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Course information

Language English
Exam ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration One Quarter
Course period Spring
Changes in course schedule may occur.
tuesday 11.40-13.20, week 6-8,10-13
tuesday 11.40-14.15, week 9.
thursday 11.40-13.20, wwek 6-7,10-13
thursday 11.40-14.15, week 8-9
Time Table Please see course schedule at e-Campus
Max. participants 55
Study board
Study Board for Asian Study Programme
Course coordinator
  • Niels Mygind - Department of International Economics and Management (INT)
Administration: Kathrine Christoffersen klc.stu@cbs.dk
Main academic disciplines
  • Globalization, International Business, markets and studies
  • International Political Economy
  • Economics, macro economics and managerial economics
Last updated on 02-01-2014
Learning objectives
The course will prepare students to:
  • 1. understand the institutional changes in the transition to a developed market economy
  • 2. understand trends and interactions between politics, institutions and economy in emerging markets and the role of institutions for growth and business development
  • 3. understand and explain the role of the emerging economies in the globalization process
  • 4. understand the risks and opportunities in emerging markets?
  • 5. identify similarities and differences between the development in different emerging markets
  • 6. present, critically assess and apply theories and concepts presented throughout the course
  • 7. identify relevant indicators for political risk, institutional quality and economic development and find updated information using the internet and the CBS library
  • 8. be able to use the analysis of emerging economies as background for proposing strategies for companies doing or planning to do business in these markets
Course prerequisites
All undergraduates, with some basic economics background preferred.
Oral exam based on a written product:
Examination form Oral exam based on written product

In order to participate in the oral exam, the written product must be handed in before the oral exam; by the set deadline. The grade is based on an overall assessment of the written product and the individual oral performance.
Individual or group exam Group exam, max. 5 students in the group
Max 5 pages pr. student
Assignment type Project
Written product to be submitted on specified date and time.
20 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Grading scale 7-step scale
Examiner(s) Internal examiner and second internal examiner
Exam period Spring Term
Make-up exam/re-exam
Same examination form as the ordinary exam
Description of the exam procedure
The project involves analyzing one of the issues related to emerging markets. The specific themes will be based on the various topics and theoretical frameworks presented in the course and applying them to the experiences of one or more selected emerging markets. The course-readings are important introductions to the subject of institutions in emerging markets and should be complemented with specialized literature on the country-cases. Students shall make teams of 3-6 persons and write projects of max. 5 pages per student. At the oral exam the team start with a short presentation followed by discussion and questions directed to individuals in the team. Individual grading of the course will be based both on specialist knowledge (as shown in the project and in the oral exam) and on general knowledge of the field (as shown in the oral exam).
Course content and structure

 Course content
The course provides students with knowledge of the development in emerging markets including societies in transition. The emphasis is on large economies such as the BRIC-countries: Brazil, Russia, India and China, but also smaller economies in Asia and Eastern Europe are included as well as other emerging markets. Students are at liberty to choose any emerging market and a theme for their projects. However, ASP students must choose an Asian country for deeper analysis. The course focuses on the institutional changes which have opened up for high growth in these economies.
The course gives an overview of recent political, institutional and economic developments in main emerging markets. It is based on an interdisciplinary framework to focus on, how institutions have changed, how they contribute to economic growth and development, and how they continue to act as barriers to change. The focus is on the interaction between politics, institutions (formal and informal - culture) and the economy. Special emphasis is put on the relation between enterprises and the development at the level of society.

