Doctor of Philosophy in Economics (English Program) Curriculum 2006

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1 Doctor of Philosophy in Economics (English Program) Curriculum Program Title Doctor of Philosophy Program in Economics (English Program) 2. Degree Title Doctor of Philosophy (Economics) Ph.D. (Economics) 3. Administrative Agency Faculty of Economics Thammasat University 4. Objectives Social and economic problems have developed and become much more complicated as the economy and the world economic order evolve. Thailand has strong need for highly qualified personnel to solve problems and push forward economic and social development and the Faculty of Economics Thammasat University has the objectives of producing economic graduates and postgraduates to fulfill the country s need. The Faculty of Economics was the first to open a Mater s degree program in economics using English as the medium of teaching in 1969 and have already produced several hundreds of both Thai and foreign graduates. The Faculty is well equipped with personnel, lecturers, an economics library and educational facilities while the Master of Economics (English program) has been accepted by domestic and international agencies and organizations. The Faculty of Economics is thus fully equipped for a teaching at the Ph.D. level on the basis of the success on the Master s degree program, staff members long experience in teaching and doing research. The Ph.D. program is a continuance of the Master s degree program and is expected to benefit Thailand. First, the content of the courses can be modified to suit the condition and problems in developing countries. Second, Thailand can economize its cost of financing a Ph.D. study abroad while Ph.D. graduates can save time in adjusting themselves to the Thai condition. Third, the Ph.D. program is a further development of the Master s Degree Program in Economics, to develop the Faculty of Economics, Thammasat University to be an educational and research institution on par with other international economic research and teaching agencies in Southeast Asia. The objectives of the Ph.D. in economics programs are as follows: 4.1 To produce Ph.D. graduates in economics well equipped with knowledge comparable to those from overseas educational institutions. 4.2 To produce personnel having academic knowledge and expertise in study teaching, research and participation in the country s economic development. 4.3 To raise the standard of education and research in economics in the country and Thammasat University to be a center for economic study and research in Southeast Asia. 4.4 To provide educational service at the Ph.D. level with academic depth and specialization. 5. Program Commencement Semester 1 of 2006 Academic Year 6. Qualifications of Eligible Applicants 6.1 Applicants must hold at least a Master s degree or equivalent from domestic or overseas educational institutions accredited by Thammasat University Council. 6.2 The applicant who is studying in the Master s Degree in Economics Program (English program) of Thammasat University must have at least 12 accumulated credits.

2 6.2 Applicants must have qualifications in accordance with Article 8 of Thammasat University Regulation Concerning Education at the Graduate Level BE 2541 (1998) (being a person without seriously infectious diseases, seriously misbehavior records, and having registered as student in any other university). 7. Selection Criteria 7.1 Admission is determined by applicants academic records, results from interviews and/ or from written examinations and samples of written works. 7.2 Interviews and written examinations are conducted in English. 7.3 Submission of an English language proficiency test, either TU-GET (organized by the Language Institute, Thammasat University), or TOEFL, or IELTS. The result must not be older than two years to the date of application. 7.4 Overseas applicants must have qualifications in accordance with Item 6 above, will be evaluated on the basis of 7.1 and must submit an English language proficiency test according to 7.3 if the applicants have not used English as the medium of learning at the bachelor s or Master s degree level. 8. Academic System 8.1 This is a daytime program having two regular semesters, each consisting of 16 weeks, and one summer session of 8 weeks in each academic year. 8.2 Lectures, examinations and dissertation writing are conducted in English. 8.3 The program consists of coursework and a dissertation. 8.4 Students must complete a total of 81 credits consisting of 3 in coursework and 48 credits in dissertation. 8.5 Students in the Master s Degree in Economics Program (English Program), Thammasat University who have been permitted to transfer to the Ph.D. program may apply for a transfer of all courses taken (except thesis) in the Master s Degree Program. The transferable courses must have the minimum grade of B and will receive the original grades in the transcript while the earned credits will be included in GPA calculation. 8.6 Students may apply for a transfer of courses taken in other programs, but the total credits must not exceed 25% of total credits for coursework. The transferable courses must have the minimum grade of B or equivalent and will receive the sign ACC in the transcript while the earned credits will not be included in GPA calculation. 8.7 Qualifying examination consists of written examination and/or oral examination Students must earn P (Pass) in the qualifying examination within six regular semesters after the date of student registration Students must pass (earn P Pass) in the qualifying examination within three attempts or will be disqualified from a Ph.D. degree. 8.8 Dissertation Students are allowed to register in dissertation writing only after no less than two regular semesters of study, having no less than 12 accumulated credits with GPA not lower than 3.00, and having earned P (Pass) in the qualifying examination Dissertation writing consists of attendance and participation at academic seminars, self study under supervision of a dissertation advisor, participation in dissertation workshops and writing of one dissertation topic. 9. Period of Study 9.1 Students must complete all the requirements within ten regular semesters from the date of student registration. 9.2 Students who have been permitted to transfer from the Master s Degree in Economics Program (English Program) to the Ph.D. program and later wish to transfer back to the Master s Degree Program (English Program) must receive approval from Faculty Dean within three years since the date of the transfer to the Ph.D. program and must fulfill all the requirements for a Master s degree within five years since the first registration in the Master s Degree Program.

