International Economics

International Economics

Major Courses

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School of Economics and Management

2Year

KCCBG2MCA1

2.00Credits

講義 (Lecture)

Spring semester 2026

(Spring semester)

Isao KAMATA

School of Economics and Management

English

N/a

By appointment.

kamata@em.u-hyogo.ac.jp

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【Course Objectives】
This course aims to provide the theoretical foundations, together with empirical evidence, of international economics that can be used to understand the patterns and economic impacts of world trade and international investment as well as related issues in globalization.

【Learning Outcome】
By completing this course, students are expected to (i)attain an understanding of the economic theories of international trade and investment with their strength and limitation in explaining the facts and reality; and to (ii)develop the analytical foundation to explore topics and issues concerning economic globalization.

【Keywords】Gains from trade, World trading system, Foreign direct investment (FDI), Multinational enterprises (MNEs)

The course first presents and discusses the theory of international trade and its evolution from the traditional theory of comparative advantage to newer theory(ies). The course also presents a theoretical treatment of trade policy to explore the economic and distributional impacts of import tariffs and other policy instruments. The course then deals with the topics of foreign direct investment (FDI), multinational enterprises (MNEs), and offshoring to present theoretical framework to account for the internationalization of the business activities of firms. The course also discusses the topics of the world trading system including the World Trade Organization (WTO) and regional trade and deeper integration agreements as well as globalization and development/social issues.

 1. Introduction: Course guidance; Overview of International Economics
 2. (More of) World Trade Overview; Trade in a Demand-Supply Framework
 3. Standard (general-equilibrium) Trade Model and Gains from Trade
 4. Technology and Trade: the Ricardian Model and Comparative Advantage
 5. Resources, Trade, and Distribution: the Heckscher-Ohlin Model
 6. Economies of Scale and Intra-industry Trade: the Monopolistic Competition Model and “New Trade Theory”
 7. Economics of Trade Policy: Tariffs, Quotas, and Other Policy Instruments
 8. World Trade Organization (WTO) and the World Trading System
 9. Movement of Labor and Capital between Countries: Migration and International Investment
10. Firms in the Global Economy (1): Firms, Trade, and “New New Trade Theory”
11. Firms in the Global Economy (2): Foreign Direct Investment (FDI) and Multinational Enterprises (MNEs)
12. Firms in the Global Economy (3): Offshoring and Global Value Chains (GVCs)
13. Regional Trade Agreements and Deeper Economic Integration
14. Economic Globalization and Social Issues: Development, Labor, and Environment
15. Course Wrapping-up (and remaining issues in the global economy & international economics)

In-person

・In-person classes only.
・Not subject to the cap on distance-education credits.

Limited permission for use

In this course, the use of generative AI tools are permitted only for improving English wording or polishing English sentences in assignments. If submitted work is found to be generated by AI, the assignment will receive a score of zero.  
When using generative AI, students must comply with the “Guidelines on the Use of Generative AI in Education at the University of Hyogo (For Students).”

van Marrewijk, Charles (2017), International Trade, Oxford University Press
(ISBN: 9780198753759).
Other required readings will be assigned as needed.

Feenstra, Robert C., and Alan M. Taylor (2021), International Trade (5th edition), Worth Publishers / Macmillan (ISBN: 9781319382865).
Krugman, Paul R., Maurice Obstfeld, and Marc J. Melitz (2022), International Economics: Theory and Policy (12th edition), Pearson (ISBN: 9781292409719)
Other recommended readings will be introduced as needed.

・Preparation: Students should be prepared for each class by reading designated items in advance (2 hours per class week).
・Review: Students are urged to review the contents of each class promptly to ensure your understanding of the contents (4 hours per class week).  
・Integration: Students are encouraged to pay attention to the news on international trade and investment and endeavor to link the concepts learned in class with developments in the real world (2 hours per class week).

(Lectures will be given in an interactive manner wherever possible. Questions and comments from students in the classroom are welcomed.)

The course evaluation (grades) will be based on the following assignments (and weights):
  - Homework assignments (40% in total)
  - Final exam (60%)
Grades are assigned as follows: S (90 points or higher), A (80 points or higher), B (70 points or higher), and C (60 points or higher).

Answer key to each homework assignment will be provided after the assignment is completed. Graded homework assignments will be given back to the students by the end of the course period (semester).

・Basic knowledge of (or familiarity with) the principles of economics should help you better understand the contents of this course.
・Questions and comments from students in the classroom are welcomed (or rather encouraged). The instructor may also cast a question for responses from the students or involve the students in a discussion during class.
・Questions outside of the classroom are also welcomed.
・Homework assignments are given multiple times during the semester to confirm the understanding of the learned course contents and extend application skills.

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