Professional Career Programme (PCP) Syllabus for ... - Keio University

Faculty of Economics, Keio UniversityProfessional Career Programme (PCP)Syllabus for the Academic Year 2010Lectures given in the Spring Term begin in April and endin July, while those given in the Autumn Term begin in September and end inJanuary. For AY2009, two of the PCP lectures (ENVIRONMENTAL LAW ANDECONOMY and EVEKOPMENTECONOMICS) are given intensively during severaldays in July and August.With respect to those lectures that will be given in AY2010, lectures given inthe Spring Term of AY2009 are likely to be given in the Spring Term of AY2010, andlectures given in the Autumn Term of AY2009 are likely to be given in the AutumnTerm of AY2010.Please note that not all PCP lectures are offered every academic year (AY). Nor will agiven lecture be taught by the same professor(s) each year.MICROECONOMICS(PCP)Instructor: Takako Greve, ProfessorCourse Description:This course aims to (a) provide students with junior/senior level of microeconomics,and (b) enable students to follow it in English. Since the course has two purposes andthe time is limited to half-year, the students are strongly encouraged to take othermicroeconomics courses in addition, if they want to specialize in microeconomics intheir theses and/or their future studies.Prerequisites: Introductory Microeconomics, Introductory Mathematics for Economics.(International students must take an entrance exam to this course. Please consult thePCP office for the time and location.)Textbooks:David, Krcps. (2004). Microeconomics for Managers, Norton. lSBN:0-393-97678-5References:Hal, Varian. (2006). Intermediate Microeconomics: A Modern Approach, 7 th edition.Norton.Course Outline:1. Consumer theoryPCP Syllabus 1

Faculty of Economics, Keio University2. Producer theory3. Market equilibrium4. Monopoly5. Oligopoly6. Externalitics7. Expected utility8. Risk sharing9. Information economicsTo supplement the lecture, problems sets are given. The answers must be written inEnglish.Comments from Instructor: Students are encouraged to take notes in English and readonly materials written in English. For detailed instructions for each session, pleasecheck the course website regularly:http://web.econ.kcio.ac.jp/staff/takakofg/pcp.htmlEvaluation:Problems sets (20%), class performance (10%) and the final exam (70%). Grammaticalmistakes do not count in the grades, but please use technical terms correctly. For theproblem sets, you can study in groups, but you must write answers individually.Copying will be detected and punished.Questions & Consultations: During the office hour or by email. In the title of the emailplease indicate that you are a PCP student. No attachment file is allowed.MACROECONOMICS(PCP)Instructor: Yoshimasa Shirai, Associate ProfessorCourse Description:We review principles and topics in macroeconomics. The final aim of the course foreach student is to conduct a case study of macroeconomic problem.Evaluation will be made based on the results of weekly quiz and the case studypresentation.A detailed plan for this lecture will be announced in the first day of the courses, so thatstudents must not miss the first class.Textbooks:Abel, Bcmankc and Croushorc, Macrocconomics, 6 th edition, Pcarson.Course Outline:1. Introduction to Macroeconomics2. The Measurement and Structure of the National Economy3. Productivity, Output, and EmploymentPCP Syllabus 2

Faculty of Economics, Keio University4. Consumption, Saving, and Investment5. Saving and Investment in the Open Economy6. Long-Run Economic Growth7. The Asset Market, Money, and Prices8. Business Cycles9. The IS-LM/AD-AS model: A General Framework for Macroeconomic Analysis10. Classical Business Cycle Analysis: Market-Clearing Macroeconomics11. Kcyncsianism: The Macroeconomics of Wage and Price Rigidity12. Unemployment and Inflation13. Exchange Rates, Business Cycles, and Macroeconomics Policy in the OpenEconomyEvaluation:Weekly quiz and a final case study presentation.INTERNATIONAL LAW AND ECONOMY(PCP)INTERNATIONAL TRADE(PCP)Lecturer:Fukunari Kimura, ProfessorCourse Description:This course deals with international trade theory and international law and economy forstudents who seek a career path in international setting. The main objectives of thiscourse are twofold. First, we study a comprehensive, up to date, and clear exposition ofthe theory of international trade so as to understand patterns of international trade.Second, we review economic and politico-economic arguments on internationalcommercial policies and discuss relevant issues on the World Trade Organization(WTO).Textbooks:Feenstra, Robert C. and Taylor, Alan M. (2008) International Trade. New York: WorthPublishers.Hoekman, Bernard; Mattoo, Aaditya; and English, Philip, eds. (2002) Development,Trade, and the WTO: A Handbook. Washington, DC: The World Bank.Reference Books:To be announced.Course Plan:The class includes concise lectures, students’ presentations, and discussions. Thefollowing topics and others are covered.PCP Syllabus 3

Faculty of Economics, Keio University1. The positive theory of international trade: the Ricardian model, the Heckscher-Ohlinmodel, international factor movements, intra-industry trade2. The normative theory of international trade: effects of trade policies, the distortiontheory, the political economy of international trade3. Law and economy issues in the WTO agreementMethod of Evaluation:・Writing Assignment(term paper; 30 %)・Attendance & Class Participation(Including exercises, presentation, and discussion inclass; 70 %)Questions/Comments:Contact me at fkimura@econ.keio.ac.jp.INTRODUCTION TO LAW AND ECONOMICS(PCP)-From the perspective of Comparative Institutional Analysis-Instructor: Kotaro Tsuru, Guest Professor (Part-time)This course provides an introduction to law and economics but more emphasizes theperspective of comparative institutional analysts, compared with the standard textbookof this area (e.g. Cooter and UIcn). The first six session of the course deal with the roleof legal institutions in thee economic system of a nation. Then, we move to the role oflaw in each subsystem, like labor and innovation system. We also discuss therelationship between law and globalization or economic growth. Finaly, wc considerjudicial reform from an economist's view…Preliminary Readings La Porta, R., F. Lopez-de Silanes and A. Shleifer (2008), "TheEconomics Consequences of Legal Origins", Journal of Economic Literature46(2),pp285-332Course Outline:Week1: GuidanceWeek2: Economics with and without Law: What are institutions?Week3: Legal institutions and economics: LLSV approachWeek4: Private orderingWeek5: Does legal origin matter?Week6: Legal origin and evolution: A historical perspectiveWeek7: Legal transplantationWeek8: Law and labor 1Week9: Law and labor 2PCP Syllabus 4