3 10. Course Registration 10.1 Students must register for no less than 6 credits and not more than 12 credits in one regular semester and not more than 6 credits in one summer session After having completed coursework, students must register for no less than 6 credits of dissertation writing in each regular semester. 11. Academic Evaluation and Graduation 11.1 Coursework Evaluation Evaluation in coursework has nine levels of grades with the following symbols and value: Grade A A- B+ B B- C+ C D F Value Only the credits of courses with the grade of not lower than S or B will be counted towards the degree requirements Dissertation evaluation consists of S (satisfactory) and U (unsatisfactory) The qualifying examination results consist of P (Pass) and N (Not pass) Credits of courses with S and U will not be used in GPA calculation Graduation Students must have completed all the coursework and fulfilled all the requirements in the curriculum Having GPA not lower than Earning P in the qualifying examination Earning S from dissertation evaluation and having submitted the dissertation to the Faculty of Economics Having the dissertation or at least part of the dissertation accepted for publication in an academic journal which has a peer review procedure Students must not have any debt with the University. 12. Lecturers in the Program See the list of lecturers in the appendix. 13. Number of Students Approximately 5 students are admitted every year New students Existing students Total Graduation Location and Teaching Equipment Faculty of Economics Building, Thammasat University, Tha Prachan, Bangkok 15. Library Educational resources at Thammasat University Central Library and Puey Ungphakorn Economics Library comprise the following: Books 56,219 items Journals 255 titles Other documents and reports 2,511 items 16. Expenditure Expenditure for each student is approximately THB 30,000 per year.

4 17. Curriculum Structure 17.1 Total credit 81 credits 17.2 Structure Compulsory courses 24 credits Electives 9 credits Dissertation 48 credits 17.3 Course codes Course codes consist of three digits as follows: EE Courses in economics using English in lectures and examinations. First digit Course level 6 basic course 7 advanced course 9 dissertation Second digit Fields 0 Political Economy and Institutional Economics 1 Economic Theory 2 Quantitative Economics 3 Monetary Economics 4 Public Finance 5 International Economics 6 Development Economics 7 Human Resource and Natural Resources Economics 8 Industrial Organization 9 Agricultural Economics Third digit 0 Self study 1-7 Lecture courses 8 selected topics 17.4 Coursework Compulsory courses Students must complete all five compulsory courses with a total of 24 credits. EE 611 Microeconomics 3 (3-0-9) EE 612 Macroeconomics 3 (3-0-9) EE 621 Mathematical Economics 3 (3-0-9) EE 624 Statistics for Economists 3 (3-0-9) EE 625 Econometrics 3 (3-0-9) EE 710 Research Methods in Economics 3 (3-0-9) EE 711 Advanced Microeconomics 3 (3-0-9) EE 712 Advanced Macroeconomics 3 (3-0-9) Electives Students must complete at least 3 electives or 9 credits. (1) Political Economy and Institutional Economics EE 600 History of Economic Thought 3 (3-0-9) EE 601 Political Economy 3 (3-0-9) EE 602 Institutional Economics 3 (3-0-9) EE 608 Political Economy and Institutional Economics: Selected Topics3 3 (3-0-9)

