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Grado en Administración y Dirección de Empresas

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Economía Española y de la Unión Europea

Código asignatura
GADEMP01-2-003
Curso
Segundo
Temporalidad
Primer Semestre
Materia
Entorno Económico de la Empresa
Carácter
Obligatoria
Créditos
9
Pertenece al itinerario Bilingüe
Yes
Actividades
  • Clases Expositivas (42 Hours)
  • Prácticas de Aula/Semina (42 Hours)
Guía docente

It is a compulsory subject in the Bachelor's Degree in Business Administration and Management.

It is part of module 6, Economic Environment, which includes the subjects World Economy (basic course), The Economics of Spain and the European Union (compulsory course), Foreign Trade (optional course) and International Economic Relations (optional course).

It is recommended that students have been successful during the first year of the Degree in Business Administration and Management.

The general and specific competences corresponding to this subject are:

GENERIC COMPETENCES

SPECIFIC COMPETENCES

CG1: Capacity for analysis and synthesis

CG2: Learning capacity

CG3: Capacity for fluent oral and written communication in the native language

CG4: Knowledge and understanding of other languages, mainly English

CG5: Ability to search for and analyze sources of information in the field of work

CG6: Ability to use computer tools and communication technologies

CG7: Ability to work autonomously

CG8: Ability to work in a team.

CG9: Ability to work in an international context

CG10: Critical and self-critical capacity

CG12: Ability to apply knowledge to practice

CG18: Ability to adapt to new situations

CG19: Concern for quality and a job well done

CG20: Having ethical values and behaviors

CG21: Integrate democratic values and the culture of peace in the workplace.

GC22: Integrate the principles of equal treatment and opportunities between women and men in the workplace

GC23: Integrate the principles of equal opportunities and universal accessibility for people with disabilities in the workplace

CE3: Understand the basic mechanisms of how markets work

CE4: Understand the macroeconomic context in which business activity takes place

CE5: Understand the economic-institutional environment and its impact on business decisions

CE6: Identify and apply the appropriate quantitative tools for the analysis of economic information

CE20: Transmit information, ideas, problems and solutions in the field of business management to both specialized and non-specialized audiences

CE21: Issue advisory reports on specific situations of companies and markets

 
These competencies are specified in the following learning outcomes:

RA6.1: Understand the main issues of the economic environment both individually and through discussion in plural work teams.

RA6.2: Apply the basic concepts and methods of Economics to understand and analyze problems in the economic environment of companies.

RA6.3: Learn to use the most appropriate economic analysis instruments to assess the impact that the economic environment has on business decisions.

RA6.4: Improve their ability to obtain and interpret for themselves the information and materials necessary to understand the economic environment, recognizing their different levels of quality.

RA6.5: Strengthen their ability to use computer tools that allow them to approach, individually and in groups, the reality of the economic environment of companies.

RA6.7: Discuss and argue in a multicultural work group about the main problems that the economic environment poses to business management, being able to assess the technical quality of the different arguments used.

RA6.8: Improve their ability to transmit, inform and advise on issues of the economic environment, synthesizing and sharing with their colleagues, and the general public, the results of the work for which they are, individually and in groups, responsible.

RA6.9: Assume the need to increase their autonomy to face the analysis of problems in the economic environment of companies, becoming aware of their individual and collective responsibility regarding the quality of their work.

5. Contents

5.1. Syllabus and basic bibliography

I. HISTORY, EVENTS AND INSTITUTIONS

1.- Historical perspective of European integration and the Spanish economy.

2.- Institutions, decision-making and budget of the UE

II. INTEGRATION, GROWTH AND INCOME DISTRIBUTION

3.- Basic theory of economic integration .

4.- Analysis of economic growth in the Single Market: effects on the Spanish economy

5.- Competition policy

6.- Integration, labor market and migrations in Spain and Europe

7.- Income distribution and regional policy

III. INTEGRATION AND MACROECONOMIC POLICIES

8.- Optimum currency areas. The Economic and Monetary Union

9.- Monetary and Fiscal Policy in the EU

IV. THE SPANISH ECONOMY IN THE EUROPEAN CONTEXT
10.- The primary sector and PAC

11.- The secondary sector

12.- The services sector

13.- The public sector

14.- The external sector of the Spanish economy


BASIC BIBLIOGRAPHY:

Baldwin, R. y Wyplosz C. (2022): The Economics of European Integration, séptima edición, McGraw Hill (https://absysweb.cpd.uniovi.es/cgi-bin/abnetopac?TITN=2117940).

