IFEP: International Finance Focus Area

Core Courses

1. Students must complete the following three courses (9 points):
Points
INAF U6018International Finance Monetary Theory3
INAF U6045International Capital Markets3
INAF U6022Economics of Finance *3
or INAF U6301 Corporate Finance
Total Points9
2. Students must also select one of the following courses in International Finance Emerging Markets (3 points):
Points
INAF U6127BRICS Beyond - How Rising Powers Are Reshaping the World3
INAF U6636Banking in Brazil, a Comparative Examination3
INAF U8099Emerging Market Investment Climate3
INAF U8675Emerging Capital Markets: Theory Practice3
INAF U8678Strategies for Investing in Emerging Markets3
INAF U8682Emerging Financial Markets3
INAF U8685Asian Financial Markets3
INAF U8686Japanese Economy: Markets and Economy Policy3
REGN U6415Financial Issues in Latin America3
REGN U6629Chinese Financial Markets3
3. Students must also select one of the following Finance Track Elective Courses (3 points):
Points
INAF U6021European Banking Post Crisis3
INAF U6039International Banking3
INAF U6090Tax Policy: Economics Law3
INAF U6095Financial Regulation3
INAF U6571Sovereign Risk3
INAF U6636Banking in Brazil, a Comparative Examination3
INAF U6862Unconventional Monetary Policy3
INAF U8099Emerging Market Investment Climate3
PUAF U8244Municipal Finance in the U.S.3
REGN U6415Financial Issues in Latin America3
LAW L6382International Finance: Law, Money and Banking in Global Economy3
ECON GR69043
*

 Students who take both Economics of Finance (INAF U6022) and Corporate Finance (INAF U6301) may count one of these courses as a Finance Track Elective Course.

All students are encouraged to discuss their proposed schedule with their advisor.

Year 1
FallPointsSpringPoints
Core: Conceptual Foundations (MIA) Politics of Policy Making (MPA)14SIPA U6401 or U640013
SIPA U6400 or U640113INAF U60453
SIPA U65003Concentration Core Course (choose one):3
SIPA U6200 (fulfills Core: Financial Management)3
INAF U6301 (Pre-requisiste SIPA U6200)
 
SIPA U40400.5 
 Core: Management Course3
 Specialization Course 1 3
 13.5 15
Year 2
FallPointsSpringPoints
INAF U6018 (Pre-requisite SIPA U6401; Offered Fall & Spring)3Core: Capstone Workshop 3
INAF U6039 (Offered Fall & Spring)3Specialization Course 3 3
Concentration Core Course:3Concentration Core Course (choose if you did not take one from fall list):3
  
  
  
Specialization Course 2 3Internship Registration (Optional) 1.5, 3
Elective 3Elective 3
 15 13.5-15
Total Points: 57-58.5
1

 Courses must be taken in the semester listed.

Year 1

Foreign Language - For MIA students and EPD concentrators who need to take language courses to fulfill the degree/concentration requirement, your schedule may need to be adjusted accordingly.

Year 2

Core- MIA students are required to take one Interstate Relations course.

IFEP - IF Track Courses

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
Spring 2017 001 22496 Daniel Waldman M 6:10pm - 8:00pm
403 International Affairs Bldg
Spring 2017 R01 81755 W 6:10pm - 8:00pm
404 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

Term Section Call Number Instructor Times/Location
Spring 2017 001 60818 Richard Robb T 2:10pm - 4:00pm
403 International Affairs Bldg
Spring 2017 R01 75505 M 4:10pm - 6:00pm
404 International Affairs Bldg

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
Spring 2017 001 76297 Gailen Hite T Th 4:15pm - 5:45pm
413 International Affairs Bldg
Spring 2017 002 77948 Deborah McLean T Th 9:15am - 10:45am
404 International Affairs Bldg
Spring 2017 003 86746 Deborah McLean T Th 2:15pm - 3:45pm
413 International Affairs Bldg
Spring 2017 R01 11146 F 11:00am - 12:50pm
411 International Affairs Bldg
Spring 2017 R02 12446 F 11:00am - 12:50pm
403 International Affairs Bldg
Spring 2017 R03 13348 F 2:10pm - 4:00pm
403 International Affairs Bldg

INAF U6039 International Banking. 3 Points.

