Course overview
- Study period
- Semester 2, 2025 (28/07/2025 - 22/11/2025)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
Theoretical topics on exchange rate behaviour and management, current account determination, international capital mobility, effectiveness of fiscal and monetary policies in open economies and select international macroeconomic policy issues.
The course emphasises theory and policy issues in international financial markets. It develops conceptual frameworks or models to analyse the determinants of international capital movements, current account imbalances, and nominal and real exchange rates. The framework is then used to study various policy issues which might include a country's large trade deficits, global trade imbalances, developing-country debt crises, the European financial crisis, exchange-rate based inflation stabilization, currency unions, debt default, balance-of-payment crises, and the effect of the great recession on the world economy.
Course requirements
Assumed background
You are expected to be comfortable with basic micro and macroeconomics.
Prerequisites
You'll need to complete the following courses before enrolling in this one:
(ECON2010 + 2020) or (ECON7110 + 7021)
Incompatible
You can't enrol in this course if you've already completed the following:
ECON6510
Course contact
School enquiries
Student Enquiries, School of Economics
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Lecturer
Dr Christoph Mueller
Tutor
Miss Thao Nguyen
Miss Chaoting Wu
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Lectures commence inﾠ Teaching Week 1.
Tutorials commence inﾠ Teaching Week 2.
Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.
Important Dates:
· Public Holidays: Wed 13 August (Royal Queensland Show Holiday), Mon 6 October (King’s Birthday public holiday).
· Mid-Semester Break: 29 September – 3 October. Semester 2 classes recommence on Tue 7 October.
Students should refer to the timetable prior to the commencement of classes to ensure that they have the most up to date information, as from time to time late room changes may occur.
Aims and outcomes
The course aims to provide to the students the concepts and theories underlying the integration of domesticﾠ economies into the global world. By the end of the course, students should be able to understand the costs andﾠ benefits arising from different policies, and the extraﾠ challengesﾠ that such policies might pose to countries engaging in the process of globalisation. The measurement of the performance of an open economy using standard metrics of ﾠnational income accounting,ﾠ the balance of payments, and exchange rates will be discussed, and so will policies required to achieveﾠinternal and external balance ﾠin the short and the ﾠlong-run. Among others, some topics we will focus on are ﾠthe choice of the appropriate exchange rate regime, current account and debt sustainability and the ﾠreform of the international financial architecture so as to minimise the vulnerability of an economy to financial and currency crises.ﾠ
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Explain some challenges posed by rapid globalisation.
LO2.
Model the open macroeconomy in the short-run and in the long-run.
LO3.
Illustrate key concepts, theories and policies relating to an open macroeconomy.
LO4.
Analyse issues relating to the reshaping of the international financial architecture.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
Online Quizzes
|
15% (best and 2nd best quizzes 5% each, 3rd best quiz 3%, 4th best quiz 2%) |
20/08/2025 - 22/08/2025 3/09/2025 - 5/09/2025 17/09/2025 - 19/09/2025 8/10/2025 - 10/10/2025 22/10/2025 - 24/10/2025
For each of the 5 quizzes every student has one attempt to take the quiz. Once started, an attempt cannot be cancelled. The earliest time to start a quiz is 1.00pm on the first day of the quiz's due date range. The latest time to complete submission of a quiz is 1.00pm on the last day of the quiz's due date range. |
| Paper/ Report/ Annotation |
Report
|
30% |
24/10/2025 1:00 pm |
| Examination |
Final Exam
|
55% |
End of Semester Exam Period 8/11/2025 - 22/11/2025 |
Assessment details
Online Quizzes
- Online
- Mode
- Written
- Category
- Quiz
- Weight
- 15% (best and 2nd best quizzes 5% each, 3rd best quiz 3%, 4th best quiz 2%)
- Due date
20/08/2025 - 22/08/2025
3/09/2025 - 5/09/2025
17/09/2025 - 19/09/2025
8/10/2025 - 10/10/2025
22/10/2025 - 24/10/2025
For each of the 5 quizzes every student has one attempt to take the quiz. Once started, an attempt cannot be cancelled. The earliest time to start a quiz is 1.00pm on the first day of the quiz's due date range. The latest time to complete submission of a quiz is 1.00pm on the last day of the quiz's due date range.