Camarero, M. y Tamarit, C. (Coords.) (2023): Economía de la Unión Europea, novena edición, Editorial Civitas-Thomson Reuters, Cizur Menor. (https://absysweb.cpd.uniovi.es/cgi-bin/abnetopac?TITN=2118172)

García Delgado, J. L. y Myro, R. (Directores) (2023): Lecciones de economía española, decimoséptima edición, Editorial Civitas-Thomson Reuters, Cizur Menor. (https://absysweb.cpd.uniovi.es/cgi-bin/abnetopac?TITN=2117248)

Additional resources will be provided and/or recommended by the professors.

5.2.- Description of the topics

I. HISTORY, FACTS AND INSTITUTIONS

Topic 1.- Historical perspective of European integration and the Spanish economy

The lesson describes the political origin of the European Union and the integration process. It addresses the parallel evolution of the Spanish economy.

Basic concepts:
Positive integration, negative integration. Multilateralism, regionalization. Approaches-visions of European integration. Milestones: Treaty of Coal and Steel, Treaty of Rome, Single European Act, Treaty of Maastricht, Treaty of Lisbon. European Monetary System. Economic and Monetary Union. Autarchy, industrialization based on substitution of imports, balance of payments crisis, 1959 Stabilization Plan, Spain-EEC Preferential Trade Agreement, Accession Treaty. Economic crisis of the seventies, Moncloa Pacts, economic principles of the 1978 Constitution and entry into the European Communities (1986). Convergence, divergence. Structural reforms.

Topic 2.- Institutions, decision-making and the EU budget

The institutions of the European Union and their influence on the Spanish economy are studied. The basic data of the European Union and the countries that make it up are examined.

Basic concepts:
Institutional architecture of the European Union. The three pillars. Supranationality Regulatory framework (Treaties, Regulations, Directives) Exemption clauses Direct effect and direct applicability. Principles of subsidiarity, proportionality and enhanced cooperation. Institutions: Commission, Council, Parliament, European Council, Court of Justice Codecision process. Structure of the EU Budget: revenue and expenditure. Net contribution by country.

II. INTEGRATION, GROWTH AND INCOME DISTRIBUTION

Topic 3.- Basic theory of economic integration

The basic concepts and models are analyzed to analyze the commercial integration developed in the European Union, comparing it with the type of multilateral trade liberalization characteristic of the WTO.

Basic concepts:
Demand and supply of imports and exports. Large country, small country. Tariff effects: trade price effects, trade volume and “deadweight” losses. Free trade agreements, Most Favored Nation Clause, World Trade Organization.
Discriminatory trade liberalization, Regionalism, Customs Union. Effects of the Customs Union: trade creation and diversion effects, Viner's ambiguity.

Topic 4.- Analysis of economic growth in the Single Market: effects on the Spanish economy

The topic develops the basic concepts and models to analyze the relationship between integration and economic growth. Based on the reality of the Single European Market, it analyzes the growth experienced by the Spanish and European economies.

Basic concepts:
Fragmented market, integrated market. Intra -industry and inter -industry trade.
Dynamic effects of integration: pro -competitive effects and economies of scale.
Dynamic effects and industrial restructuring (plant closures and company mergers/ takeovers). Potential GDP growth, TFP and apparent labor productivity. Application of the Solow model, capital accumulation and investment rate.
Long-term growth, technical progress (A of Solow), catching up.
Effects absorption and diffusion of knowledgeSingle European Market. European Economic Area. Non-tariff barriers to intra -European trade.
New approach to technical harmonization. Principle of recognition mutual. Structural change, trade liberalization and foreign direct investment.

Topic 5.- Competition policy

The reasons that justify the existence of a policy aimed at ensuring competition in the Internal Market are explained and, next, the basic regulations governing it are analyzed. This allows knowing the four areas of action of this policy, which are specified below.

Basic concepts:
Abuse of dominant position. Concentration of companies. Agreements and practices between companies. Promotion of competition in monopolized markets. Control of state aid.

Topic 6.- Integration, labor market and migrations in Spain and Europe

The effects of economic integration on the labor market are studied, with special attention to mobility, migration and the labor market in Spain.

Basic concepts:
Freedom of movement of people. Labor supply and demand. Nominal and real price and wage rigidities. Collective bargaining. Unemployment. European Social Fund. European Employment Strategy. Effects of economic integration. Migration, mobility. Spanish labor market. Passive and active policies. Training.

Topic 7.- Income distribution and regional policy

This topic deals with the analysis of income distribution from different perspectives, proceeding to the comparison between Spain and the rest of the states of the European Union. It is completed by presenting the essential elements of the functioning of the European Regional Policy.

Basic concepts:
Personal, functional and sectoral income distribution.
Spatial income distribution.
Economic growth and the appearance of regional inequalities. Basic elements of European Regional Policy. Unit Labor Cost (UCL). Concentration, dispersion, centripetal and centrifugal forces. Structural Funds and Cohesion Fund.