Preliminary plan for the course:
Preliminary plan for the course:
1. Globalization, institutional development and emerging markets, and a model for analyzing societies.
2. Growth and indicators for institutional development.
3. Stabilization and liberalization/institutional change, privatization and enterprise governance & restructuring,
4. China – Virtuous circles in Chinese growth - can it go on?
5. India – democracy and economic development - risks and opportunities
6. Brazil – macro stabilization, development and inequality
7. Russia and Eastern Europe – transition from command to market economy
8. Globalization, FDI, and integration. The role of Emerging Economies in the World Economy

Teaching methods
The course is lecture-based and complemented by class discussions and team presentations of country-cases and themes. The course leads towards a project prepared by student teams on one or more emerging marketsof their choice. Presentations, literature, data and case materials are accessible through LEARN.
Expected literature


Basu, K. 2012, The Indian Economy: Rising to Global Challenges, Cornell University, https://crawford.anu.edu.au/acde/asarc/pdf/narayanan/oration/2012oration.pdf
BCG/Knowledge Wharton (2007): What’s next for India –beyond the back office, 15p. http://knowledge.wharton.upenn.edu/papers/download/manufacturingindiareport.pdf
BCG/Knowledge Wharton (2011): Rethinking Operations for a Two-speed World, special report, pp. 1-19
Bush, R. (2011), “As Number One, China to Face Hour of Choice”, YaleGlobal, June 30. http://yaleglobal.yale.edu/print/7149
Branstetter L. and N. Lardy (2006): China’s embrace of globalization, NBER working paper series no. 12373 pp 3-56.
Böttcher & Deuber: As time goes by… Mixed showing after five years of EU eastern enlargement, DBResearch 12-05-2009, pp. 3-14 + 26-30. http://www.dbresearch.de/PROD/DBR_INTERNET_EN-PROD/PROD0000000000241156.pdf
Deutsche Bank Research: (2006): Brazil: O pais do futuro? – Economic scenarios for the next 15 years. pp 1-10. www.dbresearch.de
Deutsche Bank Research (2011): China’s financial integration into the world economy, pp 1-15. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000281144.pdf
EBRD: Transition report (latest), London. www.ebrd.com
Economist: Special report on India (Sept 29, 2012); Brazil (Oct
Goldman Sachs (2010), “Is this the ‘BRICs Decade’?”, BRICs Monthly, Issue 10/03, May. http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-dream.pdf
IMF (2005): World Economic Outlook, September, ch. 3 Building Institutions pp.125-153 http://www.imf.org/external/pubs/ft/weo/2005/02/pdf/chapter3.pdf
IMF: relevant recent country reports.
Mygind N. (2011): Transition from plan to market – a PIE analysis, CBS, (25 pages), January 2011. http://openarchive.cbs.dk/handle/10398/8486
Mygind N. (2008): Virtuous circles in Chinese growth - can it go on? 24 pages
Mygind, N. (2007): The PIE Model: Politics, Institutions, Economy, A Simple Model for Analysis of the Business Environment, CEES/CBS (26 pages), http://openarchive.cbs.dk/cbsweb/handle/10398/7062
OECD recent Economic Surveys for Brazil, Russia, India, China – through CBS Library with access to OECD I-library
Redding, G. (2005).’The Thick Description and Comparison of Societal Systems of Capitalism,’ Journal of International Business Studies, 36: 123–155
Tushar Podder and Eva Yi ( 2007): India’s Rising Growth Potential in pp 11-25 , in BRICs and Beyond, Goldman Sachs 2007, BRICs and Beyond, http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-book/brics-full-book.pdf
UNCTAD (latest): World Investment Report. www.unctad.org
UNDP (latest): Human Development Report. http://hdr.undp.org
Wilson, D. and Purushothaman, D. (2003),”Dreaming with BRICs: the Path to 2050”, Global Economics Paper No. 99, New York, Goldman Sachs. http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-dream.pdf
World Bank (2011), Multipolarity: The New Global Economy, Overview pp. 1-10, Global Development Horizons 2011 http://siteresources.worldbank.org/INTGDH/Resources/GDH_CompleteReport2011.pdf
World Bank (2013): China 2030, Building a Modern, Harmonious and Creative Society, Part 1, pp. 1-65 http://www.worldbank.org/content/dam/Worldbank/document/China-2030-complete.pdf
Xavier et al (2013): Charting a steady course-turning Brazil into a business and investment hub, BCG pp 3-16 https://www.bcgperspectives.com/content/articles/globalization_mergers_acquisitions_charting_a_steady_course_turning_brazil_into_business_investment_hub/
Last updated on 02-01-2014