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Programme Structure
Programme Structure
Students complete both core and elective courses and complete either the Academic Option (Plan A) or the Professional Option (Plan B). Based on your area of interest in applied economics issues and career plan, you can select one of two subject areas: International Economics and Finance; Health and Labour Economics.
1st Trimester (August - November)
1st Trimester (August - November)
Core Courses
Core Courses
- Applied Microeconomics
Grading System: Letter Grades (3 Credits)
Topics covered:
Consumer theory; budget; preferences; utility; demand; income and substitution effects; elasticity; producer theory; production function; cost minimization principle; cost curves; profit maximization principle; perfect competition; monopoly; monopolistic competition; oligopoly; market failures and government interventions.
Reading List
Varian, H. R. (2019). Intermediate microeconomics: A Modern Approach. W.W. Norton.
- Applied Macroeconomics
Grading System: Letter Grades (3 Credits)
Topics covered:
Part 1
Issues in macroeconomics; national income; unemployment; money demand and supply; inflation; open economy and determination of exchange rates; economic fluctuations; aggregate demand and aggregate supply; derivation of aggregate demand under the investment-savings and liquidity preference-money supply (IS-LM) model; application of the IS-LM model; aggregate supply and the Phillips curve; introduction to economic growth.
Part 2
Theory of national income determination, theories of consumption, investment and the role of money; relationships between markets for money, goods and services and labor; determination of employment and the price level, theories of business cycles, analysis of causation and effects of inflation; opened-economy macroeconomic and macroeconomic models for Thailand.
Reading List
Mankiw, N.G. (2016) Macroeconomics. Worth Publishers.
- Applied Econometrics
Grading System: Letter Grades (3 Credits)
Topics covered:
Statistical inferences; t-tests; F-tests, analysis of variance (ANOVA); chi-square tests; non-parametric tests; ordinary least squares (OLS) model and its assumptions; violations of OLS assumptions; instrumental variable estimation; binary variable models; panel data techniques; applications of econometrics to economic problems.
Reading List
Wooldridge, J.M. (2020). Introductory econometrics: A Modern Approach. Cengage Learning.
Mitchell, M.N. (2010). Data management using Stata: A Practical Handbook. Stata Press.
- Global Financial Economics (For International Economics and Financial Subject Area)
Grading System: Letter Grades (3 Credits)
Topics covered:
Global financial system including global banking, global equity markets and global bond markets; foreign exchange market; international parity conditions; exchange rate modeling; international monetary system; currency and financial crises; risk management.
Reading List
Moffett, M.H. (1999). Cases in international finance. Pearson
Monetary and Economic Department (2022). Triennial central bank survey: Foreign Exchange Turnover in April 2022. Bank for International Settlements.
Cross, S.Y. (1998). All about the foreign exchange market in the United States. Federal Reserve Bank of New York.
Melvin, M. & Norrbin, S. (2013). International money and finance. Academic Press.
ter Ellen, S., Verschoor W.F.C., & Zwinkels, R.C.J. (2013) Dynamic expectation formation in the foreign exchange market. Journal of International Money and Finance, 37. 75-97.
Harvey, C.R., Ramachandran, A. & Santoro, J. (2021), DeFi and the future of finance. John Wiley & Sons.
- Policy Analysis and Evaluation (For Labour Economics & Health Economics Subject Area)
Grading System: Letter Grades (3 Credits)
Topics covered:
Different stages of the policy cycle; components of public policy; different policy analysis frameworks; analysis of selected health and labor policies; policy evaluation techniques; data envelopment analysis (DEA); structural equation modeling (SEM).
Reading List
Part 1
Roberts, M. J., Hsiao, W., Berman, P., and Reich, M. R. (2008). Getting Health Reform Right: A Guide to Improving Performing and Equity. Oxford University Press.
Witvorapong, N., Ratisukpimol, W., and Watanapongvanich, S. (2019). “Effectiveness of Alcohol-prevention Social Marketing in the Presence of Alcohol Advertising.” Journal of Social Marketing, 9(3), 309-328.
Witvorapong, N. , and Yakubu, K. Y. ( 2019). “Effectiveness of Antimalarial Interventions in Nigeria: Evidence from Facility- level Longitudinal Data.” Health Services Research, 54(3), 669-667.
