Global Economics - Junior

Course # ECON  3003

Credits 6

Prerequisites and/or Corequisites: Calculus, Introductory Statistics, and Econometrics I.

Course Description

This course builds upon the foundation of Econometrics I, focusing on the practical challenges of conducting empirical research with cross-sectional and panel data. We will delve into violations of the Classical Linear Regression Model (CLRM) assumptions, with a special emphasis on the problem of endogeneity and its solution. The course will cover advanced techniques, including instrumental variables, models for limited dependent variables, and panel data methods. The goal is to equip you with the tools to critically evaluate empirical work and conduct your own credible, causal research projects.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Diagnose and correct for heteroskedasticity in cross-sectional data.
• Describe the fundamental problem of endogeneity (omitted variable bias, simultaneity, measurement error) and explain why it violates CLRM assumptions.
• Implement and interpret Instrumental Variables (IV) / Two-Stage Least Squares (2SLS) regression and test for instrument validity.
• Specify, estimate, and interpret non-linear models for binary, multinomial, and count data (Logit, Probit, etc.).
• Utilize panel data methods (Fixed Effects, Random Effects) to control unobserved heterogeneity and argue for their use over pooled OLS.
• Design, execute, and present an empirical research project in economics and related fields.

Course Assessments and Grading

Course # ECON 3004

Credits 6

Prerequisites and/or Corequisites: “Introductory Macroeconomics” and “Intermediate Macroeconomics”

Course Description

The International Economics: Trade, Theory and Policy course will offer a comprehensive overview of the so called "real" or trade part of international economics. The course will examine the causes and consequences of international trade, as well as provide an analysis of trade policy. Questions addressed will include, but not limited to: Why do nations trade? Who gains and who loses from trade? Is free trade optimal, or should be restricted in some cases? Should countries intervene to influence the structure of their international trade?

This course extensively uses tools from Microeconomics and Macroeconomics although set in a different and sometimes unfamiliar context. The course is not limited to theoretical models, though, and each topic will be backed by the empirical evidence, also based on examples from Central Asia economies. This will allow students to understand how theoretical models can be applied in real life.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• define the driving forces of the international trade
• seeing gains and losses from free international trade for different categories of people
• analyze the role of the Central Asian economies in the world economic system, including the strength and weaknesses of their respective domestic economies
• examine the interconnectedness between international economics and regional economic issues
• adopt formal models and analytical tools to real life economic problems

Course Assessments and Grading 

Course # ECON 3006

Credits 6

Prerequisites and/or Corequisites: Principles of Microeconomics or an equivalent course.  

Course Description 

Natural Resource Economics applies microeconomic concepts and tools to issues arising from the growth, use, depletion, and degradation of natural systems and their components, including land, energy, air, water, and biodiversity. The course explores how economic objectives can align with sustainability and environmental goals, and how markets can be harnessed to improve environmental quality and preserve natural resources. We begin with a review of microeconomic concepts related to market function and failure, then examine market-based, regulatory, and community-based approaches to achieving economic efficiency and sustainability. A significant focus is placed on the economics of climate change, covering both mitigation strategies to reduce greenhouse gas emissions and adaptation approaches to cope with climate impacts. Students will learn to apply economic analysis to evaluate real-world environmental policy problems, particularly those relevant to mountainous regions of Central Asia. The course also addresses the limitations of economic analysis in providing policy guidance on natural resource issues, especially in the context of long-term, global challenges like climate change. Throughout, we evaluate approaches in terms of efficient allocation, sustainable scale, and just distribution.

Course Learning Outcomes 

Upon the completing this course, students should be able to:

• Describe the economic aspects of natural resource issues, including those relate to climate change
• Apply analytical tools (rhetorical, graphical, and mathematical) to describe the extent to which these issues constitute the failure of market systems
• Explain the difficulties arising in using economic analysis in natural resource and climate policy design
• Recognize a number of real-world environmental policy problems, particularly those in the context of mountainous regions of Central Asia and evaluate in depth solutions to such problem using economic analysis.

