PRIFYSGOL CYMRU ABERTAWE,
UNIVERSITY OF WALES SWANSEA.

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Department of Economics

• Introduction
• Contacting the Department
• Undergraduate Admissions
• Postgraduate Study
• Undergraduate Degree Courses (Graphics Version Only)
• Undergraduate Degree Modules (Graphics Version Only)
• Exam Papers (Graphics Version Only)
• Departmental Noticeboard (Graphics Version Only)
• Discussion Paper Series (Graphics Version Only)
• Staff Listing
• Economics Alumni (Graphics Version Only)

The Department of Economics is one of the core departments of the University and in recent years has grown in both student numbers and range of courses on offer. It is the belief of the Department that the pursuit of research enhances its ability to provide quality teaching programmes. In the most recent national Research Selectivity Exercise, the Department at Swansea was rated as one of the top 16 in the UK in terms of research excellence. Much of the research undertaken has been integrated into the teaching of the Department and, in addition to introductory, intermediate and advanced courses in all the principal subject areas of economics, a wide range of specialised optional courses is offered. The Department has its own computer facilities to teach and develop computing skills, both as an aid to taught courses and as an integral part of an applied economics project. Close links are maintained by the Department with the European Business Management School with which it shares the joint honours degree in Economics and Business Management.

• The department processes applications for all Single Honours and most Joint Honours degree schemes. Applicants for the Economics and Business Management degree scheme [NL11] are initially dealt with by the European School of Business Management.

• The department believes that applicants should be interviewed. This allows us to form our own view of candidates and allows you to raise any questions you may have concerning the courses available, options, accommodation and so on.
  

• Typically, the department expects applicants to achieve 22 A-level points which is equivalent to grades B B C, A C C or other combinations. Offers are typically made after interview.
  

• Formally, we do not accept A-level General Studies as one of your three subjects. Prediction of a good performance at General Studies is taken into account when we decide offers. We also take into account many other factors - there is no such thing as a "standard applicant" and we deal with all applications on their own merits.
  

• We do not insist that you have A-level Mathematics; all our undergraduate teaching of Mathematical Economics is streamed so that separate course are available for those of you who have or do not have passes at A-level Maths. Nevertheless, possession of A-level Maths is probably an advantage for anyone taking an Economics degree.
  

• Some schools do not offer A-level Economics to their students. At Swansea, we do not insist that you have necessarily taken A-level Economics. In the first year, our core Economics teaching is sub-divided so that separate courses are available for those of you who have or have not previously taken A-level Economics.
  

• We admit students who have not taken a conventional 3-A-level course. Those of you who are doing only two A-levels, GNVQs, access courses or other qualifications have the same opportunities for visits and interviews as other applicants.
  

• The department has a flexible attitude towards those of you who want to take a Gap Year: though please be certain to let the Department know well before your summer examinations so we can offer the place to someone else! Your place will, of course, be held open for when you return to UK education.
  

• We run a series of departmental "Open Days" from November through to March in addition to opening the department on University Open Days.

For further details, such as a University or Departmental Prospectus, contact the Admissions Section.

• General Information
• MSc(Econ) in Business Economics
• Degrees by Research: MPhil and PhD
• Fees
• Scholarships
• Admissions Procedures

General Information

The department offers full-time and part-time MPhil and PhD degrees by research and a full-time taught MSc in Business Economics. The department aims to encourage postgraduate students to take an active role in the department and postgraduates are encouraged to attend the departmental seminar programme, which invite external speakers at frequent intervals. The University has an active support system for postgraduate students and the Dean of Graduate studies is keen to see participation by postgraduate students in University decision making.

One crucial element of any postgraduate's education concerns Information Technology, its use in statistical and mathematical aspects of economics and its wider role as a facility for producing wordprocessed and graphical output. In this respect the department is well served, with all postgraduates having access to both departmental and university computing facilities. The department is committed to keeping apace with the rapidly changing nature of information technology and strives to provide all postgraduate students with the necessary skills required in a hi-tec market place: details of the IT provision for postgraduate students can be found on the Main Departmental IT Page.

