Economics Syllabus (Spain)

GLOBAL ECONOMIC ENVIRONMENT
Doble grado Administración de Empresas y Relaciones

Internacionales / Dual Business Administration and
International Relations BBABIR SEP-2024 GEE-NBAIR.2.M.A
Area Economics
Number of sessions: 30
Academic year: 24-25
Degree course: SECOND
Number of credits: 6.0
Semester: 2º
Category: BASIC
Language: English
Professor: MARIA TERESA SANTERO QUINTILLA

E-mail: mtsantero@faculty.ie.edu
MARIA TERESA SANTERO QUINTILLA

Teresa Santero holds a PhD in Economics from the University of Illinois at
Chicago (USA) and a Bachelor’s Degree in Business Administration from the
University of Zaragoza (Spain). In the academic area, she has been Associate
Professor at IEU since 2012, visiting Professor at the Universidad Complutense
de Madrid and Lecturer and Research Assistant at the University of Illinois in
Chicago. Outside academia, she has held high ranking positions in the Spanish
Public Administration (Secretary General for Industry in the Spanish Ministry of
Industry, Energy and Trade, Secretary General at the Social Affairs Department
of the Regional Government of Aragon and Director General for Economic
Policy in the Department of Finance, Economy and Labour of the Regional
Government of Aragon) and has also worked for international organizations
(ten years as an economist at the Economics Department of the Organisation
for Economic Cooperation and Development – OECD- in Paris). She is
currently member of the Board of Directors of CaixaBank, has been member of
several other Boards of Directors (ICO, NAVANTIA, SEPI and Aragon´s
Tecnological Institute) and has chaired the Board of Directors of Gerencia del
Sector Naval. She has also been head of the Spanish Delegation at the
European Space Agency (ESA).
Office Hours
Office hours will be on request. Please contact at:
Questions over email: 7/7

Presential tutoring by appointment.
CONTACT DETAILS: email: mtsantero@faculty.ie.edu
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SUBJECT DESCRIPTION
Business decisions are driven by the goal of maximizing profits. Managers

develop and implement strategic plans covering various aspects of their
operations, such as technology, labor, pricing, and marketing. A key element
underlying any business strategy is the set of assumptions made regarding the
economic environment. Those assumptions might be explicit or implicit in the
plans, but should never be ignored, because they will play a big role in ensuring
the final success of the strategic decisions adopted.
The Economic Environment, for any given company, can be defined as the
complete collection of factors external to the company, exogenous to their
decision-making process, that have an impact in business performance.
Factors to be considered are wide ranging and their impact in business also
varies widely. From macroeconomic aspects, like cyclical conditions of
consumer demand and disposable income, to political or institutional features,
like market structure or the rule of law, to socio-economic considerations, like
health status or safety and security concerns. Most factors considered as
Economic Environment are dynamic, they change over time, so that
assumption made on their regard need also to be constantly revised and
updated. Government decisions and government polices also play a key role
explaining the dynamics of the economy. Some economic changes take place
in the short term (due to economic cycles or government decisions) and some
take decades to change (known as structural changes or structural reforms).
Keeping track of changes in the economic environment and understanding their
economic implications is crucial for business managers as well as for policy
makers.
In summary, prevailing and prospective economic conditions in any country
should be always a key consideration when making all kinds of business or
policy decisions. The right business environment is a prerequisite for the
success of any entrepreneurial project, as well as for getting reasonable returns
on any financial investment. This course is designed to provide students with
the basic tools to assess the economic conditions prevailing in a country at a
given point in time, to appraise its expected evolution through time, and to
extrapolate the consequences of that for business activity. It will also provide
the tools to understand the relationship between public policies and economic
performance, and to assess the adequacy of alternative economic policies for
the needs of the countries.
LEARNING OBJECTIVES
After completing this course, students should be capable of analyzing and

