International Finance and Economic Policy (IFEP)

International Finance and Economic Policy Curriculum

The International Finance and Economic Policy (IFEP) concentration provides a framework to examine and interpret observed economic and financial events in the global economy. The IFEP curriculum combines the tools from economics, finance, and statistics to understand the relationships between the real economy, financial markets, and policymaking, in both developed and emerging economies.

The concentration comprises three focus areas.

The International Finance focus area combines the analytical instruments of finance and applied financial modeling with a deep understanding of contemporary financial and capital markets in developed and emerging countries. 

The International Economic Policy focus area applies the tools of international economics, political economy, and econometrics to understand the role of economic policies on the global economy.

The new Central Banking focus area provides the building blocks for state-of-the-art central bank intervention by studying the goals, tools, and governance structure for conventional and unconventional monetary policy and financial regulation.

All IFEP students are required to enroll in i.) the more advanced year-long core economics sequence SIPA U6400 and SIPA U6401; and ii.) International Finance Monetary Theory (INAF U6018).

View or print the IFEP Audit Form

Andrea Bubula, Lecturer in Discipline of International and Public Affairs; Executive Director of the International Finance and Economic Policy Concentration

Richard Robb, Professor of Professional Practice in International and Public Affairs; Director of the International Finance and Economic Policy Concentration


Jagdish Bhagwati, University Professor

Willem Buiter, Adjunct Professor of International and Public Affairs

Thomas ByrneAdjunct Professor of International and Public Affairs

Charles Calomiris, Henry Kaufman Professor of Financial Institutions in the Faculty of Business

Sara Guerschanik Calvo, Lecturer in Discipline of International and Public Affairs

Patrick Chovanec, Adjunct Professor International and Public Affairs

Richard Clarida, C. Lowell Harriss Professor of Economics and Professor of International and Public Affairs

Christine Cumming, Adjunct Professor International and Public Affairs

Christian Deseglise, Adjunct Professor International and Public Affairs

Patrick Dwyer, Adjunct Associate Professor of International and Public Affairs

Irene Finel-Honigman, Adjunct Professor of International and Public Affairs

Richard Goldberg, Adjunct Professor of International and Public Affairs

Gailen Hite, Adjunct Professor of Business and International and Public Affairs

Takatoshi Ito, Professor of International and Public Affairs

Markus Jaeger, Adjunct Associate Professor of International and Public Affairs

Merit JanowDean, School of International and Public Affairs; Professor of Professional Practice in the Faculty of International and Public Affairs

Wojciech Kopczuk, Professor of Economics and International and Public Affairs

Pravin KrishnaVisiting Professor of Indian Political Economy in the Faculty of International and Public Affairs

Arthur Kroeber, Adjunct Associate Professor of International and Public Affairs

Ronald Leven, Adjunct Professor of International and Public Affairs

Arvid Lukauskas, Adjunct Associate Professor of International and Public Affairs

Benjamin Mandel, Adjunct Professor of International and Public Affairs

Jorge O. Mariscal, Adjunct Professor of International and Public Affairs

Deborah McLean, Adjunct Professor of International and Public Affairs

Joel Moser, Adjunct Professor of International and Public Affairs

Patricia Mosser, Adjunct Professor of International and Public Affairs

Ailsa Röell, Professor of International and Public Affairs

Daniel Rosen, Adjunct Associate Professor of International and Public Affairs

Mark Rosenberg, Adjunct Associate Professor of International and Public Affairs

Anne Sibert, Visiting Professor of International and Public Affairs (part-time)

Fernando B. Sotelino, Adjunct Professor of International and Public Affairs

Marcos Troyjo, Adjunct Associate Professor of International and Public Affairs

Daniel Waldman, Adjunct Assistant Professor of International and Public Affairs

Shang-Jin WeiProfessor of International and Public Affairs

Bruce Wolfson, Adjunct Professor of International and Public Affairs

The International Finance and Economic Policy Concentration (IFEP) requires 15 points, consisting of 5 three-point courses: 1 core required course and 4 required courses according to the focus area.

