MASTER OF ECONOMICS
(MEcon)
(See also General Regulations,
pp. 1 to 16)
Any publication based on work approved for a higher degree should contain a reference to the effect that the work was submitted to the University of Hong Kong for the award of the degree. The degree of Master of Economics is a postgraduate degree, awarded for the satisfactory completion of a prescribed course of study in advanced economics.
Bachelor of Cognitive Science (BCogSc)
Bachelor of Science in Actuarial Science (BSc[ActuarSc])
Bachelor of Social Sciences (BSocSc)
Master of Housing Management (MHousMan)
Master of Public Administration (MPA)
Master of Social Sciences (MSocSc)
ME 1 In these Regulations, and in the Syllabuses for the degree of MEcon, unless the context otherwise requires --
'Course' means a course of instruction leading to one paper in the examination, as defined in the syllabus;
'Double course' means a course which extends over two semesters, is the equivalent of two courses, and leads to the equivalent of two papers in the Final Examination.
'Paper' means one or more of the following tests: a theoretical examination paper, a practical examination paper, a project paper, an assessment of field practice, a thesis, and a dissertation, as prescribed in the syllabus of the course leading to it;
'Prerequisite' means a course which a candidate must have completed successfully before being permitted to take the course in question.
Admission requirements
ME 2 - To be eligible for admission to
the courses leading to the degree of Master of Economics
a candidate
| (a) | shall comply with the General Regulations; |
| (b) | shall hold
(i) a Bachelor's degree with honours of this University; or (ii) another qualification of equivalent standard from this University or from another University or comparable institution accepted for this purpose; and |
| (c) | shall satisfy the examiners in a qualifying examination if required. |
Qualifying examination
ME 3
| (a) | A qualifying examination may be set to test the candidate's formal academic ability or his ability to follow the courses of study prescribed. It shall consist of one or more written papers or their equivalent, and may include a project report. |
| (b) | A candidate who is required to satisfy the examiners in a qualifying examination shall not be permitted to register in the curriculum, until he has satisfied the examiners in the examination. |
Award of degree
ME 4
To be eligible for the award
of the degree of Master of Economics a candidate
| (a) | shall comply with the General Regulations; and |
| (b) | shall complete the curriculum and satisfy the examiners in accordance with the regulations set out below. |
Length of curriculum
ME 5 The curriculum shall extend over not less than one academic year of full-time study, or not less than two and not more than three academic years of part-time study, with a minimum of 300 hours of prescribed work, and shall include an examination comprising eight written papers, or seven written papers and one project paper, or six written papers and one dissertation, all to be held in the manner prescribed in the syllabuses.
Completion of curriculum
ME 6
To complete the curriculum,
a candidate
| (a) | shall follow the courses of instruction and complete satisfactorily all prescribed written work and field work; |
| (b) | shall satisfy the examiners in all prescribed courses and in any prescribed form of examination; and |
| (c) | if appropriate, shall complete and present a satisfactory project paper in lieu of one written paper in the examination, or complete and present a satisfactory dissertation in lieu of two papers in the examination, if such options are provided in the syllabuses. |
Title of dissertation
ME 7
Subject to the provisions of
Regulation ME 6(c), the title of the dissertation shall
be submitted for approval by the Board of Studies of the
School not later than January 1 of the final academic
year, and the dissertation shall be presented by a date
prescribed in the syllabuses. The candidate shall submit
a statement that the dissertation represents his own work
(or in the case of joint work, a statement countersigned
by his co-worker(s), which shows the degree of his work)
undertaken after registration in the course.
Examinations
ME 8
| (a) | Where so prescribed in the syllabuses, coursework, a project paper or a dissertation may constitute part or whole of the examination for one or more courses. |
| (b) | An assessment of the candidate's coursework during his studies, including completion of written assignments and participation in field work or laboratory work, as the case may be, will be taken into account in determining the candidate's result in each paper. Except where otherwise stated, the weight assigned to coursework will be 40% of the total marks. |
ME 9
A candidate who has failed
to satisfy the examiners at his first attempt in not more
than half of the number of courses to be examined,
whether by means of written examination papers, project
paper, dissertation and coursework assessment, during any
of the academic years of study, may be permitted
| (a) | to present himself either for re-examination in the course or courses of failure, with or without repeating any part of the curriculum or for examination in the same number of new courses, except that courses designated as compulsory are not replaceable under this provision; or |
| (b) | to repeat a year of the curriculum and present himself for examination in the courses prescribed for the repeated year. |
ME 10 Subject to the provisions of Regulation ME 6(c), a candidate who has failed to present a satisfactory project paper or dissertation may be permitted to submit a new or revised project paper or dissertation within a specified period.
ME 11 A candidate who has failed to satisfy the examiners in any prescribed fieldwork or practical work may be permitted to present himself for re-examination in fieldwork or practical work within a specified period.