understanding economic events, of appraising the overall state of any
economy, of identifying its strengths and weaknesses for business activity in
the short and the long run, and of making their own assessment regarding
economic policies in place and those that should be undertaken to improve
economic performance in every country (often the subject of heated economic
debates). For this, the course will develop a comprehensive framework of
analysis, covering all aspects of the economy of a country of relevance for
business activity. Focus will be on the role of the government and its economic
policies in helping or disturbing the country´s economic performance.
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Macroeconomic variables (GDP, employment, inflation, interest rates and
exchange rates) and macroeconomic policies (fiscal and monetary policies) will
be examined, as well as other factors like the institutional framework and
structural policies. In all cases the central question will be to identify the links
between the economic environment and business performance. Analytical
treatment of underlying theory will be kept as simple as possible and the course
will have a strong practical orientation. Students will work through the course
on a case study project that will require the implementation of the main aspects
of the theoretical framework provided for analysis.
Environmental, social and governance (public and corporate) issues will arise
in the context of daily debates regarding the performance of the economy of
countries and the role of governments in economic life. Students will be
encouraged to highlight sustainability concerns, to use economic tools to
analyze the challenges involved, and to use economic analysis to identify
appropriate answers.
TEACHING METHODOLOGY
IE University teaching method is defined by its collaborative, active, and applied nature. Students
actively participate in the whole process to build their knowledge and sharpen their skills.
Professor’s main role is to lead and guide students to achieve the learning objectives of the course.
All GEE sessions will combine reviews of the theoretical concepts, discussions of real life economic
events, and practical exercises of economic analysis. Theoretical reviews and practical analysis
during sessions will take similar shares of time, therefore students should be ready to work on their
own and study the theory with the help of study material and the course textbook. Learning material
and detailed guidelines will be provided at the beginning of the course to support the self-study.
The diverse range of teaching techniques and different types of learning activities will imply the
following allocation of time:
Learning Activity Weighting Estimated time a

student should
dedicate to prepare for
and participate in
Lectures 26.7 % 40.0 hours
Discussions 13.3 % 20.0 hours
Exercises in class, 13.3 % 20.0 hours
Asynchronous sessions,
Field Work
Group work 16.7 % 25.0 hours
Individual studying 30.0 % 45.0 hours
TOTAL 100.0 % 150.0 hours
AI POLICY
USE OF AI IN THIS COURSE
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Access to Artificial Intelligence (AI) has unlocked a myriad of opportunities for learning
Macroeconomics. It has the potential to enhance and streamline the learning process by offering in-
depth insights into various topics, real-life economic scenarios, and personalized explanations of
intricate theoretical concepts. Nonetheless, the utilization of AI must be conducted responsibly and
in accordance with ethical principles. Course assignments will specify the permissible use of AI
within their instructions, and students are expected to adhere to the prescribed guidelines. In all
instances, the utilization of AI tools, texts, sources, or outputs must be appropriately acknowledged.
Assignments should accurately reflect the value contributed by students, ensuring that such
contributions are distinctly attributable[1].
[1] The drafting of this text has been revised and improved by ChatGPT
PROGRAM
SESSION 1 (LIVE IN-PERSON)

Course Presentation
Syllabus and Assigments lnstructions

Review of the Basic Model AS/AD and Business Cycles.
Sustainability Topics: ESG in the context of Economic News Debate.
Book Chapters: Macroeconomics, Understanding the Global Economy (chapter 11, excluding
section 7) (See Bibliography)



Understanding Fiscal Crises: Fiscal Policy.
Book Chapters: Macroeconomics, Understanding the Global Economy (chapter 14) (See
Bibliography)
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Bibliography)

Bibliography)

The Role of Government: Stabilization Policies.

Book Chapters: Macroeconomics, Understanding the Global Economy: Chapter 15 (sections 1, 2,
3) (See Bibliography)



Understanding Fiscal Crises: Sovereign Debt and Default.

Bibliography)

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Bibliography)

Bibliography)

Understanding Financial Crises: Financial Markets and Economic Performance.

sections 4, 6, 7 and 8) (See Bibliography)


Midterm I
Includes Textbook chapters 11, 14, 15 and 18.


Understanding Financial Crises: The Bankig Sector

Bibliography)

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Bibliography)

Bibliography)

Understanding Currency Crises: Exchange Rate Determination and The Balance of
Payments.