Note: Concentration courses cannot be audited or taken pass/fail. Students in the IFEP concentration must satisfy their SIPA economics requirement with the advanced economics sequence (SIPA U6400/SIPA U6401), and must earn a B- or better in both courses.

Students in the IFEP Concentration choose to fulfill the requirements of one of the following: International Finance focus area, Economic Policy focus area, or International Central Banking focus area.  

International Finance Focus Area

Economic Policy Focus Area

International Central Banking Focus Area

IFEP Courses

INAF U6016 Cost-Benefit Analysis. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, USP, USP:Urban, APEA, Management

Prerequisites: SIPA U4200 or SIPA U6400 or SIPA U6401

This course aims to provide an introduction to cost-benefit analysis and the economic evaluation of government or development programs, projects and policies. The course consists of two parts: theory/methodology in the first half of the semester and application of the learned concepts through an analysis of various case studies in the second half. Case studies will cover the full range of possible applications of CBA -from early education, social policy, health, urban planning, transportation and energy to environmental regulations. Case studies will cover both the US and developing country contexts. In the second half of the semester students will be expected to apply what they have learned by carrying out a cost-benefit analysis on a topic of their choice. The project is expected to include all components of a professional CBA - description of policy or program scenarios to be evaluated, compilation and monetization of the main costs and benefits, development of an Excel model including discounting and sensitivity analysis.

Term Section Call Number Instructor Times/Location
Fall 2017 001 62346 Eva Weissman Th 6:10pm - 8:00pm
411 International Affairs Bldg
Fall 2017 R01 63282 M 4:10pm - 6:00pm
413 International Affairs Bldg

INAF U6017 International Trade. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, APEA
Pre-req: SIPA U6400

The course has two dimensions: theory and policy. In the former, the fundamental models of international trade theory will be presented. Using these models we will try to understand why countries specialize and trade, what determines the pattern of trade (i.e., which country will export which good), and how trade affects relative prices, welfare, and income distribution within a country. The second part of the course deals with issues concerning trade policy.  We will compare the effects of and rationale behind the usage of various policy instruments such as tariffs, subsidies, quotas, etc. The political economy of trade policy and trade policy in developing countries will also be covered. Additional topics may be included at a later stage if time permits.

Term Section Call Number Instructor Times/Location
Fall 2017 001 73746 Benjamin Mandel Th 6:10pm - 8:00pm
404 International Affairs Bldg
Fall 2017 R01 66046 F 11:00am - 12:50pm
403 International Affairs Bldg

INAF U6018 International Finance & Monetary Theory. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track, APEA
IFEP students receive registration priority; Pre-req: SIPA U6401

This is a "methods" course meant to provide students with the analytic tools necessary to think through "real life" international economic policy situations. The class is primarily meant for those interested in working at international financial institutions, the foreign-service, Wall Street, or the financial press. Lectures will, in part, be fairly rigorous though, if the student has taken first year economics, knows basic algebra, and (most importantly) can navigate graphs, he/she will be able to handle the material fairly easily. While theory will at times dominate, its policy relevance will be illustrated through i) l0-minute discussions at the beginning of every class on topical issues; ii) continuous references to recent economic/market episodes meant to illustrate the theoretical material; iii) reading short pieces of Wall Street research that cover timely market topics; and iv) the term paper that will be graded on how well theory and policy are integrated.  In terms of topics, the first half of the semester will develop an analytic framework that thinks though the concept of the "exchange rate" in terms of its (short and long term) determinants as well as the interaction between the exchange rate and macro variables such as growth, inflation, and monetary policy.  The second half of the semester we will investigate individual themes including exchange rate regimes; BoP crises and contagion; global imbalances and the savings glut; the role of FX in "inflation targeting" regimes; and capital markets and emerging markets finance.

Term Section Call Number Instructor Times/Location
Fall 2017 001 77283 Daniel Waldman M 6:10pm - 8:00pm
403 International Affairs Bldg

INAF U6021 European Banking Post Crisis. 3 Points.