Course Assessment and Grading 

Course # EAES 2130E

Credits 3

Course Description

This Elective Course explores human and environmental interactions in Central Asia. The interaction of the people inhabiting the region with its environment has a long history. This course focuses on the major transformation that have both resulted from human interaction, from habitation in the region and have also altered the relationship between humans and the environment. It also examines how the environment and settlement in various parts of Central Asia were affected by colonial, Soviet, and present political, economic, social, and demographic changes. Guided by the new approaches of Environmental Humanities, the course stresses the multidisciplinary approaches to understanding human habitation and the environment in the region. Throughout the course students analyze primary and secondary sources: documentaries, photographs, policy papers, and fictional works, to have a better understanding of the issues affecting human relationships with the environment in Central Asia

Course Learning Outcomes

Upon completion of the course, students will be able to:

• Analyse how socio-economic and political changes in modern Central Asia had an impact on human interactions with environment.
• Discuss the ways human impacts on ecosystems in different parts of the region
• Identify and critically analyse the environmental issues that affect settlement of population
• Identify appropriate sources to analyse environmental changes, and interventions in the region
• Discuss different approaches to understanding major environmental changes in Central Asia

Course Assessments and Grading

Course # ECON 3126E

Credits 6

Prerequisites and/or Corequisites: Accounting, Financial Economics

Course Description

Financial Management develops the knowledge and skills expected of a finance manager. It equips students to identify and evaluate the investment, financing and dividend decisions required to support organisational strategy. The course introduces the role and purpose of the finance function and examines the economic environment in which financial decisions are made. Building on this foundation, students learn to analyse working-capital and long‑term investment decisions, evaluate sources and costs of finance, and understand how financing choices and the cost of capital affect business value. The syllabus also explores principles of business and asset valuation and the nature of financial risk, preparing candidates for further study in advanced financial management.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Explain the purpose and objectives of financial management and its links to strategy.
• Analyse the economic and financial environment that affects financial decision‑making.
• Design and evaluate working‑capital policies for inventory, receivables, payables and cash.
• Apply discounted‑cash‑flow and other appraisal techniques to evaluate long‑term investments, considering inflation, taxation and risk.
• Evaluate sources of finance and estimate cost of capital, discussing capital‑structure considerations.
• Conduct business and asset valuation and understand efficient‑market implications.
• Identify financial risks (foreign‑exchange and interest‑rate) and apply hedging techniques.
• Use digital tools to gather, analyse and present financial information professionally.

Course Assessment and Grading

Course # ECON 3153E

Credits 3

CERGE - EI course 

Prerequisites and/or Corequisites: Microeconomics, Macroeconomics, and Econometrics at the introductory level.

Course Description

Ethics and finance: complementary or conflicting terms? In this highly interactive and up-to-date course, you
will dig into the most notorious financial crimes to better understand what can drive any one of us into
cheating investors and possibly ruining one’s career.
The course aims to raise your awareness and scrutiny to possible ethical challenges that firms, managers, and employees face when thinking about financial laws and enforcement, with an economic perspective and
illustrated with real-life and up-to-date examples. The scope of unethical financial behaviors covers market
abuses, with price manipulation, insider trading, and communication of false information; in particular,
accounting fraud. This course should contribute to a better understanding of how ethical issues play a role in finance, how they may conflict with firms’ strategies, and of how managers’ and employees’ decisions can impact financial markets and investors’ wealth.
The goal of this course is to prepare students for potential ethical dilemmas they may face throughout their
careers. Upon successful completion of this course, students will be able to challenge and put into perspective the financial behavior of firms, including financial institutions and listed firms in particular, in terms of ethics, from an economic perspective.