Book Chapters: Macroeconomics, Understanding the Global Economy: Chapter 19 (excluding
section 6) and Chapter 20 (1, 2, 3) (See Bibliography)

Payments.

Payments.

Currency Crises.
Bibliography)

Currency Crises.
Bibliography)
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Currency Crises.
Bibliography)

Extensions, Group Assignment Presentations.



Midterm II
Includes Textbook Chapters 16, 17, 19, 20, 21
EVALUATION CRITERIA
There will be two midterms, each worth 30% of the final grade. Each exam will cover half of the
material. Passing the course will require a minimum average grade of 5/10 in the two midterms.
This course has no Final exam. Failing the course will mean retaking all the course material in the
extraordinary call. All exams will be PRESENTIAL. Exams instructions are provided below in
section Macro Exam Instructions.
Participation is compulsory. Two main criteria will be used in reaching judgment about participation,
frequency and quality of contributions. Lack of contribution in class activities will be graded as 0.
Detailed instructions regarding learning activities will be posted on Blackboard since the beginning
of the course.
Up to ten extra points (over 100) can be awarded (bonus) or extracted (malus) for extraordinary
contributions (+) or penalties for class misbehavior (-)
criteria percentage Learning Comments

Objectives
Class Participation 10 % Class Participation
Assignments/Pres 30 % Learning Activities
entations
Exams 60 % Two Exams
RE-SIT / RE-TAKE POLICY

RE-SIT / RE-TAKE POLICY
Each student has four (4) chances to pass any given course distributed over two (2) consecutive
academic years. Each academic year consists of two calls: one (1) ordinary call (during the
semester when the course is taking place); and one (1) extraordinary call (or “re-sit”) in June/July.
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Students who do not comply with the 80% attendance requirement in each subject during the
semester will automatically fail both calls (ordinary and extraordinary) for that Academic Year and
have to re-take the course (i.e., re-enroll) during the next Academic Year.
The Extraordinary Call Evaluation criteria will be subject to the following rules:
Students failing the course in the ordinary call (during the semester) will have to re-sit evaluation for
the course in June / July (except those students who do not comply with the attendance rule, and
therefore will not have that opportunity, since they will fail both calls and must directly re-enroll in
the course during the next Academic Year).
It is not permitted to change the format nor the date of the extraordinary call exams or deadlines
under any circumstance. All extraordinary call evaluation dates will be announced in advance and
must be taken into consideration before planning the summer (e. g. internships, trips, holidays,
etc.)
The June/July re-sit will consist of a comprehensive evaluation of the course. Your final grade for
the course will depend on the performance in this exam or evaluation only. I.e., continuous
evaluation over the semester (e. g. participation, quizzes, projects and/or other grade components
over the semester) will not be taken into consideration on the extraordinary call. Students will have
to achieve the minimum passing grade of 5 and the maximum grade will be capped at 8.0 (out of
10.0) – i.e., “notable” in the extraordinary call.
Re-takers: Students who failed the subject on a previous Academic Year and are now re-enrolled
as re-takers in a course will need to check the syllabus of the assigned professor, as well as
contact the professor individually, regarding the specific evaluation criteria for them as re-takers in
the course during that semester (ordinary call of that Academic Year). The maximum grade that
may be obtained as a retaker during the ordinary call (i.e., the 3rd call) is 10.0 (out of 10.0).
After exams and other assessments are graded by the professor (on either the ordinary or
extraordinary call), students will have a possibility to attend a review session (whether it be a final
exam, a final project, or the final overall grade in a given course). Please be available to attend the
session in order to clarify any concerns you might have regarding your grade. Your professor will
inform you about the time and place of the review session.
Students failing more than 18 ECTS credits after the June/July re-sits will be asked to leave the
Program. Please, make sure to prepare yourself well for the exams in order to pass your failed
subjects.
In case you decide to skip the opportunity to re-sit for an exam or evaluation during the June/July
extraordinary call, you will need to enroll in that course again for the next Academic Year as a re-
taker, and pay the corresponding tuition fees. As you know, students have a total of four (4) allowed
calls to pass a given subject or course, in order to remain in the program.
GLOBAL ECONOMIC ENVIRONMENT EXAMS INSTRUCTIONS
GEE exams will follow IEU Close-Book Exams – Policy (available in Blackboard), prepared by
Program Managers to ensure fair and ethical behavior on the part of all students. On top of those
general instructions, some more specific rules will apply in this subject:
All exams will be PRESENTIAL with no possible exemptions. Students must be able to show their
University ID. They must also sign an attendance document provided by the professor/invigilant.
Failing to bring the ID will prevent from taking the exam, and failing to sign for attendance will be
considered an absence and, therefore, the grade will be zero.
Computers/tablets must be connected to IE University wifi in order to be able to monitor, if
necessary, the use of internet during the exam. Exams submitted from other connections will be
turn down and graded with zero.
All electronic devices other than the laptop or tablet for the exam (smartwatches, cell phones,
headphones, etc) should be put away and remain out of sight during the exam.
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To ensure that no unethical behavior takes place, exams for will be given either on paper format or
proctored with Smowl. If Smowl is used, students must make sure to have all files, programs,
and apps fully closed. If some files, programs, or apps, are found opened, it will be assumed that
the student is cheating, the grade will be zero, and the incident will be reported to the Ethics
Committee. Smowl must be connected all through the exam, any technical disruptions should be
immediately reported to the professor/invigilant. Working out the exam without proctoring, for any
lapse of time, will be considered cheating.
For non-paper exams, the computer screen should visible and display a degree of brightness that
allows the professor/invigilant to monitor the exam. If it is covered or shows excessive dimness, the
student will be requested to change.
If students are allowed to leave the exam before everyone has finished, they must show proof of
submission to the professor/invigilant (a square message generated once you fully submit).
Exam questions will be displayed one at a time with no backtracking allowed.
BIBLIOGRAPHY
Compulsory
- D. Miles, A. Scott and F. Breedon. (2012). Macroeconomics, Understanding the
Global Economy. 3rd Edition. John Wiley & Sons. ISBN 9781119995715 (Digital)
BEHAVIOR RULES
Please, check the University's Code of Conduct here. The Program Director may
provide further indications.
ATTENDANCE POLICY
Please, check the University's Attendance Policy here. The Program Director may
ETHICAL POLICY
Please, check the University's Ethics Code here. The Program Director may
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GLOBAL ECONOMIC ENVIRONMENT

