Homepage » Erasmus

Erasmus Undergraduate Program

Welcome to the Department of Economics of the National and Kapodistrian University of Athens.

Our Department welcomes Erasmus and International students and we offer a number of courses, mainly in English, for students who do not have any or sufficient knowledge of Greek.

The list below shows all courses which are offered in English in the academic year 2016-17. Students who succeed in the examinations obtain 7 ECTS credits for each course.

Erasmus and other exchange students who have adequate knowledge of Greek can also select any course from the list of courses shown in the undergraduate studies program. 

The Department of European and International Relations of the University of Athens, (http://en.interel.uoa.gr/department-of-european-and-international-relations.html) handles Learning Agreements and any paperwork related to Erasmus and similar exchange programs.  On their website you can find a full guide for Erasmus exchanges. 

Student's Guide (This is an English version of the original student's guide. Please make notice that for the incoming students the given Erasmus Courses in English are listed below)  


National and Kapodistrian University of Athens

Department of Economics
1, Sofokleous  str., Athens 10559

Eramus code G ATHINE 01

Subject Area Code : 03

Studies cycle : 1

Academic Coordinators:

Dr. Alexandra Fragoudaki,


1 Sofoκleous st., 10559 Athens

Tel. +302103689439

Email to:  alexfrag@econ.uoa.gr

Eugenia Bournova

Associate Professor,

1, Sofocleous str., Athens 10559

Tel +30 210 3689469

email to: bournova@econ.uoa.gr

Erasmus program - Incoming Students

For the incoming students courses in English or in French are given in small groups and in collaboration with the academic staff (tutorial).

Erasmus Courses in English for Erasmus scholars and students Academic Year 2016-2017

(7 ECTS / Course)

 1. Public Finance 

1st semester 

Tutor:  Prof. Georgia Kaplanoglou

Office: 1, Sofokleous street, No. 505     Tel: 210 368 94 59

Class-Website. eclass.uoa.gr/courses/ECON123/

Email:  gkaplanog[at]econ.uoa[dot]gr 


Overview:Public finance is the branch of economics that analyzes the role of government in the economy. In this course will use the basic tools of economics to analyze the prevailing views of what government does and what it could and should do. We will then look at what the public sector actually does, how it uses taxes and public spending, and how it affects individual and corporate decision-making and social welfare.

Intermediate Microeconomics is an essential prerequisite for this course. The course will assume a competency at roughly the level of intermediate books like Varian, or Nicholson. In addition, it is critical that you have a reasonable level of mathematical skills. Calculus (derivation and integration), solving systems of equations, and a few other tools will be used.

Text Books: The recommended textbook for the course is:

Rosen, Harvey S. & Ted Gayer Public Finance, 9th or 8th Edition. New
York: McGraw-Hill, 2008.

Two very good textbooks that could be used as alternatives are the following:
1. Stiglitz, J. E., Economics of the Public Sector, W. W. Norton & Co., 3rd Edition, 2000.

2. Gruber Jonathan Public Finance and Public Policy, 3rd edition, Worth
Publishers, 2011.

Evaluation: There will be a number of assignments (3 or 4), all of which will count for 15%, of the final grade. There will be a final exam which will count for the 85% of the final grade.


A. Background (Rosen, Chapters 1, 2)
B. Welfare Economics (Rosen, Chapters 3)

A. Public Goods (Rosen, Chapter 4)
B. Externalities (Rosen, Chapter 5)

A. Voting and Political Economics (Rosen, Chapter 6)

A. Cost-benefit analysis (Rosen, Chapter 8)
B. Redistribution (Rosen, Chapter 12)

A. Taxation and Income Distribution (Rosen, Chapter 14)
B. Taxation and Efficiency (Rosen, Chapter 15)
C. Efficient and Equitable Taxation (Rosen, Chapter 16)


 2. Labor Economics

2nd semester  

Tutor:  Evangelia PAPAPETROU, epapapet@econ.uoa.gr                                                                                                       

This course applies economic theory to the operation of the labor market. Special reference is given to the theory of labor supply, theories of labor demand, labor market equilibrium and the theory of compensating differences, human capital and education problems, labor market discrimination, labor unions and labor mobility.