Faculty of Economics, Keio UniversityWeek10: Law and innovationWeek11: Law and globalizationWeek12: A Law and economic growthWeek13: Judicial reformEvaluation:Presentation, writing assignment, attendance & class participationENVIRONMENTAL LAW AND ECONOMY (PCP) (Intensive Course)Instructor: Yukari Takamura, Part-time LecturerCourse Description:Law is essential for preventing environmental damage as well as for improvingenvironmental quality. However, the law disregarding economic principles couldmake our economy disordered and could make it even impossible to achieve our goalfor protecting the environment. On the other hand, any economic activity cannotignore legal rules related to the activity. This course aims at studying environmentallaw including international environmental law, especially focusing on interrelationshipbetween environmental law and economy. The main topics of the course are asfollows:Course Plan:1. Environmental Law: Its Origin and DevelopmentsEnvironmental law is a body of public regulations intended for combating againstenvironmental pollution and adverse impacts on the environment due to expansionand developments of economic activities. The course deals with the history ofenvironmental law, considering historic developments of economic activities.2. Fundamental Principles of Environmental LawEnvironmental law in each country has been evolving, influenced by policycoordination and environmental regulation at international level, and it hasdeveloped common fundamental principles, which constitute pillars of its legalsystem. The lecture deals with some of such principles, including polluter-paysprinciple (PPP) and precautionary principle.3. Instruments Aiming at Environmental ProtectionEnvironmental law makes use of various instruments in order to achieve its goal forenvironmental protection. In addition to traditional "command and control", weexamine economic instruments, such as emissions trading, environmental tax andsubsidies, which have received more and more attention recently.4. Climate Change as Case StudyPCP Syllabus 5

Faculty of Economics, Keio UniversityClimate change law is a showcase where we see a number of examples of practicalapplication of principles and policy instruments. Studying history and structure ofthe United Nations Framework Convention on Climate Change and the KyotoProtocol, the lecture examines how these two climate agreements and nationalregulations implementing these agreements apply principles and policy instrumentsactually.5. Environmental damage, liability and responsibilityThe lecture surveys legal rules on liability and responsibility for environmentaldamage caused by activities of economic actors.6. International business activities and environmental lawThe course surveys international environmental regulations on business activities inoversea market and foreign investment and examine related legal problems.Evaluation Method:Class participation (50%) and final exam (50%)Course requirements:All students are expected to attend every class, do the assignedreading, and participate actively in discussions.Reference Books:・Philippe Sands, Principles of International Environmental Law, Second edition,Cambridge University Press (2003).・Patricia Birnie, Alan Boyle and Catherine Redgwell, International Law & theEnvironment, Third edition, Oxford University Press (2009).・Patricia Birnie & Alan Boyle, Basic Documents on International Law & theEnvironment, Oxford University Press (1996).・Japan Environmental Council ed., The State of the Environment in Asia 2006/2007(Springer-Verlag Tokyo, 2009)*Other materials will be informed in the class.INTRODUCTION TO FINANCE(PCP)Instructor: Yasuo Maeda, ProfessorCourse Description:The course provides a modern portfolio theory and a basic option pricing theory. First,we prepare mathematical preliminaries. In particular, we deal with a basic concept of aprobability theory. Second, we study a modern portfolio theory. Topics covered in thissection include the mean-variance portfolio analysis, the CAPM. Finally, a basic theoryof option pricing models is discussed by dealing with one-period binomial optionpricing models. Especially, we study meanings of important terms, for examplearbitrage, hedging, martingale probability and so on. The course also covers thePCP Syllabus 6

Faculty of Economics, Keio Universitypresentation or Mathematica implementation of the model used in Finance. To registerthis class, basic knowledge about microeconomics is required.Textbook: To be announced in class.Reference: To be announced in class.Course Outline:The following topics are covered:1. Randomness and random variable2. Expectation and variance3. Return and risk4. Mean-variance portfolio analysis5. CEPM6. Introduction to option pricing7. Hedging and arbitrage (one-period binomial model)8. Martingale probability9. Introduction to Mathematica10. Implementing mean-variance model by Mathematica11. Implementing numerical option pricing models by MathematicaEvaluation:Midterm Exam 25%, Final Exam 50%, Homework 25%Question & Consultation:By E-mail.ADVANCED FINANCE(PCP)Lecturer: Hideatsu Tsukahara, Part-time LecturerCourse Description :The course, which is the sequel to Introduction to Finance, deals mainly with the assetpricing theory in multiperiod setting. The single period binomial model is first reviewedand then we look at the multiperiod binomial model. The mathematical setup foranalyzing the binomial model is the coin toss space (finite probability space). Afterreviewing the basic concepts such as random variables, distributions, and expectationson this space, we define and examine the key concept of conditional expectation. Thenwe study two important stochastic processes, namely martingales and Markov processes.A little specialized topic of American-type derivative securities is considered in thebinomial model. Stopping times and related concepts are studied carefully, and thepricing of general American-type derivatives, including American call options, isdiscussed. Finally, the renowned Black-Schooles formula is derived, perhaps a bitPCP Syllabus 7

Faculty of Economics, Keio Universityinformally, by passing to the limit from binomial random walk.TextbooksSteven E. Shreve (2004). Stochastic Calculus for Finance I: The Binomial Asset PricingModel, Springer. ISBN: 978-0387249681Reference Books:Reading materials will be suggested in the lectures.Course Plan:1. The Binomial No-Arbitrage Pricing Model: Single Period Case2. The Binomial No-Arbitrage Pricing Model: Multiperiod Case3. The Binomial No-Arbitrage Pricing Model: Multiperiod Case4. Probability Theory on Coin Toss Space: Basic Setup5. Probability Theory on Coin Toss Space: Conditional Expectation6. Probability Theory on Coin Toss Space: Martingales7. Probability Theory on Coin Toss Space: Markov Processes8. Midterm Exam9. American Derivative Securities: Simple Case10. American Derivative Securities: Stopping Times, Optional Sampling11. American Derivative Securities: General Case12. Random Walk: First Passage Time, Reflection Principle13. Passage to the Limit: Black-Sholes Option Pricing formulaLecturer’s Comments to Students:Students are assumed to have taken the PCP course “Introduction to Finance” and haveknowledge on the basic calculus and calculus-based probability theory. No latehomework will be accepted!Method of Evaluation:Midterm Exam 40 %, Final Exam 40 %, Homework 20 %Questions/Comments:If you have questions, ask just after the class, or email me at tsukahar@seijo.ac.jpAPPLIED FINANCE(PCP)Lecturer : Yasuo Maeda, Professor, Yoshikiyo Sakai, LecturerCourse Description:The first section of the course covers macro-aspect of finance, i.e., decisions of thegovernment about how much money to supply to the economy, the channels ofmonetary policy transmission, the role of central banking, and the role of depositinsurance system.PCP Syllabus 8