Category: MIA Core: Interstate Relations, IFEP, IFEP: Economic Policy Track

This course examines the root causes, implications,  regulatory reforms and prognosis for European Union and non EU countries financial sectors following the financial and currency crisis in 2010 which initially implicated Greece, but  evolved into a larger European banking and market crisis. The course will focus on three main areas: EU and Eurozone political and economic environment; policies and politics: regulatory reforms; country specific analysis of major and minor institutions.

Term Section Call Number Instructor Times/Location
Fall 2017 001 11785 Irene Finel-Honigman Th 2:10pm - 4:00pm
801 International Affairs Bldg

INAF U6022 Economics of Finance. 3 Points.

Category: MIA, MPA, MIA/MPA Core: Financial Management, EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track, APEA, Management

Finance deals with the theory of how households and firms use capital markets to allocate resources over time. The course will equip you with a solid theoretical foundation you can use to evaluate projects, investments and funding decisions. It will further acquaint you with the details of debt, equity and derivatives markets so you can apply your knowledge to practical problems

INAF U6405 Human Rights & Development Policy. 3 Points.

Category: EPD, EPD:Political, HRHP

Human rights can provide a framework for shaping development policies. How will the observance of human rights criteria in planning, implementing and evaluating development projects and policies contribute to their effectiveness and sustainability? The class will examine development policy choices and their impact by juxtaposing the interests and points-of-view of the various stakeholders involved in designing and implementing development policies.

Term Section Call Number Instructor Times/Location
Fall 2017 001 88497 Judith Gearhart, Rainer Braun W 2:10pm - 4:00pm
501a International Affairs Bldg

INAF U6090 Tax Policy: Economics & Law. 3 Points.

Category: IFEP, IFEP: Economic Policy Track

The class will introduce students to the current research in tax policy (broadly defined) and will give them an opportunity to develop skills in reading and evaluating contemporary economic and legal research related to tax policy. Following the discussion of the fundamental tax policy questions during the first several weeks of the term, the format will shift to a series of weekly paper presentations by leading scholars from around the country, both economists and lawyers. The second part of the course (six weeks) will meet together with the parallel class in the law school.

Term Section Call Number Instructor Times/Location
Fall 2017 001 67546 Wojciech Kopczuk T 4:20pm - 6:10pm
Room TBA

INAF U6091 International Tax: An Introduction to Income Taxation of the Multinational Business: The U.S. Approach. 1.5 Point.

Category: MIA/MPA: Short Course, IFEP, IFEP: Economic Policy Track
Not offered during 2017-18 academic year.

The course will provide an overview of some core concepts of the taxation of income and, using the U.S. income tax system as an example, focus on the challenges modern tax systems face in balancing fairness, competitiveness and revenue when taxing the income of multinational businesses. The course will address the current controversy surrounding "base erosion" and "earnings stripping." 

INAF U6301 Corporate Finance. 3 Points.

Category: EPD, EPD:Economic, EE, EE: GEMP, IFEP, IFEP: International Finance Track, IFEP: Economic Policy Track, Management

Prerequisites: SIPA U6200 or PEPM U6223 or EMPA U6010

Corporate finance is an introductory finance course; it is a core course for students taking the International Finance and Policy (IFP) concentration. The course is designed to cover those areas of business finance which are important for all managers, whether they specialize in finance or not.  

Term Section Call Number Instructor Times/Location
Fall 2017 001 29579 Ailsa Roell M W 9:15am - 10:45am
405 International Affairs Bldg
Fall 2017 R01 62947 Th 4:10pm - 6:00pm
409 International Affairs Bldg

INAF U6636 Banking in Brazil, a Comparative Examination. 3 Points.

Category: IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track, Regional, EPD, EPD:Economic

This course provides students the tools to analyze the workings and efficacy of emerging economies' financial systems as a pillar for sustained economic development. We begin by studying the basic characteristics of six banking systems (Brazil, Mexico, India, China, Indonesia and Turkey) and then proceed to examine the efficacy of a chosen one (Brazil) vis-à-vis the others. Key aspects examined include the roles of public sector and foreign banks, bank credit availability and systemic resilience, and depth of domestic fixed income and equity markets.