III. INTEGRATION AND MACROECONOMIC POLICIES

Topic 8.- Optimum currency areas. The Economic and Monetary Union

The transfer of monetary sovereignty to a European institution, the Central Bank, and the adoption of a single currency are examined, synthesizing the arguments for and against it through the optimal currency areas approach.

Basic concepts:
Optimum Currency Area Theory. Macroeconomic shocks: symmetric and asymmetric shocks. Sectoral specialization. Solutions to a shock in a monetary union. Internal devaluation. Float, purchasing power parity. Nominal convergence criteria. Exemption clauses.

Topic 9.- Monetary Policy and Fiscal Policy in the EU

The operation of the Common Monetary Policy for the Eurozone is explained and the Principles of the Stability and Growth Pact are analyzed, as well as Economic Governance

Basic concepts:
Neutrality of money, objective of price stability European Central Bank Monetary Policy Instruments: open market operations and permanent facilities. EONIA, EURIBOR. Stability and Growth Pact. Fiscal federalism. Automatic stabilizers. Coordination of fiscal policies. 'No- bailout '
rule. Public Savings. Excessive deficit protocol. Great recession and crisis of sovereign debt. Banking Union.

Economic Governance: Six -Pack , Fiscal Pact, European Semester and Two Pack.

Coronavirus health crisis.

IV. THE SPANISH ECONOMY IN THE EUROPEAN CONTEXT

Topic 10.- The primary sector and the CAP

This last block analyzes the three main sectors of activity of the Spanish economy within the framework of the EU as well as the micro policies most related to each one of them. This topic studies both Spanish agriculture and the Common Agricultural Policy and its evolution.

Basic concepts:
Extensive and intensive agricultural orientations. Traditional agriculture. Apparent labor productivity. Common Agricultural
Policy. Price policy Agricultural surplus. Economic impact of the CAP.

Topic 11.- The secondary sector

The productive and commercial specialization of the Spanish industry within the framework of the EU is analysed. The basic features of the energy and construction subsectors are presented below, emphasizing the analysis of the housing market.

Basic concepts:
Apparent consumption. Industrial specialization. Industrial competitiveness. Product differentiation. Unit labor cost (UCL). Energy balance. Tonne of Oil Equivalent (TEP). Energy intensity. Energy policy of the EU. Real estate bubble. Public housing policies.

Topic 12.- The services sector

The lesson analyzes the features of the tertiary sector, presenting different ways of classifying its activities and attending to its growth and evolution. Finally, the progress made in the deregulation of services is discussed.

Basic concepts:
Delimitation and classification of services.
Outsourcing.
Determinants of the growth of services Outsourcing Baumol 's disease.
Deregulation of services.

Topic 13.- The public sector

This topic deals with the study of the public sector of the Spanish economy. An overview of the organization of the Spanish public sector is presented and a study is made of the main features of the public budget, the structure of State income and expenditure, and the evolution of the budget balance and the adjustments made to consolidate the accumulated public deficit in the crisis stage.

Basic concepts:
Public budget. Budget balance. Public deficit. Fiscal adjustment.

Topic 14.- The external sector of the Spanish economy

The lesson studies the external or foreign sector of the Spanish economy with attention to the evolution of the different items and balances of the Spanish Balance of Payments and of foreign trade and foreign investment.

Basic concepts:
Balance of payments. Trade balance. Current account balance. External deficit / surplus. Foreign investment.

Face-to-face teaching is based on theoretical and practical classes and is completed with continuous assessment activities and tutorials.

The theoretical classes will follow an "expository method" (explanation by the teacher of the content of each lesson).

The practical classes will basically be dedicated to:

  • consolidate the knowledge and skills acquired in the theoretical classes by doing exercises and applications to new cases;
  • develop the capacities of analysis, application, integration and evaluation proposed in the learning results from the contents developed in the subject. The following tables indicate the temporal distribution and by topic of face-to-face and non-face-to-face activities.

The following tables indicate the temporal distribution and by topic of face-to-face and non-face-to-face activities.