Required Textbook: George J. Borjas (2007), Labor Economics, 4th edition, McGraw-Hill International Editions (referred to as Borjas).

Grading:  One comprehensive final exam.

Optional work: Short class presentation. Topics will be suggested. 

Course outline and reading list:

1. Introduction Readings, Borjas, Chap. 1.

2. Labor Supply Readings, Borjas, Chap. 2, 3.

3.   Labor Demand Readings, Borjas, Chap. 4.
4.   Labor Market Equilibrium Readings, Borjas, Chap. 5.
5.   Compensating Wage Differentials  Readings, Borjas, Chap. 6.
6.   Human Capital  Readings, Borjas, Chap. 7.
7.   Labor Market Discrimination Readings, Borjas, Chap. 10.
8.   Labor Unions Readings, Borjas, Chap. 11.
9.   Labor Mobility and Immigration  Readings, Borjas, Chap. 9.

Additional readings will be given in the course of the semester.

Other Texts for Reference:


R.G. Ehrenberg and R.S. Smith, (2008), Modern Labor Economics: Theory and Public Policy, HarperCollins, N.York, 9th /e.

McConnell and Brue, (2005), Contemporary Labor Economics: Theory and Public Policy, McGraw-Hill ,7th /e.


3. International Economics, Theory and Policy

1st semester

Tutor: Nikolina KOSTELETOU     nkost[at]econ.uoa[dot]gr


International Economics: what is it about?

(KO), chapter 1.

The Ricardian Theory of Comparative Advantage

(KO), chapter 3.

The Hecksher-Ohlin Theory of Comparative Advantage

(KO), chapter 4.

The Standard  Neoclassical Model and Growth

(KO) chapter 5.

International Trade and Policy Intervention: tariffs, quotas and export subsidies

(KO) chapters 8, 9.

The International Monetary System: Historical Background

(KO) chapter 18.

Optimum Currency Areas and the European Experience

(KO) chapter 20.

The textbook for this course is, International Economics: Theory and Policy,  by Krugman and Obstfeld, 8th edition.



4.  European Economic History 20th Century  History

1st semester.  

Tutor:  Eugenia BOURNOVA,  bournova@econ.uoa.gr

Course outline:

Europe’s laissez-faire system and its impact before World War I,

Decline of laissez-faire system and the rise of the regulated market system, war economy 1939-1945, European economic performance in 1950, economic dirigisme in authoritarian-fascist regimes, mixed economy and welfare state in an integrated post-World War II Western Europe.

Basic textbook: Ivan T. Berend, An economic history of twentieth-century Europe, Cambridge University Press, 2006.

5.  Managerial Economics

1st semester  

Tutors: Panayiotis ALEXAKIS, paleks[at]econ.uoa[dot]gr, and

Dimitris KENOURGIOS,  dkenourg[at]econ.uoa[dot]gr

Course outline:

Introduction to Managerial Economics (analysis of a firm, types of firms, principal-agent problem, corporate governance, internal and external environment, etc.), Business mathematics (time value of money, discount interest rate, cash flows, etc.), Analysis of firms' costs, Analysis of product demand (demand function, elasticities, market structure, product diversification), Product pricing, Capital budgeting, Sources of financing, Value of a firm, Corporate decisions under uncertainty and risk.   

Basic textbook:

Douglas, E.J., Managerial Economics: Analysis and Strategy, Prentice Hall, 3rd ed., 1987.


Alternative textbooks:

  1. Webster, T., Managerial Economics, Theory and Practice, Academic Press/Elsevier, 2003.
  2. Keat, P. and Young, P., Managerial Economics, Prentice Hall, 6th edition, 2009.
  3. W. Bruce Allen, Neil Doherty, Keith Weigelt and Edwin Mansfield, Managerial Economics, Norton, 4th edition, 2002.
  4. Hirschey, M. and Pappas, J., Managerial Economics, Dryden Press, 8th edition, 1996.