INAF U6672 Political Economy of Pakistan: State, Society, and Economy. 3 Points.

Category: IFEP, IFEP: Economic Policy Track, Regional
Not offered during 2017-18 academic year.

This seminar course will try and provide a broad historical review of the nature of changes which have taken place in Pakistan and have affected many of the impressions which are now part of conventional wisdom about Pakistan. The emphasis of the course will be on social and structural change and transformation, of society, the state and the economy. The early half of the course will familiarise students through some chronology of Pakistan, looking at events and processes in different eras, in a political economy framework, followed by a deeper analysis of key themes over time.

INAF U6775 Indian Economy in Transition. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, Regional

This course will be devoted to an analytic study of the transformation. The bulk of the course will be devoted to understanding the reforms that are under way or must be undertaken to accelerate growth and poverty reduction. On the macroeconomic front, we will discuss the issues related to fiscal deficit, public debt and the likelihood of a macroeconomic crisis. Special attention will be paid to the external sector reforms including trade liberalization, foreign investment liberalization, capital account convertibility, preferential trade arrangements and multilateral trade negotiations. Among domestic reforms, we will discuss the reform of the tax system, subsidies, agriculture, product and factor markets, infrastructure and social sectors. Cautionary Note: This is a new course whose content will evolve as the semester progresses. Therefore, the description should be viewed as tentative.

INAF U6848 Threat Financing and Anti-Money Laundering. 1.5 Point.

Category: EPD, EPD:Political, IFEP: Economic Policy Track, ISP, MIA/MPA: Short Course
Spring 2017 Course Dates: Jan. 18 - Mar. 1

This class provides a comprehensive look at the efforts to prevent and detect money laundering and terrorist financing in a post 9/11 world. Developments in the United States, as well as internationally, are discussed.  The evolution of the area is examined, including a review of the relevant statutes and regulations such as the Patriot Act, the Bank Secrecy Act and the Material Support statute.  Analysis is done of the Suspicious Activity Reporting that is required to be done by all financial institutions, including banks, securities firms and money services businesses.  Cases and actions brought relating to money laundering issues are discussed, including detailed review of the requirements for an Anti-Money Laundering compliance program.  There is also analysis of threat financing, from the viewpoint of the requirements placed upon financial institutions, charities and companies, along with a review of cases involving terror financing.  In addition, the course addresses the role of lawmakers, lawyers, companies, financial institutions and law enforcement in the process of trying to stop money laundering and terrorist financing.

INAF U8085 Topics in Corporate Finance. 3 Points.

Category: IFEP, IFEP: Economic Policy Track

Prerequisites: Pre-requisites: (INAF U6301 or INAF U6022 or INAF U6045) and SIPA U6200

This course extends the valuation techniques introduced in INAF U6301 by considering several issues in corporate finance that are of particular interest to international affairs students: leverage and valuation techniques: WACC, APV and FTE; the international cost of capital and international capital budgeting; the analysis of real options. The course will combine lecture time and in-class case discussions. The goal of the course is to provide students with an understanding of both sound theoretical principles of valuation and finance and the practical  environment in which financial decisions are made.

Term Section Call Number Instructor Times/Location
Fall 2017 001 71850 Ailsa Roell T 9:00am - 10:50am
402b International Affairs Bldg

INAF U8099 Emerging Market Investment Climate. 3 Points.

Category: MIA Core: Interstate Relations, EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track
Pre-reqs: SIPA U6401 or PEPM U6401

Want to learn about the issues and policies that are particularly relevant for the growth of the private sector in emerging markets? Want to discuss these with guest speakers from international organizations? Want to produce a report identifying emerging market vulnerability to economic troubles? Have you taken a course on macroeconomics? Then this course is for you.

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As a former World Bank country economist I will share with you my work experiences and, while reviewing some basic macroeconomic principles and discussing case studies, I will help you produce a macro-financial report on a particular emerging market economy similar to those produced by financial institutions and international organizations do (e.g., International Monetary Funds surveillance country reports or Article IV reports).