Faculty of Economics, Keio UniversityThe second section covers micro-aspect of finance. By using the computer softwaresuch as Excel or Mathematica, we study how apply finance theory to the actual financialdata. Topics covered in this section include valuation and capital budgeting, binomialoption models. To register this class, basic knowledge about microeconmic and financeis required.Textbooks:To be announced in class.Reference Books:To be announced in class.Course Plan:Topics to be covered:1. The channels of the monetary policy.2. The role of central banking.3. The role of deposit insurance system.4. Financial system: the interaction between market and regulation.5. Introduction to Mathematica (Review).6. Implementing one-period and multi-period binomial option models.7. Valuation and capital budgeting.Method of Evaluation:Midterm Exam 50 %, Final Exam 50 %.Questions/Comments:By E-mail.JAPANESE FINANCIAL MARKETS AND INSTITUTIONS(PCP)Lecturer Naoyuki Yoshino, ProfessorCourse Description:This course is offered to undergraduate students participating in the PCP programme, aswell as to Master’s level graduate students. The aim is to train students to applyeconomic theory, econometric techniques and economic intuition to the analysis of realworld economic problems. We put particular emphasis on the Japanese economy.Students must have solid backgrounds in macroeconomics, theories of money andbanking and public finance.References:・Yoshino, Naoyuki and Seiritsu Ogura, ‘The Tax System and the Fiscal Investment andLoan Programme’, Chapter 6 in Komiya, Okuno and Suzumura eds. Industrial Policy ofPCP Syllabus 9

Faculty of Economics, Keio UniversityJapan, Academic Press, 1988・Yoshino, Naoyuki et. al. Eigo de Yomu Nihon no Kinyu (Economic Issues ofContemporary Japan), Yuhikaku publishing, 2000・Yoshino, Naoyuki and Eisuke Sakakibara, ‘The Current State of the JapaneseEconomy and Remedies’, Asian Economic Papers, vol.1, No.2, pp.110-26, 2002・Yoshino, Naoyuki and Thomas Cargill, Postal Saving and Fiscal Investment in Japan,Oxford University Press, 2003Revankar, Nagesh and Naoyuki YOSHINO, An Empirical Analysis of JapaneseBanking Behaviior in a Period of Financial Instability, Keio Economic Studies, Vol.45,2008.・Yoshino Naoyuki and Mark Scher, Small Savings Mobilization and Asian EconomicDevelopment, M. E. Sharpe, 2005More references will be given during the lecture.Topics to be covered:1. Historical trends in Japanese monetary policy and economic fluc-tuations2. Flow of Funds Table of the Japanese economy (Government Sector, FinancialSector, Firm Sector, Household Sector)3. Japanese monetary policy, asset-price inflation and subsequent recession4. Japanese fiscal policy, budget deficit and public debt5. Japanese industrial policy, tax policy and fiscal investment policy6. Japanese capital markets (bond and equity markets)7. Failures and restructuring of Japanese banks8. The aging population and its impact on the Japanese economy9. Privatization of Postal Savings and the Japanese financial market10. The Asian financial crisis: causes and consequences11. Exchange rate regimes and the optimal exchange rate system in Asia12. Effectiveness of public works in Japan and Revenue Bonds13. Central and Local Governments in Japan14. Policy-making and the incentive mechanism in JapanTextbooks:YOSHINO, Naoyuki "Postwar Japanese Economy (Eigo De Manabu Nihon Keizai)"Yuhihaku publishing company 2010.Method of Evaluation:Final Examination and short test of each lecture.PCP Syllabus 10

Faculty of Economics, Keio UniversityPUBLIC FINANCE(PCP)Lecturer: Joongho Kook, LecturerCourse Description:The course of Public Finance mainly aims to understand the fiscal activities ofgovernments. In particular, this course mainly focuses on the general features and theroles of local governments. For example, we deal with the optimal size of localauthorities, the gains from fiscal decision-making at a local level, and the topic ofintergovernmental fiscal relations. The cource introduces both public finance theory andpublic choice approach.Textbooks:1) Cullis, John and Philip Jones, Public Finance and Public Choice, 2 nd edition,Oxford Press; in particular, Local Government(Ch. 12), 1998.Reference Books:1) Anderson, John E. Public Finance, Houghton Mifflin, in particular, Ch. 16 PropertyTaxes; Ch. 17 Government Budgets, Borrowing, Deficit Finance; Ch. 18 MultilevelGovernment Finance; Ch. 19 The Economics of Local Governments, 20032) Rubinfeld “The Economics of the Local Public Sector,” Handbook of PublicEconomics, vol., edited by A. J. Auerbach and M. Feldstein, Elsevier SciencePublishers B. V. (North Holland), pp. 571-645, 19873)Other references will be distributed at the class.Course Plan:Week 1-2 : Introduction and Decentralization TheoremWeek 3-4 : Optimal Size of Local GovernmentWeek 5-6 : Tiebout Hypothesis (How Individuals Choose Local Authorities)Week 7-8 : Local Government Revenue (focus on property tax)Week 9-10 : Non-Tax Revenue (User Charges) and ExpenditureWeek 11-12 : Intergovernmental Fiscal RelationsWeek 13-14 : Public Choice Approach/Economic Policy and DecentralizationWeek 15 : Final test (Exam and/or Presentation)Lecturer’s Comments to Students:If you do not understand basic concepts about economics related to public finance, inparticular, local public finance please let me know.Method of Evaluation:1) Assignments such as essay or report (include case studies). (For example, write anEssay that investigates public finance on (a) your own region, or (b) a certaincountry in which you are interested, or (c) a comparative study among countries orPCP Syllabus 11