6.  Corporate Finance

2nd semester 

Tutors: Prof.Dimitris KENOURGIOS,  dkenourg[at]econ.uoa[dot]gr

Course outline:

This course focuses on financial decision making in the modern corporation. The basic issues include: Time value of money (Present value, Future value, Perpetuities), Valuing stocks and bonds, Capital budgeting (Net Present Value, Internal Rate of Return, Payback period rule, Discounted Payback period rule, Profitability index), Accounting statements and Cash Flow, Financial planning (Long-term planning, Short-term financing and planning, Net working capital, Operating cycle, Cash cycle, Cash budgeting, Credit management and policy), Long-term financing (Common stock, Preferred stock, Long-term debt), Cost of Capital and Capital structure (Financial leverage, Modigliani and Miller Propositions, Taxes, Costs of financial distress, Weighted Average Cost of Capital), and Dividend policy.

Basic textbook:

Ross, S., Westerfield, R.W. and Jaffe, J., Corporate Finance, McGraw-Hill (Irwin Series in Finance), 4th ed., 1996 (or later editions).

Alternative textbooks:

  1. Brealey, R. A., Myers S. C and Μarcus J. Α., Fundamentals of Corporate Finance, Fourth Edition, McGraw-Hill, 2004.
  2. Brigham, E. F., Gapenski C. L. and Ehrhardt M. C., Financial Management, Theory and Practice, The Dryden Press, New York, 2004.
  3. Brigham, E. F. and Houston J. F., Fundamentals of Financial Management, Ninth Edition, South-Western Thomson Learning, 2006.
  4. Arnold G., Corporate Financial Management, Second Edition, Financial Times-Prentice Hall, 2002.



7. Introduction to Marketing

2nd semester 

Tutor: Alexandra FRAGOUDAKI ,  alexfrag[at]econ.uoa[dot]gr

Office: Grypareion Building, 1, Sofokleous str.,4th floor, Room no: 424 , Tel +30 2103689439

 Course aim:

This course is designed to provide students with an overview of key marketing concepts, as they apply in a variety of firms and organisations in the contemporary environment.  Students will develop knowledge and understanding of the core role of marketing, including the value of the marketing mix in ensuring successful marketing implementation as well as the significance of external and internal forces affecting marketing practice. Also students will learn about factors that influence consumer behaviour and the way markets are viewed and targeted by marketeers.  

Students will be required to write a project.  This provides an excellent opportunity for students to demonstrate skills and add to their research and project presentation experience.  

 Course outline:

Marketing in the contemporary environment, marketing evolution, consumerism, marketing and society, company orientation, marketing and the firm, services marketing, the marketing environment, marketing research, consumer behaviour, market segmentation, positioning, the product and product life cycle, pricing, distribution and promotion. 

Participating students will be evaluated on exams (50%) and written essay (50%)

 Recommended Textbooks:

Essentials of Marketing, 14e, William D. Perreault, Jr.; Joseph P. Cannon; E. Jerome McCarthy, McGraw Hill

Marketing Management, P. Kotler;Kevin Lane Keller, Prentice Hall,14/E



8.  Accounting I

(Financial Accounting and Financial Statement Analysis, 8 hours per week)

1st and 2nd semester

Tutor:Prof. Nikos ERIOTIS,  neriot[at]econ.uoa[dot]gr      and Dimitrios Balios,  dbalios[at]econ.uoa[dot]gr 

Office: 1, Sofokleous street, No. 508     Tel: 210 3689453 

Aims and Objectives

This course provides the undergraduate with the fundamentals of financial accounting. Identifies the concepts and the methods of recording the business’s transactions in the General Journal, posting them in the General Lender and prepare the Trial Balance, the Income Statement and the Balance sheet of the firm. Additionally this course focuses on financial statement analysis and refers to trend, horizontal, vertical and ratio analysis.

