MASTER OF ARTS IN ISLANDS AND SMALL STATES STUDIES
Major Area: Economics
40 ECTS
Code
ISS5026
ISS5023
ISS5024
ISS5028
ISS5029
ISS5035
Title
Credits
Aspects of Microeconomics and Macroeconomics with Special Focus on 16 ECTS
Size and Insularity Factors
Environmental and Resources Economics with Focus on Small Island
4 ECTS
States
International and Development Economics with a Focus on Small Island 8 ECTS
States
Applied Econometrics
4 ECTS
International Economic Institutions with Special Reference to the WTO, 4 ECTS
IMF and the World Bank
Economic Vulnerability and Resilience of Small States
4 ECTS
STUDY UNIT CODE: ISS 5026
ASPECTS OF MICROECONOMICS AND MACROECONOMICS WITH SPECIAL FOCUS ON
SIZE AND INSULARITY FACTORS
Lecturer: Lino Briguglio, Gordon Cordina and Stephanie Vella
Credits Assigned: 16 ECTS
Duration: 96 contact hours
Method of Assessment:
• Course work assignments with a weighting of 30%
• Written examination with a weighting of 70%
Course Work Assignments: As course work, students will be expected to respond to 8
assignments set by the lecturer/s or tutor/s, by writing 8 essays (minimum 2000 words each) on
subjects set by the lecturer/s or tutor/s of the study unit.
Course Description:
This study unit provides students with a thorough understanding of the special economic
constraints and opportunities faced by islands and small states. The course will cover the following
topics:
Microeconomics
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The market mechanism with special reference to market failure in small economies
The theory of costs with special reference to small enterprise size
Market structures, with reference to small domestic markets
Competition constraints in small economies
Demand and supply of factors of production in small markets
Macroeconomics
• Measuring aggregate economic activity and the special characteristics of the circular flow of in
come in a small open economy
• The multiplier process in a small open economy
• The interaction between aggregate demand and aggregate supply in a small open economy
• The relationship between money, inflation and interest rates in a small open economy
• Exchange rate issues in small states
• Economic vulnerability and economic resilience
Reading:
Introductory Texts
SLOMAN, J. Essentials of Economics: Financial Times Management
STANLAKE, G.F. Introductory Economics. Longman
Other texts related to Small States
JALAN, B. (1982). Problems and Policies in Small Economies. Croom Helm
COMMONWEALTH SECRETARIAT AND WORLD BANK (2000). Small States: Meeting Challenges in
the Global Economy.
COMMONWEALTH SECRETARIAT AND WORLD BANK (2006). Toward an Outward-oriented
Development Strategy for Small States: Issues, Opportunities, and Resilience Building.
BRIGUGLIO L., and CORDINA, G. (2004) Competitiveness Strategies for Small States.
Commonwealth Secretariat, London and University of Malta
BRIGUGLIO, L., CORDINA, G. and KISANGA, K. (2004) Economic Vulnerability and Resilience of
Small States. Commonwealth Secretariat, London and University of Malta
BRIGUGLIO, L., CORDINA, G. and KISANGA, K. (2006) Building the Economic Resilience of Small
States, Commonwealth Secretariat, London and University of Malta
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STUDY UNIT CODE: ISS 5023
ENVIRONMENTAL AND RESOURCES ECONOMICS WITH A FOCUS ON SMALL ISLANDS
STATES
Lecturers: Alan Deidun and Marie Briguglio
Credits Assigned: 4 ECTS
Duration: 24 contact hours
Method of Assessment:
• Course work assignments with a weighting of 30%
• Written examination with a weighting of 70%
Course Work Assignments: As course work, students will be expected to respond to 2
assignments set by the lecturer/s or tutor/s, by writing 2 essays (minimum 2000 words each) on
subjects related to the main themes of study unit.
