Master of Economics

Subject Names	KIMEP Credits	ECTS – Credits
Program Foundation required courses	5	6
Professional Foreign Language	2	2
Management for Social Sciences	1	2
Psychology for Social Sciences 2	2	2
Program Foundation Elective courses	6	9
Microeconomics	3	4,5
Macroeconomics	3	4,5
Introduction to Statistics	3	4,5
Introduction to Game Theory	3	4,5

*Students must complete two courses (6 credits in this category. ECN 5021 Microeconomics, ECN5031 Macroeconomics and ECN 5012 Econometrics are prerequisites for Advanced Microeconomics, Advanced Macroeconomics and Advanced Econometrics. Students who have done intermediate coursework at the undergraduate level with satisfactory results can request these prerequisites to be waived.

Subject Names	KIMEP Credits	ECTS – Credits
Program Major required courses	15	25
Research Methods for Social Sciences	3	5
Advanced Econometrics	3	5
Advanced Microeconomics	3	5
Advanced Macroeconomics	3	5
Professional Internship	3	5
Program major elective courses	12	20
Econometrics	3	5
International Trade	3	5
Emerging Markets and Powers	3	5
Theory of Corporate Finance	3	5
Selected Topics in Economics	3	5
Seleсted Topics in Financial Economics	3	5
Experimental Research Work	6	18
Research Seminar	3	10
Research Internship	3	8
Final Attestation	4	12
Thesis and Thesis Defense	4	12
Total	48	90

MAE program offers a major in Financial Economics.

Students selecting this major have to take the ECN 5354 Advanced Financial Economics (3/5 ECTS) course and two electives from the following list:

Course Code	Course Title	Credits	ECTS	Prerequisites
ECN5053	Game Theory	3	5	None
ECN5054	Mathematical Modeling	3	5	None
ECN5352	Advanced Financial Econometrics	3	5	ECN5354/ECN5012
ECN5355	Theory of Corporate Finance	3	5	ECN5354
ECN5891	Selected Topics Fin Economics	3	5	ECN5354

Course (Credit) Transfer
KIMEP University can transfer credits earned in another program/university, if the courses are equivalent to the courses offered by the program at KIMEP University. A Department committee shall consider each student’s case individually and make an appropriate decision. KIMEP University transfers a maximum 25 % of the total amount of the credits from bachelor to a master program.

ECN5041 Management (1 Credit)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course deals with the functions of management of organizations.  It analyses organizational structure, motivation and incentive conflicts, human resources and compensation schemes, organizational culture and ethics.

ECN5042 Psychology and Behavioral Economics (2 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course gives an introduction to psychology and its applications to learning, management and interpersonal relations. It gives an overview of the interconnection between psychology and economics covering such topics as consumer choice, happiness measures, social preferences and behavioral approaches to policy and finance.

ECN5013 Advanced Econometrics (Econometrics II, 3 Credits)

Prerequisites: ECN5012 (can be waived for students with undergraduate coursework in economics)

This course begins with fundamentals of advanced econometric modeling methods and techniques. This considers in detail econometric model formulation and estimation in multi equation settings. Topics covered are seemingly unrelated regression models, simultaneous equation models, panel data models,  advanced time series models, probit, logit and limited dependent variable models. Students practice their skills with statistical packages such as Eviews.

ECN5022 Advanced Microeconomics (Microeconomics II, 3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course provides a rigorous introduction to advanced microeconomic analysis. It covers consumer theory, auction theory and general equilibrium analysis, incorporating uncertainty, asymmetric information and externalities.

ECN5032 Advanced Macroeconomics (Macroeconomics II, 3 Credits)

Prerequisites: ECN5031 (can be waived for students with undergraduate coursework in economics)

This course covers advanced topics in macroeconomic theory such as models of economic growth, rational expectations models, models of currency crises, nominal rigidities, business cycle theory, time inconsistency and microeconomic foundations of aggregate behavior.

ECN5093 Project Planning and Welfare (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course gives an introduction to the planning and budgeting of projects and their evaluation in terms of private and social desirability. It covers issues such as measurement, accounting for risk and choosing a discount rate and combines the rigorous treatment of welfare theoretic foundations of cost-benefit analysis with its practical application.

ECN5801 Research Methods and Methodology (Thesis I) (3 Credits)

Prerequisites: None

The methods and methodology of academic research are studied, using samples of work by outstanding economists. Students are urged to develop their own ideas and projects. The course will guide the student through a substantial amount of writing, including a term paper. At the end of the course students should write proposal of future Master dissertation.

