Sample Electives

This is an advanced course on open economy macroeconomics. The main purpose of the course is to cultivate and develop the ability to use formal theoretical models to interpret and understand the complex economic reality around us. Topics include current account determination, the relationship between saving and investment, imperfections in international capital markets, insurance mechanisms, the role of the real exchange rate, and fiscal policy.

Designed for those who wish to gain a deeper understanding of the financial, operational, and public policy aspects of microfinance, this course is ideal for students interested in careers in microfinance analysis, advisory, or investing and in the wider spheres of ethical banking, fintech, and impact investing. The early weeks of the course will explore the foundations of the microfinance movement, dive deep into the products and services associated with financial services for the poor, and ground students in the structure, operations, and technologies used in microfinance institutions. Next, students will take an investor’s perspective on microfinance, looking at the application of commercial investment to the sector and its implications, teaching students how to perform financial analysis of microfinance institutions, and discussing how government policies can impact a country’s microfinance sector. Finally, we explore the literature on the impact of microfinance, analysis using randomized controlled trials and other research methodologies, and review the criticisms of the modern microfinance movement. The course concludes with a capstone reading and discussion of where the microfinance industry is headed over the next decade, and how to prepare for career opportunities in the field.

A rigorous seminar on international trade and commercial policy covering a broad set of policy-oriented topics. Covers both theory and applications, but emphasizes tools and analytical techniques rather than case studies. Overall goal is to develop a broad conceptual understanding of ongoing issues in international trade and familiarity with the analytical techniques used by economists in developing policy recommendations.

This is an applied course on big data analytics with focus on data mining. R will be the main tool for problem solving with Python as the other option. Topics will cover data visualization, exploratory analysis, association rules, classification and regression trees, deep learning (neural networks), text mining, social network analysis, etc. Prerequisites: General understanding and experience with statistical models, including multivariable regression models, analysis of variance, and test of hypotheses. No previous programing experience is required, and the textbook offers extended code that can be used directly or modified.

The objective of the course is for students to learn about the global financial services industry and to equip them with the content and skills necessary to obtain professional employment in financial services, consulting, or other industries. The course combines academic teachings with Business School cases in “traditional” global financial services, as well as “Fintech” and “Crypto”. The course emphasizes three areas: (1) Gaining fundamental knowledge of corporate business strategy (2) Understanding how global financial institutions execute (or fail to execute) their strategies (3) Developing students’ commercial skills, such as communications, presentation skills and teaming The class is highly participatory. The work is demanding. Students are urged to review the syllabus in detail. Corporate Finance, Financial Decision-Making or similar undergraduate classes are recommended but not mandatory.

This course introduces students to the challenges of central banking in emerging economies while exploring its traditional as well as non-traditional role in economic management. The course topics include monetary policy and transmission mechanism, exchange rate policy, interest rate corridor, role of central bank in economic development, fiscal dominance, and financial stability. It also analyzes the implications of quantitative easing, fiscal stimulus, and austerity measures for emerging markets along with new developments like central bank digital currencies and central banking during the Covid crisis. Calculus and econometrics are desired but not necessary.

This course will examine credit markets globally, with a specific focus on understanding the particular nature of credit risk. After an overview and definitions, the mathematics of fixed income instruments will be covered. There will then follow two sections on private sector credit risk, one each for the real and banking sectors. A significant part of the course will then incorporate what has been learned in analyzing private sector credit into a discussion of sovereign credit risk.

This course is for the students wishing to explore the world of cryptocurrencies and related fintech innovations. The goal of the course is to analyze their characteristics, the enabling technological innovations, their economics and role in modern finance, and potential applications. The course begins with the study of the Cryptocurrency Bitcoin and then moves to other cryptocurrencies or crypto platforms such as Ethereum Solana, or Cardano. It will also analyze stablecoins and Central Bank digital currencies. Students will gain an understanding of the economic, technical and public policy issues associated with blockchain technology, distributed ledgers and smart contracts. We will review monetary and exchange rate theory, asset pricing and the workings of the financial system through the lens of cryptocurrencies and related fintech innovations.

The course will enable students to understand key mechanisms and instruments used by Development Finance Institutions (DFIs), the role of governments, private capital providers, and different institutions, and emerging trends in international development finance. The course will build on theoretical foundations of corporate finance and project finance to help students unpack the approaches to development financing. The course takes a mixed approach of teaching concepts, case studies, and hands-on assignments to help students build the analytical skills required to launch a career in International Development Finance.