Course Description:
The purpose of the study unit is to enable standard economic principles to issues associated with
the environment and resources management, with special reference to Small Island States. The
topics to be covered include:
• Public goods
• Externalities and cost internalisation
• Optimum pollution Control,
• The use of economic instruments in small island states,
• Economic impact assessments and valuation techniques,
• Greening the national accounts,
• Small islands states and climate change
• International issues with special reference to the global conferences on the sustainable
development of small island states.
Reading:
TURNER, PEARCE AND BATEMAN, (1995). Environmental Economics, Harvester Wheatsheaf,
London
PEARCE AND TURNER, (1990), Economics of Natural Resources and the Environment, Harvester
Wheatsheaf, London
MUNASINGHE M. AND SHEARER, W. (1995). Defining and Measuring Sustainability. United Nations
University and The World Bank
Other texts related to Small States
STRACHAN, J.R. AND VIGILANCE, C. Sustainable development in Small Island Developing States:
Issues and Challenges. London: Commonwealth Secretariat.
STRACHAN, J.R. AND VIGILANCE, C. Integrating Sustainable Development Into National
Frameworks: Policy Approaches for Key Sectors in Small States. London: Commonwealth
Secretariat.
SHYAM N., ROBERTS, J.L. AND
MADHOO, Y.N. Saving Small Island Developing States:
Environmental and Natural Resource Challenges. London: Commonwealth Secretariat.
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STUDY UNIT CODE: ISS 5024
INTERNATIONAL AND DEVELOPMENT ECONOMICS WITH A FOCUS ON SMALL ISLAND
STATES
Lecturers: RoseMarie Azzopardi and Stephanie Vella
Credits Assigned: 8 ECTS
Duration: 48 contact hours
Method of Assessment:
• Course work assignments to which a weighting of 30% will be assigned
• Written examination to which 70% weighting will be assigned
Course Work Assignments: As course work, students will be expected to respond to 2
assignments set by the lecturer/s or tutor/s, by writing 2 essays (minimum 2000 words each) on
subjects related to the main themes of study unit.
Course Description:
The Purpose of the study unit is to enable students to apply theories related to development
economics and international trade to the realities of small island states. The topics to be covered
will include:
• Theories of economic development
• Development constraints arising from small economic size and insularity
• Theories of international trade
• Relevance of international trade theory for small island states
• Exposure to international trade and small island states
• Export concentration and small island states
Reading:
General Texts:
TODARO M.P. and SMITH S.C. (2003) Economic Development. Essex: Pearson Education Ltd.
KRUGMAN P.R. and OBSTFELD M. (2000) International Economics. Addison-Wesley
KENEN P.B. (2000) The International Economy. Cambridge University Press.
DEBRAJ R. (1998) Development Economics. California: Princeton University Press.
GILLIS M., PERKINS D.H., ROEMER M. and SNODGRADD D.R. (1987) Economics of Development.
New York: WW Norton and Company.
Other texts related to Small States
BRIGUGLIO L. (1995) Small Island Developing States and Their Economic Vulnerabilities. World
Development 23(9).
BRIGUGLIO, L., CORDINA, G. and KISANGA, K. (2006) Building the Economic Resilience of Small
States, Commonwealth Secretariat, London and University of Malta
BALDACCHINO, G. and GREENWOOD, R. (1998) ‘Introduction’, Competing Strategies for SociEconomic Development of Small Islands, University of Prince Edward Island.
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Study Unit Code: ISS 5028
APPLIED ECONOMECTRICS
Lecturers: Gordon Cordina and Carl Camilleri
Credits Assigned: 4 ECTS
Duration: 24 contact hours
Method of Assessment:
• Course work assignments with a weighting of 30%
• Written examination with a weighting of 70%
Course Work Assignments: As course work, students will be expected to respond to 2
assignments set by the lecturer/s or tutor/s, by writing 2 essays (minimum 2000 words each) on
subjects related to the main themes of study unit.