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MSc(Econ) in Business Economics

The MSc(Econ) in Business Economics has been designed with two objectives in mind. First, to allow students to acquire a body of knowledge that is appropriate to the masters level and which will provide students with the research skills necessary to proceed to a higher research degree if they so wish. Second and no less importantly, the MSc(Econ) in Business Economics is designed so as to emphasise the practical application of the business skills acquired on the course. In achieving these objectives the proposed scheme of study draws on postgraduate modules offered by three departments in the Business, Economics and Law (BEL) faculty of the University of Wales Swansea. Each module offered on the programme is pitched at a level that requires students to demonstrate analytical skills appropriate to the master’s level. In addition to this, however, coursework assessments are also used to test students’ ability to apply abstract theoretical concepts to practical everyday business problems.

Applicants to the MSc(Econ) in Business Economics will normally be expected to have at least an upper second (or its equivalent in the case of overseas students) in Economics or, in exceptional cases in a related discipline. Applications from other candidates will be considered, but acceptance or rejection in such cases will be decided by the merits of the individual case.

A good standard of English is an essential requirement for admission to the course. In the case of overseas students whose first language is not English, candidates will be expected to satisfy the requirement of proficiency in English, normally an IELTS (International English Language Testing System) score of 6.5 or its equivalent under alternative testing procedures (e.g. TOEFL score of 600 or more).

Course Structure

The MSc(Econ) in Business Economics is comprised of 4 core modules, 3 optional modules and a dissertation of 10,000-20,000 words on a specialist topic of the student’s choice. In addition, a compulsory Research Methods course, which includes tuition in mathematics, IT, and research design is taught at the beginning of the first semester.

The scheme of study is divided into two parts. Part I of the scheme is a wholly taught component consisting of 120 credits, which is taught in Teaching Block 1 (TB1) and Teaching Block 2 (TB2) of the academic year. The basic mathematical methods component of the Research Methods module will be intensively taught in the first two weeks of TB1, and will be completed before teaching starts on any of the core modules identified below. Part II of the scheme is a supervised dissertation worth 60 credits in which candidates must produce a critical review of the literature, as well as make an original contribution to the chosen field of study that can be in any area of the taught syllabus.

The MSc(Econ) in Business Economics is scheduled to last for one academic year and is available only to full-time students: Teaching Blocks 1 and 2 (TB1 and TB2) for the taught component, and the summer vacation for the supervised dissertation. Candidates will normally be expected to complete the dissertation stage within 12 months of the date on which they first registered on the MSc(Econ).

Core Modules

In Part I candidates must take the Research Methods module taught in TB1 as well as four other core modules.

Modern Microeconomics
Contemporary Macroeconomic
Firm Organisation and Innovation
Econometric Methods
Research Methods

Modern Microeconomics (15 credits: TB1)

Modern Microeconomics introduces students to a number of analytical techniques commonly used in modern microeconomic theory at an advanced level. Special emphasis is given to game-theoretic models, and the way in which decisions are made when agents have less than perfect information. Topics covered in the module’s syllabus include: game theory and asymmetric information; adverse selection; moral hazard; the revelation principle and mechanism design; bargaining models; and auction design.
Core modules.

Contemporary Macroeconomics (15 credits: TB1)

The module aims to provide students with an understanding of recent developments in macroeconomic theory and their implications for macroeconomic policy. Particular emphasis in the module is placed on models of economic growth and business cycles, labour market imperfections, fiscal policy and government deficits, monetary policy and central bank independence, and international policy co-ordination. Specific topics covered in the module include: an overview of recent macroeconomic debates and schools of thought; real business cycles and endogenous growth models; the new macroeconomics of market imperfections; issues in fiscal policy, stabilisation policy and fiscal drag, financing of government deficits, Ricardian equivalence; issues in monetary policy, optimal monetary policy and central bank independence; time inconsistency and policy co-ordination problems.
Core modules.

Firm Organisation and Innovation (15 credits: TB2)

This module is designed to provide students with an understanding of recent developments in the economic analysis of the internal organisation of firms and of the processes of R&D, innovation and the diffusion of new technologies. Topics covered in the module include: markets versus organisations as methods of co-ordination; organisation within firms, prices versus quantities, duplication and delay, compatibility standards; bounded rationality, complete and incomplete contracts, contract design, pre-contractual opportunism, adverse selection, signalling and screening; the boundaries of the firm, multidivisional and multiproduct firms, vertical and horizontal structures, organisational innovation, business alliances; research, development and innovation, neo-classical and Schumpeterian approaches, discrete and continuous models, the role of market structure and firm size; the diffusion of new technology, epidemic rank and game-theoretic models; and new technologies and the labour market.
Core modules.