Term Section Call Number Instructor Times/Location
Fall 2017 001 73599 Sara Calvo W 2:10pm - 4:00pm
1302 International Affairs Bldg

INAF U8145 Advanced Economic Development for International Affairs. 3 Points.

Category: EPD, EPD:Core, IFEP, IFEP: Economic Policy Track, USP, USP:Urban
Pre-req: SIPA U6400

This is an advanced course in development economics, designed for second-year SIPA students. The course will cover both seminar papers and recent research on development microeconomics. The goal is to introduce students to the literature and familiarize them with the main research methods and questions in the field. After an introduction on the big macro questions and motivating facts, including some quantitative tools and a discussion on poverty traps, the course will focus on key topics in the microeconomics of development. We will discuss the different hypotheses that can explain low investment levels in human capital (nutrition, health, education, entrepreneurship programs) and on agricultural inputs. Then, we will focus on the most recent developments related to microfinance (credits, savings and insurance). The course will also include papers at the intersection between behavioral economics and development, with focus on self-control problems. Coursework includes empirical exercises, requiring some programming in Stata. Material discussed during class presumes knowledge of calculus and quantitative methods.

Term Section Call Number Instructor Times/Location
Fall 2017 001 98147 Eric Verhoogen Th 9:00am - 10:50am
404 International Affairs Bldg
Fall 2017 002 82281 Eric Verhoogen Th 2:10pm - 4:00pm
404 International Affairs Bldg
Fall 2017 R01 10286 M 4:10pm - 6:00pm
510a International Affairs Bldg
Fall 2017 R02 12197 W 4:10pm - 6:00pm
510a International Affairs Bldg

INAF U8147 Navigating China: The World's Second Largest Economy. 3 Points.

Category: IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track

This course is designed to provide a framework for understanding the opportunities and challenges in the Chinese economy. In the last three decades, China represents the biggest economic and business opportunity in the world economy as it rises from a poor, stagnated, and isolated economy to become one of the fastest growing economies, a leading export juggernaut, a voracious importer, a major destination for foreign direct investment, and an increasingly noteworthy source of foreign investment in other countries. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help the students to better appreciate risks and rewards in these economies as well.

INAF U8162 Foundations of Individual Choice with Applications in Economics, Finance and Public Policy. 1.5 Point.

Category: IFEP, IFEP: Economic Policy Track, MIA/MPA: Short Course
Fall 2017 Course Dates: Sept. 7 - Oct. 19

This seminar will examine theories of the motivations for human action, drawing on economic and philosophical traditions.  We will evaluate implications for practical problems in economics, finance and public policy. 

Term Section Call Number Instructor Times/Location
Fall 2017 001 16650 Richard Robb Th 11:00am - 12:50pm
823 International Affairs Bldg

INAF U8210 Introduction to Political Risk Analysis. 1.5 Point.

Category: MIA/MPA: Short Course, EPD, EPD:Economic, EPD:Political, IFEP, IFEP: Economic Policy Track
Fall 2017 Course Dates: Sept. 11 - Oct. 23

Prerequisites: Knowledge of economics is expected and will be necessary for understanding and participating in classroom discussion.

This course will focus on building a theoretical and empirical foundation to analyze political risk, examine the value of having a structural view for identifying and monitoring political risks, and apply these skills to current, real-world issues. The course will explore how political science theory, complemented by other fields, especially economics and political economy, can serve as a basis to study how politics influences a variety of economic concerns including portfolio investment (financial market trading or asset allocation) and fixed investment (corporates).

Term Section Call Number Instructor Times/Location
Fall 2017 001 97799 Mark Rosenberg M 11:00am - 12:50pm
402b International Affairs Bldg
Fall 2017 002 97848 Mark Rosenberg M 2:10pm - 4:00pm
402b International Affairs Bldg

INAF U8211 Political Risk Analysis and Communication. 1.5 Point.

Category: MIA/MPA: Short Course, IFEP, IFEP: Economic Policy Track, EPD, EPD:Economic
Not offered during 2017-18 academic year.