Course Description:
The Purpose of the study unit is to enable students to apply quantitative methods to analyse cross
section and time-series data, with a focus on the realities of small island states. Students will also
be introduced to major econometrics software packages, including Microfit. The topics to be
covered will include:
Elementary statistical theory
The Least Squares Method and diagnostic tests
Multicollineartiy, Autocorrelation, Heteroscedasticity
Using cross section data to assess an economic reality in small states
Additional tests appropriate for time-series data
Using time series data to assess changes over time of variable in a particular small states.
Reading:
GUJURATI, D., Basic Econometrics 4th edition, McGraw Hill:
DOUGHERTY, D., Introduction to Econometrics, Oxford University Press
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Study Unit Code: ISS 5029
INTERNATIONAL ECONOMIC INSTITUTIONS WITH SPECIAL REFERENCE TO THE WTO,
IMF AND THE WORLD BANK
Lecturers: RoseMarie Azzopardi, Lino Briguglio and Stephanie Vella, Roderick Pace
Credits Assigned: 4 ECTS
Duration: 24 contact hours
Method of Assessment:
• Course work assignments with a weighting of 30%
• Written examination with a weighting of 70%
Course Work Assignments: As course work, students will be expected to respond to 2
assignments set by the lecturer/s or tutor/s, by writing 2 essays (minimum 2000 words each) on
subjects related to the main themes of study unit.
Course Description:
The Purpose of the study unit is to enable students to understand the roles of international
institutions in matters of interest to Small Island States.
The topics to be covered include:
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The United Nations Department of Social Affairs (UNDESA)
The World Trade Organisation: Origins and recent developments
The WTO and small economies
The World Bank: Origins and recent developments
The World Bank and the economic development of Small States
The IMF: Origins and recent development
The IMF and international monetary issues of interest to Small States
Overview of the place of Small States in International Institutional arrangements
Reading:
VAN MEERHAEGHE, M.A.G. (1998): Handbook of international Economic Institutions, Kluwer
Academic
GERBER, J. (2004) International Economics (International Edition), 3rd Edition. Pearson Education
RELEVANT WEBSITES:
http://www.un.org/esa/dsd/susdevtopics/sdt_sids.shtml
http://www.wto.org/
http://www.worldbank.org
http://www.imf.org/
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STUDY UNIT CODE: ISS-5035
ECONOMIC VULNERABILITY AND RESILIENCE OF SMALL STATES
Credits Assigned: 4 ECTS
Lecturers: Lino Briguglio and Gordon Cordina
Method of Assessment:
• Course work assignment to which a weighting of 30% will be assigned
• Written examination to which 70% weighting will be assigned
Course Description:
The Purpose of the study unit is to enable students to understand the factors that lead to
economic vulnerability of small states, and the factors that could enable small states to withstand
external economic shocks:
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The meaning of economic vulnerability
Studies on economic vulnerability
Consequences of exposure to external economic shocks
The meaning of economic resilience
Factors that lead to economic resilience building
Methodology issues in constructing indices
Profiling countries for economic vulnerability and resilience
The G20 and Growth with resilience pillar
Policy implications of resilience building
Reading:
BRIGUGLIO, L., CORDINA, G., VELLA, S. and VIGILANCE, C. (2010) Profiling Vulnerability and
Resilience: A Manual for Small States, Commonwealth Secretariat, London and University of Malta
BRIGUGLIO, L., CORDINA, G. and KISANGA, K. (2004) Economic Vulnerability and Resilience of
Small States. Commonwealth Secretariat, London and University of Malta
BRIGUGLIO, L., CORDINA, G. and KISANGA, K. (2006) Building the Economic Resilience of Small
States, Commonwealth Secretariat, London and University of Malta
BRIGUGLIO, L., CORDINA, G., FARRUGIA, N. and VIGILANCE, S (2008) Small States,and the
Pillars of Economic Resilience. Commonwealth Secretariat, London and University of Malta
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