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Learning Objectives

LEARNING OUTCOMES: The course analyses advanced topics in international monetary economics. Graduates acquire qualified methodological and professional skills to assess in a critical way the policy making process in an international context. The course offers a compendium between case-studies and the theory of international economics and international finance. Special attention will be devoted topics such as the theory of financial, debt and currency crises and the recent US subprime crisis; we will focus in particular on the relationship between liquidity and banks leverage and its effect on macroeconomic risk and the business cycle. The course will also look at sovereign debt crisis, especially in the European context.

KNOWLEDGE AND UNDERSTANDING: Knowledge of the main topics in international economics and international monetary economics; analysis of the exchange rate regimes, of the main rules governing the international financial markets, of the economic consequences of the international exchange rate crises, financial crises and debt crises. Analysis the subrpime and pandemic crises. Conventional and unconventional monetary policies response.
Students have to understand the analytical models presented during the lectures and develop the capacity to analyse an economic problem and elaborate a policy solution. Students have to address the main economic issues in the light of the main theories in international economics and to develop their own original research ideas.


The notions, concepts and theoretical models learned allow to understand in a clearer and more organic way the reasons for international crises and the foundations and implications of the processes of integration of markets and real economies always in an international context and to be able to formulate proposals concrete policies. What has been learned can be used in new fields and in a working context in the management of relations with international institutions, with central banks, research divisions within international bodies, etc.

MAKING JUDGEMENTS: Ability to understand the main topics issues in international economics and address them in order to inform policy. The notions acquired during the lectures can be used to assess in a critical way the policy making process in an international context.

COMMUNICATION SKILLS: Ability to present the main economic ideas in international economics and the policy decision making process in a rigorous way to specialised and non-specialised audiences.

LEARNING SKILLS: At end of the course the students should have acquired the ability to analyse and assess in a critical way the main economic events in an international context. They are expected to be able to read and understand in a deep critical way the main articles and papers published in the area of international economics and international monetary economics and to be able to elaborate autonomously new research ideas.


macroeconomics, international economics


Exchange Rate Regimes. Currency Crises. Financial Crises. Debt Crises. The Subprime Crisis. Liquidity, Banks Leverage and the Macroeconomics, Conventional and Unconventional Policies. Policies during the Pandemic. Case Study: The Silicon Valley Bank Crisis 2023.

Material: the slides, datasets and codes used for the course will be available on the course website


Materials related to lectures and the reading list will be provided on the course web page:


Krugman Paul and Maurice Obstfeld (2003) International Economics: Theory and Policy, 6th ed. Boston, MA: Addison Wesley.

Teaching methods

Classroom Lectures; Laboratory sessions, Seminars, Workshops and students’ discussions on specific projects works individually assigned
Lessons focused on problem-solving
Searching of additional dedicated materials in the library and on-line
Analysis of referred readings and textbooks
Studying suggested articles and readings

Exam Rules

Discussions and interactive participation during the course.

Final written exam in which questions are formulated to ascertain whether the student is able to use the acquired knowledge to understand the proposed problems. Assessment in the final examination of the student's ability for critical analysis and to draw conclusions.

Students who withdraw or fail the exam may take the exam again in the same exam session.