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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.

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 sovereign debt crises.
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.

APPLYING KNOWLEDGE AND UNDERSTANDING: 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 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.

The course provides the theoretical background to understand and address the main issues in the international economic debate. This can be complementary with potential students’ placement in international institutions (IMF, World Bank), Central Banks, Research Divisions 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


Topics in International Finance: Exchange Rate Regimes. Currency Crises. Financial Crises. Sovereign and Public Debt Crises. The Subprime Crisis. Liquidity, Banks Leverage and the Macroeconomics. Topics in International Trade. Topics in European Economics: The EU Growth Dilemma and the Stability and Growth Pact. The EU Monetary and Fiscal Policy.

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.

Baldwin Richard and Charles Wyplosz (2005) The Economics of European Integration, McGraw-Hill, UK.

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.