Faculty of Economics, Keio University2) Assignments or Exams are required in order to receive a grade for the course.The grade will be given on the basis of assignments and exam, etc.Questions/Comments:When I am in class please take an appointment. Or send an e-mail to me.THE JAPANESE ECONOMY FROM AN INTERNATIONAL PERSPECTIVE(PCP)Lecturer :Shunpei Takemori, ProfessorCourse Description:This course teaches the Japanese monetary policies since the beginning of the Meiji erato today. The main purpose of the lecture is to make the following truism clear: TheJapanese monetary policies always have been monetary policies to manage theexchange rates. The course also discusses the man policy debates in each period. Thecourse will be taught in English.Method of Evaluation:The grading will be done according to the scores of the final exam which will take placeat the end of the course.DEVELOPMENT ECONOMICS(PCP)Subtitle Current Issues on International DevelopmentLecturer :Kiichiro Fukasaku, Guest ProfessorCourse Description :This course is an introduction to development economics and to current issues oninternational development. It combines a series of lectures and presentations of termpapers by students. Lectures deal with a wide range of topics, including the comparativedevelopment of East Asia and Africa; contemporary models of development andunderdevelopment; trade policy and development experience; foreign finance,investment and aid; policy coherence for development; and the role of internationalorganizations.Textbooks:Michael P. Todaro and Stephen C. Smith (2008) Economic Development, 10th edition,Pearson, Addison Wesley.(http://www.aw-bc.com/todaro_smith)PCP Syllabus 12

Faculty of Economics, Keio UniversityAs this textbook demonstrates, the scope of development economics is huge, touchingupon almost every field of economics. During the course, some chapters will be usedmore intensively than others. This course also takes up several current issues oninternational development, in which case lectures and discussions go beyond thetextbook, and supplementary reading materials will be provided.Course Plan:See the attachment. Note that this is provisional. The course outline may be modifiedaccording to the needs of students.Part I - Development EconomicsDay 1Session 1 Introduction and OverviewSession 2 Comparative Development (Todaro & Smith 10th ed. Ch 2 and part ofCh5)Session 3 Different Theories of Development (Todaro & Smith 10th ed. Ch 3-4)Session 4 Presentations by Students and Discussions (1)Day 2Session 5 Agricultural Transformation (Todaro & Smith 10th ed. Ch 9)Session 6 Trade and Development (Todaro & Smith 10th ed. Ch 12)Session 7 Foreign Finance, Investment and Aid (Todaro & Smith 10th ed. Ch 14)Session 8 Presentations by Students and Discussions (2)Part II - Current Issues on International DevelopmentDay 3Session 9 Topic (1) The Global Financial Crisis and Developing CountriesSession 10 Topic (2) African Economic Outlook 2010: Domestic ResourceMobilisationSession 11 Topic (3) Southeast Asian Economic Outlook 2010: Rebalancing Asia’sGrowth ModelSession 12 Presentations by Students and Discussions (3)Day 4Session 13 Topic (4) The Rise of China and India: Implications for OtherDeveloping AsiaSession 14 Presentations by Students and Discussions (4)Session 15 Wrap-up (and final submission of term papers)Method of Evaluation:Assessment will be based on a term paper (two-thirds of grade) assigned to each studentand presentation of a term paper (one-third of grade) during the course.PCP Syllabus 13

Faculty of Economics, Keio UniversityTerm Papers: Each student is requested to submit a draft term paper at the Office ofStudent Services (Academic Services) by 9th July 2010.He/she can choose two topics from the “Questions for Discussion” part of Chapters 2, 3,4, 9, 12 and 14, and write short essays on them. It is expected that each essay is about800 - 1,000 words long, but topics need to be selected from different chapters. Duringthe course, each student is requested to make a presentation on one of his/her essays. Atthe last session, each student will have an opportunity to revise and finish one selectedessay as a final term paper, before submission for grading.OPEN ECONOMY MACROECONOMICSb(PCP)Lecturer :Sahoko Kaji, ProfessorCourse Description:This class is offered to undergraduate students participating in the Professional CareerProgramme (PCP), Master’s level graduate students and exchange students.The purpose of this class is to introduce basic concepts and basic analytical frameworksof Open Economy Macroeconomics, and to encourage students to apply them inthinking about real-world issues. Students who attend this class are assumed to havesufficient knowledge of entry-level macroeconomics and microeconomics.Each week, at the beginning of class, students take turns presenting what they learned inclass a week ago. Students who are not presenting that week are expected to activelyparticipate in others' presentations by asking questions and making comments. Allstudents should also actively participate in the lecture that follows the students'presentations, by asking/answering questions and making comments.Evaluation is 50 % by class participation/presentations and 50 % by final examination.Textbooks:Lecture Notes: http://ocw.dmc.keio.ac.jp/economics/index.htmlReference Books:・ Canzoneri, M. and D. Henderson (1988) “Is Sovereign Policymaking Bad?”Carnegie-Rochester Conference Series on Public Policy No.28, pp.93-140・Dornbusch, Rudiger (1980) Open Economy Macroeconomics, Basic Books, Chapter10, Chapter 11・Kaji, Sahoko (2004) Kokusai Tsuka Taisei no Keizai Gaku (The Economics ofExchange Rate Systems), Nihon Keizai Shimbun PublishingCourse Plan:I. A Review of Closed Economy MacroeconomicsPCP Syllabus 14

Faculty of Economics, Keio UniversityIS-LM Analysis, Aggregate Supply, and Aggregate DemandII. Basic Concepts in Open Economy MacroeconomicsSmall Country Assumption, Stock vs. Flow, The Balance of Payments,The Exchange Rate, The Interest Rate Parity ConditionIII. Theories of Exchange Rate DeterminationPurchasing Power Parity, Stock Equilibrium Approach,Flow Approach, The Marshall-Lerner Condition, The J-curve EffectIV. The Mundell-Fleming ResultsThe M-F Result and the Structure of the Model --- a Simple Model,The M-F Result under Fixed Exchange Rates,Alternative Assumptions: Two-Country, Imperfect Capital Substitution,The M-F Result under Flexible Exchange Rates,Alternative Assumption: Two-CountryV. The Speed of Adjustment of Endogenous Variables and OvershootingVI. Economic Interdependence and Choice of Exchange Rate RegimesOPEN ECONOMY MACROECONOMICSa(PCP)Lecturer :Sahoko Kaji, ProfessorCourse Description:This class is offered to undergraduate students participating in the Professional CareerProgramme (PCP), Master’s level graduate students and exchange students.The purpose of this class is to introduce basic concepts and basic analytical frameworksof Open Economy Macroeconomics, and to encourage students to apply them inthinking about real-world issues. Students who attend this class are assumed to havesufficient knowledge of entry-level macroeconomics and microeconomics.Each week, at the beginning of class, students take turns presenting what they learned inclass a week ago. Students who are not presenting that week are expected to activelyparticipate in others' presentations by asking questions and making comments. Allstudents should also actively participate in the lecture that follows the students'presentations, by asking/answering questions and making comments.Evaluation is 50 % by class participation/presentations and 50 % by final examination.Textbooks:Lecture Notes: http://ocw.dmc.keio.ac.jp/economics/index.htmlReference Books:・ Canzoneri, M. and D. Henderson (1988) “Is Sovereign Policymaking Bad?”PCP Syllabus 15

