UNIVERSITY OF NATIONAL AND WORLD ECONOMY
COURSE TITLE: INTERNATIONAL MARKET STUDIES
SEMESTER: (WINTER or SUMMER)
TEACHER’S NAME: Associate Professor Elka Micheva, PhD
OFFICE:
E-MAIL:
1. ANNOTATION
The “International Market Studies” course has been taught since 1955; it is designed for the
students majoring in the “International Economic Relations” specialty (the former “Economics of
Foreign Trade”). It is taught on the basis of the following academic subjects: “Basics of Micro- and
Macroeconomics”, “Statistics”, “Marketing”, and “World Economy”. They provide the necessary
knowledge that creates the links to the “International Market Studies” discipline.
The creator of the discipline who laid the foundations of its teaching in the course was Prof. Dimitar
Vassilev. He was the first to introduce marketing as a university subject in Bulgaria and in the
“International Economic Relations” course in the beginning of the 1980s. Of course the
development of market knowledge teaching is related to the fact that all marketing activities are
based on results from market studies. At that time, however, to do what was logical and innovative
required a lot of courage which only a few had. But Prof. Dimitar Vassilev had it…
“International Market Studies” together with “International Marketing” provide a quality package of
market knowledge and skills that can be acquired only in the “International Economic Relations”
specialty. As regards analysis of international markets, the two courses have common features in
terms of research tools and analytical language. But there are also a number of substantial
differences between them regarding the aim and the object of the research, the scope of research,
and the supply of information. It is precisely these differences that provide the students majoring in
“International Economic Relations” with richer and versatile market knowledge.
In the international business syllabus in Western universities, especially in England and the USA, the
international market studies are included in the international marketing discipline. In this regard,
both the market characteristics and market researches are discussed exclusively from managerial
point of view. The market focus is what distinguishes the “International Market Studies” course
from all “International Marketing” courses which are management-oriented.
“Traditional and always up-to-date” – these three words summarize the most important features of
the course. It is one of the disciplines with the longest traditions and the largest accumulated
experience in teaching. At the same time, it is one of the most dynamic subjects: its content has
been constantly updated and enriched in accordance with the new processes and phenomena
occurring in international markets and under the demand of business for market knowledge.
“International Market Studies” is a basic lecture course. The place it has in the professional
knowledge system means the following: first, it provides theoretical, methodological, and practical
knowledge about international markets on industry and product level; second, it provides the
methodological basis on which other professional subjects of the Bachelor’s degree with a more
specialized character are built on.
2. LANGUAGE OF TEACHING
ENGLISH
3. COURSE CONTENT (TOPICS)
The internationalization of the world economy and the international markets knowledge.
Major trends in the studies of the international markets. Emphasis and priorities of market
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researches in the subjects “International Market Studies” and “International Marketing”.
Differences between market and marketing researches.
Features of international markets as an object of study. Systematic approach and systematic study
of the markets.
Types of international markets by type of competition. Features of the market mechanism under
different market structures.
Types of international markets according to territorial sign and accessibility.
Types of international markets according to industry and commodity classes.
Classifications of the types of markets as object of market researches.
Factors influencing international markets (conjuncture factors). Classifications. Specific reference to
the major geopolitical, geo-economic, cyclical and non-cyclical long-term basic processes on the
international arena which strongly influence the world economic and market situation.
Basic and derivative indicators for analyzing and forecasting the world, regional, and countries’
economic situation as well as the current and future scenarios of different industries.
A system of indicators (basic and derivative) for studying market developments, volatility and trends
at the international commodity markets. Methodology of the leading indicators as a short-term
forecasting tool. The Index of Leading Indicators of the US Department of Commerce.
Corporate indicators for determining the position of a company at its sectoral market.
Forecasting of international markets - specificity, basic approaches and methods, information issues
relating to the statistical resources of market forecasts.
International and corporate market information systems.
The product’s economic significance as an object of research. Market analysis in triple dimension:
product- and territorial structure and time horizon. Description of the market research as an
information process. Organization of the information activity, concerning the raising, processing,
structuring and analyzing of the information about a definite international commodity/product
market. Methods to evaluate the use of the market conjuncture. Methods to define the size of an
export- and an import market from the point of view of an exporter and an importer.
Peculiarities of the international market research of agricultural and industrial commodities.
International commodity classifications and international commodity statistics for production,
exports, imports and prices of international economic organisations.
Structuring of the data in the international statistical publications according to the different
commodity classifications (examples of a specific commodity group) (Practical task 1).
Main macroeconomic and price indicators for studying the common market conjuncture (Practical
task 2).
Preparation and processing of statistical framework of an international commodity market
(optional) and analysis of indicators for the period 2000 – 2010. Empirical research on the market
mechanism (a specific example of the market); empirical study of the impact of cyclical factors on
specific market investment products (Practical task 3).
