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HOMEAcademic Information For Prospective StudentsDept.Curriculum/ RequirementsDepartment curriculum

Course Outline for International Trade Students

Introduction of International Trade

As the global economy grows, Ajou GSIS are offering the course that enhances skills and understanding of the international trade field in order to train experts and professionals for governments, public institutions, private companies and firms. The master's degree in International Trade teaches student how to handle the intricacies, issues, and challenges of the world trading system for the sustainable future. International trade indicates achieving better international cooperation and economic development today and trade within a national market and trading overseas requires different aspects. Trade relations among countries have evolved through collective debate, negotiations, agreements and various complex issues. To strengthen the world economy for the sustainable development of trade, investment, employment and income growth; the need of developing and nurturing human resources in economics, finance and management is indispensable.

Recommended sequence of the subjects

Recommended Sequence of subject
Semester Required Elective Korean Studies/
Reseach Credits
# of Credits Recommended
1st Semester
International Trade
(International Finance)
Analysis I
Beginning Korean
Language 1
12 - 15
2nd Semester
(International Trade)
International Finance
1-2 Subjects
  9 - 15
3rd Semester Commercial Policy
1 Subject
Research 1 6-9 credits
4th Semester   1 Subject Research 2 6-9 credits
Total 5 Subjects
(15 Credits)
5 Subjects
(15 Credits)
1 Subject
(KS 3 Credits)
+ 6Credits
* Non-Thesis Track students MUST take 21 credits from the Elective Courses
* Graduation Credit Requirements: 39 Credits or 33 Credits + Thesis(6 Credits)
* Students who enter into Ajou University since 2014 spring semester should take
“Beginning Korean Language 1” in the first semester. (GSIS Academic Committee
* Methods will be offered in every spring semester. If you would like to graduate with writing a
thesis, please take “Quantitative Research Methods” OR “Qualitative Research Methods” in your
1st semester or 2nd semester.
1. Courses in Korean Studies (3 Credits)
1. Courses in Korean Studies (3 Credits)
Course Title Credits Description
Korean History 3 The purpose of this lecture is to understand Korean history systematically from the viewpoints of universal development and struggle for national independence in East Asian and world history.
Contemporary Korean Society 3 This course is designed to give students an overview of contemporary Korean society. We will examine the process and cultural backgrounds of economic development, and some of the social outcomes and new challenges coming from the transition
Beginning Korean
Language 1
The goal of this class is that the foreign students will have
the abilities to communicate in their daily lives in Korean
through understanding the Korean general culture.
Beginning Korean
Language 2
The goal of this class is that the foreign students will have
the abilities to communicate in their daily lives in Korean
through understanding the Korean general culture. Students
can practice Korean language in a diverse environment
besides the basic communication.
* Please choose 1 out of 4
2. Required courses (15 credits)
2. Required courses (15 credits)
Course Title Credits Description

Quantitative Analysis for Business and Economy (Pre-requisite)

3 The main objective of this course is to equip students with the ability to correctly interpret statistical results. Special focus is placed on how to differentiate sound analysis from those that are not. This is critical in today's world where quantitative analyses is heavily used (or misused) in public policy and management debates.
The course is composed of two parts. In the first part, students will learn basic statistics. Specifically, students will be exposed to the concepts of statistical inference, probability, probability distribution, sampling distribution, estimation, and hypothesis testing. In the second part, students will learn basic econometrics. Having mastered simple regression, students will also learn the basics of multiple regression analysis.
Successful completion of this course will equip students to take a Ph.D. level course offered in the subsequent terms.
(Trade) Law
This survey course will address and visit various issues,
aspects and implications of public international law and
institutions ranging from GATT to the World Trade
Organization and beyond. Primary concentration will be on
principles, norms, and policies of international trade law.
It is hoped that the students can dictate the pace and topics
through vigorous discussions.
WTO and International Trade Policy 3
This course is based on "International Trade" course, which
was covered in the 1st semester. Based on the theoretical
models, such as H-O model, Rechardo model, and specific
factor model, the class investigate what are trade policies
and its impact on countries' economic welfare. The class
covers both theory and case studies and also focus on trade
policies and pending trade issues like FTA and WTO.
International Trade & Development 3 This course covers international trade theory to explain why countries trade and international trade policy to answer what a nation's trade policy should be. In this course, you will learn how to analyze the causes and effects of international trade with simple algebra and graphical analysis.
International Finance : Market and Policy 3 The purpose of this course is to familiarize students with foreign exchange markets and the nature of foreign exchange risk. Topics for the course include the determination of exchange rates, both spot and forward rates, and the arbitrage relationships that link prices and interest rates throughout the world. The balance of payments of a country is also studied, and its relationship to assessing country risk is explored. Familiarity with elementary macroeconomics and monetary theory is useful in the course, but where these ideas are required, they are developed from first principles.
3. Elective courses (15 credits)