Econometric Methods (30 credits: TB1 & TB2)

Econometric Methods provides students with both a theoretical and practical knowledge of econometric techniques. Practical examples are used to illustrate the concepts involved and particular emphasis is given to using real data to test theoretical models and obtain parameter estimates of data generating processes. Topics covered in the module include: a review of the general linear model, properties of least-squares estimators, forecasting and prediction; testing of linear restriction, structural change, nested and non-nested hypothesis testing; specification errors, omitted variable bias, error misspecification and bootstrap methods; generalised least-squares; stochastic regression methods, errors in variables and instrumental variables; autoregressive conditional heteroscedasticity; system of equations; general to specific modelling; and an introduction to stationarity and co-integration.
Core modules.

Research Methods (15 credits: TB1)

Research Methods is broadly based and has three main components covering the following topics:

1. Mathematical Skills: linear models and matrix algebra; comparative statics; free and constrained optimisation; difference and differential equations; and the use of Mathematica as a practical research tool.: linear models and matrix algebra; comparative statics; free and constrained optimisation; difference and differential equations; and the use of Mathematica as a practical research tool.

2. General Research Skills: bibliographic skills and methods used to track down relevant literature (e.g. use of library networked services like BIDS, CDROM and JSTOR); practical research design; ethics; copyright and data protection; referencing and citation practices; and presentational skills.: bibliographic skills and methods used to track down relevant literature (e.g. use of library networked services like BIDS, CDROM and JSTOR); practical research design; ethics; copyright and data protection; referencing and citation practices; and presentational skills.

3. Information Technology: basic computing skills on PCs; use of word processing (Word) and spreadsheet (Excel) software; data base management and data sources; use of electronic mail and the internet; and the use of statistical software (e.g. E-VIEWS and LIMDEP). : basic computing skills on PCs; use of word processing (Word) and spreadsheet (Excel) software; data base management and data sources; use of electronic mail and the internet; and the use of statistical software (e.g. E-VIEWS and LIMDEP).

Core modules.

Optional Courses

In addition to core modules, students must also choose three modules from the following list.  One of these options must be either Management of International Finance or Corporate Finance but not both.

Economic Forcasting
Marketing
Business Law
Management of International Finance
Corporate Finance
Labour and Personnel Economics

Economic Forecasting (10 credits: TB2)

Econometric forecasting is designed to provide students with an understanding of the theory and practice of economic forecasting, as applied to real data and practical problems in forecasting. The topics covered in the module include: an introduction to forecasting methods and forecast evaluation; smoothing methods, seasonal adjustment, averaging methods, exponential smoothing and the Holt-Winters method; time series forecasting, ARMA, ARIMA and VAR methods; recent advances in time series forecasting, VEC methods, state-space models and nonlinear and neural network models.
Optional modules.

Marketing (10 credits: TB2)

This module introduces student to some of the key concepts and theories used to explain the range of marketing decisions made by firms. The aim of the module is to provide students with the analytical skills required for market analysis, so that they are able to recognise and exploit emerging market opportunities. The topics covered in the module include: the nature of marketing, market planning and strategies; theories pertaining to consumer and organisational buying behaviour, concepts of market segmentation, targeting and positioning; the role of market information systems; the marketing mix as a value adding and delivering mechanism; and strategies for changing marketing organisations.
Optional modules.

Business Law (10 credits: TB2)

The module Business Law introduces students to a number of fundamental legal concepts that can arise in a commercial context. The focus of the module is on business transactions within a statutory and common law context. The aim is to provide students with an understanding of the lawyers’ skills required by those involved in business. Specific topics covered in the module include: consensual and non-consensual transactions; sale and supply of goods and services; issues in intellectual property; and the insolvency legal regime.
Optional modules.

Management of International Finance (10 credits: TB2)

The emphasis of this module is on the management aspects of international financial issues. Lectures focus on three main areas:

• the theoretical background to international finance.

• the tools used in financial engineering.

• case studies of typical business problems in international finance.

A main focus of the course will be to equip students with the necessary skills to understand the pricing of financial derivatives and their use in international finance. In doing so a selection of up-to-date banking products will be critically evaluated and their use, abuse and limitations in risk management and financial planning assessed.

Management issues on short and long-term finance in a multinational setting will be comprehensively dealt with in the module. Similarly, related accounting and taxation matters will be touched on to ensure that students are aware of the critical contribution these areas make to understanding the financial decisions made by firms in an international context.

