Institute: Gazdaság- és Társadalomtudományi Intézet (1084 Budapest, Tavaszmező u. 15-17.) Credit: 3
Type of classes: Nappali Language: angol Semester: 2011/12/1
Level: Gazdálkodási és menedzsment BSc alapszak; Műszaki menedzser BSc alapszak;
Responsible Teacher: Dr. Szekeres Valéria Teacher(s): Dr. Szekeres Valéria;
Pre requirements: English exam of intermediate level type A or B, or accomplishment of a course for terminology. For students of business and management: English terminology I-II.
Consultations (total/week): Heti Lectures: 1 Practice lectures: 1 Labs: 0 Consultations: 0
Type of Exam: félévközi jegy
Aim of the subject: The objective of this course is to provide an in-depth introduction, within the frame of lectures and seminars, to the Japanese economy and business, by the help of studying the basic terms of international economics.

Course Description: Terms of the basic trade model: scale economies, increasing returns to scale, comparative advantage, intra-industry and inter-industry trade. Trade according to the Heckscher-Ohlin theorem and the product-cycle theory. Selected issues of international capital movements: multinational companies and foreign direct investment. Measures of trade control. Preferential trading arrangements: EU and free-trade agreements around the world. Factors behind the evolution of the modern Japanese economy around the turn of the 20th century. Formation of the modern state. Steps of democratization of the economy after the World War II. Consequences of the Korean War. Analysis of the rapid growth between 1950 and 1973. Impacts of the oil crises. Characteristics of the Japanese industrial policy and industrial organizations. Financial markets and monetary policy: the main bank system and the role of the Bank of Japan. Consequences of the Japanese „bubble economy” in the 1990s. Unique characteristics of the Japanese labor market. Elements of the Japanese production system. How do Japanese work at firms? Experience of a former employee in Japan. Japan’s economic relations with the USA and Asia. Trade and flow of direct investment between Japan and Europe. Facts about Hungary’s Japanese relations: trade, investments and scholarship agreements.
During the lectures and seminars, students can put questions concerning the topic and/or discuss the English vocabulary of the lecture of the day. There will also be opportunity to give presentations in group on relevant issues of the Japanese and international economy. Upon completion of the course, students will have an understanding of issues of global economy and can communicate about such issues in English. Also, students wishing to work for Japanese companies or to study in Japan will have an advantage in the future.

Requirements during the semester
(homeworks, essays,
excercises, teamworks,
part and final
oral/written exam etc.):
Students are required to attend regularly the seminars and to give a short lecture on a topic of international economics or Japanese economy. To receive a credit, students are also required to take a written exam during seminar.
Week of
Topics of lectures/practices
1. Introduction
2. The basic trade model I
3. The basic trade model II
4. Capital movements and international companies
5. Trade policies and trading arrangements
6. Formation of the modern Japanese economy
7. Democratization after the World War II
8. Period of the rapid growth
9. Industrial policy and industrial organizations
10. Presentations I
11. Presentations II
12. The „lost” 1990s – the period of stagnation
13. Characteristics of labour market
14. Test
Type of evaluation,
repetition, calculation
of grade, etc.
written exam
Compulsory literature: Flath, David: The Japanese economy, Oxford University Press, 2000. (some parts)
Van Marrewijk, Charles: International economics, Oxford University Press, 2007. (some parts)
Other literature:
Methods of
quality assurance
of the subject :
The person, responsible for the course has to ensure that the aim, content, schedule and the method of exam are according to the course description, whereas meet changing demands.