International Trade Related Courses

International Trade Related Courses
Course Title Credits Description

Economic Analysis and Public Policy (Pre-requisite)

3 Economics consists of Microeconomics (Economic Analysis I) and Macroeconomics (Economic Analysis II). In this course, you will learn the basic concepts and principles of Microeconomic Analysis. This course deals with the working and implications of individual elements such as consumers, producers and individual product and factor markets. This course provides the basis for understanding the workings of modern capitalistic market economy, its welfare implications and the role of government. Particularly, monopoly regulation and income distribution policy are discussed.
Foundations of Development Policy 3 This course invites students to think about the foundation of development policy. In general, there are two approaches to studying economic development. One is macro perspective based on the theory of economic growth and trade at country level. The other is micro perspective based on the theory of individual behavior at household level. The latter is the focus of this course. It addresses a question of how to understand the economic lives of the poor with respect to health, labor, education, saving, land, institution etc., and then discusses the issues of how to improve their lives. Students are expected to be familiar with economic concepts covered at the level of principles of economics and microeconomics. This course is recommended for those students who are interested in research on or public management of development policy.
Regional Economic Integration 3 This course will study the theoretical framework of the regional economic integration(regionalization), and its impact on trade and investment flows within the region and on the economic performance of the individual nation and the regional economy. The relationship between regional economic integration and global economic integration (globalization) will also be touched.
International Economic Policies 
and Organizations
3 This course provides the following lectures. 
First, we discuss trade policy with several viewpoints. Topics include political economy of trade policy, controversies in trade policy, and the role of international organizations. Second, this course analyzes international trade from a financial viewpoint. Topics include balance of international payments theories on foreign exchange markets; international financial markets; national income and balance of international payments in an open economy; and exchange rate system.
Lastly, historical review of the origins, development, and current state of Korean trade policy.
International Economic Law 3 This course is concerned primarily with the law of the World Trade Organization (WTO), and it will also give an introduction to the law of international investment. The aim of the course is to provide students with a theoretical and practical understanding of the regulatory framework of the world trading system, especially in light of current events, and to introduce students to the basics of international investment law. The course will have a strong practical component and will include a case analysis with student presentations. At the end of this course, students should be equipped with the ability to analyze and present an argument in the areas studied. This course begins with a description of the institutional features of the WTO, including its dispute settlement system. It will cover the main areas regulated by the WTO, which are trade in goods, trade in services and trade related aspects of intellectual property.
International Commercial Contracts 
Dispute Settlements
3 This course explains basic international business transactions and related contracts. After learning international business related contracts, students will also study litigation and arbitration, which are major dispute settlement methods used in international business transactions. Students will be given some sample international business contracts and review major negotiation issues related to those types of sample contracts. From the course, you will understand basic negotiation processes and legal issues on the relevant international business contracts as well as dispute settlement methods.
Electronic Commerce 3 Internet based business models are discussed with various e-business solutions. Specially integrated solutions between on-line and off-line business operations such as ERP (enterprise resource planning), SCM (supply chain management), CRM (customer relationship management), e-Marketplace, and DW/DM (data warehouse/data mining) are introduced and investigated. New business paradigm under Internet is also discussed in connection with global information sharing across design, product development, production, sales, order management, logistics, distribution, and customer management. Special focus is given on operational and analytical customer relationship management.
Topical Seminar 
on International Trade 
and Finance
3 In this course we will discuss two separate topics: one for international finance and the other for institutional aspects of the international trade system. The first part of the lecture will talk about issues such as national income accounting and the balance of payments, theory of exchange rate determination, exchange rate systems, international capital market, and the causes and effects of financial crisis. The second part mainly focuses on the institutional aspects of the current international trade system such as " Do regional integration arrangements go with WTO" The lecture aims to find out merits and demerits of RIA - differences between view of North and South. At the same time the questions of globalization and FTA will be put on the discussion agenda in the class. Brief introduction of KORUS FTA to the students is also considered.
International Trade Practice 3 This course offers an opportunity to gain a broad and general understanding on the Practice of International Trade. It discusses the basic concepts and the general procedure of international trade transaction as well as the rules of international trade practice. It covers the overview of international trade transaction from INCOTERMS to documentation; from negotiation to execution of sales contract. After the study of this course, the students will have a good knowledge on the practice of international trade. General Topics that are classified into the discipline of international trade practices such as trade contracts, transportation and logistics, financing, and/or Trade insurance theory. Also, Topics related to Korean trade practice such as tariff and non-tariff barriers in Korea.