Part 2
Becker, S.O., and Ichino, A. (2002). “Estimation of average treatment effects based on propensity scores.” The Stata Journal, 2(4), 358-377.
Cameron, A.C., and Trivedi, P.K. (2005). Microeconometrics Methods and Applications. Cambridge University Press.
Damrongplasit, K., Hsiao, C. and Zhao, X. (2009). “Decriminalization and Marijuana Smoking Prevalence: Evidence from Australia.” Journal of Business and Economic Statistics, 28(3), 344-356. DOI: 10.1198/jbes.2009.06129
Damrongplasit, K. and Atalay, K. (2020). Billing system and health care utilization: Evidence from Thailand. Journal of Health Economics, 73, 1-11.
Damrongplasit, K. and Atalay, K. (2021). Payment Mechanism and Hospital Admission: New Evidence from Thailand Healthcare Reform. Social Science & Medicine, 291, 1-10.
Dehejia, R.H., and Wahba, S. (1999). “Casual Effects in Nonexperimental Studies: Reevaluating the Evaluation of Training Programs.” Journal of the American Statistical Association, 94(448), 1053-1062.
Gertler, P.J., Martinez, S., Premand, P., Rawlings, L.B., and Vermeersch, C.M.J. (2011). Impact Evaluation in Practice. The World Bank.
Jacob, R. and Zhu, P. (2012). A Practical Guide to Regression Discontinuity. https://www.mdrc.org/sites/default/files/RDD%20Guide_Full%20rev%202016_ 0.pdf
Lokshin, M. and Sajaia, Z. (2004). “Maximum likelihood estimation of endogenous switching regression models.” The Stata Journal, 4(3), 282-289.
Lokshin, M. and Sajaia, Z. (2011). “Impact of interventions on discrete outcomes: Maximum likelihood estimation of the binary choice models with binary endogenous regressors.” The Stata Journal, 11(3), 368-385.
Part 3
Lee, C. and Yong-Bae, J. (2009). “Data Envelopment Analysis in Stata”. DC09 Stata Conference 4, Stata Users Group, revised 29 Dec 2009.
Herrera, S. and Ouedraogo, A. (2018). “Efficiency of Public Spending in Education, Health, and Infrastructure: An International Benchmarking Exercise”, World Bank - Macroeconomics, Trade and Investment Global Practice.
Yoon, Y. (memo) Measuring Public Expenditure Efficiency, ESCAP.
Acock, A.C. (2013). Discovering Structural Equation Modeling Using Stata. Stata Press
Cain, M. (2021). Structural Equation Modeling using Stata. Journal of Behavioral Data Science, 1(2), 156–177. https://doi.org/10.35566/jbds/v1n2/p7
Yoon, Y., Witvorapong, N. and Pothisiri, W. (2017). “Perceptions towards the elderly among the Thai working-age population: a structural equation modeling analysis”. International Journal of Economics and Management 11, 271–286.
Cleves, M., Gould, W., Gutierrez, R. and Marchenko, Y. (2010). An Introduction to Survival Analysis Using Stata (3rd. ed.). Stata Press.
2nd Trimester (December - March)
2nd Trimester (December - March)
International Economics and Financial Subject Area
International Economics and Financial Subject Area
- Global Business Economics
Grading System: Letter Grades (3 Credits)
Topics covered:
Changes in the world’s competitive landscape; identifying global business opportunities, global business strategy and structure; foreign market entry decision and strategy; global operations and supply chain management; global marketing; cross-cultural differences affecting global business.
Reading List
Case Study Sources
Harvard Publisher https://hbsp.harvard.edu/import/1110295
Nikkei BizRuptors https://www.nikkeibizruptors.com/invite?target=63482d03-e226-4023-871a-727551e1a501
Textbook (Optional)
Peng, M. W. (2023). Global Business (5e). Singapore: Cengage.
Peng, M. W., & Meyer, K. (2019). International Business (3e). Cengage Learning EMEA.
- Global Trade and Investment
Grading System: Letter Grades (3 Credits)
Topics covered:
Theory and policy of international trade; classical theory; Heckscher-Ohlin-Samuelson and related theorems; trade in intermediate goods; the new trade theory emphasizing imperfect market, economies of scale, and technology; heterogeneous firm model; discussion on various issues related to global trade such as global value chains, foreign direct investment, trade facilitation, production network, trade policies, analysis of impacts of tariffs and nontariff measures, arguments for protection, trade negotiations and preferential trade agreements.