Methods for evaluating the use of the market situation of stock exchange and non-stock exchange
goods and of the machine-building products.
Calculation of analytical indicators for companies in an industry market based on international
ratings classifications.
Indicators for determining the participation of a country or industry market in the international
division of labor. The problem of goods - currency (commodity currencies).
Construction and structure of multifactor models of international commodity markets. Model types
of stock markets.
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4. METHODS OF TEACHING
The teaching is done through a combination of lectures, seminars, and discussions with the
development of practical tasks on set methodology. To illustrate the teaching are used slides, print
and online sources of information.
The necessary resources for training are marker and board, overhead projector, computer with
Internet connection.
OUT-CLASS STUDENT’S WORK
Throughout the course the students are assigned practical tasks (three, see Seminars topics 2, 3, and
4), homework, work with statistical publications and preparation for the seminars and current tests.
5. LEARNING OUTCOMES
The training course on “International Market Studies” provides a well-balanced set of
scientific and practical knowledge in the field of:
 methodological bases and methodical principles of the study of international markets;
 general laws of the market mechanism and the peculiarities of the functioning of specific
international markets;
 conjuncture-formation variety of factors that determine the current status, trends, and
prospects in the international markets of major commodity groups (machinery, raw
materials, semi-finished goods and durable consumer goods);
 the system of indicators for studying the common market and market situation, which is
measured and characterized by the operation of various market factors;
 the systematic study of international markets through the formulation of a number of
concepts of market researches in categories of the system analysis;
 creating knowledge about the structure (the various components), internal and external
links to a specific market, which is a prerequisite for methodological combination of
qualitative and quantitative methods in forecasting international markets.
During the course “International Market Studies” students acquire the following skills:
 to raise, process, and systematize empirical data for different market indicators;
 to use various information channels and work with various sources of market information;
 to distinguish conjuncture-formation factors: their characteristics and the mechanism of
influence of each on a specific international market;
 to make statistical processing of macroeconomic and market indicators and to transform
the output data into analytical information;
 to use different methodologies for analyzing one or more aspects of the development of a
specific international market;
 to acquire a professional understanding of the importance of market research activities in
all forms of external economic relations.
The knowledge and skills acquired through the “International Market Studies” discipline are
necessary to understand the special parallel relationships with other disciplines, as well as the
complex nature and the interconnectedness of the training in the “International Economic
Relations” specialty.
6. ASSESTMENT METHODS
The final grade is determined on a six-point scale, the minimum score for successful completion of
the training is Medium / 3 /. The grade compliance with the European system of credit transfer is as
follows:
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Excellent /6/
A
80%
Very good /5/
B
Good /4/
C
Fair /3/
D
E
75%
70%
Credits are awarded as provided for in the plan
60%
Poor /2/
FX
F
No credits awarded
50%
The degree of students’ knowledge on the discipline “International Market Studies” is determined
on the basis of a complex final mark. The final mark is formed from the current mark from the
semester and the mark from the final test exam. The current mark is formed as follows:
 presence at the lectures and seminars and participation – 8 %;
 current test through the semester – 8 %;
 practical tasks (from 5 to 10 pages) – 24 %;
The complex final mark has the following structure:
 current mark – 40 %;
 results from the test exam – 60 %.
This structure is valid for all exam sessions.
7. REFERENCES (MANDATORY AND RECOMMENDED)
А. BASIC
Baumohl, B., 2012, “The Secrets of Economic Indicators: Hidden Clues to Future Economic
Trends and Investment Opportunities“ (Third Edition), FT Press;
Constable, S., R. E. Wright, 2011, “The WSJ Guide to the 50 Economic Indicators That Really
Matter: From Big Macs to "Zombie Banks," the Indicators Smart Investors Watch to Beat the
Market“, HarperCollins;
Knoop, T. A., 2009, “Recessions and Depressions: Understanding Business Cycles”, Praeger;
The Economist, “Guide to economic indicators: Making Sense of Economics”, 2010, seventh