* Besides the courses above, other courses such International Trade Practice and others could be offered upon course availability.

International Finance and Business Related Courses

International Finance and Business Related Courses
Course Title Credits Description
Foreign Investment 
Multinational Corporations
3 The purpose of this course is to provide diverse knowledge about the theory and practice of foreign direct investment. For this purpose, this course is designed so that various specialists will be in charge of different topics regarding FDI and MNCs. Students are required to actively participate in each session by reading recommended materials in advance. No mid-term and final exams are required, but students should submit a term paper before the end of the course. Students are also required to make a class presentation (of one-hour length) on any topics relevant to this course. Students can use this presentation as an opportunity to develop their term papers or a chance to survey other interesting topics.
Financial Derivatives 3

The course is intended to provide the students with a strong knowledge of derivative securities (forwards, futures, options, and swaps) and the use of these securities to manage the price risk. Students taking the course must have a solid understanding of the

concepts in several fields, namely, finance and economics.
Financial Economics 3

This course is intended to provide an understanding of fundamental principles of money, banking, and financial economics. The topics include (i) economic models of money, (ii) models of liquidity and financial intermediation, (iii) economic agent’s financial decision in a perfect capital market, (iv) modern portfolio theory, (v) asset pricing models, and (vi) some empirical issues in financial economics, including estimation exercises. We will devote a substantial amount of lectures to developing the essentials of money and banking

