical debates and/or empirical experience, students are able to discuss the various challenges faced by societies and national economies in coping with the global context, to analyse selected policy approaches to deal with these challenges and to evaluate their implications. Further they are able to read and understand academic papers on the topic and are able to present these papers to fellow students.

W24 Advanced Business Topics

The students have gained insight into one or more advanced topics of business administration. They can apply these insights to current problems and events in the business sector.

W25 Foundations of European Economic Policies

The students have gained a basic insight into the economic policy structures of the European Union. They can classify the most important current discussions on economic policy on EU level and evaluate their implications.

W26 European Microeconomic Policies

The students have a deeper insight into one or more EU economic policy areas with a focus on microeconomic market regulation. Possible contents are EU internal market regulation, EU energy policy or the digital strategy of the EU. Students can classify the most important current discussions on economic policy on EU level and evaluate their implications.

W27 European Macroeconomic Policies

The students have gained a deeper insight into one or more areas of EU economic policy focusing on the macroeconomic management of the EU and in particular the euro area. Possible contents are the EU Economic
governance, economic policy coordination or the interaction of monetary policy with other policy areas.
Students can classify the most important current discussions on EU level and evaluate their implications.