PRESENTIAL WORK

WORK NOT

PRESENTIAL

Topics

Total hours

Expository Class

Classroom practices including computer room

Evaluation Sessions

Total

group work

Autonomous work

Total

1

9

3

-

3

6

6

2

16.5

4.5

3

7.5

9

9

3

fifteen

3

3

6

9

9

4

13.5

3

1.5

4.5

9

9

5

fifteen

3

3

6

9

9

6

13.5

3

1.5

4.5

9

9

7

fifteen

3

3

6

9

9

8

14

two

3

5

9

9

9

fifteen

3

3

6

9

9

10

16.5

4.5

3

7.5

9

9

11

16

2.5

4.5

7

9

9

12

16

2.5

4.5

7

9

9

13

16

2.5

4.5

7

9

9

14

16

2.5

4.5

7

9

9

Evaluation and other activities

18

-

-

6

6

12

-

12

Total

225

42

42

6

90

12

123

135

%

100

18.67

18.67

2.66

40

5.33

54.67

60

MODALITY

Hours

%

Face-to-face

Expository Classes

42

90

18.67

40

classroom practices

42

18.67

Evaluation sessions

6

2.66

No presential

Team work

12

135

5.33

60

Individual work

123

54.67

Total

225

225

100

100

The evaluation of the subject is based on the exam, which will be held on the date set by the School, and on the continuous evaluation activities. In the event that there is irrefutable evidence of behavior that is incompatible with that of the university environment, the students involved will be treated in accordance with the "Reglamento de evaluación de los resultados de aprendizaje y las competencias adquiridas por el alumnado". Additionally, it is recalled that the Code of Ethics of the University of Oviedo is in force and applicable (https://www.uniovi.es/en/conocenos/uniovi/nosotros/etica).

The exam may include multiple choice questions about: a) concepts, b) graphic analysis, c) exercises and d) applications. The continuous evaluation will be carried out based on the practical activities, which will take place mainly in the classroom, and which will be specified in the reading, analysis and comments of articles or readings and analysis and interpretation of economic data related to the syllabus of the subject and in the search and management of the necessary information for the development of the activities that professors propose throughout the course.

In all calls, the final grade will be formed by the sum of the points obtained in the written exam of said call (which is graded with a maximum of 6 points) and in the continuous evaluation activities (whose maximum possible grade is equal to 4 points). The continuous assessment tests will not be repeated in the extraordinary calls, but your grade will be kept in these calls (May and June). It is important to bear in mind that the subject will not be passed if a minimum of 2 points is not obtained in the exam. When the student does not reach the minimum grade required to pass the subject in the final exam, but when taking into account the continuous evaluation it exceeds 5 points, the grade that will appear in the record will be 4.9.

Those students who have been granted the differentiated evaluation will be able to obtain the qualification corresponding to the continuous evaluation by submitting, through the platform or in the final exam itself, the tasks proposed during the course. 

8.1.- Basic bibliography

Baldwin, R. y Wyplosz C. (2022): The Economics of European Integration, 7th ed., McGraw Hill.

Camarero, M. y Tamarit, C. (Coords.) (2023): Economía de la Unión Europea, novena edición, Editorial Civitas-Thomson Reuters, Cizur Menor.

García Delgado, J.L. y Myro, R. (Directores) (2023): Lecciones de economía española, 17th ed., Civitas Thomson Reuters.

Additional resources will be provided and/or recommended by the professors.

8.2.- Complementary bibliography

Alba, J. (Coordinador) (2018): Avances y desafíos de la integración europea a 60 años del Tratado de Roma, Cuadernos Jean Monet sobre integración europea fiscal y económica nº 5, Universidad de Oviedo.

Baldwin, Richard y Giavazzi, Francesco (eds.) (2016): How to fix Europe’s monetary: Views of leading economists, Londres, CEPR y VoxEu.org.

Banco de España (2024): Informe Anual 2023, Banco de España, Madrid.

Banco de España (2024): “Proyecciones macroeconómicas de la economía española (2024-2026)”, marzo, Madrid.

Banco de España: Decisiones de política monetaria (https://www.bde.es/bde/es/areas/polimone/).

Boletín Económico del Banco de España, artículos analíticos.

Consejo Económico y Social (2022): Economía, trabajo y sociedad. Memoria sobre la situación socioeconómica y laboral. España 2021, Consejo Económico y Social, Madrid (http://www.ces.es/memorias).

Eurostat, sección Statistics Explained
(http://ec.europa.eu/eurostat/statistics-explained/index.php/Main_Page)

Fariñas García, J. C. y Rodríguez Rodríguez, D. (Coords.) (2023): Métodos de economía aplicada, tercera edición, Editorial Civitas y Thomson Reuters, Cizur Menor.

Fundación FUNCAS: Papeles de Economía Española (varios números).

García Prats, F. Alfredo (Coordinador) (2016): Gobernanza económica e integración fiscal en la Unión Europea, Tirant lo Blanch, Valencia.

Senior Nello, S. (2009): The European Union. Economics,Politics and History, 2nd ed., McGraw Hill.

Snower, Dennis (2022): “Multilateralism after the Ukraine invasion: Escaping the road to Hell", marzo, VoxEu.org.
https://voxeu.org/article/multilateralism-after-ukraine-invasion).

Spohr, Kristina (2019): Después del Muro. La reconstrucción el mundo después de 1989, Taurus, Barcelona, 2021.
https://absysweb.cpd.uniovi.es/cgi-bin/abnetopac?TITN=2107531).