as well as the intuition behind various models of financial economics. This course will serve as the basis for International Finance, Investments, and Financial Derivatives.
International Capital Markets 3 This course extends the issues of international finance into a framework for international investing. It is designed for students aspiring to be money managers and investors operating across national boundaries. Foreign travel enables students to contrast the micro-structure of financial markets in the United States. with those in other centers that play important roles in our global financial system. Students are also are given an opportunity to learn about business, cultural, and political aspects of international investment. Besides class meetings on campus, students are assigned readings, videos, and research projects to be completed before the foreign experience component of the course. While abroad, students visit specific sites and attend specific lectures that will enable them to complete further course work upon their return to the United States. Topics include the case for international asset diversification, international asset pricing, international stock, fixed-income, and derivative markets, and the process of international investing. Other materials will be specific to the foreign business center visited during the course. 
International Corporate Finance and Payment 3 This Course provides an overview of the global financial environment, presents the BOP accounts, imparts a serious discussion of foreign exchange-rate determination and markets; and heavily emphasizes both foreign exchange-rate risk management and corporate strategy for foreign direct investment. 
International Business: Korean Perspective 3 This course focuses on managerial issues that arise in international operations because of complex and diverse contextual differences in cultures, government institutions, competition, risks, and costs of operations in different national environments. Students are provided with tools for analysis of global organization, coordination, and control of the multinational enterprise; business interactions with governments; entry into foreign markets and operations; and global competitive strategies. Most importantly, I want you to use this course to learn to think, to question, and to reason out international business problems.
International Macroeconomics 3 The material studied in this course concentrates primarily on international macroeconomic issues that command the attention of the world's financial press. A good background in macroeconomics and international finance is essential for understanding the various models and issues presented in the course. We will try to figure out the impact of international transactions on the main macroeconomic variables, e.g., output and its composition, price level, interest rates, etc. in an open economy. We focus on the case of a small country that takes the world interest rate and prices of tradable goods as given by world markets. We nonetheless study global equilibrium as well, both to show how world prices are determined and to understand the routes by which various economic shocks are transmitted across national borders. We start from non-monetary models and then introduce money into the model.
International business
3 The class will perform an exercise on the financing of a project. The exercise is to cover (a) the scope of the project, (b) the cost of the project, (c) the valuation of the project, and (d) the financing structure. The exercise is to involve a series of research projects including prearranged interviews with the professionals.
The project can be any project conceived with an interest, including, without limitation to, construction of a textile factory, an automobile plant, a semiconductor foundry, or construction of a toll road, a canal, or a mobile telecom service, etc. The project can be conceived in any country. Two or three students consist of a team which will jointly carry out the whole project. A team consisting of one or four (or more) is not allowed, to avoid any free rider. A representative, on a rota, will give the audience a periodic presentation on the progress of the Team’s Project. The audience will be invited to question, comment, and join discussions.
The lecture will deal with the major issues required in the Project and be given as a supplement to the financing of the project. The lecture will include some studies in (a) finance, (b) investment, (c) business law, (d) valuation, and (e) accounting, a basic understanding of which is desirable, if not essential.
Special Topics in International Business 1 3 This course will consist of series of special lectures from the specialist in industry, company, government office and organizations.
Special Topics in International Business 2 3 This course will consist of series of special lectures from the specialist in industry, company, government office and organizations.
Pricing Strategy 3 One of the most fundamental marketing decisions concerns the price that should be charged for a firm’s products and services.  Among 4 Ps, only price extracts value through mutually beneficial market transactions, whereas other marketing tools create customer value.  Since pricing decisions affect quantity as well, they have an impact not only on the firm’s profits but also on revenues and costs.  In this course, students will study both the strategic and tactical aspects of pricing decisions for products and services.  Specifically, this course is designed to deepen understanding of pricing issues which marketing managers may face under some degree of market power.  The course will develop basic pricing theories and concepts using knowledge from accounting, economics, consumer behavior, and other marketing areas, and presents managerial implications for decision making.  We will accomplish this through conceptual and theoretical readings and in-class discussion of business cases covering a wide range of realistic pricing decisions.  Furthermore, we will learn to apply data-driven marketing tools to the implementation of pricing strategy for both consumer and industrial products. I hope that students will develop a thorough understanding of the types of information for pricing decision makings and acquire analytical skills in using the information for pricing policies.
Financial Management 3 This course teaches the fundamentals of Financial Management. It includes the fundamentals of corporate finance (the valuation of asset, the measurement of the cash flows, time value of money, the concept of risk and its measurement, risk-return trade-off, the basics of the cost of capital), investment, and capital market.
Marketing Management 3

Examination of the marketing system, its relations with the socioeconomic system, and the influences of each upon the other. Study of evolution and present structure of marketing institutions and processes. Consideration of customer attributes and behavioral characteristics, and how a marketing manager responds to these in the design of marketings strategies, using

research, product development, pricing, distribution structure and promotion.

* Besides the courses above, other courses such International Corporate Finance and Payment, Financial Derivatives and others could be offered upon course availability.

