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2015/2016  BA-BASPV1234U  Emerging Markets - Societies in transition

English Title
Emerging Markets - Societies in transition

Course information
Language English
Course ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration One Quarter
Start time of the course Third Quarter, Spring
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 55
Study board
Study Board for Asian Study Programme
Course coordinator
  • Niels Mygind - Department of International Economics and Management (INT)
Main academic disciplines
  • Globalization and international business
  • International political economy
  • Economics
Last updated on 26-02-2015
Learning objectives
To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors: The course will prepare students to:
  • understand the institutional changes in the transition to a developed market economy
  • understand trends and interactions between politics, institutions and economy in emerging markets and the role of institutions for growth and business development
  • understand and explain the role of the emerging economies in the globalization process
  • understand the risks and opportunities in emerging markets
  • identify similarities and differences between the development in different emerging markets
  • discuss, critically assess and apply theories and concepts presented throughout the course
  • identify relevant indicators for political risk, institutional quality and economic development and find updated information using the internet and the CBS library
  • 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.
Examination
Oral exam based on a written product:
Exam ECTS 7,5
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 per student
Assignment type Project
Duration
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
Make-up exam/re-exam
Another examination form
Make-up exam (if you participated at the exam and failed it): Hand-in an addendum of 2-3 pages per student together with the original project.
Re-take (if you were absent at the ordinary exam): Hand-in an addendum of 2-3 pages per student together with the original project.
Following there will be a 20 minute oral 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 may be complemented with specialized literature on the country-cases. Students shall make teams of 3-5 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 (and if interest also Indonesia) 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:

  • Globalization, institutional development and emerging markets, and a model for analyzing societies.
  • Catching up growth and indicators for institutional development.
  • Stabilization and liberalization/institutional change, privatization and enterprise governance & restructuring,
  • Russia and Eastern Europe – transition from command to market economy
  • China – Virtuous circles in Chinese growth - can it go on?
  • India – democracy and economic development - risks and opportunities
  • Brazil – macro stabilization, development and inequality
  • ASEAN with focus on Indonesia
  • 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 the web and LEARN.
Expected literature

 

Asian Development Bank (latest) Asian Economic Outlook / Update - http://www.adb.org
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
http://knowledge.wharton.upenn.edu/papers/download/020111_RethinkingOperationsforaTwo-speedWorld.pdf

Branstetter L. and N. Lardy (2006): China’s embrace of globalization, NBER working paper series no. 12373 pp 3-56.

Cunha O. (2013) Redefining Brazil’z Emerging Middle Class, BCG, 14 pages

https://www.bcgperspectives.com/content/articles/center_consumer_customer_insight_globalization_redefining_brazils_emerging_middle_class/

Branstetter L. and N. Lardy (2006): China’s embrace of globalization, NBER working paper series no. 12373 pp 3-56.
Deutsche Bank Research: (2006): Brazil: O pais do futuro? – Economic scenarios for the next 15 years. pp 1-10. www.dbresearch.de
EBRD: Transition report (latest), London. http://www.ebrd.com
Economist: Special report on India (Sept  2012); Brazil (Oct 2013); Briefing: China and the environment - The East is Grey (August 2013)

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
Goldman Sachs (2007): BRICs and Beyond 
  http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-book/brics-full-book.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
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 26-02-2015