5 (2) Economic Theory EE 718 Advanced Economic Theory: Selected Topics 3 (3-0-9) (3) Quantitative Economics EE 622 Advanced Mathematical Economics 3 (3-0-9) EE 626 Advanced Econometrics 3 (3-0-9) EE 628 Quantitative Economics: Selected Topics 3 (3-0-9) (4) Monetary Economics EE 631 Monetary Economics 3 (3-0-9) EE 632 Financial Aspects of Economic Development 3 (3-0-9) EE 638 Monetary Economics: Selected Topics 3 (3-0-9) (5) Public Finance EE 641 Public Finance and Policy 3 (3-0-9) EE 648 Public Finance and Policy: Selected Topics 3 (3-0-9) (6) International Economics EE 651 International Trade Theory and Policy 3 (3-0-9) EE 652 International Monetary Economics 3 (3-0-9) EE 658 International Economics: Selected Topics 3 (3-0-9) (7) Development Economics EE 661 Development Economics 3 (3-0-9) EE 662 Regional Economics 3 (3-0-9) EE 668 Development Economics: Selected Topics 3 (3-0-9) (8) Economics of Human Resources and Natural Resources EE 671 Labor Economics 3 (3-0-9) EE 672 Human Resources Economics 3 (3-0-9) EE 674 Health Economics 3 (3-0-9) EE 675 Natural Resources Economics 3 (3-0-9) EE 676 Environmental Economics 3 (3-0-9) EE 678 Economics of Human Resources and Natural Resources: Selected Topics 3 (3-0-9) EE 679 Individual Study in Economics of Human Resources and Natural Resources 3 (3-0-9)

6 (9) Industrial Organization EE 681 Industrial Organization 3 (3-0-9) EE 688 Industrial Organization: Selected Topics 3 (3-0-9) (10) Agricultural Economics EE 691 Agricultural Economics 3 (3-0-9) EE 698 Agricultural Economics: Selected Topics 3 (3-0-9) Dissertation EE 900 Dissertation Academic Plan Year 1 Semester 1 EE 611 Microeconomics 3 (3-0-9) EE 612 Macroeconomics 3 (3-0-9) EE 621 Mathematical Economics 3 (3-0-9) EE 624 Statistics for Economists 3 (3-0-9) Year 1 Semester 2 EE 625 Econometrics 3 (3-0-9) Elective 1 3 (3-0-9) Elective 2 3 (3-0-9) Elective 3 3 (3-0-9) Year 1 Summer Session EE 710 Research Methods in Economics 3 (3-0-9) Year 2 Semester 1 EE 711 Advanced Microeconomics 3 (3-0-9) EE 712 Advanced Macroeconomics 3 (3-0-9) Qualifying Examination Year 2 Semester 2 EE 900 Dissertation 12 Year 3 Semester 1 EE 900 Dissertation 12 Year 3 Semester 2 EE 900 Dissertation 12

7 Year 4 Semester 1 EE 900 Dissertation 12 Course Description Compulsory courses EE611 Microeconomics Theory of consumer demand and choice, theory of production and cost of production, theory of price determination under various market structures, factor market analysis and welfare economics. EE612 Macroeconomics Theory of national income determination, employment, price, consumption, investment, demand and supply of money, the role of monetary and fiscal policy and open-economy macroeconomics. EE621 Mathematical Economics Set, functions, and graphs; differential and integral calculus; maxima and minima; linear algebra, determinants, matrix and vector analysis; solution of equation systems and linear programming. EE624 Statistics for Economics The application of statistics to economic analysis, probability and probability distributions, expected value, correlation, estimation, hypothesis testing, analysis of variance, and regression analysis. EE625 Econometrics Study of econometric methods, multiple regression models, econometric problems arising from the violation of the classical linear regression model assumptions and solutions. Study of simultaneous equation system methods. EE710 Research Methods in Economics Study research methods in economics covering both quantitative and qualitative approaches, identification of research topics, literature review, the use of libraries and databases, hypothesis formulation, data collection, hypothesis testing and writing of a dissertation proposal. EE711 Advanced Microeconomics Prerequisites: EE611 or instructor s permission In-depth study of specific topics in microeconomics with emphasis on reading, research, essay writing and individual discussion under the instructor s supervision, e.g., inter-temporal consumption, risk and uncertainty, new theory of production unit, structures and behaviors under various market structures, game theory, general equilibrium analysis, externalities, welfare economics, public goods, information asymmetry, and information technology. EE712 Advanced Macroeconomics Prerequisites: EE612 or instructor s permission In-depth study of specific topics in macroeconomics with emphasis on reading, research, essay writing and individual discussion under the instructor s supervision, e.g., new economic growth models, equilibrium in different markets, rational expectations and New Classical Economics, real business cycles theory and new Keynesianism, and monetary policy and inflation. Electives (1) Political Economy and Institutional Economics EE600 History of Economic Thought Prerequisites: EE611 and EE612 or instructor s permission Study of the evolution of economic thought from the period of mercantilism, physiocracy, classical political economy, neoclassical economics, the historical school, socialist thought, Keynesian

