Question : International Monetary Economics 2013-14 coursework
Guidance notes on coursework essays & general guidance
Answer one essay title from the listed below
1. Selecting a country of your choice, evaluate the superiority and feasibility of price and income
policy options to resolve balance of payments disequilibria.
This encompasses the first major section of the course covering the Balance of Payments as a
policy problem and requires:
o Understanding of the alternative policy options advanced by the alternative approaches
(i.e. Keynesian, Monetarist and Structuralist) to identify and evaluate how emphasis is
placed upon price and/or income in attempting to shift the BoP to a more favourable
position
o Specifically, a good answer requires evaluation of the alternative policy options rather
than simply describing them which is inadequate for Level 3
o The selection of a country requires discussion of potential policy constraints depending
upon the choice of country, together with creating the possibility for the data
inclusion/analysis and specific country-focused literature
? The key to a good answer is:
o To discuss and evaluate the policy options thematically (i.e. in terms of price and/or
income adjustment) rather than by one approach at a time
o To evaluate the relative desirability / optimality of the policy options for the BoP scenario
of your choice
o Although the question is not about the country per se, but how it can address BoP
disequilibria with the rest of the world, but you may wish to supplement the discussion
with relevant tables/graphs for your selected country
? How to start to address the question:
o You need to decide which country is going to be the case-study background to your
answer
o Briefly summarise the alternative BoP policies thematically in terms of price and/or
income adjustment (rather than simply discussing them singularly), but the majority of
this part of the answer should be evaluative of these policy options
o You might find that not all of the policy options are available for your selected country so
explain why. Additionally, discuss which policies would be preferential for your selected
country i.e. which are likely to be the most efficient in resolving BoP disequilibria with
minimal negative externalities
2. Critically evaluate the rules and institutions of the Bretton Woods system. What lessons do these features provide for Economic and Monetary Union (EMU) policymakers?
? This draws together several aspects of the second major section of the course (exchange rate regimes and international monetary systems) to require:
o A critical analysis regarding the effectiveness of the key design features (i.e. rules and institutions) of the Bretton Woods system, rather than simply describing them which is inadequate for Level 3
o From the above, the answer should develop these ideas to discuss the implications of the lessons in relation to those created for EMU
o This should be in the form the relative success/failure of the Bretton Woods system rules and institutions and should involve a comparative analysis of the respective rules and institutions between the Bretton Woods system and EMU
? The key to a good answer is:
o To identify the key design features (i.e. rules and institutions) of the Bretton Woods system, but not to overly describe them, but evaluate their effectiveness from their relative success / failure and the lessons that can be learnt
o To identify the key design features (i.e. rules and institutions) of EMU and critically evaluate them in relation to those from the Bretton Woods system
o To discuss what lessons have / have not be learnt by the designers of EMU from the previous experience of the Bretton Woods system
? How to start to address the question:
1. Briefly summarise the key design features (i.e. rules and institutions) of the Bretton Woods system
2. Evaluate their effectiveness from their relative success / failure and the lessons that can be learnt
3. Briefly summarise the key design features (i.e. rules and institutions) of EMU
4. Discuss the what lessons have / have not be learnt by the designers of EMU from the previous experience of the Bretton Woods system
General guidance:
? Focus upon the question! Read the question and guidance notes carefully to ensure you only write the actual question at the top of your answer. Do not make-up your own version of the question otherwise there is the danger that you will drift-off the point of the set question.
? Use a clearly defined structure. Create a plan for your answer and check this against the question to guarantee that you are going to address all the required aspects. Ensure that the material is divided into specific sections to create a linear narrative. Think about the allocation of the 2,000 words across these different aspects to maintain a balance in your essay.
? Critical analysis. This is a Level 3 module and therefore it is essential to develop a critical evaluation within your answer. This can be in terms of its own inherent problems, in relation to alternative approaches/schools of thought, or concerning suggested policy options. If it is difficult to work this into the main body of the answer, then the conclusion should contain this discussion.
? Introduce the model(s) / international monetary systems that the question relates to. For most questions you will need to acknowledge the relevant model(s) / international monetary systems; however, usually it will not be necessary to explain the model itself, since the question will usually refer to its evaluation / comparison with other models/school of thought.
? Sources / bibliography. You should seek to expand your reading beyond the lecture material and the various textbooks list at the end of the lecture notes/module handbook to demonstrate a breadth of sources. This is again essential given that this is a Level 3 module. However, ensure you only use academically credible sources e.g. research-led books, journal articles. Ensure you cite these properly with the full publication details (e.g. journal name, volume/part numbers and pages) don’t just put the URL.
? Referencing. You have been taught to use the Harvard system, so remember to use it correctly! Remember the general rule: you can never have too many references. Do not quote passages, but write the ideas in your own words to create a narrative, but reference the source as the inspiration. Remember to use quotation marks for any direct quotations.
? Language. You need to remember that this is a formal piece of academic work, so your discussion should not descend into casual language with non-economic terms being used