Faculty of Economics, Keio UniversityCarnegie-Rochester Conference Series on Public Policy No.28, pp.93-140・Dornbusch, Rudiger (1980) Open Economy Macroeconomics, Basic Books, Chapter10, Chapter 11・Kaji, Sahoko (2004) Kokusai Tsuka Taisei no Keizai Gaku (The Economics ofExchange Rate Systems), Nihon Keizai Shimbun PublishingCourse Plan:I. A Review of Closed Economy MacroeconomicsIS-LM Analysis, Aggregate Supply, and Aggregate DemandII. Basic Concepts in Open Economy MacroeconomicsSmall Country Assumption, Stock vs. Flow, The Balance of Payments,The Exchange Rate, The Interest Rate Parity ConditionIII. Theories of Exchange Rate DeterminationPurchasing Power Parity, Stock Equilibrium Approach,Flow Approach, The Marshall-Lerner Condition, The J-curve EffectIV. The Mundell-Fleming ResultsThe M-F Result and the Structure of the Model --- a Simple Model,The M-F Result under Fixed Exchange Rates,Alternative Assumptions: Two-Country, Imperfect Capital Substitution,The M-F Result under Flexible Exchange Rates,Alternative Assumption: Two-CountryV. The Speed of Adjustment of Endogenous Variables and OvershootingVI. Economic Interdependence and Choice of Exchange Rate RegimesENVIRONMENTAL ECONOMIC THEORY(PCP)Lecturer :Eiji Hosoda, ProfessorCourse Description:This course provides a basic theory of environmental economics. The analyticalframework is elementary microeconomics, and partial equilibrium analysis is utilized inalmost all the topics. Although the main purpose of this course is to give acomprehensive view of environmental economic theory to students, applicability of thetheory to environmental policy is also considered. Topics are chosen from thefundamental issues of conventional environmental economics.Students are required to submit an essay every week. The theme of an essay will begiven in advance in each class.Textbooks:PCP Syllabus 16

Faculty of Economics, Keio UniversityBarry C. Field and Martha K. Field, Environmental Economics, fourth edition, McGrawHill, 2006Course Plan:1. Benefits and Costs, Supply and Demand2. Economic Efficiency and Markets3. The Economics of Environmental Quality4. Frameworks of Analysis5. Benefit-Cost Analysis: Benefits6. Benefit-Cost Analysis: Costs7. Criteria for Evaluating Environmental Policies8. Decentralized Policies: Liability Laws, Property Rights, Voluntary Action9. Command-and-Control Strategies: The Case of Standards10. Incentive-Based Strategies: Emission Charges and Subsidies11. Incentive-Based Strategies: Transferable Discharge Permits12. Comparable Environmental Policies13. Economic Development and the EnvironmentMethod of Evaluation:Final exam (40 %)Mid-term exam (20 %)Homework (20 %)Class participation (20 %)Questions/Comments:Any time as far as I am available. Yet, please note that I may not be able to respond toquestion or request of consultation due to time restriction.ENVIRONMENTAL ECONOMIC POLICY(PCP)Lecturer :Toshihide Arimura, InstructorCourse Description:This course uses microeconomics to analyze environmental policies and issues.Topics include market-based regulations, valuing the environment, air pollution, globalwarming, waste management, natural resource scarcity (minerals, natural gas and oil),international trade, and tradeoffs between environmental quality and economic growth.Coverage of the topics will balance applications of environmental economics withanalysis of environmental policy. Instruction will consist of a mix of lectures, classdiscussion and presentation.PCP Syllabus 17

Faculty of Economics, Keio UniversityReference Books:Anderson, David. Environmental Economics and Natural Resource Management(Hardcover) Pensive Press; 2nd edition. 2006. ISBN-10: 097090570XKolstad, Charles D. Environmental Economics. 1st ed. New York, NY: OxfordUniversity Press, 2000. ISBN: 0195119541.Additional readings will supplement the text and be referred during the class.Course Plan:1.Introduction2.Efficiency and Market3.Market Failure: Externalities4.Pollution Taxes5.Emission Fees and Marketable Permits6.Coase Theorem7.Cost Benefit Analysis in Practice: Japanese Air Pollution Case8.Solid Waste Management9.Uncertainty and Policy Instruments10.Emission Trading in Practice11.Economic Value of the Environment: Hedonic Price Methods12.Group PresentationsLecturer’s Comments to Students:Economic models will be used throughout the course. Students should be comfortablewith basic concepts of microeconomics. Knowledge on econometrics will be useful.Method of Evaluation:Group Presentation 30%Midterm 20%Final: 30%Class Participation 20%INTERNATIONAL ENVIRONMENTAL PROBLEMS(PCP)Lecturer:Roger Batty, ProfessorCourse Description:This course aims to give students a broad overview of the international regimescurrently in place to deal with the main environmental problems we now face. We willlook not only at the evolution of the issues themselves, but also the institutions whichPCP Syllabus 18

Faculty of Economics, Keio Universityhave been created to deal with them, and the legal measures which have been enacted toaddress them. The course is not theory-based, but aims to give students a variety ofperspectives on the problems. Students are expected to familiarize themselves with awide range of current data, and to be able to see the uses and abuses to which these datamay be put. An ability to focus on other people's points of view is advantageous.Textbooks:There are no textbooks as such; however, sound knowledge of the ideas and issuesdiscussed in various works by Bjorn Lomberg (amongst others) would be a considerableadvantage.Reference Books:・UNDP, Human Development Report(s), 2000-2009 OUP.・World Resources Institute, World Resources, 2000-2008 OUP・Scott Barrett, Environment and Statecraft OUP, 2003・P. Birnie and A. Boyle, International Law & Environment [2], 2002・B. Lomberg, The Skeptical Environmentalist, 2001Course Plan:1. Global Environmental Problems - An OverviewWhich problems are global environmental problems? Why? Intergenerational equity.A short history of environmental awareness.2. What is Sustainable Development?The link between environment and development. Defining sustainable growth.3. North and SouthKey Backgrounds to the E&D debate: population; urbanization; land-use; politicalsystems: common agendas in the North; different agenda of the South.4. International Institutions and the EnvironmentThe UN system and the Environment. Stockholm 1972, Rio 1992. Othermulti-lateral institutions. The role of NGOs.5. International Law and the Environment/PesticidesAn overview of the evolution of legal regimes dealing with internationalenvironmental issues. Pesticides as a test case.6. Trade in Endangered Species/CITESEnvironment and Trade. Efforts to Control Species Trade. The CITES mechanism.Successes and Failures.7. Biodiversity/The Biodiversity ConventionThe wider biodiversity issue. What is biodiversity? Where is it? Whose is it?Conservation - is it possible? Necessary? By whom? For Whom?PCP Syllabus 19