In recent years, understanding politics and government policy have become more central to investment decision making. As the relevance of political factors has become more apparent to investors, so has the general lack of comprehensive and systematic tools for evaluating political risk. This course will utilize frameworks based on contemporary, commercial/market experience, and focus on strengthening the skills necessary to deliver solid political risk analysis that is relevant for investors and policy makers. There will be considerable emphasis on preparing and communicating poliitcal forecasts. In doing so, the course will expand on the intricacies of financial markets and on how the corporate world assesses risk. This will enable students to identify how the integration of political events in traditional business risk analysis may be leveraged to complement more traditional economic indicators. The course will also delve into the distinction between political risk in emerging and developed markets, and provide an overview of scenario analysis/planning. At the end, students will be required to translate their theoretical knowledge of political risk into more systematic and in-depth country analysis across time and through several lenses. Themes will be explored on a case-study basis and class discussion will not only demand an in-depth knowledge of covered countries, but also a comparative perspective across regions and time. Students will be expected to deliver their analysis in a final presentation as well as a final paper.

INAF U8454 Investment Strategies in Developing Countries. 3 Points.

Category: EPD, IFEP, IFEP: Economic Policy Track
Not offered during 2017-18 academic year.

Prerequisites: SIPA U6200

From the practical perspective of a foreign institution investing outside its home market, this course is geared to help answer these questions. Moreover, the class hones students' fluency in developing country economic fundamentals, available asset classes, and investment strategies. In addition, the course explores the historical background and underpinnings of global finance's transformation over the last twenty years and their impact on emerging market capital formation. Special attention will be paid to analyzing the political, social, and economic landscapes of developing countries and their market implications. All of this will be addressed within a larger cyclical understanding of technology, global development, and liquidity flows.

INAF U8621 US-China Negotiation Workshop. 3 Points.

Category: MIA Core: Interstate Relations, IFEP, IFEP: Economic Policy Track, ICR

This course is designed to give students the practical opportunity to develop their cross-cultural teamwork and negotiating skills while learning about key contemporary issues in U.S.-China relations. It is centered around a series of exercises in which teams of students take "sides" to negotiate win-win, win-lose, or lose-lose outcomes to a number of business, economic, and geopolitical disputes between the United States and China that regularly dominate today's headlines. Classroom case studies and guest speakers augment these practical exercises by offering wisdom and lessons learned from past U.S.-China interactions. Assigned readings are designed to provide conceptual frameworks to help students integrate these lessons and apply them in practice. Specific issues covered in case studies and negotiating exercises include: Business joint ventures; WTO and intellectual property protections; Internet and media censorship; CFIUS and Chinese outbound investment; SEC-CSRS dispute over audit inspections; Proposed Bilateral Investment Treaty (BIT); Currency "manipulation"; Cybersecurity; Maritime territorial disputes; North Korea. This course requires instructor permission in order to register. Please add youself to the waitlist in SSOL and submit any required documents in order to be considered.

INAF U8633 International Trade: Emerging Policy Considerations. 1.5 Point.

Category: IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track
Not offered during 2017-18 academic year.

This course introduces you to some important changes in the area of international trade with major implications for national and multilateral policy-making. The emergence of a multipolar international economic system and growth of supply chains in international trade affect trade policy and plurilateral/multilateral trade regulation. In this background, we will discuss the lessons learned from multilateralism as it has gone forward, the factors for and against multilateralism versus regionalism/Preferential Trade Agreements; the present impasse in the Doha Round and whether this means that the WTO will fundamentally be in peril with only the dispute settlement system likely to remain its main operating part; how to salvage the system out of this impasse and the way ahead for multilateralism; inner workings of the WTO, including its main Bodies (General Council, Dispute Settlement Body, Committees), Green Room meetings and mechanisms during Ministerial Meetings; whether trade-related work of other organizations such as the World Bank and not the WTO leads to negotiations and framing of issues; and the evolving interaction of developed versus developing country interests within WTO, especially at the level of the ambassadors or lead negotiators where politics intersects with technical aspects.

INAF U8675 Emerging Capital Markets: Theory & Practice. 3 Points.