Category: EPD, EPD:Economic, IFEP, IFEP: International Finance Track, IFEP: Economic Policy Track
Pre-req: SIPA U6401

An overview of current issues and major trends in global banking, exploring the distinction between developed and emerging markets, and focusing on the perspectives from the different actors and constituencies in the international markets: customers, regulators, governments, rating agencies, institutional investors, multilateral agencies, and management.

Term Section Call Number Instructor Times/Location
Spring 2017 001 13279 Irene Finel-Honigman Th 2:10pm - 4:00pm
801 International Affairs Bldg

INAF U6045 International Capital Markets. 3 Points.

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

The course will acquaint you modern international capital markets. You can expect to learn a substantial amount of up-to-date detail and some useful theory. Specifically, we will survey global markets for credit, equity, foreign exchange, foreign exchange derivatives, futures, interest rate swaps, credit default swaps and asset backed securities. In each case, we will learn the highlights of payments and settlement, documentation, regulation, applications for end-users, related economic theory and pricing models. The class will cover options and asset pricing theory; however, the treatment will be informal and designed to help develop intuition. One lecture each will be devoted to international banking (with an emphasis on changing capital regulation), investment banks, and hedge funds.

Term Section Call Number Instructor Times/Location
Spring 2017 001 78746 Richard Robb T 6:10pm - 8:00pm
403 International Affairs Bldg
Spring 2017 R01 82848 F 2:10pm - 4:00pm
411 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.

,

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).

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
Spring 2017 001 88442 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.

Term Section Call Number Instructor Times/Location
Spring 2017 001 86997 Charles Calomiris M W 2:10pm - 4:00pm
411 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.

Term Section Call Number Instructor Times/Location
Spring 2017 001 72546 Fernando Sotelino M 4:10pm - 6:00pm
418 International Affairs Bldg

INAF U6127 BRICS & Beyond - How Rising Powers Are Reshaping the World. 3 Points.

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

Prerequisites: Students are expected to have basic knowledge in Macroeconomics and Finance.

Through a mix of analytical overview and practical cases, the class will discuss, from a practitioner’s point of view the rise of the BRICs (Brazil, Russia, India and China); the strengths and weaknesses of each of the BRICs and will do a comparative analysis of the four countries; several fundamental themes linked to the rise of BRIC: expansion of the middle class; pressures on commodities; development of capital and investment markets; research and innovation; how countries and international companies position themselves vis‐à‐vis the rise of BRIC; the role of BRICs in the world governance. The goals of this class are to provide students with a solid understanding of the challenges and opportunities arising from the rise of the BRICs and to give them the tools that will help them understand the dynamics at work.

Term Section Call Number Instructor Times/Location
Spring 2017 001 89279 Christian Deseglise, Marcos Troyjo T 6:10pm - 8:00pm
501b 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.  

Term Section Call Number Instructor Times/Location
Spring 2017 001 10846 Sara Calvo Th 4:10pm - 6:00pm
402b International Affairs Bldg

INAF U8685 Asian Financial Markets. 3 Points.

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

Prerequisites: SIPA U6401

This course will give an overview of history, function, and future prospects of the financial markets in Asian countries (mainly ASEAN-10, Japan, Korea, China, and India). How financial supervision and regulation should be formed will be examined too. The financial crisis, as well as financial development, will be covered as an instrumental event for reforms. The stages of financial and economic development will be explained and Asian countries will be placed on the development stages. Economic and financial policies will be examined from efficiency point of view.

Term Section Call Number Instructor Times/Location
Spring 2017 001 83146 Takatoshi Ito T 9:00am - 10:50am
324 International Affairs Bldg
Spring 2017 R01 80996 F 1:00pm - 2:00pm
418 International Affairs Bldg

INAF U8686 Japanese Economy: Markets and Economy Policy. 3 Points.

Category: IFEP, IFEP: International Finance Track

Prerequisites: SIPA U6401

The objective of this course is to provide students with knowledge of why the Japanese economic growth rate was high in the 1950s and 1960s and later declined; how financial market developments contributed to growth; how quickly its markets were opened to international trade and finance; and why the Japanese economy has suffered stagnation and deflation in the last twenty years. The description and explanation is based on intermediate microeconomic and macroeconomic theory and empirical evidence. The role of economic policies-monetary policy, fiscal policy, financial supervision and regulation, industrial policy-will be carefully examined.

Term Section Call Number Instructor Times/Location
Spring 2017 001 88346 Takatoshi Ito W 9:00am - 10:50am
324 International Affairs Bldg