Faculty of Economics, Keio University8. The Ozone Problem/The Montreal ProtocolA success story? Defining a problem. Finding an international solution and buildingon it. The limits to the deal.9. Global Warming/Kyoto Protocol and BeyondThe politics of climate change. Why is global warming such a contentious issue?Can we do much to stop it? If so, what? If not, what then?10. Desertification/The Limits to International ActionWhen is a global problem not a global problem? Effects and the affected. Land use,farming, and the North-South divide.11. FishingSubsidizing destruction. The rush to deplete stocks. Difficulties in finding aninstitutional framework.12. Technology, Markets, Laws and Social ChangePolicies to combat environmental problems. Getting the right mix. Actors andAgents. Incentives for change.13. The Future?The nature of our problems. Obstacles to change. The nation state and the globalenvironment.Lecturer’s Comments to Students:Student numbers on the course vary; so the items for discussion may also change, asmight the order. Students are expected to put in a considerable amount of work outsidethe classroom, and to engage knowledgeably in debate during class.Method of Evaluation:・30 % Final Exam・30 % Presentation in Class・20 % Attendance・20 % Mid-Term ExamMONETARY AND FISCAL POLICY(PCP)Lecturer :Takero Doi, ProfessorNaoyuki Yoshino, ProfessorCourse Description:Offered to PCP students in the 4th year, undergraduate students in the Faculty ofEconomics, students in the Graduate School of Economics and exchange studentsaffiliated with the International CentrePCP Syllabus 20

Faculty of Economics, Keio UniversityThis class is financially supported by UBS Group and Nomura Holdings Company.Speakers are invited from outside the faculty of economics at Keio University, to lecturein English. Their lectures will be given from 10:45-12:00AM and students write theirsummary of the lectures between 12;00-12;15. Evaluation is based on the summarywhich students must submit after each lecture and the final examination.The lecture topics and the affiliated institutions of planned speakers are as follows:Japanese monetary policy, historical perspectivesJapanese financial regulatory policythe behavior of private banks (Private sector bank)The role of capital markets in Japan (Investment bank)Activities of foreign financial institutions in Japan (Foreign financial institution)The role of FSA (Financial Services Agency)International Finance of Japan (Ministry of Finance)The Asian Financial Market and the role of Japan (Ministry of Finance)The Japanese Government Bond Market (Securities House)Fiscal Policy of Japan (Ministry of Finance or Ministry of Land, Infrastructure andTransport)Tax Policy of Japan (Ministry of Finance)Central and local government relations in Japan (Ministry of Internal Affairs andCommunications)Postal privatization and the Fiscal Investment and Loan Program (Ministry ofFinance)Reference Books:Naoyuki Yoshino edition, The Postwar Japanese Economy (2010) Yuhikaku PublishingCompany.Course Plan:(i) Japanese monetary policy, historical perspectives (Bank of Japan)(ii) Japanese financial regulatory policy (Bank of Japan)(iii) Monetary policy and the behavior of private banks (Private sector bank)(iv) The role of capital markets in Japan (Investment bank)(v) Activities of foreign financial institutions in Japan (Foreign financial institution)(vi) The role of FSA (Financial Services Agency)(vii) International Finance of Japan (Ministry of Finance)(viii) The Asian Financial Market and the role of Japan (Ministry of Finance)(ix) The Japanese Government Bond Market (Securities House)(x) Fiscal Policy of Japan (Ministry of Finance or Ministry of Land, InfrastructurePCP Syllabus 21

Faculty of Economics, Keio Universityand Transport)(xi) Tax Policy of Japan (Ministry of Finance)(xii) Central and local government relations in Japan (Ministry of Internal Affairsand Communications)(xiii) Postal privatization and the Fiscal Investment and Loan Program (Ministry ofFinance)Method of Evaluation:Course Evaluation, Class participation and the final examinationNEW CHALLENGES FOR THE JAPANESE ECONOMY(PCP)(PwC Advisory Co., Ltd. Sponsored course)Lecturers:Takako Greve, ProfessorShinsuke Nakamura, ProfessorKeiichiro Kobayashi, ProfessorCourse Description:The objective of this course is to discuss most up-to-date topics of Japanese economy,its problems and future perspectives. We invite prominent Japanese and internationalpractitioners to give lectures and lead the discussion with students.Textbooks:None.Reference Books:To be announced in the class.Course Plan:The topics included are as follows. (The actual sessions may not be in this order.)The role of consulting business in Japanese economy.Frontiers of restructuring of businesses.Frontiers of M & A.Information as an asset: the importance of information security.Corporate performance management.Post merger integration.International accounting and management.The role of regional development and family businesses.Financial crisis and the perspectives of new financial monitoring.Globalization and tax systems.Auditing and disclosure as market infrastructure.PCP Syllabus 22

Faculty of Economics, Keio UniversityImportance of IT in management.Method of Evaluation:Attendance, class participation and exam score.APPLIED ECONOMETRICS(PCP)Lecturer:Colin McKenzie, ProfessorCourse Description:This course aims to: (a) provide students with an introductory knowledge of appliedeconometrics; and (b) enable students to estimate and evaluate linear regression modelsusing the econometrics software package called EViews 5. In the econometric analysisof any socio-economic phenomena, the creation of some sort of model is the usualstarting point of any analysis. Econometric model building involves the following sevensteps: (i) the specification of a theoretical model; (ii) data collection; (iii) thespecification of a model for estimation; (iv) the estimation of unknown parameters; (v)hypothesis testing; (vi) model evaluation; and (vii) simulation and forecasting. Thiscourse focuses on estimation using ordinary least squares (step (iv)) and hypothesistesting using the t and F tests (step (v)). Where possible, estimation and hypothesistesting techniques will be illustrated by empirical examples that use either cross-sectionor time series data. The emphasis in this course is not in proving propositions, but ratheron the strong connection between the assumptions made about the components of theregression model and the results that can be obtained, and the various difficulties thatarise when analyzing real data.Textbooks:Asteriou, D., Applied Econometrics: A Modern Approach Using EViews and Microfit,Palgrove Macmillan, New York, 2006Reference BooksJapanese Language References:・浅野皙・中村二郎『計量経済学』有斐閣 ,2000 年・松浦克己・マッケンジーコリン『EViews による計量経済学入門』東洋経済新報社 ,2005 年・滝川好夫・前田洋樹『EViews で計量経済学入門』日本評論社 ,2004 年English Language References:・Carter Hill, R., W.E. Griffiths and G.G. Judge, Undergraduate Econometrics, JohnWiley & Sons, New York., 2001・Kennedy, P., A Guide to Econometrics 5th Edition, Blackwell Publishing, Malden,PCP Syllabus 23

