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Programa del Master in International Business

Universidad Carlos III de Madrid


Carlos Poza Lara, Senior lecturer in macroeconomics and economic environment, Antonio de Nebrija University, ICEX,CECO and UIMP. PhD in Economics and Business Administration, Complutense University of Madrid.

 Learning Objectives

The students will obtain an advanced knowledge about the theoretical and practical instruments of the economic analysis, which are needed to understand the international economic environment, where global business activity develops. Specifically, this course aims that students acquire the following skill:

• Ability to understand and critically analyse key economic indicators, the interrelationship between them and also existing economic policies to fix imbalances.
• Understand and analyse the operation of the FMI, la OCDE and other institutions national or international, and also how these are regularly evaluating the international economic situation of their member countries.
• Ability to make strategic decisions based on analysis and policy recommendations of these institutions.


1. Introduction to the Economic Environment analysis.

  • Structure of a country report. Economic Indicators: current situation vs structural.

2. Economic Indicators: Real Sector

  • Economic Activity (National Accountability, productive sectors, leading Indicators). Work market. Salaries and prices.

3. Economic Indicators: Public Sector.

  • Income y public expenditure, deficit and public debt. Debt rating. Risk premiums.

4. Economic Indicators: Foreign Sector.

  • Exchange Rates: nominal and real exchange. Fixed, flexible among others. Balance of payments: Structure, the main accounts and meaning of balances. Imbalances.

5. Economic Indicators: Monetary and Financial Sector.

  • Monetary aggregates. Interest rates and yield curve. Evolution of credit, NPLs and solvency ratios. Stock indexes.

6. Economic Indicators: Structural Indicators.

  • General Dates, employment, I+D, economic reforms, social cohesion and environment.

7. Economic Policy Analysis: Stabilization Policy.

  • Economic fluctuations short term - DA-OA Model.
  • Types of stabilization policies (fiscal, monetary and foreign), limitations and effects on the economy.

8. Economic Policy Analysis: Structural Policies.

  • Types of supply policies (competition, education, technology, work market, sectorial restructuring, public sector and financial restructuring). Analysis of the economic situation.