Course Learning Outcomes

NA

Course Assessment and Grading

Course # ECON 3031E

Credits 3

Prerequisites and/or Corequisites: None 

Course description

This course explores the fundamentals of entrepreneurship from an economic perspective. It focuses on how entrepreneurs identify opportunities, mobilize resources, and create value through innovative business models. Students learn to analyze market gaps, design viable business models, and develop business plans for entrepreneurial ventures. The course integrates economic reasoning, project management, and real-world case studies to help students understand how entrepreneurship drives innovation, job creation, and regional development.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Explain the role of entrepreneurship in fostering economic growth and innovation.
• Apply project and business management tools to design and implement viable business models.
• Conduct market research to identify customer needs and design appropriate value propositions.
• Develop and present a Business Model Canvas (BMC) for a chosen business idea.
• Prepare and pitch a comprehensive business plan integrating financial, operational, and strategic aspects.

Course Assessments and Grading

Course # ECON 3136E

Credits 6

Prerequisites: N/A

Course Description

This course introduces students to the global business environment and the complexities managers face in developing international strategies. Students engage with the key theories of international business, the role of global institutions, trade, investment flows, and strategic choices made by firms operating across borders. Through case studies, group projects, and applied exercises, students explore globalization, international strategy, and global management practices in dynamic economic, cultural, and institutional contexts.

Course Learning Outcomes 

Upon the completion of the course, students will be able to:

• Explain and critically assess the major institutions of international business and their impact on global operations.
• Analyze regional, cultural, and institutional differences and their implications for managerial decision-making.
• Apply international business theories and frameworks to evaluate real-world cases.
• Formulate entry strategies and competitive approaches for firms in international markets.
• Assess key operational areas of international business including organization, supply chain, information systems, and HR management.
• Demonstrate collaborative problem-solving and effective communication in multicultural teams.

Course Assessments and Grading

Course # DMNS 4186E

Credits 6

Prerequisite: Linear Algebra

Course Description

Linear programming is one of the most versatile and powerful mathematical programming techniques that can be employed for efficiently solving a stylized class of decision problems.

Linear programming has been used with marked success to solve optimization problems in areas such as economics (including banking and finance), business administration and management, agriculture and energy, contract bidding, nutrition (diet) planning, health care, public decision making, facility location, transportation, strategic planning, and so on.

In this course, students will study mathematics that deals with various real-world situations which leads to mathematical models involving linear optimization problems, geometrical solutions of two-variable problems, simplex algorithm, dual problems, sensitivity analysis and transportation problems.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Formulate a mathematical model of real-life problems.
• Solve the formulated mathematical problem with the use of different algorithms.
• Translate the results back into the context of the original problem.
• Solve linear programming problems with R studio.

Course Assessments and Grading

Course # ECON 3003

Credits 6

Course Description

This course provides an introduction to the main anthropological approaches to economic life, emphasizing intricate relationships between culture, society, and economics. The first part of the course provides an overview of anthropology and classical analytical frameworks for understanding how people live and organize their social lives in different ways. The subsequent part discusses contemporary issues surrounding value creation and contestation. Students should be aware that this course is not intended to be an economics course, but it looks at the economic aspects of human life from an anthropological perspective. The course is grounded in the comparative and ethnographically-based discipline of anthropology - it brings together a wide range of regional, cultural and historical material. We examine traditional non-market economies, gift giving and commodity exchange, state and alternative currencies, and human and posthuman economies. Thus, the course aims to explore the economy of societies, which integrates both formal, informal/ traditional ones embedded in the culture of the respective society. By the end of the course, students will have a nuanced understanding of how anthropological theories can help and offer insights into the interaction between human societies, their culture and mode of economy.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• analyze and discuss the core concepts and principles of economic anthropology
• apply concepts of cultural variation and the diversity of perspectives, practices, and beliefs found within each culture
• critically examine traditional and modern economic systems, focusing on how cultural patterns influence consumption and economic structures
• apply anthropological research methods such as participant observation, thick description, fieldwork, and interviewing to investigate and analyze economic practices, including production, exchange, distribution, and consumption, in relation to their cultural, social, and global contexts

Course Assessments and Grading