 Course outline

The course is comprised of two sections:

 First Section

Financial Accounting

  • Basics of accounting
  • Accounting cycle
  • Accounting equation
  • Accounting and business transactions
  • Accounting period
  • Accounting records
  • Common errors in accounting
  • Inventory taking and stock taking
  • Adjustment entries
  • Accounts, “T” accounts
  • Trial balance
  • Income statement
  • Balance sheet
  • Opening and closing the accounting records of the accounting period
  • Accounting systems
  • Financial statements

 Second Section

Financial Statement Analysis

  • Introduction to financial statements
  • Tools and techniques of financial statement analysis
  • Ratio analysis
    • Liquidity ratios
    • Activity ratios
    • Profitability ratios
    • Financial structure and viability ratios
    • Investment ratios

 A) Text books

D. Vasiliou & N. Eriotis, “Principles of Financial Accounting”, Rosili, 2010, in Greek.

D. Ginoglou, P. Tahinaki, General Accounting, Rosili, 2009, in Greek.

N. A. Niarchos, “Financial Statement Analysis”, Stamoulis, 2003, in Greek.

D. Gika, “Analysis & uses of the Financial Statements, Benos, 2006, in Greek.

 B) Adjacent Bibliography

C. Warren, J. Reeve, “Financial Accounting for future Business Leaders”, 1st edition, Thomson – South Western, 2004

C. Warren, J. Reeve, Ph. Fess “Financial Accounting” 8st edition, Thomson – South Western, 2004.

J. Wild, K. Subramanyam, R. Halsey, “Financial Statement Analysis” 8st edition, McGraw Hill, 2004.

G. White, A. Sondhi, D. Fried, “ The Analysis and Use of Financial Statements, 3rd edition, Wiley 2003

9.  Accounting II

2nd semester (Advanced financial accounting, 8 hours per week)

Tutor:  Prof. Nikos ERIOTIS,  neriot[at]econ.uoa[dot]gr      and Dimitrios Balios,  dbalios[at]econ.uoa[dot]gr 

Office: 1, Sofokleous street, No. 508     Tel: 210 3689453 

Aims and Objectives

This course provides the necessary advanced accounting applied methods. In the first section we focus on the theoretical framework of financial accounting and the analysis of Assets, Liabilities and Shareholders’ equity. All the previous topics are delivered in accordance with the Greek General Accountancy Plan and the International Accounting Standards. In the last section, section two, we analyze the breakeven point, the working capital, the cash flow statements and present some case studies.

 Course outline

The course is comprised by two sections:

 First section

The theoretical framework of financial accounting

  • Analysis of accounting principles
  • Inventory
    • Types of inventory
    • Analysis of inventories, record and post inventory
    • Last-In-Last-Out and First-In-First-Out
    • Calculate the Gross Profit of the accounting period using cost of goods sold
  • Fixed assets
    • Types of fixed assets
    • Analysis, record and post fixed assets
    • Depreciation – Methods of depreciation
    • Fixed assets’ valuation
  • Securities
    • Types of securities
    • Analysis, record and post securities
    • Securities’ valuation
  • Current assets
    • Current assets’ accounts
    • Analysis, record and post current assets
  • Shareholders’ Equity
    • Accounts of shareholders’ equity
    • Analysis, record and post shareholders’ equity accounts
  • Liabilities
    • Long and short run liabilities
    • Analysis, record and post liabilities on local and foreign currency
  • Temporary and Memo accounts
  • Foreign Currency

 Second section

Financial Statements Analysis: Special issues

  • Break even point analysis
  • Working capital
  • Cash flow statement
  • Comparative analysis of financial statements
  • Case studies

 A) Text books

1)   D. Gika, “Financial Accounting”, Benos, 2008, in Greek.

2)   D. Heva, A. Balla “Financial Accounting”, Benos, 2008, in Greek.

3)   Ch. Vlahos, “International Accounting Standars”, volume A’ & B, Papazisis, 2009, in Greek.

4)   N. Eriotis, “Notes for the Greek General Accounting Plan”, lecture notes, 2008, in Greek.

5)   N. Niarchos, “Fianancial Statement Analysis”, Stamoulis, 2003, in Greek.

6)   D. Gika, “Analysis & uses of the Financial Statements, Benos, 2006, in Greek.

 B) Adjacent Bibliography

T. Warfield, J. Weygandt, D. Kieso, “Intermediate Accounting, Principles and Analysis”, 2nd edition, Wiley 2007.


10.  Accounting III  ( Managerial and Corporate Accounting)

1rst semester

(Cost accounting & Corporate accounting, 8 hours per week)

Tutor: Prof. Nikos Eriotis neriot[at]econ.uoa[dot]gr   and Dimitrios Balios,  dbalios[at]econ.uoa[dot]gr 

 Aims and Objectives

This course provides the undergraduate with the necessary applied corporate and cost accounting methods. Additionally the course introduces and analyzes the managerial and cost accounting principles, applications and budgeting.