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04
Task description
There will be 5 online quizzes. Each quiz will have a working time of 40 minutes (unless otherwise announced on Blackboard). Only the best 4 out of 5 quizzes count towards your mark. Specifically, your best and your 2nd-best out of the 5 quizzes receive a weight of 5% each, your 3rd-best quiz receives a weight of 3% and your 4th-best quiz receives a weight of 2%.
Unless otherwise announced on Blackboard:
- Quiz 1 will cover topics from the material covered in Lectures 1 & 2 and Tutorials 1 & 2;
- Quiz 2 will cover topics from the material covered in Lectures 3 & 4 and Tutorials 3 & 4;
- Quiz 3 will cover topics from the material covered in Lectures 5 & 6 and Tutorials 5 & 6;
- Quiz 4 will cover topics from the material covered in Lectures 7 & 8 and Tutorials 7 & 8;
- Quiz 5 will cover topics from the material covered in Lectures 9 & 10 and Tutorials 9 & 10.
Artificial Intelligence (AI) and Machine Translation (MT) are emerging tools that may support students in completing this assessment task. Students may appropriately use AI and/or MT in completing this assessment task. Students must clearly reference any use of AI or MT in each instance.
A failure to reference generative AI or MT use may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Submit in Blackboard by the due date/time.
Deferral or extension
You cannot defer or apply for an extension for this assessment.
As this assessment item is best 4 out of 5, there are no extensions available.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Report
- Online
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 30%
- Due date
24/10/2025 1:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
Students are to submit a report that applies and/or extends theories studied in class. More details will be announced during the semester.
Artificial Intelligence (AI) and Machine Translation (MT) are emerging tools that may support students in completing this assessment task. Students may appropriately use AI and/or MT in completing this assessment task. Students must clearly reference any use of AI or MT in each instance.
A failure to reference generative AI or MT use may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Submit as instructed on the course Blackboard site by the due date/time.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 14 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Final Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 55%
- Due date
End of Semester Exam Period
8/11/2025 - 22/11/2025
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04
Task description
- Students will sit the cumulative final exam on campus (paper-based).
- The final exam will consist of multiple choice questions and/or short answer questions and/or problem solving questions (only a subset of types of questions may be appear).
- The final exam will be centrally timetabled. It will be scheduled during the examination period at a date and time to be confirmed.
- Further information about the final exam may be announced on Blackboard closer to the examination period.
This assessment task is to be completed in-person. The use of generative Artificial Intelligence (AI) or Machine Translation (MT) tools will not be permitted. Any attempted use of AI or MT may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0% - 29% |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30% - 46% |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47% - 49% |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50% - 64% |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65% - 74% |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75% - 84% |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85% - 100% |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
A student’s final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%
Supplementary assessment
Supplementary assessment is available for this course.
Additional assessment information
Using AI at UQ
Visit the AI Student Hub for essential information on understanding and using Artificial Intelligence in your studies responsibly.
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism. You are encouraged to read the UQ Student Integrity and Misconduct Policy available in the Policies and Procedures section of this course profile.
The Academic Integrity Module (AIM) outlines your obligations and responsibilities as a UQ student. It is compulsory for all new to UQ students to complete the AIM.