International Organization Related Courses

International Organization Related Courses
Course Title Credits Description
International Political Economy 3 This course concerns some of the major theoretical and empirical themes of international political economy. Thus, the major objective of the course is to enhance students’ understandings of major theories of international political economy and to verify their arguments by empirical examination of the field. For the purpose, the first half of the semester reviews the major approaches of international political economy. The latter part deals with sub-fields of international political economy such as international finance, international trade, and multinational corporations & international production.
NGO Introduction 3 First, in this course, students will learn the concept and historical lineages of NGOs. Second, situating NGOs in globalizing world, we will look over many aspects of NGOs like Global Governance & NGOs, Global Civil Society & NGOs, and Global Environmental Crisis & NGOs, etc. Third, focusing on contemporary South Korea, we will deal with many activities initiated by Korean NGOs. Finally, each student will choose particular NGO, delve into the activities of that NGO, and make presentation on that topic in the last phase of this semester.
Corporate Citizenship 3 Companies have usually been the main target of critics and protest. However, the new role of NGO also includes partnership with companies, emphasizing that companies are not only profit centers but also socially-accountable actors. This concept will expand the partnership between NGOs and companies while transitioning the company from the private sector to the public sector, creating a more globalized and more responsible company. This also activates global or transnational cooperation and partnership between NGOs and companies. This new challenge for modern NGOs necessitates both global and local perspectives, profit and non-profit values and private and public accountabilities. In this context, this course will deal with the new challenges facing NGOs regarding global capitalism, new social services from companies and partnerships built on the concept of corporate citizenship.
International Organizations 3 The purpose of the course is to acquaint students with theory and practice of inter-governmental organizations (IGOs) keeping abreast of the changing international trend and environment.  The role of international non-governmental organizations (INGOs) is of particular interest in view of international cooperation and global governance.  In dealing with the concepts and the theoretical approaches to IGOs, multilateralism and regionalism will be examined for their implications vis-a-vis IGOs.  For the structure and the operational aspects of IGOs, the mode of decision-making process, administration, and finance, among others, will be looked into.  Discussion and appraisal will also be made on the prospect of the future IGOs, especially the United Nations reform process, and some aspects of multilateral diplomacy of Korea will be introduced.   
International Relations 3 This course offers theoretical aspects of international relations covering traditional, contemporary and post-modern approaches, and examines their assumptions and key concepts. The relevant issues such as international security, political economy, foreign policy-making, diplomacy and negotiation, and so forth are introduced and discussed.