ME 12 A candidate who is unable because of illness to be present for one or more papers in any written examination other than that held in his final academic year of study may apply for permission to present himself at a supplementary examination to be held before the beginning of the following academic year. Any such application shall be made on the form prescribed within two weeks of the first day of the candidate's absence from the examination.
ME 13
A candidate who
| (a) | is not permitted to present himself for re-examination in any written paper or any course examined by means of coursework assessment, or in fieldwork or practical work in which he has failed to satisfy the examiners and is not permitted to repeat a year of the curriculum under the provisions of Regulation ME 9; or |
| (b) | has failed to satisfy the examiners in any written paper or any course examined by means of coursework assessment, or fieldwork or practical work at a second attempt; or in any new course selected under the provision of ME 9(a); or |
| (c) | is not permitted to submit a new or revised project paper or dissertation under the provisions of Regulation ME 10; or |
| (d) | has failed to submit a satisfactory new or revised project paper or dissertation under the provisions of Regulation ME 10 |
may be required to
discontinue his studies under the provisions of General
Regulation G 12.
Examination results
ME 14
At the conclusion of the
examination, and after presentation of the project paper
or dissertation if applicable, a pass list shall be
published in alphabetical order. A candidate who has
shown exceptional merit at the whole examination may be
awarded a mark of distinction, and this mark shall be
recorded in the candidate's degree diploma.
SYLLABUSES FOR THE DEGREE OF MASTER OF ECONOMICS
The curriculum shall
extend over not less than one academic year of full-time
study, or not less than two and not more than three
academic years of part-time study, with a minimum of 300
hours of prescribed work.
All courses are offered on a
semester basis. A candidate must read courses 11711
and 11712 plus six other courses, and may, subject
to the provisions of Regulation ME 6(c), elect to offer a
dissertation in lieu of two courses.
Not all the courses listed
below will necessarily be offered each year.
Where applicable, the
weights assigned to performance in the examination and an
assessment of coursework in evaluating a candidate's
final grade in each course will be in the ratio 60:40.
COURSES
11711. Microeconomics (compulsory)
This course covers the
structure of choice theory, including its methodology and
axioms. Allocative implications are analysed in the
contexts of the meaning of competition, the theory of
value, and the functions of cost and of production, while
income distribution is analysed in the contexts of the
theory of marginal productivity, the theory of profits,
and the theory of interest.
11712. Macroeconomics (compulsory)
This course covers
neo-classical macroeconomics, the Keynesian model and its
problems, the consumption function and the art of
formulating hypotheses in macroeconomics, investment and
economic fluctuations, demand and supply of money, the
counter-revolution in monetary theory, inflation and
unemployment and the alternative policies for dealing
with them, and open-economy macroeconomics.
11713. Applied price theory
The course covers the
nature of the firm and various forms of economic
organization. Pricing and contractual behaviour are
analysed in the context of transaction costs. The
constraints of property rights and their
allocative/distributive implications are examined on the
basis of the Coase Theorem and the theory of rent
dissipation; governmental regulations and controls, on
the basis of constraint specifications.
11714. Public economics
This course examines the
public sector in relation to efficiency and equity.
Topics to be discussed include: Pareto optimality,
welfare criteria, optimal provision of public goods,
social choice and voting models, optimal distribution of
income, externalities and public policy, public
enterprise pricing and investment rules, cost benefit
analysis and project appraisal, and regulation of public
enterprises.
11715. Game theory and applications
The course offers an
introduction to the theory of games and decision making
under uncertainty, illustrated by examples from
specialized branches of economics. Topics may include:
expected utility theory, moral hazard, adverse selection,
bargaining over the division of a good, models of
auctions and bidding behaviour, and the theory of
repeated interaction.
11716. Labour economics
The course examines the
operation of labour markets. Topics include: the theory
and estimation of labour supply and demand, the structure
of compensation, the choice of labour contracts,
investment in human capital, effects of labour unions,
labour market discrimination, and unemployment.
11717. The economics of natural resources
A survey of the theories
explaining the optimal use of exhaustible and renewable
natural resources. Topics include: the theory and
methodology of resource economics; institutional
arrangements for resource extraction; the analysis of
environmental problems, urban growth and sprawl; the use
of exhaustible resources such as oil and iron, and
renewable resources such as forests and fish.
11721. Monetary theory and policy
The theory part of this
course covers money demand and supply functions;
Contemporary Quantity Theory and the portfolio approach;
the transmission mechanism involving money, interest and
income; and the explanations of inflation and
unemployment. The policy part of this course studies the
interaction between fiscal and monetary policies and its
impact on debt management; the role that expectations
play in stabilization policy; money as an instrument for
growth and its role in an open economy. Empirical studies
of monetary relationships will also be examined.
11722. The economics of finance
This course is a survey
of capital and investment theories which are the basis of
the analysis of finance. Topics include: Fisher's
separation theorem; investment theory and some investment
econometrics; expected utility theory, portfolio
selection, and other applications; intertemporal models
with uncertainty and transaction costs. Students should
be well trained in economics and they would also need a
reasonable ability in algebra, calculus, and
statistics/econometrics.