The course is separated in two sections, where managerial and cost accounting (e.g. the relationship between managerial and cost accounting, cost accounting techniques, etc.) and corporate accounting, where various types of firms, are analyzed, accordingly.

 Course outline

The course is comprised of two sections:

 First Section

Managerial and Cost Accounting

  • The relationship between managerial and cost accounting
  • Basics of cost accounting (cost accounting users, the concept of cost accounting and its diversification from Outcome and Expenditure
  • Manufacturing Overhead
  • Cost accounting techniques (marginal cost ect.)
  • Cost accounting methods (byproduct, by production line and activity based costing)
  • Defective and waste products
  • Co-produced products ect.
  • Cost accounting and the Class 9 of the General Hellenic Chart of Accounts
  • Budgeting

 Second Section

Corporate Accounting

Formation, Management, Taxation, Shareholders’ Equity, Changes in Shareholder’s Equity and Liquidation of all the types firms,e.g.

  • Society Anonyme S.A. (corporation)
  • Limited Liability Corporation
  • Limited Partnership Company
  • General Partnership Company

Consolidation (Principles and methods of consolidation, operations of consolidation, the elements of consolidated financial statement, the equity method).

 A) Text books

G. Venieris, S. Coen, M. Koletsi “Cost Accounting, Principles & Applications”, P.I. Publishing, 2003, in Greek.

D. Hevas, “Advanced Financial Accounting”, Benos, 2010, in Greek.

G. Venieris, S. Coen “Managerial Accounting”, P.I. Publishing, 2007, in Greek.

D. Ginoglou, “Corporate Accounting”, Rosili, 2006, in Greek.

 B) Adjacent Bibliography

1) J. Weygandt, P. Kimmel, E. Kieso, “Managerial Accounting”, 4th edition Wiley 2008.

2) P. Kimmel, J. Weygandt, E. Kieso, “Financial Accounting, Tools for Business Decision Making”, 4th edition Wiley 2007.



11.  “Special issues in banking theory”

2nd semester  Tutor: Apostolos Christopoulos, axristop[at]econ.uoa[dot]gr

The scope of this course is to study the banking sector, which is undergoing a fast diversification in a deregulating environment of financial markets. The pros and cons of universal vs separated to commercial and investment banking are also discussed. Students will learn how the banking sector has been developed from a strictly regulated public sector till the early 1990s; to the present status of a fully liberalized industry, competitive not only on a national basis but globally.

Specific issues will cover the regulation of the banking system, emphasizing on Basel I, II and III. Discussion also will cover the current advancements due to the financial crisis of 2008 and the new regulations in the USA and Europe.

Other issues deal with the asset management of a banking institution based on the duration gap according to the predictions on interest rates.

Another important section which is covered in this course is the CAMELS ratios which are used in order to evaluate the banks of the sector and rank them according to the findings from the top to the end. The findings of the 6 ratios will help the banks to take the correct decisions in the interbank market and the Central Bank to take early actions.

Next we examine in depth issues of retail banking, how it operates, especially in mortgage loans, along with LTV and securitizations.  

Students will also understand how a trader takes long and short positions on securities and how he/she valuates bonds and stocks. Malkiel’s theorems on bonds constitute an important part of the course in order to be able to explain how the characteristics of bonds are important for the impact of the traders’ actions. Students will also learn how to use derivatives for hedging or speculation, especially with futures, options and swaps. On the latter section it is also presented how to hedge with specific strategies like bull, bear and butterfly. 


Recommended books: 

Shelagh Heffernan, (2005), Modern Banking, John Wiley & Sons, Ltd.

Frederic S. Mishkin, (2007), The Economics of Money, Banking, and Financial Markets, Pearson, Addison Wesley.

John Hull, (2008), Options, Futures and Other Derivatives, Pearson and Prentice Hall.