Reading List
TBA
- Financial Assets and the International Financial System
Grading System: Letter Grades (3 Credits)
Topics covered:
Investment and portfolio theory; development and structure of the international financial system; core topics include theory of investment choice, Capital Asset Pricing Model, Arbitrage Pricing Theory, Efficient Market Hypothesis, fixed-income securities, financial intermediation, risks of financial institutions and risk management, theory of derivatives.
Reading List
TBA
Labour & Health Economics Subject Area
Labour & Health Economics Subject Area
- Health Economics and Healthcare Financing
Grading System: Letter Grades (3 Credits)
Topics covered:
Economic concepts in the healthcare sector; demand and supply in the health services market; hospital ownership and hospital efficiency; demand for private health insurance; role of the government in the health sector; health and economic development; interrelationship among physical health, mental health, and well-being; health systems in Thai and international contexts; healthcare financing options and policy objectives; payment methods for health services providers and impacts on the healthcare sector; comparative health system analysis; financial catastrophy from health expenditure and impoverishment caused by health expenditure.
Reading List (Examples)
Frey, B., & Stutzer, A. (2002). The economics of happiness. World Economics, 3(1), 25-42.
Kesavayuth, D., Poyago-Theotoky, J., Tran, D.B., & Zikos, V. (2020). Locus of control, health and healthcare utilization. Economic Modelling, 86, 227-238.
Kesavayuth, D., Shangkhum, P., & Zikos, V. (2022). Well-being and physical health: A mediation analysis. Journal of Happiness Studies, 23(6), 2849-2879.
Phelps, C. (2010) Health Economics, 4th edition. Ch. 1-3, 4-5, 10.
Manning, W., Newhouse, J.P., Duan, N., Keeler, E.B., & Leibowitz, A. (1987). Health insurance and the demand for medical care: Evidence from a randomized experiment. American Economics Review, 77(3), 251-277.
Sloan, F.A., & Hsieh, C.-R. (2016). Hospital ownership and performance. In Health Economics (Second Edition), pp 221-230, MIT Press.
Tynkkynen, L.-K., & Vrangbæk, K. (2018). Comparing public and private providers: A scoping review of hospital services in Europe. BMC Health Services Research, 18(1), 141.
Murray, C.J.L., Salomon, J., Mathers, C. “A Critical Examination of Summary Measures of Population Health”, in C.J.L. Murray, J.A. Salomon, C.D. Mathers and A.D. Lopez (eds), Summary Measures of Population Health: Concepts, Ethics, Measurement and Applications, World Health Organization, Geneva, 2002.
Dynan, K., Sheiner, L. GDP as a measure of Economic Wellbeing, Hutchins Center Working Paper #43, August 2018. Available online at WP43-8.23.18.pdf (brookings.edu)
Morris, D.M., “The Physical Quality of Life Index”, Development Digest, 1979.
UNDP, Human Development Report 2021-2022. Technical Notes. Calculating Human Development Index. hdr2021- 22_technical_notes.pdf and indices (undp.org)
Preston, S., “The changing relation between mortality and level of economic development”, Population studies, Volume 29, Number 2, July 1975, pp. 231-248.
Lange, S, Vollmer, S. “The effect of economic development on population health: a review of the empirical evidence”, British Medical Bulletin, Volume 121, 2017, pp. 47–60, doi:10.1093/bmb/ldw052 (first part)
Gürler M, Özsoy Ö. “Exploring the relationship between life expectancy at birth and economic growth in 56 developing countries.” Journal of Global Health Reports, Volume 3, 2019;e2019001.
- Labour Economics
Grading System: Letter Grades (3 Credits)
Topics covered:
Theories of labour demand under various types of labour market and product market structures; theories of labour supply; wage determination and wage structure; labour market segmentation and labour market discrimination; unemployment; labour migration; roles of institution affecting labour market operations and government policies related to the labour market.
Reading List (Examples)
Boeri , T. and Ours, J. (2013). The Economics of Imperfect Labor Markets. Second Edition. Princeton University Press.
Ehrenberg, Ronald G. and Smith, Robert S., (2012). Modern Labor Economics Theory and Public Policy. Eleventh Edition, Cornell University. Pearson.