Faculty of Economics, Keio UniversityMA., 2003・Quantitative Micro Software, EViews 5 User’s Guide, Quantitative Micro Software,Irvine, CA., 2004・Quantitative Micro Software, EViews 5 Command and Programming Reference,Quantitative Micro Software, Irvine, CA., 2004・Wooldridge, J.M., Introductory Econometrics: A Modern Approach, South-WesternCollege Publishing, USA., 2000Course Plan:Lecture Outline:1. What is Econometrics? What Does Econometric Model Building Involve?2. Review of Important Economic and Statistical Concepts (Marginal Effects,Elasticity, Expectations, Variance, etc)3. Ordinary Least Squares (OLS) for the Simple Linear Regression Model4. The Statistical Properties of OLS for the Simple Linear Regression Model(including the Gauss-Markov Theorem)5. Simple Hypothesis Testing Using the Student t-test6. Using EViews 5 to Produce Descriptive Statistics, Graphs and Simple RegressionResults7. OLS for the Multiple Linear Regression Model8. The Statistical Properties of OLS for the Multiple Linear Regression Model9. Testing Hypotheses Relating to Several Parameters Using an F-test10. Dummy Variables and Testing for Structural Change11. Using EViews5 to Produce Multiple Linear Regression Results and to ConductHypothesis Testing12. The Impact of Model Misspecification and Multicollinearity13. Model EvaluationGeneral comments about the course and prerequisites:In order to understand the material in this course, it is extremely desirable that studentshave some previous knowledge of linear algebra, differentiation (including partialdifferentiation), and probability. Instruction in the use of the econometrics softwarepackage, EViews 5, will be given as part of this course. This course will strictly avoidthe use of matrix algebra.One of the purposes of econometrics is to test hypothesis suggested by other areas ofeconomics, for example, microeconomics and macroeconomics. As a result,econometrics should not be considered in isolation, but as a complement to othersubjects taught in the Faculty of Economics and the PCP program.PCP Syllabus 24

Faculty of Economics, Keio UniversityMethod of Evaluation:Grades in this course will be awarded on the basis of a student’s performance in anend-of-semester written exam, and two/three pieces of homework to be handed induring the semester. Some of the problems on each piece of homework will involveusing EViews 6 for estimating some econometric models and interpreting the results. Indetermining a student’s final grade, the results for the written exam and homework willbe combined using the weights 80:20 or 100:0, whichever gives the more favorableresult for the student concerned.Questions/Comments:If you have any questions about this class, please feel free to contact Colin McKenzieby email (mckenzie@z8.keio.jp)READING AND COMPOSITION(PCP)Lecturer :Katsura Sako, ProfessorCourse Description:The goal of this course is to prepare students for the required course Academic Writingscheduled to be the third semester of the PCP. Students are expected to learn academicwriting skills to be able to create a coherent five-paragraph essay with supporting details.There will also be a training to write short essays for examinations. All sessions willbe conducted in English. NOTE: This course is only open to students who wereinstructed to enroll at the orientation on March 29.Textbooks:Alice Oshima and Ann Hogue, Writing Academic English (Fourth Edition), Longman,2006.Course Plan:Session 1: Orientation, the Process of Academic WritingSession 2: Writing under Pressure: Timed EssaysSession 3: Overview of the Paragraph StructureSession 4: Paragraph UnitySession 5: CoherenceSession 6: Supporting Details: Facts, Quotations, and StatisticsSession 7: Research and Documentation of SourcesSession 8: From Paragraph to EssaySession 9: Process EssaysSession 10: Cause/Effect EssaysPCP Syllabus 25

Faculty of Economics, Keio UniversitySession 11: Comparison/Contrast EssaysSession 12: Sentence Structure (1)Session 13: Sentence Structure (2)Lecturer’s Comments to Students:The instructor expects students to have a professional attitude in the class. Twounexcused absences will lead to the failure of this course. No assignment will beaccepted past its deadline.Method of Evaluation:Reading assignments (20%), Writing assignments (40%), Classroom participation andattendance (20%) In-class Writing (20%)FINANCE, POLICY AND THE GLOBAL ECONOMY(PCP)Lecturer :Sahoko Kaji, ProfessorFukunari Kimura, ProfessorCourse Description:This class is financially supported by UBS. It is offered to PCP students in the 3rd year,Master’s level graduate students and exchange students.Students who enroll in this class will form groups to conduct research and write a paperjointly. Each week, groups of students take turns presenting the progress of theirresearch. Students in the audience take notes on the presentations, which they mustsubmit before leaving class. They can also ask questions or give each other comments,verbally or by using the comment sheet provided by the PCP office.Students can freely choose their topic, as long as it is related to economics. They thustrain themselves to apply the knowledge and English skills acquired in the classroom tothe analysis of real-world economic issues.As a conclusion to the term, there will be a convocation in which students present theirfinal papers in English. This takes place in mid-January and coincides with thedeadline for submission of the complete paper. Before the start of winter break,students are to submit a progress report which includes not just work done so far, butalso plans on how they intend to use the time left. The author of each section must beclearly indicated in the progress report. This applies also to the completed paper, towhich each student must contribute at least 3,000 words.Students who wish to do so can plan a fieldwork trip, and write their papers on thefindings. The professors will help students arrange for this trip by way of introductionsPCP Syllabus 26