ECN5990 Research Seminar (3 Credits)

Prerequisites: ECN5801

The student shall undertake a seminar class with an instructor and orally defend his/her thesis proposal. At the same time, he will have a supervisor who works with him/her towards preparing the thesis.

ECN5991 Thesis (6 Credits)

Prerequisites: ECN5990 or concurrent enrollment

The student under the supervisor shall complete his/her thesis and publicly defend it.

ECN5888 Internship in Economics for MA (6 Credits)

Prerequisites: Permission of academic advising faculty member and permission of the employer.

This independent research project, undertaken in a work environment, provides students with data, people, and experience for studying an economic issue. Related readings, a daily journal, and an analytical paper supervised by a faculty member are required. The student must obtain permission before the start of the semester in which he enrolls.

ECN5999.1 Comprehensive Examination (1 credit)

Students will take an exit test that evaluates their competencies in the filed of economics.

Foundation Electives

Course Code	Course Title	Credits
ECN5021	Microeconomics	3
ECN5031	Macroeconomics	3
ECN5052	Statistical Methods	3
ECN5053	Game Theory	3
ECN5054	Mathematical Modeling	3
ECN5352	Advanced Financial Econometrics	3
ECN55354	Advanced Financial Economics	3
TOTAL		6/18

ECN5021 Microeconomics (Microeconomics I, 3 Credits)

Prerequisites: none

This course covers consumer and producer theory, welfare measures and analyzes different market forms.

ECN5031 Macroeconomics (Macroeconomics I, 3 Credits)

Prerequisites: none

This course introduces standard concepts of macroeconomic theory including growth theory, aggregate demand and supply, stabilization policy and open economy macroeconomics. It gives an overview of the current macroeconomic debate.

ECN5052 Statistical Methods (3 Credits)

Prerequisites: none

This course uses advanced statistical methods such as multivariate data analysis with estimation, hypothesis testing factor analysis and cluster analysis.

ECN5053 Game Theory (3 Credits)

Prerequisites: none

This course gives an introduction to the mathematical analysis of strategic interaction in conflict and cooperation. It includes repeated games, Bayes-Nash equilibrium, sequential games and introduces cooperative concepts such as core and Nash solution.

ECN5054 Mathematical Modeling (3 Credits)

Prerequisites: none

This course provides an overview of mathematical models which are used in economics and empirical modeling, encompassing data mining and flexible methods of modeling.

ECN5352 Advanced Financial Econometrics (3 Credits)

Prerequisites: ECN5354, ECN5012 (can be waived for students with undergraduate course work in economics)

This course will introduce students to advanced econometric methods and methodology to model and forecasting the various issues in financial assets and markets determinands such as prices and returns.  Given the wide scope of financial econometrics modeling, this course includes both the univariate and multivariate time series financial data analysis in terms of modeling, estimating and forecasting for decision making. For the linear, dynamic expectations and volatility financial modeling process, it introduces advanced techniques such as ARIMA, VARMA, ARCH, GARCH, TARCH, VAR, VMA, co -integration and error correction procedures.   Model tests in applied project setting include capital asset pricing, options pricing models among others.

ECN5354 Advanced Financial Economics (3 Credits)

Prerequisites: ECN5021 Microeconomics (can be waived for students with undergraduate course work in economics)

This course applies economic analysis to financial decisions and equilibrium in financial markets. It discusses in detail market efficiency, behavioral finance, the theory and empirics of optimal portfolios, option pricing and security design.

Program Electives

ECN 5012	Econometrics
ECN5051	Money and Banking
ECN5142	International Trade
ECN5143	International Finance
ECN5226	Industrial Organization
ECN5261	Public Economics
ECN5271	Emerging Markets and Powers
ECN5296	Labor Economics
ECN5334	Monetary Economics
ECN5354	Financial Economics
ECN5890	Selected Topics in Economics
ECN5891	Selected Topics in Financial Economics
ECN5355	Theory of Corporate Finance

ECN5012 Econometrics (Econometrics I, 3 Credits)

Prerequisites: None

Econometrics deploys economics, mathematics and statistics to specify economic relationships that help people forecast and make decisions. The course presents basic concepts in econometrics methods and methodology, regression models with time series, cross section and qualitative data. Topics in estimating single equations models are including Distributed lag models, causality problems, and dummy variables models in particular.  Application of econometric models in real world economic data analysis will also be covered in the course.