Category: MIA Core: Interstate Relations, EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track
Pre-req: SIPA U6401; IFEP students receive registration priority

Prerequisites: SIPA U6401, PEPM U6105 or EMPA U8216

The goal of this course is to teach students about the historical relationships between financial risk, capital structure and legal and policy issues in emerging markets. Our strategy will be to develop a model of how and why international capital flows to emerging market countries and to use the model to examine various topics in the history of international financing from the 1820's to the present. Students will identify patterns in investor and borrower behavior, evaluate sovereign capital structures, and analyze sovereign defaults, including the debt negotiation process during the various debt crises of the past 175 years. We will focus primarily on Latin America, emerging Asia, and Russia, although the lessons will be generalized to cover all emerging market countries.

Term Section Call Number Instructor Times/Location
Fall 2017 001 73501 Bruce Wolfson, Jorge Mariscal T 6:10pm - 8:00pm
407 International Affairs Bldg

INAF U8682 Emerging Financial Markets. 3 Points.

Category: IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track
Priority given to IFEP - Finance Students

Prerequisites: SIPA U6401, PEPM U6105, or EMPA U8216

This course explores the performance of the financial systems of emerging market countries (EMs) over the past three decades, and historically, both from the standpoint of market participants and public policy makers. EMs are countries that have decided to "emerge" from a condition of financial underdevelopment (sometimes called "financial repression"). EMs engage in a combination of market reforms which include: foreign trade opening, privatization of state-owned enterprises, and the liberalization and deregulation of domestic financial systems and international capital markets. Emergence typically involves a variety of such changes, as well as related institutional changes that support those efforts (reforms of the legal and regulatory systems, the corporate laws, and the fiscal and monetary systems).   This course investigates the determinants of successful or unsuccessful emergence. Said differently, the course helps to identify factors that make emergence more or less likely to succeed. Failure of emergence often takes the form of a major financial crisis, in which the failings of the EM policy regime are brought to light. Thus, an important part of analyzing the success or failure of emergence entails the analysis of EM financial crises.

INAF U8689 Global Financial Services in the 21st Century. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track

This course will provide a framework with which students can evaluate and understand the global financial services industry of both today and tomorrow. Specifically, the course will present an industry insider's perspectives on the (i) current and future role of the major financial service participants, (ii) key drivers influencing an industry that has always been characterized by significant change (e.g., regulatory, technology, risk, globalization, client needs and product development), and (iii) strategic challenges and opportunities facing today's financial services' CEOs post the 2008/09 financial crisis. Furthermore, this course is designed not only for students with a general interest in the financial system, but for those students thinking about a career in the private sector of financial services or the public sector of regulatory overseers.

Term Section Call Number Instructor Times/Location
Fall 2017 001 76848 Richard Goldberg Th 4:10pm - 6:00pm
801 International Affairs Bldg

INAF U8835 New Venture Practicum. 1.5 Point.

Category: MIA/MPA: Short Course, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track
Not offered during 2017-18 academic year.

This course is a role playing class in which Martin Varsavsky, the professor, is the moderator and the students play two simultaneous roles being entrepreneurs and venture capitalists (VCs). This workshop focuses on the "magical moment" in which an idea becomes a funded enterprise.

PUAF U6033 Decision Models & Management. 3 Points.

Category: IFEP, IFEP: Economic Policy Track, USP, USP:Urban, USP:Social, Management

This course provides an introduction to computer-based models for decision-making. The emphasis is on models that are widely used in diverse industries and functional areas, including finance, accounting, operations, and marketing. Applications will include advertising planning, revenue management, asset-liability management, environmental policy modeling, portfolio optimization, and corporate risk management, among others. The aim of the course is to help students become intelligent consumers of these methods. To this end, the course will cover the basic elements of modeling -- how to formulate a model and how to use and interpret the information a model produces. The course will attempt to instill a critical viewpoint towards decision models, recognizing that they are powerful but limited tools.The applicability and usage of computer-based models have increased dramatically in recent years, due to the extraordinary improvements in computer, information and communication technologies, including not just hardware but also model-solution techniques and user interfaces. Thirty years ago working with a model meant using an expensive mainframe computer, learning a complex programming language, and struggling to compile data by hand; the entire process was clearly marked "experts only." The rise of personal computers, friendly interfaces (such as spreadsheets), and large databases has made modeling far more accessible to managers. Information has come to be recognized as a critical resource, and models play a key role in deploying this resource, in organizing and structuring information so that it can be used productively.