- Family Economics
Grading System: Letter Grades (3 Credits)
Topics covered:
Models of household behavior; intra-household relationships and decision-making: decisions in having offspring, selecting a spouse and marrying; impact of family structure; gender roles and gender division of labor; interplay of individual decision and societal norms in shaping family-related economic outcomes.
3rd Trimester (April - July)
3rd Trimester (April - July)
Core Courses
Core Courses
- Research Methods in Applied Economics
Grading System: Letter Grades (3 Credits)
Topics covered:
Nature and purposes of applied economics research; problem identification; conceptual framework; literature review; research methodology; data collection; data analysis; development of research proposal; research report writing.
Reading List (Examples)
Christensen, L.B., Johnson, R.B., Turner, L.A. 2015. Research methods, design, and analysis (12th ed.). Pearson Education Limited.
Herberholz, C. 2022. Untangling the literature review: A guide for undergraduate and graduate students in economics (2nd ed., e-book). Faculty of Economics, Chulalongkorn University.
Ash, Elliott and Stephen Hansen (2023). "Text Algorithms in Economics", Annu. Rev. Econ. 15:659–88.
- Thesis (Plan A)
Grading System: S/U (3 Credits)
In-deep research on topics of students’ choice and proposals developed from the research methodology course; analysis and interpretation of research results; writing research paper appropriate to the academic profession under the supervision of the faculty advisor.
- Individual Study in Applied Economics (Plan B)
Grading System: S/U (3 Credits)
Independent study on topics of students’ choice and proposals developed from the research methodology course; analysis and interpretation of research results; writing and giving a seminar on the individual study paper.
- Comprehensive Examination (Plan B)
Grading System: S/U (- Credits)
Examination covering subject areas.
Elective Courses
Elective Courses
- Applied Time-Series Econometrics
Grading System: Letter Grades (3 Credits)
Topics covered:
Univariate time-series models; autoregressive integrated moving average models (ARIMA); cointegration and error correction models (ECM); autoregressive conditional heteroskedasticity models (ARCH); generalized autoregressive conditional heteroskedasticity models (GARCH); multivariate time series models.
Reading List
TBA
- Special Topic in International Economics and Finance
Grading System: Letter Grades (3 Credits)
Topics covered:
In-depth study of one or more topics in the area of international economics and finance that one of interest to the public.
Reading List
TBA
- Special Topics in Applied Economics
Grading System: Letter Grades (3 Credits)
Topics covered:
In-depth study of one or more topics in the area of applied economics that are of interest to the public.
Reading List (Examples)
Ceritoğlu (2013). The impact of labour income risk on household saving decisions in Turkey. Review of the Economics of the Household, 11, 109-129. DOI: 10.1007/s11150-011-9137-2
Huang (2013). Intergenerational transmission of educational attainment: The Role of household assets. Economics of Education Review, 33, 112-123.
De Bruin et al. (2020). New insights on suicide: uncertainty and political conditions. Applied Economics Letters, 27:17, 1424-1429. DOI: 10.1080/13504851.2019.1686453
Sohn (2005). Does the gravity model explain South Korea’s trade flow?. The Japanese Economic Review, 56(4), 417 – 430.
Kien (2009). Gravity model by panel data approach: An empirical application with implications for the ASEAN Free Trade Area. ASEAN Economic Bulletin, 26(3), 266-77.
Bartram (2011). Economic migration and happiness: Comparing immigrants’ and natives’ happiness gains from income. Social Indicators Research, 103(1), 57-76. DOI: 10.1007/s11205-010-9696-2
Hayo and Caris (2013). Female labour force participation in the MENA region: The role of identity. Review of Middle East Economics and Finance, 9(3), 271-292. DOI: 10.1515/rmeef-2013-0021
Atteraya et al. (2018). Determinants of child maltreatment in Nepal: Results from the 2014 Nepal multiple indicator cluster survey (the 2014 NMICS). Child Abuse & Neglect, 76, 400-407.
Elgar et al. (2011). Social capital, health and life satisfaction in 50 countries. Health & Place, 17, 1044-1053.
Malik et al. (2022). COVID-19 lockdowns and children’s health and well-being. Journal of Economic Psychology, 93: 102549.
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