General Courses

General Courses
Course Title Credits Description
Cross Cultural Management 3 The purpose of this course is to help students understand the complexity and dynamics of doing business across national borders. Cross-national management is quite a challenge because of cultural differences that affect business and management practices. Successful cross-national management, therefore, requires a good understanding of cultural differences. Effective global (or cross-national) managers should have the global mind-set, perspectives and attitudes. Furthermore, they should be trained with important cross-cultural management skills such as: (1) cultural awareness and sensitivity, (2) cross-cultural communication and interaction, (3) managing diversity, (4) cross-cultural negotiation, and (5) cross-cultural adaptation. This course is designed around these five cross-cultural skills.
Human Capital and Knowledge-Based Economy 3 In this course, we will first discuss the theoretical aspects of the knowledge-based economy. Topics include reproduction of knowledge, knowledge spillover, the importance of intellectual property rights, knowledge openness and economic incentive, knowledge management, and the public dimension of the knowledge economy. Course will end with the in-depth analysis of the Korea's effort to transform her economy into the knowledge-based economy and limitations.
Organizational Behavior 3 This course emphasizes an empirical approach to the study of individual and group behavior within the context of the organization and as affected by a wide array of emerging organizational realities. It provides current and emerging theoretical and practical knowledge for understanding topics such as individual differences (personality), OB research methods, motivation, job satisfaction, stress, leadership, managerial decision-making, and group processes. The major objective of this course is to understand basic organizational behavior concepts and research, models, and moving from individual behavior to the group and to the organization as a whole.
International Negotiations 3 The course deals with the art and science of achieving your objectives in interdependent relationships, both within and outside your company. The class is experientially taught and students are given feedback about their negotiation skills. Topics include cross-cultural negotiation, dispute resolution, coalition formation and multiparty negotiations, extremely competitive negotiations and negotiating via information technology.
Econometric Method 3 Econometrics is based on the development of statistical methods for estimating economic relationships, teaching economic theories, and evaluating and implementing government and business policy. The prerequisites for the course are college calculus and introductory statistics.
Political Economy of the State and International Affairs 3 The introductory course is broad based to introduce students of NGO/IDC core themes of the study of politics and economics. We will consider a variety of key books and thinkers including approaches, concepts and scenarios and policies. The course will enable students to understand the emerging patterns and trends of key actors in a world of increasing interconnectedness and globalization. Key thinkers and copies of key articles/texts will be provided as photocopies or PDF’s identified in order to give a foundation and reading library for student’s future work in IDC/NGO.
Korea and World Economy : Past, Present & Future 3 This course will overview Korea's Economic development and achievement, and examine the backgrounds and major factors of Korea's economic growth. To explain major characteristics and issues, this course will provide students with analysis and reviews of the Korean economy from various perspectives such as general economics, finance, and the like. Additionally, this course is aimed at preparing students to better understand and obtain insights into the future of the Korean economy in terms of localization and globalization of the world economy.
Human Resources Management 3 An introduction to the human resources function and related elements and activities. The course outlines the roles and functions of members of the human resources department, as well as educating others outside human resources, in how their roles include human resources-related activities. The student will learn about the evolution in human resources management as we know it today. Emphasis is placed on the modern day importance of HRM and the new “corporate view” of the function. Additionally, the student will be exposed to the view of HRM from the perception of both management and subordinate employees. The importance of maintaining fair and equitable compensation and benefit programs will be discussed. The student will be exposed to practical situations and problem solving regarding areas of employee counseling, discipline and termination. Equal Employment Opportunity will be discussed in order for the student to understand its need, importance and the legal issues surrounding it. Other critical areas of training and development, staffing and strategy will also be explored.
Korean Politics 3 This course will explore contemporary Korean politics. Among the themes covered by the class will be Liberation, ideological conflict, Korean War, the rise of authoritarian rule, modernization drive and democratic transition. Our inquiry into Korean politics will not be limited to mere chronological description. At each critical juncture of political change, a variety of political theories are geared to justifying political restructuring. For a better understanding of Korean political reality, Korean politics will be analyzed in light of political theories. 
Development Practice Internship 3 This course provides opportunities for students to experience a real business atmosphere and circumstances through an internship program from governmental organizations, private companies and other international organizations. Students will be able to apply theories and knowledge acquired from the class to the real business.
Business Internship 2 3 This course provides opportunities for students to experience a real business atmosphere and circumstances through an internship program from governmental organizations, private companies and other international organizations. Students will be able to apply theories and knowledge acquired from the class to the real business.
Leadership and Ethics Ⅰ,Ⅱ 1, 2 This course is designed to introduce a leadership and ethics in general by participating in various GSIS workshops and extra-curricular activities such as day trips, industrial site tours, special lectures and other academic activities provided by the GSIS. Students will be able to obtain hands-on academic knowledge and experiences from outside of classroom.  This course is composed of 'Leadership and Ethics Workshop I and II', 1 credit for 'Leadership and Ethics Workshop I' and 2 credits for 'Leadership and Ethics Workshop II'.  Students are required to participate in the mandatory activities to receive credits by the end of the semester.  The information session on the course will be opened on March 5(Fri) 1pm at Dasan Hall 406. This course will be counted on major elective course for all majors.
Energy and Resource Management 3 New Course

The specific courses that any student takes are individually chosen, in consultation with advisors depending on each student’s interests and course availability

Incumbent students are required to take all other required subjects and are free to take elective subjects offered by IT and IB depending on your interest.

※ Electronic Commerce, International Business, and cross-cultural in IB are recommended for IT.


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