Case studies developed by individual students or groups of students on the module will provide students with the practical experience of applying the instruments and theories taught in lectures. The case studies component is intended to both reinforce and promote a greater awareness of the issues involved in the management of international finance.
Optional modules.

Corporate Finance (10 credits: TB2)

This module is designed to provide students with an in depth knowledge of the main areas of company financial decision making including capital budgeting, dividend policy and capital structure. Particular emphasis is placed in the module on the practical consideration of issues that are likely to confront a finance manager in a working business. Topics covered in the module include: the role of the financial manager; investment criteria and discounted cash flow analysis; capital budgeting; the cost of capital; financing options; dividend policy and capital structure; short term financial decisions; and corporate control issues.
Optional modules.

Labour and Personnel Economics (10 credits: TB2)

This modules provides a theoretical framework that will enable students to analyse and understand the ways in which ‘labour market’ issues affect the nature and scope of business activity. In particular, the module is concerned with explaining the nature of the firm’s employment contract with its workforce and why firms choose to pay workers what they do. Compensation systems are considered in this course from both a theoretical and empirical perspective. Topics covered include: elements of the labour demand and supply decision; human capital theory and skill acquisition; workers’ compensation and its relationship to worker motivation; team-working and the nature of job designs; job evaluation; and institutional features affecting labour contracts.
Optional modules.

Assessment

A combination of course work and examinations will be used to assess all taught modules used in the final degree classification. In all core modules the weighting used will be 75% on a three-hour examination and 25% on coursework. For option modules, on the other hand, the examination/coursework split will be 60/40.

To be awarded an MSc(Econ) in Business Economics students must pass both Part I and Part II of the scheme. Students will only be allowed to progress to Part II, therefore, when Part I has been successfully completed. Module marks will be used to classify students according to the following scales established by the University (Enabling Regulations for Modular Degrees, University of Wales October 1998):

Part I (the taught element)

70% +: Distinction level.
50-69%: Candidates eligible to proceed to Part II.
40-49%: Candidate may not proceed to Part II (supervised dissertation), but is eligible for the award of a Postgraduate Diploma in Business Economics.
0-39%: Fail

Part II (supervised dissertation)

70% +: Distinction level.
50-69%: Pass.
0-49%: Fail.

Under the MSc(Econ) in Business Economics scheme candidates who complete Part I, but do not take (or fail to pass) Part II, exit with a Postgraduate Diploma in Business Economics. The postgraduate Diploma in Business Economics is also offered as an exit qualification to those candidates who fail to satisfy the examiners in Part I, but who have a combined average of 40% or more on the modules taken in Part I.

A candidate who obtains less than 50% in any module may, with the permission of the Examining Board, be re-examined in that module one subsequent occasion within the overall time-limit prescribed under University regulations.

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Degrees by Research: MPhil and PhD

Students are admitted to undertake supervised research leading to the degree of MPhil or PhD.

MPhil degree by research

Applicants for the MPhil should normally hold a first or upper second degree in Economics or a related subject. The MPhil degree involves a minimum of one year's research and assessment is purely based on a thesis, the length of which is normally in the order of 50,000 words.

Research supervision is available in a variety of areas of Economics, in particular those listed under the departmental research themes; the research interests of individual members of staff can be found in the staff profiles.

PhD degree by research

Applicants for the PhD must hold a Master's degree in Economics or a related subject. The PhD degree involves a minimum of two years research. Assessment is based purely on a written thesis, the length of which is normally in the order of 100,000 words. 

Research supervision is available in a variety of areas of Economics, in particular those listed under the departmental research themes; the research interests of individual members of staff can be found in the staff profiles.

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Fees

The tuition fees for the MSc(Econ) in Business Economics in 2000/2001 are:

UK and other European Union students: stg. 2675
Non-EU overseas students: stg. 6470

The tuition fees for the MPhil and PhD degrees by research in Economics in 2000/2001 are:

UK and other European Union students: stg. 670 (part-time),   stg. 2675 (full-time)
Non-EU overseas students: stg. 3235 (part-time), stg. 6470 (full-time)

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Scholarships

A number of scholarships are available within the department for students on the MSc(Econ) in Business Economics. These awards will cover all course fees as well as a bursary towards living costs.

In addition, a number of University bursaries are currently available to appropriately qualified students. University bursaries are awarded on a competitive basis and are open to all postgraduate students studying at the University.

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Admissions Procedures

All admissions enquiries, both formal and informal, should be directed to the postgraduate admissions tutor Professor Philip Murphy.

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