ECN5142 International Trade (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course covers the basic theory of trade, including gains from exchange and specialization; factor and goods prices; tariffs; imperfect competition in trade; distortions in commodity and factor markets; and economic integration. . Topics include: Ricardian theory of comparative cost; the Heckscher-Ohlin model and the impact of factor abundance on trade; increasing returns and product differentiation; factor movements; commercial policy — tariffs, quotas, export subsidies, and infant industries; international oligopoly and strategic trade; and economic integration, exemplified by free trade areas and customs unions.  The course complements one on international finance but can be taken alone. A basic undergraduate course in trade would be useful although not necessary. Students should also have had an undergraduate course in intermediate or advanced microeconomic theory. The course deploys calculus and basic statistics.

ECON5143 International Finance (3 Credits)

Prerequisites: ECON5031 (can be waived for students with undergraduate coursework in economics)

This course deals with macroeconomics, financial markets, and monetary institutions, all from an international point of view. The field is eclectic, so the course can cover only a few theoretical topics: The balance of payments; international asset markets; and the exchange rate. The course concludes with contemporary policies in the international monetary system.  The course complements International Trade (ECON5142) but can be taken alone. Students should have had undergraduate macroeconomics and microeconomics. Basic undergraduate courses in international trade and finance, as well as in money, would be useful. The course will use calculus and basic statistics.

ECN5226 Industrial Organization (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

The study of industrial organization is important for understanding industrial economics and corporate behavior. It is also essential for students aiming to serve the industrial sector of the economy. The course focuses on an empirical and theoretical examination of the structure, conduct, and performance of firms and industries at the micro and macro level. What determines the market structure and how is it measured? How do firms in an industry behave or perform in a given market structure? The course emphasizes production and cost functions; productivity growth; technical change and technical efficiency; corporate investment; dividend policy; and financing behavior. Major topics include the theory of the firm; profit maximizing and growth maximizing models; price and output determination under different market structures; and measures of market structure and market performance.

ECN5261 Public Economics I (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics) 1

This course examines the role of the public sector in the economy. It analyzes the behavior of the public sector and the incidence of its attempts to fulfill allocation, distribution and stabilization functions. It begins by asking the central questions of whether or not markets work, and if not, what is to be done about it. It discusses the market failures — externalities, public goods, imperfect competition and asymmetric information — that arise when competitive markets cannot give a socially desirable outcome. Topics may include the provision of public and private goods; collective decision-making; taxation –tax incidence, equity, efficiency, and optimal taxation; theory of and evidence on government expenditure policy; redistribution and welfare policy; social cost-benefit analysis; fiscal aspects of macroeconomic theories; and local government. This would be a good course for students interested in: 1) generally, the economist’s view of the appropriate roles for government within markets; 2) specifically, in the analysis and institutional background of government programs and initiatives –in both expenditures and taxation.

ECN5271 Emerging Markets and Powers (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics) 1

Emerging markets is an overarching concept describing a group of countries with common issues and a similar role in the international system. This course critically discusses the concept of emerging markets and the role of institutions, natural resources and international organizations in their development. It reviews economic growth, open economy macroeconomics and geography as they pertain to emerging markets and introduces case studies.

ECN5296 Labor Economics (3 Credits)

Prerequisites: ECN5021 (can be waived for students with undergraduate coursework in economics)

This course develops theoretical models of the labor market, presents related empirical research, and discusses policy applications. Topics include labor supply, labor demand, market equilibrium and compensating wage differences, investment in human capital, and cyclical unemployment. Additional topics may include labor unions, minimum wage laws, compensation policies and productivity, wage indexation, and discrimination and equal-opportunity laws.

ECN5334 Monetary Economics (3 Credits)

Prerequisites: ECN5031 (can be waived for students with undergraduate coursework in economics)

This course covers basic concepts such as the demand for and the supply of money. It consists of three parts: Theory of Money, Monetary Macroeconomics, and Monetary Policy. The first part examines the origin and concept of money and the structure of the money market. The second part is an extension of Macroeconomics related to monetary issues. The third part examines the contemporary theories of monetary policy. The course examines Classical, Keynesian and Rational Expectations theories of money as well as Cagan’s study of hyperinflation. Then it deals with the contemporary theories of monetary policy, including those addressing the choice between rules and discretion and the choice of monetary regime.

