The study module begins with introduction to mathematical approaches used in economics (either economic theory or game theory). Three topics in modern economics that are studied include personnel economics, energy economics and finance. A course on economic thinking in historical perspective is also included. Personnel Economics course discusses new human management theory and especially performance-related-pay with evidence from Finland. Energy Economics and Finnish Industries is a comprehensive course on energy sector covering acute issues in climate change. Course deals with Finnish industries also in regional level and includes presentation of seminar paper (no exam).
Courses are organised in the spring semester.
Courses 2011-2012
- Energy Economics, 5 ECTS
- Financial Markets of the EU, 5 ECTS
- Economic Thinking in Historical Perspective, 5 ECTS
- Practical Econometrics for Finance and Economics, 5 ECTS
Course Descriptions 2011-2012
KANS2024 Energy Economics
Credit Units: 5 ECTS
Time: Spring 2012
Content: Emissions trading: EU and US experience, taxes on emissions: CO2, electricity markets: Nordic market, energy commodity markets: Oil, Investments in energy infrastructure: Nuclear. Underlying theory and ideas behind the regulatory institutions and instruments for controlling emissions this way? BIG problems such as climate change? Tool for analyzing and understanding the market, such as electricity. Finnish industries and regional and global environment and competitives under increasing energy prices.
Learning outcomes: The course will support the development of presentation, report writing and critical thinking skills. Student is expected to understand the use of material resources in energy economics (especially carbon, water, windmill, solar energy), use of immaterial resources and climate change. Student also understands the role of energy industry in Finland in global framework.
Teaching: Lecturing 20 hours.
Assessment: Exam in English or Finnish.
Literature: Articles and other material given in lectures.
Prerequisites: -
Rating: 1–5 or failed
Contact person: Olli Kauppi
Right to participate: -
Additional information: Lectures are given in English.
LASK3002 Financial Markets of the European Union
Credit Units: 5 ECTS
Time: Spring semester, periods IV & V.
Content: The European bond market, with new issues and market structure, the European stock exchanges and trends in the capital markets. The European union environment for banking, including bank legislation, the EMU, the European system of Central Banks with an outline of ECB monetary policy, the BIS rules of Capital adequacy in banking: the Euro as a new international currency and the problem of the real exchange rates, derivative products and market in Europe, and the theory of market efficiency.
Learning outcomes: By the end of this course students should know and understand the products, the various interest rates and the importance of interbank liquidity in the European money markets, have an ability to calculate money market yields and product prices, know the European Central Bank´s monetary policy instruments and posses an insight into euroarea monetary policy thinking. Furthermore, by the end of this course students are expected to understand the mechanism of bonds and bond issues as capital market products, become familiar with the European bond market, platforms, processes and properly appreciate the central role of expectations and risks in the financial markets and in the cost of finance.
Teaching: Lectures 30 h.
Assessment: Exam.
Literature: Howells, P. & K. Bain (2005). The Economics of Money, Banking and Finance, a European text, 3rd edition.
Articles distributed as handouts during lectures.
Prerequisites: Basics in foreign exchange concepts as well as capital market concepts; purchasing power parity, interest rate parity, basic instruments (bonds).
Rating: 1-5 or fail
Contact person: Student Advisor (teacher: Professor Roy Dahlstedt)
Additional information:-
KANS2026 Economic Thinking in Historical Perspective
Credit Units: 5 ECTS
Time: Spring 2012
Content: Introduction to the following topics: the premarket economy, the emergence of market society and economics as a discipline, classical political economy, new classical economists and modern economics.
Learning outcomes: After the course, the student is familiar with the most influential thinkers and schools of thought in economics and their impact on the discipline.
Teaching: No lectures, book exam
Assessment: Exam. Questions are given in English but can also be answered in Finnish.
Literature:
1. Sandmo, Agnar: Economics Evolving: A History of Economic Thought (2011).
Prerequisites: Principles of Economics recommended.
Rating: 1-5 or failed
Contact person: Mikko Lintamo.
Right to participate: -
Additional information: One exam will be arranged before the lectures in fall 2011. This exam will be based solely on the literature.
STAT3090 Practical Econometrics for Finance and Economics
Credit Units: 5 ECTS, 6 credit points, for PhD students (in particular economics) the course is possible to extend 7 credit points with additional reading package described below.
Time: Spring 2012 (January–February).
Content: Financial and economic data, panel data models, portfolio and risk management¨econometrics, time series models and cointegration.
Learning outcomes: Introduce the student modern econometric tools applied in empirical finance and economics. The topics cover econometric applications in analysis of financial time series including risk measurement, panel data econometrics and cointegration analysis. The emphasis is in empirical modeling and interpretation of the results with real data examples. The potential of solving complicated estimation and modeling problems with modern software (SAS, Stata, EViews) are illustrated by examples.
Teaching: Lectures 42 h, demonstration 12 h (classes and notes in English) Home page: http://lipas.uwasa.fi/~sjp/Teaching/ecmii/lectures/index.html.
Assessment: -
Literature:
- Alexander, C. (2008) Practical Financial Econometrics, Wiley
- Greene, W.H. (2008) Econometric Analysis 6e, Prentice-Hall. PhD package (for 7 cp):
(a) Time series analysis: Hamilton, J (1994). Time Series Analysis, Princeton Univ. Press, Chapters 1–5.
(b) Econometrics: Hayashi, Fumio (2001), Econometrics, Princeton Univ. Press, Ch. 5, 8–10 and Pagan, A (1987). Three econometric methodologies: A critical appraisal, Journal of Economic Surveys, 1(1), 3–24. Software: SAS, Stata, EViews.
Prerequisites: Basic Econometrics (STAT.2020) and Mathematical Analysis (ORMS.1010) recommended (including working knowledge in differentiation, integration, solving elementary differential equations, elasticity
concept and continuously compounded interest rate calculus, and matrix algebra).
Rating: 1-5 or failed
Contact person: Professor Seppo Pynnönen (www.uwasa.fi/~sjp/).
Right to participate: -