11731. Theory of international trade
This course provides a
rigorous treatment of the pure theory of international
trade in terms of general equilibrium analysis. Topics
include theory of comparative advantage, factor-price
equalization, gains from trade, growth and economic
welfare, tariff and quota, non-traded goods, intermediate
goods, and international factor mobility. Both
mathematical and graphical techniques will be used.
11732. International finance and open economy macroeconomics
This course provides a survey of theories of and evidence on macroeconomics and finance in the integrated world economy. Topics include traditional (Mundell-Fleming and monetary) and modern (intertemporal) approaches to exchange rates and balance of payments; effects of fiscal, monetary, and exchange rate policies under different degrees of capital and labor mobility; the twin deficits; international transmission of business cycles; the diversity of income levels and growth rates across countries (the so -called 'problem of economic development'); and macroeconomic policy coordination and dynamic consistency. Other topics may include currency forward, futures, options, and swaps; the developing country debt crisis; international monetary system (with special focus on exchange rate targets and currency bands); international taxation; and empirical studies on macroeconomic interdependence and exchange rates.
(Note: Only
full-time MEcon students are permitted to take the course
concurrently with prerequisite.)
Prerequisite: 11712 or
equivalent.
11741. Industrial organization
This course covers
alternative forms of economic organizations, including
the contractual nature of the firm, the meaning of
monopoly and patent rights, the extraction of consumers'
surplus, and the purposes of integration and franchise
arrangements.
11742. Neoinstitutional economics
A survey of the theories
which explain the existence and properties of
institutions, in terms of maximization subject to
constraints. In particular, the Coase Theorem and
theories of contracting and dissipation of rent will be
discussed.
11751. Economic development theory from an Asian perspective
The current theories of
economic development are assessed in terms of Asian
experience. Topics include the various theories of
economic development in dualistic economies, the role of
technology, capital, human resources, and trade in
economic development, the financing of economic
development, and planning for economic development.
11752. Problems in East Asian economic development
A comparative study of
major problems of economic growth and development of East
Asian economies. Topics vary yearly including the role of
economic organization, trade, industrialization, problems
in the rural sector, transfer and adaptation of
technology, and consequences of growth and development.
Main emphasis is on the economy of China, Japan and the
newly industrialized countries.
11771. Econometric theory
This course is a detailed
study of the general linear model. Topics include:
problems of time series estimation for single equations,
autocorrelation, D-W test, estimation methods; estimation
of distributed lags, problems of dependent errors and
lags; limitations of linear methods, small sample and
asymptotic results; simultaneous equation models,
identification problems, standard linear estimation
methods, brief introduction to non-linear techniques.
11772. Applied econometrics
This course reviews the literature on the application of econometrics. Topics may include: estimation of production functions, investment functions, demand functions, and consumption functions; formulation and the use of macroeconometric models; and macroeconomic modelling for small open economies.
Candidates are required to offer an original project paper in lieu of one written paper in the examination. The project paper must be completed and presented not later than May 31 of the academic year in which the teaching programme ends. The candidate shall submit a statement that the project paper represents his own work (or in the case of joint work, a statement countersigned by his co-worker(s), which shows the degree of his work) undertaken after registration in the course.
Prerequisite: Course 11771.
11803. Reading course
This course consists of supervised reading and written work. A candidate will specialize in one topic under the guidance of a lecturer. Topics vary yearly depending on the current interests of staff. Examples of topics are: the problem of social cost, investment in human capital, general equilibrium theory and welfare economics, international trade theory, international monetary relations, major topics in the history of economic thought, and current economic problems of Hong Kong.
An original project paper
is required in lieu of a written paper in the
examination. It shall not exceed 15,000 words in length,
and must be completed and presented not later than May 31
of the academic year in which the teaching programme
ends. The candidate shall submit a statement that the
project paper represents his own work (or in the case of
joint work, a statement countersigned by his co
-worker(s), which shows the degree of his work)
undertaken after registration in the course.
11804. Dissertation (double course)
(This course is available only to final-year candidates.)
The dissertation shall consist of original work written under the supervision of a lecturer(s). Topics offered may vary from year to year, depending on the research interests of staff members.
A satisfactory
dissertation may be offered in lieu of two papers in the
examination. A candidate shall submit the title and
outline of his dissertation for approval by the Board of
Studies of the School not later than January 1 of the
final academic year and the dissertation, which should
not exceed 30,000 words in length, shall be presented not
later than four months after the end of that academic
year.
EXAMINATION
With the exception of courses 11772, 11803 and 11804, each course shall be examined by one two-hour written paper.
For the full-time candidates, examination of all eight courses shall be held at the end of the academic year.
The examination for the
part-time candidates shall be held in two or three parts
at the end of each academic year of study; not less than
two and not more than four courses shall be examined in
each part. The number of courses to be examined in each
part shall be determined by the Board of Studies of the
School.