8 and Post Keynesian economics, and institutional economics with emphasis on basic philosophy, content and the influence of the historical environment on the development of ideas. EE601 Political Economy Prerequisite: EE611 and EE612 or instructor s permission Political economy of Karl Marx on method, historical materialism, theory of value and surplus value, exploitation, capital accumulation, the reserve army of the unemployed, reproduction of capital, the falling average profit rate tendency, economic cycles and crises, and other alternative approaches to economics. EE602 Institutional Economics Prerequisites: EE611 and EE612 or instructor s permission Study of the role of institutions and their influence on social and economic changes, the birth, evolution and demise of institutions, transaction cost from institutions, reform of economic policy, application of mainstream economic theory to the analysis of political processes, rent seeking behaviors, and the influence of interest groups and organizations on changes in economic policy. EE608 Political Economy and Institutional Economics: Selected Topics Prerequisites: EE611 and EE612 or instructor s permission Study of selected topics in political economy and institutional economics, e.g., constitution economics, comparative economic study, new political economy, Thai economic history, or economic history of specific countries. (2) Economic Theory EE718 Advanced Economic Theory: Selected Topics Prerequisites: EE611 or EE 612 or instructor s permission In-depth study of specific topics in economic theory, e.g., advanced game theory, input-output models, social accounting matrix models. (3) Quantitative Economics EE622 Advanced Mathematical Economics Prerequisites: EE621 or instructor s permission Advanced optimization techniques, e.g., linear and non-linear programming, dynamic methods such as eigenvalues and eigenvectors, difference and differential equations, difference and differential equation systems, optimal control, advanced linear algebra and the application of these tools in model building and solving economic problems. EE626 Advanced Econometrics Prerequisites: EE625 or instructor s permission Formulation and estimation of parameters in models with special properties such as limited information, dichotomous variables, non-linear models, and dynamic econometric models. EE628 Quantitative Economics: Selected Topics Prerequisites: EE621 or EE625 or instructor s permission Study of selected topics in advanced mathematical economics and advanced econometrics, application of advanced quantitative tools, macro-econometric modeling, non-parametric analysis, advanced time-series models. (4) Monetary Economics EE631 Monetary Economics Prerequisites: EE612 or permission from the instructor A study of the demand for and supply of money, monetary role of the banking system, monetary macroeconomics, monetary control, the relationship between monetary and fiscal policy and policy transmission mechanism.