12.  “European Economic Integration’’

2nd semester Tutor: Prof. Tsipouri Eleni,

Office: 1, Sofokleous street, No. 510     Tel: 210 368 94 64

 Email:   tsipouri[at]econ.uoa[dot]gr

http://scholar.uoa.gr/tsipouri/classes/european-economic-integration:Course: EUROPEAN ECONOMIC INTEGRATION (ECO423) 


Purpose of the course:

The purpose of the course is to allow students to understand the procedure of the European Economic Integration and its influence on the economic performance of the Member States and on the regional disparities of the regions of Europe.

Course Content:

Theoretical context of the process of the economic integration and the historical conditions at the time the European Communities (EC) were created: stages of economic integration, consequences of the enlargements of the EC , legal and budgetary matters.

Community institutions and decision making processes at the supranational level.

Economic policy of the EC: Common Agricultural Policy, the Single Market, trade policy within the international economic environment, industry policy and European competitiveness, monetary policy and the European Monetary System, European Regional Development Policy and Social Policy.

The syllabus is composed of the following topics:

· Theoretical context

· The international environment, the creation of ECSC · Creation of EEC, EURATOM, EU · Deepening and enlargement · The institutional framework · The budget and the community law · The Single Market (basic principles) · The Single Market (free movement of goods) · The Single Market (free movement of production factors) · Common External Trade Policy · Common Agricultural Policy (CAP) · Economic and Monetary Union (EMU) · Competitiveness Policy · Structural Policies: Regional Development · Structural Policies: Κοινωνική Πολιτική · Policy of environmental protection and energy policy


• “The New European Economy on the verge of the 21st century”, L. Tsoukalis, Papazisis Publications Α.Ε.Β.Ε., 1998, Athens • & notes from e-class.

Exams, Essays and Evaluations:

Essays are voluntary and contribute from 0 to 2 points to the final exam grade, as long as the latter is above 5. If the final exam grade is not above 5, the 1-2 points of the essay add up to the mark when the result of the exam is successful.



13. “New Technologies and the Knowledge Economy’’

1rst semester Tutor: Dr. G.C. Pentzaropoulos,

Office: 1, Sofokleous street, No. 610     Tel: 210 3689483 

E-mail: gcpent[at]econ.uoa[dot]gr


Availability: A course offered to Erasmus students at the UoA Department of Economics in Semester A (Winter).

Teaching: Regular meetings plus online support and project work supervision.

Course Work & Evaluation: Compulsory written assignments with evaluation. 

Procedure: Readings are an essential part of the course. Participants are required to produce, in the first instance, a work plan and then write an essay. There are no formal written examinations. 

For Course Description, Keywords, and Documents & Links, please see the course page below. You will need to register with the course. 

Course page within eclass: 




14. ''Marxist Political Economy I'

 1rst semester 

Tutor: Prof. A. Maniatis

Office: 1, Sofokleous street, No. 413     Tel: 210 3689419 

 E-mail: amaniatis[at]econ.uoa[dot]gr

  The main purpose of this course is to introduce students to the analysis of Marx in “Capital”, especially in Volume I. It starts with a discussion of the development of Marx’s economic thought, his methodology and the object of “Capital”. Then the theory of value and money as contained in the first three chapters of “Capital” is presented. The discussion of the theory of surplus value and the concepts of value of labor power and exploitation follows as well as the discussion about the nature of technical change in capitalism. Finally, the theory of accumulation of capital, the reserve army of labor and the general law of the capitalist accumulation are introduced and their relevance for the economic conditions of the current capitalist world is discussed.



-P. Sweezy, Theory of Capitalist Development, Gutenberg, Athens, 2004. (Π. Σουήζυ, Η Θεωρία της Καπιταλιστικής Ανάπτυξης, Gutenberg, Αθήνα, 2004).

-Notes on Marxist Political Economy (Σημειώσεις Μαρξιστικής Πολιτικής Οικονομίας του διδάσκοντος).

Other sources:

-J. Gouverneur, Ανακαλύπτοντας την οικονομία: ορατά φαινόμενα και κρυμμένες πραγματικότητες, Τυπωθήτω, Αθήνα, 1999.

-G. Catephores, An Introduction to Marxist Economics, New York University Press, New York, 1989.

-D. Foley, Understanding Capital, Harvard University Press, Cambridge, Mass, 1986