Onsider the consequences of reducing a balance of payments deficit. Financial Update 11/12 Macroeconomic Policy with Imbalances

The question should be addressed from an economic view point.

Loss of Marks

Despite reasonable content, marks may be lost for a poor essay structure or a weak demonstration of understanding. Here are a few pointers.

Generally Comments
A· it is submitted in the requested form and style on time;
A· it is of the required length;
A· the bibliography clearly demonstrates a wide range of sources;
A· the assignment tackles all the topics implied by the question and NO MORE;
A· any proposition is securely grounded in solid argument. This implies that a series of arguments is logically compiled, empirically supported and reader friendly;
A· there is no suggestion of plagiarism or excessive quoting from other authors.

StructureAn essay has a beginning (introduction)a middle (main body)and an end (conclusion)only two headings (title and bibliography)Harvard referencing system is used PresentationThe essay should haveyour name on itthe title on itpage numbersprinted on one side of the paperdiagrams/ tables are numbered and referred to in the textdiagrams/ tables are discussed before they are displayed No subheadingsNo bullet pointsNo contents page
The introduction introduces the reader to the issues at hand. Define the area and key terms. It is longer than one sentence and shorter than a page.

The main body should have a framework or structure provided by appropriate and justified theory. This could be discussed in abstract and then referred to the case study at hand. There should be a link between the case study and the theory throughout, showing how the case conforms, and where it conflicts, with theory.

There has been a recent trend towards answering the question in paragraph two or three and then padding out the rest of the essay with what should have come before, such as in a question about stagflation, discussing the Phillips curve after a supply side shock. The comment that this might elicit is that the essay would benefit from restructuring. The poor structure indicates that the student does not understand the importance of recognising a supply side shock for a Phillips curve analysis. Worse, including as many theories as possible, hoping that one of them is appropriate, is a scattergun approach that also does not demonstrate understanding.

Chances are that the question has an implicit assertion that you should challenge. In a recent exam, students were given the statement that a devaluation would resolve the problem of a balance of payments deficit: most just explained why it might. This is a limited answer. It is not clear that this is the best method or that it would work at all in the long run. Thus, you should answer the question!!!! And ensure that you have tackled all the relevant dimensions. Analysis is required, not only description. Analysis, associated with tying the theory with the case study, requires more than a checklist of points: they should be bound points together. Bullet points/lists do not demonstrate you understand.

Theory and evidence must be referenced to endow the points with validity /gravitas. Eg:-

There have been many studies of financial contagion (AuYong et al., 2004; Collins and Gavron, 2005; Corsetti et al., 2005; Forbes and Rigobon, 2002; Gelos and Sahay, 2001; Masih and Masih, 1997: 2004; Serwa and Bohl, 2005; Smith, 2001; Syriopoulos, 2007; Yang et al., 2003) yet, as Pericoli and Sbracia (2003) note, there is not a consensus on its definition.

Without a citation, the point appears to be the studentas, which carries little weight. Worse, these points may appear as unsubstantiated assertions.

Quoting has become too widespread. The academic process entails distilling from a variety of sources and ideas a series of points that can be compiled into an argument. This should involve putting someone elseas point INTO YOUR OWN WORDS. Quoting (not citing) somebody elseas point does not demonstrate that you understand it. With weaker students there is a tendency for some unnecessary quoting or quoting followed by an interpretation of the quote a I feel this suggestsa¦. to demonstrate you understand PUT INTO YOUR OWN WORDS and leave it at that. You quote if an opinion maker says something important a briefly only. The worse case I have seen: large quote + 1 line link + large quote a what has the student demonstrated other than they can use an index in a textbook or cut and paste from the internet?

Sometimes students do not make it clear what is being quoted/ where the quote ends/ distinguishes between a quote and a citation. If it is not in speech marks, it is not a quote. Pretending the passage is a citation when itas a quote will not do. If it is not clear that it is your work, you are likely to suffer a lower mark.

Academic language should be used. No first person or phrases like a?I feela should be used. The essay should be proof-read so that: there are no 1 sentence paragraphs or 1 page paragraphs; paragraphing is clear and consistent (indent or not indents?); full stops are used; the comma and the semi-colon are not confused; and misspellings/ missing words and poor grammar are eradicated. Undergraduates, especially from overseas, are not expected to write in a style consistent with an author writing text books for 20 years: work that is, is likely to have been cut and pasted.

The conclusion summarises what has been presented. It should reflect the introduction and the main body. Perhaps it ties together all that has been said, succinctly. Nothing new appears here!

Font size 12, double or 1A? line spacing. Print on one side of the paper ONLY

Problems Comments
A· Diagrams are missing but referred to in the text A· Did not reread the essay and forgot to draw the diagrams in the final version
A· References are missing from the bibliography but referred to in the text A· Possibly cut and pasted from the internet
A· References are present in the bibliography but are not in the text/ read at all A· Pretended to have read something a donat try to fool your tutor
A· There is new material in the conclusion A· Does not make sense
A· The Harvard method is not used/ used poorly A· Do not subdivide the bibliography in to books/journal articles sections etc
A· References are not in alphabetical order by author. A· Unhelpful for your tutor to check references
A· et al., appears in the bibliography A· Poor scholarship
A· Citing all the website in the text A· Poor citations
A· Citing a website and not the authoras name A· bbc.co many times a cannot tell which A· Poor citations A· Poor citations
A· Only one reference in the bibliography or Not using key texts A· Poor research
A· Too many internet sites used A· Many internet sites are not reliable. Looks lazy a canat be bothered to read textbooks. It is better to refer to textbooks or better still, journal articles.
A· Definitions from websites A· Did not read or possibly buy a recommended textbook
A· Relevant theory is briefly discussed at best A· Where is the theory???

Essay writing
Writing an essay can be viewed like painting a picture or telling a story. To be complete, all the elements need to be introduced and outlined so that the viewer/reader can make sense of the overall picture.

If your art teacher asked you to paint a seascape containing 3 vessels that are in peril, using a certain school of art, your art teacher wants YOU to show your understanding of the school of art, your mastery with the brush or knife, and how to interpret that task set.

So, your art teacher could assess your work on:
Choices Assessment
Size of canvas Was it the right size for the level of detail/size of features?
The choice of instrument (e.g. brush) Were the brushes right for the task?
Use of that instrument Does the brushwork demonstrate a skilled artist at work?
Interpretation of the school of art If asked for a surreal painting, is the painting surreal?
Interpretation of the task Were there 3 vessels? Did they appear in peril?