9 EE632 Financial Aspects of Economic Development Prerequisites: EE612 or permission from the instructor Study of the evolution of the monetary system in economic development, financing methods, sources of fund, development financing, the impact of the quantity of money and international capital movement on economic development. EE638 Monetary Economics: Selected Topics Prerequisites: EE612 or permission from the instructor Study of selected topics in monetary economics, e.g., the role of money and the central bank in economic development, effect of monetary imbalance, impact of the banking structure and rules on stability and economic development, the role of the central bank in economic stabilization. (5) Public Finance EE641 Public Finance and Policy Prerequisites: EE 611 and EE612 or permission from the instructor Study of the allocation of public goods, efficient methods of tax and non-tax revenue collection, the determination of the price or cost of public goods provision, the effect of government expenditure and revenue on income distribution and private decision on consumption, saving, work, and risk, management of public debt, mechanisms and methods of collective decision and their effect on government expenditure and revenue, cost-benefit analysis in public projects, policy management in an open economy, fiscal policy tools for macroeconomic management and growth. EE648 Public Finance and Policy: Selected Topics Prerequisites: EE 611 and EE612 or permission from the instructor Study of selected topics in public finance, e.g., analysis of tax policy and tax incidence, expenditure policy, cost and benefits, control of the public sector s production activity through provision and control, macroeconomic impact of the budget deficit and public debt. (6) International Economics EE651 International Trade Theory and Policy Study of international trade theory, theory of comparative advantage and empirical evidence, trade policy analysis, regional integration and international factor movements, relation between trade and growth and development. EE652 International Monetary Economics Study of balance of payments, international capital movements, various adjustments of the balance of payments, the determination of the exchange rate, macroeconomic policy on internal and external balances, and monetary integration. EE658 International Economics: Selected Topics Study of selected topics in international economics, e.g., economic development using various trade policies, the effect of trade protectionism, regional integration, international factor movements, foreign direct investment, management of various exchange rate regimes, international capital movement and macroeconomic stability. (7) Development Economics EE661 Development Economics Study of economic growth theories and models; development theories and models; obstacles and strategies in economic development. EE662 Regional Economics Study of the determination and utilization of geographical areas, transportation, theories, policies and analysis of land utilization, development of urban and rural communities.

10 EE668 Development Economics: Selected Topics Study of selected topics in development economics, e.g., analysis and comparison of economic development patterns in the past; development strategy with export or import substitution orientations, analysis of important current issues in economic development. (8) Economics of Human Resources and Natural Resources EE671 Labor Economics Study of economic and institutional factors which affect the demand and supply of labor; analysis of the labor market, factors determining the levels of income, employment and labor relation. EE672 Human Resources Economics Study of the theory of public and private investment in human resources; public and private investment and allocation of resources in education and training; allocation of resources by households; efficiency gains from education; options in public and private healthcare services; social safety nets. EE674 Health Economics Study of the demand and supply of healthcare services, market structures in the determination of healthcare prices or expenses, the role of health insurance; evaluation of healthcare programs, health insurance, public finance for public health, impacts of international trade agreements on healthcare services. EE675 Natural Resources Economics Study of the allocation of resources among current users, inter-temporal allocation of both exhaustible and inexhaustible natural resources; market failures due to undefined property rights and high transaction costs; management of impacts from pollution; application of the cost-benefit analysis in natural resource programs. EE676 Environmental Economics Study of theories of environmental problems, concepts of efficiency, costs and benefits; market failures and externalities; policies and measures to solve environmental problems, evaluation of the impacts of economic development programs on environment. EE678 Economics of Human Resources and Natural Resources: Selected Topics Study of selected topics in human resources and natural resources economics, e.g., segregated labor markets, human resource mobilization, analysis of healthcare and education systems; migration, policies and management of social security system and heal insurance in various countries. (9) Industrial Organization EE681 Industrial Organization Study of production units, factors determining market structures, competition based on pricing and products, competitive behavior and market entry, empirical studies of market structures, pricing and profitability, welfare effect of imperfect competition, price discrimination, product differentiation, competition based on advertisement, public policy towards market structure, behavior and industrial performance.

11 EE688 Industrial Organization: Selected Topics Study of selected topics in industrial organization, e.g., behavior in oligopoly markets, game theory, technological progress and industrial innovation, analysis of market structures, behavior and performance, theories of production units, regulation and deregulation of private business, state enterprise privatization. (10) Agricultural Economics EE691 Agricultural Economics Study of decision making by agricultural production units under different environments, impacts of policy changes, production techniques and principles which affect agricultural products, the demand and supply of agricultural products and price determination, problems in agricultural marketing, relations between market structures, behavior and performance in agricultural product markets, government policy towards agricultural products and prices. EE698 Agricultural Economics: Selected Topics Study of selected topics in agricultural economics, e.g., international trade barriers and international trade agreements on primary products, technological progress and innovation in agriculture, contract farming, utilization of natural resources and topics on environment economics. (11) Dissertation EE900 Dissertation Research and writing under a dissertation committee 48 credits 18. Quality Assurance Quality assurance of the curriculum will be conducted under the guidelines of Thammasat University. 19. Curriculum Development Development of curriculum will be conducted under the guidelines of Thammasat University.

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