ECN 5354 Financial Economics (3 Credits)

Prerequisites:  ECN5021, ECN5031 (can be waived for students with undergraduate coursework in economics)

This course surveys foundations of modern financial economics.  It applies economic analysis and modern theory of finance to investors and firms.  Topics related to investors include portfolio theory, Capital Asset Pricing Model, options and futures contracts, including the Black-Scholes option pricing model and bond analysis.  Related topics for firms include discounted cash-flow techniques in relation to budgeting problem associated with alternative investment projects, capital structure, including new issues of securities, debt and dividend policy based on the value of the firm.  fIssues related to mergers and acquisition, financial distress and bankruptcy, and corporate restructure will be discussed.  Students will read journal articles to related topic covered.

ECON5829 Quantitative Methods for Economics (3 Credits)

Prerequisites: None

This course covers topics necessary for Econometrics, Financial Economics, Actuarial Economics, and intermediate economic courses. Those topics include: probability distribution, statistical inference and linear regression, as well as matrix algebra and techniques of Calculus applied to optimization in economics.

ECN5889 Research Project (3 Credits)

Prerequisites: Permission of academic advising faculty member

A research project is in depth study of the economy of Kazakhstan or CIS countries or in any other area in the field of economics and business. Proposals must show a clear promise of higher level work and be approved by a faculty sponsor and either the chair or undergraduate program director.

ECN5890 Special Topics in Economics (3 Credits)

Prerequisites: varies depending on the topic

Selected topics in Economics of interest to students and faculty. The course may be repeated for credit if the topics are different.

ECN5891 Selected Topics in Financial Economics (3 Credits)

Prerequisites: ECN5354

The course examines particular issues and contemporary subject areas in Financial Economics at an advanced level. Selection of topics depends on students and instructors preferences.

ECN5355 Theory of Corporate Finance (3 Credits)

Prerequisites: ECN5354

The course develops an in-depth understanding of the financial relations of the firm and their impact on corporate governance. Topics include the theoretical and empirical study of the financial structure of the firm, financing constraints, risk management, contracting and monitoring under asymmetric information, control rights, mergers and acquisitions and security design.

Major in Financial Economics

Students may declare Financial Economics their major. A student who majors in Financial Economics has to take ECN 5354 Advanced Financial Economics and one other of the following foundation elective courses:

Course Code	Course Title	Credits
ECN5053	Game Theory	3
ECN5054	Mathematical Modeling	3
ECN5352	Advanced Financial Econometrics	3
TOTAL		6/9

ECN5053 Game Theory (3 Credits)

Prerequisites: none

This course gives an introduction to the mathematical analysis of strategic interaction in conflict and cooperation. It includes repeated games, Bayes-Nash equilibrium, sequential games and introduces cooperative concepts such as core and Nash solution.

ECN5054 Mathematical Modeling (3 Credits)

Prerequisites: none

This course provides an overview of mathematical models which are used in economics and empirical modeling, encompassing data mining and flexible methods of modeling.

ECN5352 Advanced Financial Econometrics (3 Credits)

Prerequisites: ECN5354, ECN5012 (can be waived for students with undergraduate course work in economics)

This course will introduce students to advanced econometric methods and methodology to model and forecasting the various issues in financial assets and markets determinands such as prices and returns.  Given the wide scope of financial econometrics modeling, this course includes both the univariate and multivariate time series financial data analysis in terms of modeling, estimating and forecasting for decision making. For the linear, dynamic expectations and volatility financial modeling process, it introduces advanced techniques such as ARIMA, VARMA, ARCH, GARCH, TARCH, VAR, VMA, co -integration and error correction procedures.   Model tests in applied project setting include capital asset pricing, options pricing models among others.

The foundation elective may be replaced by any graduate level FIN course with the permission of the chair.

In addition, the student has to take one of the following major electives:

Course Code	Course Title	Credits
ECN5355	Theory of Corporate Finance	3
ECN5891	Selected Topics in Financial Economics	3
TOTAL		6/9

The major elective may be replaced with any graduate level FIN course with the permission of the chair.

Economics is the all-purpose specialization! KIMEP University MAE program graduates successfully work in investment and commercial banks and in other financial public and private enterprises, run their own businesses, perfectly understand the international financial market and take a great part in external economical projects.