SUBMISSION OF ASSIGNMENTS:
All assignments must be submitted by the due date and time stated in the course profile. For this course, students are required to submit an electronic copy through the relevant submission link on the course Blackboard site.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Additional learning resources information
Some lecture slides and tutorial materials will be posted on Blackboard. These materials are a useful learning guide but they are not a substitute for your lecture and tutorial attendance, your own work on the discussed models and the set of readings specified in the reading list or the course profile. A link to UQ extend material will also be provided on Blackboard.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (28 Jul - 03 Aug) |
Lecture |
Lecture 1 Introduction (SUW Ch. 1) Learning outcomes: L01, L02, L03, L04 |
Week 2 (04 Aug - 10 Aug) |
Tutorial |
Tutorial 1 Tutorial exercises based on Lecture 1. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 2 NIIP-NII-Paradox, Current Account Sustainability (SUW Ch. 1-2) Learning outcomes: L01, L02, L03, L04 |
|
Week 3 (11 Aug - 17 Aug) |
Tutorial |
Tutorial 2 Tutorial exercises based on Lecture 2. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 3 Current Account Determination (SUW Ch. 3-4, 12.3) Learning outcomes: L01, L02, L03, L04 |
|
No student involvement (Breaks, information) |
Wednesday - Royal Queensland Show public holiday Students who would normally attend tutorial on this day are advised to attend another session of the week, for this week only. |
|
Week 4 (18 Aug - 24 Aug) |
Tutorial |
Tutorial 3 Tutorial exercises based on Lecture 3. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 4 Interest Rate Shocks & Tariffs in an Endowment Economy; Current Account Determination in a Production Economy (SUW Ch. 4-5) Learning outcomes: L01, L02, L03, L04 |
|
Week 5 (25 Aug - 31 Aug) |
Tutorial |
Tutorial 4 Tutorial exercises based on Lecture 4. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 5 World Interest Rate & Financial Shocks in Production Economies; Fiscal Deficits and CA Imbalances (SUW Ch. 8) Learning outcomes: L01, L02, L03, L04 |
|
Week 6 (01 Sep - 07 Sep) |
Tutorial |
Tutorial 5 Tutorial exercises based on Lecture 5. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 6 Advanced Topic: Uncertainty and the Current Account (SUW Ch. 6) Learning outcomes: L01, L02, L03, L04 |
|
Week 7 (08 Sep - 14 Sep) |
Tutorial |
Tutorial 6 Tutorial exercises based on Lecture 6. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 7 External Adjustment in Open Economies (SUW Ch. 5, 7) Learning outcomes: L01, L02, L03, L04 |
|
Week 8 (15 Sep - 21 Sep) |
Tutorial |
Tutorial 7 Tutorial exercises based on Lecture 7. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 8 Real Exchange Rate Determination (SUW Ch. 9) Learning outcomes: L01, L02, L03, L04 |
|
Week 9 (22 Sep - 28 Sep) |
Tutorial |
Tutorial 8 Tutorial exercises based on Lecture 8. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 9 Sudden Stops and Real Exchange Rates (SUW Ch. 10) Learning outcomes: L01, L02, L03, L04 |
|
Mid Sem break (29 Sep - 05 Oct) |
No student involvement (Breaks, information) |
Mid-Semester Break Mid-Semester Break: No lecture or tutorials will be held this week. |
Week 10 (06 Oct - 12 Oct) |
Tutorial |
Tutorial 9 Tutorial exercises based on Lecture 9. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 10 Sudden Stops and Unemployment (SUW Ch. 13-14) Learning outcomes: L01, L02, L03, L04 |
|
No student involvement (Breaks, information) |
Monday - King's Birthday public holiday Students who would normally attend tutorial on this day are advised to attend another session of the week, for this week only. |
|
Week 11 (13 Oct - 19 Oct) |
Tutorial |
Tutorial 10 Tutorial exercises based on Lecture 10. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 11 International Capital Market Integration (SUW Ch. 11) Learning outcomes: L01, L02, L03, L04 |
|
Week 12 (20 Oct - 26 Oct) |
Tutorial |
Tutorial 11 Tutorial exercises based on Lecture 11. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 12 Advanced Topic: Inflationary Finance and Balance of Payments Crises (SUW Ch. 15) Learning outcomes: L01, L02, L03, L04 |
|
Week 13 (27 Oct - 02 Nov) |
Tutorial |
Tutorial 12 Tutorial exercises based on Lecture 12. Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 13 Revision (SUW Ch. 1-11, 12.3, 13-15) Learning outcomes: L01, L02, L03, L04 |
Additional learning activity information
Please note that the topics, learning objectives and readings listed in this course profile are tentative and subject to change; please check Blackboard for the latest information.
The lectures will provide students with an understanding of the key concepts of the course and their applications.
The material covered in each tutorial will usually be based on the material from the immediately preceding (and earlier) lectures, and may also contain suitable extensions. Students are advised to work on the questions prior to and following each tutorial.
Changes due to public holidays: Tutorial sessions scheduled on public holidays are canceled and students in those sessions are asked to attend another tutorial session in the respective week.
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments for Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.