Term Section Call Number Instructor Times/Location
Fall 2017 001 26282 Lucius Riccio Th 2:10pm - 4:00pm
410 International Affairs Bldg
Fall 2017 002 19266 Lucius Riccio Th 4:10pm - 6:00pm
410 International Affairs Bldg
Fall 2017 R01 29581 T 6:10pm - 8:00pm
403 International Affairs Bldg
Fall 2017 R02 71947 W 6:10pm - 8:00pm
405 International Affairs Bldg

REGN U6415 Financial Issues in Latin America. 3 Points.

Category: MIA Core: Interstate Relations, EPD, EPD:Economic, IFEP, IFEP: Economic Policy Track, IFEP: International Finance Track

Prerequisites: SIPA U6400 or SIPA U6401

Financial issues have been at the heart of Latin America's volatile and relatively poor economic performance. Inflation, financial crisis, defaults. Latin America has seen them all. Also, in 2014, Latin America and the Caribbean saw the fastest growth of any region in terms of new registered mobile money accounts. Bitcoins are already circulating for example in Argentina. As aspiring entrepreneurs, policymakers or staff from international organizations, students interested in performing in Latin America must understand the region's financial systems and how government's policies (including financial inclusion policies) could affect the local economy, particularly in response to unexpected external events. This is a very applied hands-on course where analytical tools typically used in international organizations and private investment companies to analyze country vulnerabilities are discussed and used. Case study discussions are a central part of the course. In this setting, LA economies are discussed vis-à-vis economies from other regions, e.g., Brazil vis á vis Korea; Argentina vis á vis Greece.  

REGN U8090 The Transatlantic Economy. 3 Points.

Category: MIA Core: Interstate Relations, IFEP, IFEP: Economic Policy Track, APEA, IO, Regional

A course on contemporary transatlantic economic relations with particular emphasis on the US-EU dimension. Topics include: the proposed Transatlantic Trade and Investment Partnership (TTIP); implications of the UK referendum on Brexit; contrasting monetary and fiscal responses to the 2008 crisis; dollar-euro diplomacy and the international roles of the dollar and euro; European competition and MNC taxation policies toward high tech companies such as the so-called “Frightful Five” firms Amazon, Apple, Facebook, Google (Alphabet), and Microsoft; secular stagnation and disparate U.S.-EU long term growth prospects; relative macroeconomic performance and why most of Europe can’t get its unemployment levels down to U.S. levels; the economic dimension to transatlantic security arrangements

Term Section Call Number Instructor Times/Location
Fall 2017 001 68299 Seamus O'Cleireacain Th 4:10pm - 6:00pm
402 International Affairs Bldg

SIPA U6501 Quantitative Analysis II for International & Public Affairs. 3 Points.

Category: MIA, MPA, MIA/MPA Core: Quantitative Analysis, IFEP, IFEP: Economic Policy Track, APEA, Management

This course is the second semester in the SIPA statistics sequence. Students conduct a major research project, which will serve as an important vehicle for learning about the process and challenges of doing applied empirical research, over the course of the semester. The project requires formulating a research question, developing testable hypotheses, gathering quantitative data, exploring and analyzing data using appropriate quantitative techniques, writing an empirical research paper, proposing policy recommendations, and presenting findings and analyses.

Term Section Call Number Instructor Times/Location
Fall 2017 001 23396 Harold Stolper M 2:10pm - 4:00pm
413 International Affairs Bldg
Fall 2017 R01 27597 F 11:00am - 12:50pm
510a International Affairs Bldg
Fall 2017 R01 27597 Th 6:10pm - 8:00pm
510a International Affairs Bldg