Doble grado Administración de Empresas y Relaciones

Professor: MARIA TERESA SANTERO QUINTILLA

MARIA TERESA SANTERO QUINTILLA

Questions over email: 7/7

Business decisions are driven by the goal of maximizing profits. Managers

After completing this course, students should be capable of analyzing and

Learning Activity Weighting Estimated time a

USE OF AI IN THIS COURSE

SESSION 1 (LIVE IN-PERSON)

Syllabus and Assigments lnstructions

SESSION 2 (LIVE IN-PERSON)

SESSION 3 (LIVE IN-PERSON)

SESSION 4 (LIVE IN-PERSON)

SESSION 5 (LIVE IN-PERSON)

SESSION 6 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 7 (LIVE IN-PERSON)

SESSION 8 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 9 (LIVE IN-PERSON)

SESSION 10 (LIVE IN-PERSON)

SESSION 11 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 12 (LIVE IN-PERSON)

SESSION 13 (LIVE IN-PERSON)

SESSION 14 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 15 (LIVE IN-PERSON)

SESSION 16 (LIVE IN-PERSON)

SESSION 17 (LIVE IN-PERSON)

SESSION 18 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 19 (LIVE IN-PERSON)

SESSION 20 (LIVE IN-PERSON)

SESSION 21 (LIVE IN-PERSON)

Sustainability Topics: ESG in the context of Economic News Debate.

SESSION 22 (LIVE IN-PERSON)

SESSION 23 (LIVE IN-PERSON)

SESSION 24 (LIVE IN-PERSON)

SESSION 25 (LIVE IN-PERSON)

SESSION 27 (LIVE IN-PERSON)

SESSION 28 (LIVE IN-PERSON)

SESSION 29 (LIVE IN-PERSON)

SESSION 30 (LIVE IN-PERSON)

criteria percentage Learning Comments

RE-SIT / RE-TAKE POLICY

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