Faculty of Economics, Keio Universityand suggestions. Those who plan to take the fieldwork trip in summer should seekadvice early in the Spring Term, even though this class is scheduled for the AutumnTerm.Occasionally, speakers are invited from outside the faculty of economics at KeioUniversity, to lecture in English. Their lectures will be on recent developments in thespeakers' respective field of specialization. They will be employees of institutions publicand private, as well as in between. Such lectures are given from 14;45-16;00 andstudents write their summary of the lectures/presentations between 16;00-16;15.Evaluation for this class is by attendance, participation, the weekly notes, the progressreport as well as the final presentation and paper. Students who miss more than threeclasses (absent for the 4th time) will automatically receive a grade of C or lower,regardless of the quality of their progress reports or final presentation and paper. Even ifa student is absent 3 times, if he/she participates actively in class, writes a good paperthat is scientific in both form and substance, and makes impressive presentations, he/shestill has a chance of obtaining an A. A record of attendance will be kept using thenotes which students submit each week.Course Plan:During the first class, we will go over what is generally considered proper protocol,when people present themselves and their ideas in front of an audience. Many students,including Japanese students, reach university without having learned this. We will alsodecide a rough schedule for the rest of the term, during which students take turnsrendering their progress.INDEPENDENT STUDY(PCP)Lecturer :Sahoko Kaji, ProfessorRuth C. Fallon, Visiting LecturerCourse Description:This class is offered to PCP students in the 4th year, Master's level graduate studentsand exchange students.In this class, we advise each student in writing a paper. We also counsel students onhow to behave professionally and properly when presenting their paper, with emphasison what is considered proper in Japanese and international society. The paper must bewritten scientifically, and comprise at least 6,000 words. Students themselves choosethe topic and analytical method, gather the necessary information, conduct the analysisand complete the research.PCP Syllabus 27

Faculty of Economics, Keio UniversityFor PCP students, this will be the final paper for the Professional Career Programme.Students individually examine real world issues in depth, applying the economic theoryand methods of analysis which they have gained in PCP and other classes.Every week, students take turns making presentations to the class in order to receivecomments and advice from fellow students, Teaching Assistants and the professors.Each week, students also write short reports on each others' presentations, which theymust submit before leaving class. They can also write each other comments, using thecomment sheet provided by the PCP office.As a conclusion to the term, there will be a convocation in which students present theirfinal papers in English. This takes place in mid-January and coincides with thedeadline for submission of the complete paper. Before the start of winter break,students are to submit a progress report which includes not just work done so far, butalso plans on how they intend to use the time left.Evaluation:Evaluation for this class is by attendance, participation, the weekly notes, the progressreport as well as the final presentation and paper. Students who miss more than threeclasses (absent for the 4th time) will automatically receive a grade of C or lower,regardless of the quality of their progress report or final presentation and paper. Even ifa student is absent 3 times, if he/she participates actively in class, writes a good paperthat is scientific in both form and substance, and makes impressive presentations, he/shestill has a chance of obtaining an A. A record of attendance will be kept using thenotes which students submit each week.Course Plan:During the first class, we will go over what is generally considered proper protocol,when people present themselves and their ideas in front of an audience. Many students,including Japanese students, reach university without having learned this. We will alsodecide a rough schedule for the rest of the term, during which students take turnsrendering their progress.PRESENTATION AND DISCUSSION SKILLS(PCP)Lecturer :Katsura Sako, Assistant ProfessorCourse Description:The goal of this course will be to improve oral/aural skills of students in the PCPprogram. Skills which will be emphasized in this class include effective note-taking,PCP Syllabus 28

Faculty of Economics, Keio Universityforming and asking questions, giving formal presentations, and actively participating ingroup discussions. All sessions will be conducted in English. NOTE: This course is onlyopen to students who were instructed to enroll at the orientation on March 29.Textbooks:Cheryl L. Delk, College Oral Communication 3, Houghton Mifflin, 2006.Course PlanSession 1: Orientation; Basic note-taking skillsSession 2: Group discussion skillsSession 3: Cues and keywords; using abbreviationsSession 4: Oral presentation on a processSession 5: Using graphic organizers; Signal words; using symbols; Concept cardsSession 6: Study groupsSession 7: Note-taking test; Interpreting a Table or ChartSession 8: Describing a chart/tableSession 9: Oral description of a chart/ tableSession 10: Identifying different points of viewSession 11: Forming and asking questionsSession 12: Discussion assessment; Preparing for a reading’s conceptSession 13: Analyzing case studiesLecturer’s Comments to Students:The instructor expects students to have a professional attitude in the class. Twounexcused absences will lead to the failure of this course. No assignment will beaccepted past its deadline. Speaking up without being called on will be crucial to besuccessful in this class.Method of Evaluation:Assignments (20%), Note-taking test (20%), Short oral presentations (30%), Discussionassessment (20%), Classroom participation (10%)PCP Academic WritingPurpose: To help students learn the process, writing style and format protocol foracademic papers in English.Course Description:1. Short weekly writing assignments2. Step-by-step practice with all aspects of academic papers:organization, use of a variety of resources, written expression of ideas in English,formality of style, and protocol of formatPCP Syllabus 29

Faculty of Economics, Keio University3. Individual consultation to help students plan and write their papersCourse Outlines:Weeks 1, 2 and 3:Introduction to the protocol of academic writingReview of organizational patternsEvaluation of students' strengths and weaknesses in written EnglishWeeks 4 and 5The use of resources as support material in academic writingParaphrases, summaries, quotations; avoiding plagiarismFirst draft of Paper #1 due (1,500 words)Weeks 6 and 7Focusing the topic from overall theme to paragraphsUse of statistics in academic papersRevised draft of Paper #1 dueWeek 8Individual counseling on topics for the final paperWeeks 9 and 10Organizing information in outlines; planning a long paperDocumentation of resources: APA formatWeeks 11 and 12Draft of final paper due (3,000 words)Revising and editing writingFormat details for the final paperWeek 13Final paper dueLecture Series on European andAsian Economics(PCP)Lecturer:Fukunari Kimura, ProfessorColin McKenzie, ProfessorCourse Description:This class is financially supported by the Global 30 Fund of the Ministry of Education,Culture, Sports, Science and Technology (MEXT). Each week, a speaker will beinvited from outside the Faculty of Economics at Keio University, to lecture in English.The lectures will be on recent developments and pressing issues related to Asia and/orPCP Syllabus 30

Faculty of Economics, Keio UniversityEurope. The speakers will be invited from around the world, including Japan.Textbooks:There is no textbook for this class, but individual speakers may provide suggestions forfurther reading for their classCourse Plan:In the first class we will provide a general overview of how this class will be organizedand how we will evaluate students. The list of speakers and the dates they are speakingwill be provided as soon as possible.Method of Evaluation:Evaluation is based on the summary which students must submit after each lecture,class participation and the final examination.Questions/Comments:Students with any questions should contact Colin McKenzie by email(mckenzie@z8.keio.jp).PCP Syllabus 31

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