edition;
Cardarelli, R., S. Elekdag, and S. Lall, “Financial Stress, Downturns, and Recoveries”, IMF
WP/09/100;
Dridi, J., K. Zieschang, “Compiling and Using Export and Import Price Indices”, IMF, WP/02/230;
Financial Times Special Report, “Commodities: Deflating markets”, July 17-th, 2012;
Financial Times Special Report, “Exchanges&Trading”, October 20-th, 2008;
Financial Times Special Report, “World Economy 2008”, October 10-th, 2008;
Financial Times Special Report, “World Economy 2009”, October 6-th, 2009;
Financial Times Special Report, “World Economy 2010”, October 8-th, 2010;
Financial Times, “A change in gear (the emerging giants – a new generation of multinationals
takes on western rivals)”, May 12-th, 2010;
Financial Times, “A future on track (western multinationals find they have created their own
low-cost competitors)”, September 24-th, 2010;
Financial Times, “Debt is capitalism’s dirty little secret”, July 1-st, 2009;
Financial Times, “Global value of buy-outs doubles to $ 144 bn”, September 27-th, 2010;
Financial Times, “The austerity debate FT Series on the fierce argument between deficitcutting and stumulus”, July 19-th, 2010; July 20-th, 2010; July 21-st, 2010; July 22-nd, 2010;
Financial Times, “The world economy has no easy way out of the mire”, February 24-th, 2010;
Global Commodity Markets, World Bank Group;
Kiff, J., P. Mills, “Recent Developments in U.S. Subprime Mortgage Markets”, IMF WP/07/188;
UNIVERSITY OF NATIONAL AND WORLD ECONOMY
Kose, M. A., C. Otrok, and E. S. Prasad, “Global Business Cycles: Convergence and Decoupling”,
IMF WP/08/143;
Metal Bulletin/UK, London;
Monroe, H., “Can Markets Compute Equilibria?”, IMF Working Paper WP/09/24;
Reinhart, C. M., K. S. Rogoff, “This Time is Different: A Panoramic View of Eight Centuries of
Financial Crises” NBER, April 16-th, 2008;
Roache, S. K., “Commodities and the Market Price of Risk”, IMF, WP /08/ 221;
Silver, M., “An Index Number Formula Problem: The Aggregation of Broadly Comparable
Items”, IMF Working Paper,January, 2009;
The Economist, “A strong economic stylist wins the Nobel prize in economics (Paul
Krugmann)”, October 18-th, 2008;
The Economist, “America's economy: Time to rebalance”, April 3-rd, 2010;
The Economist, “Debt: Repent at leisure”, June 26-th, 2010;
The Economist, “Echoes of the Depression: 1929 and all that”, October 2-nd, 2008;
The Economist, “Europe and the financial crisis – The end of the beginning?”, October 18-th,
2008;
The Economist, “The world economy: How to Grow”, October 9-th, 2010;
The Economist, “State capitalism: The visible hand”, January 21-st, 2012;
The Economist, “The future of finance: Greed – and fear”, January 24-th, 2009;
The Economist, “The world economy: curb your enthusiasm”, April 24-th, 2010;
The Economist, “The world economy: How to grow”, October 9-th, 2010;
The Economist, “The world economy: The long climb”, October 3-rd, 2009;
The Economist, “The world economy: When fortune frowned”, October 11-th 2008;
The Economist, “What a peculiar cycle (America’s economy)”, March 10-th, 2001;
UNCTAD, “World Commodity Survey”;
Yang, J., “An Analysis of So-Called Export-led Growth”, IMF WP/08/220.
B. ADDITIONAL
Cashin, P., etc, “Keynes, Cocoa and Copper: In Search of Commodity Currencies”, IMF Working
Paper 2002, № 223;
Cashin, P., etc, “Commodity Currencies”, Finance and Development (F&D), March 2003, IMF;
International Monetary Fund, World Economic Outlook – April 2008 (Housing and the Business
Cycle);
International Monetary Fund, World Economic Outlook – April 2008 (Housing and the Business
Cycle);
International Monetary Fund, World Economic Outlook – July 2008 (Global Slowdown and
Rising Inflation);
International Monetary Fund, World Economic Outlook – July 2008 (Global Slowdown and
Rising Inflation);
International Monetary Fund, World Economic Outlook – April 2009 (Crisis and Recovery);
International Monetary Fund, World Economic Outlook – January 2010 (A Policy-Driven,
Multispeed Recovery);
International Monetary Fund, World Economic Outlook – April 2011 (Tensions from the TwoSpeed Recovery: Unemployment, Commodities, and Capital Flows);
International Monetary Fund, World Economic Outlook – April 2011 (New Setbacks Further
Policy Action Needed).
C. STATISTICAL
UNIVERSITY OF NATIONAL AND WORLD ECONOMY
UN
Industrial Commodity Statistics Yearbook / UN
Commodity Trade Statistics / UN;
Monthly Bulletin of Statistics / UN;
Handbook of World Mineral Trade Statistics/ UN;
Energy Statistics Yearbook/ UN.
UNCTAD
Handbook of International Trade and Development Statistics / UNCTAD;
Commodity Yearbook / UNCTAD;
Monthly Commodity Price Bulletin/ UNCTAD; Commodity Price Bulletin Up-date/ UNCTAD.
FAO
Production Yearbook / FAO;
Trade Yearbook / FAO.
OECD
Trade by Commodities / OECD (annual);
Engineering Industries in OECD member countries / OECD (annual);
Main Economic Indicators / OECD (monthly).
IMF
International Financial Statistics, monthly/ IMF;
International Financial Statistics Yearbook/ IMF.
OTHERS
International Trade: Trends and Statistics / WTO.