To meet the SDGs limited public sector resources must be leveraged. In this course students will get a clear and concise overview of the different financial instruments, who provides them and what each financial instrument can and cannot do. Students will then be expected to apply the correct instruments in different case studies where they will apply excel based financial modeling skills to determine project viability, appropriate capital structure and the tradeoffs of different financial instruments. Students will learn through a combination of lectures, case studies, reading materials, class exercises, individual and group assignments. 

This course introduces students to the study of economic development. Different disciplines have different methods – this class uses the tools of economics to examine the reasons why some places are so much more prosperous than others. Specifically, we will use mathematical modeling and econometrics to develop and test theories of economic growth, structural transformation and poverty alleviation. While the core questions in economic development could be examined anywhere in the world, we will focus on low- and middle-income countries, with some references to the historical literature in richer countries like the United States. This class is targeted at anyone considering a career in research or policymaking in developing countries, but will also provide useful skills and insights to those working on issues of poverty and growth in more developed countries as well.

This course introduces students to the study of economic development. Different disciplines have different methods – this class uses the tools of economics to examine the reasons why some places are so much more prosperous than others. Specifically, we will use mathematical modeling and econometrics to develop and test theories of economic growth, structural transformation and poverty alleviation. While the core questions in economic development could be examined anywhere in the world, we will focus on low- and middle-income countries, with some references to the historical literature in richer countries like the United States. This class is targeted at anyone considering a career in research or policymaking in developing countries, but will also provide useful skills and insights to those working on issues of poverty and growth in more developed countries as well.

Introduces quantitative tools and framework of financial decision-making. Examines present-value techniques, pricing of financial instruments, trade-off between risk and return, portfolio theory, capital budgeting, financial ratio analysis, behavior of financial markets, capital structure decisions, corporate cost of capital issues, option theory and risk management. Approach is rigorous and analytical, and goal is to provide students with conceptual understanding of the ideas of financial theory as well as the quantitative methods necessary to pursue careers involving financial decision-making.

Covers issues related to both international financial markets and financial decision-making within the international environment. Focuses on understanding and forecasting financial conditions in international markets; identifying, measuring and managing exchange-rate risk; taxation of international income; implications of political risk on project valuation; and cost of capital for international projects.

This is a survey course covering issues in international financial markets. We will cover various markets and financial instruments, including bonds and bond markets, an introduction to derivatives and structured financial products. We also cover the theory of investment, including modern portfolio theory, behavioral finance, fat-tailed distributions/Black Swans and efficient market theory. Finally, we close the course with a selective history of financial crises, which also introduce basic issues related to financial intermediation (banking and shadow banking). There is a strong emphasis on real world financial instruments, institutions and issues. There are no prerequisites, though International Economics II or International Finance will be helpful.

The goal of this course is to provide students with an introduction to key methods of quantitative policy analysis and impact evaluation used to analyze policy relevant questions in developing countries. We develop the statistical toolkit of regression analysis, reviewing the bivariate regression model and then continuing with multiple regression, and explore how these methods are applied to policy analysis in five benchmark techniques: randomized trials, direct regression analysis, instrumental variables, regression discontinuity, and difference in differences. We emphasize the distinction between regression as a statistical tool and the additional context knowledge (and occasionally assumptions) that are required to address causal policy questions. We will rely on empirical microeconomic studies (mostly in developing countries) to analyze behavior under different types of market failures and to evaluate the impacts of policy interventions. Pre-requisite: Econometrics. Previous knowledge of STATA will be helpful.

This course examines macroeconomic policy in open economies. After covering the basic theoretical foundations on how monetary and fiscal policy should be conducted over the business cycle, we will analyze how such policies are actually conducted in practice and explore why. This is a hands-on course where students will be asked to gather data and perform an empirical investigation on how macroeconomic policies are carried out in their home countries.

While this course is about the main international financial organizations, the bulk of the course is about the International Monetary Fund (IMF), the pre-eminent global economic and financial institution. There will be two primary focuses of the course. First, we will study the international financial organizations and the international monetary system from an institutional and historical perspective. Second (and this will form the majority of the course), we will focus on the analytical methods used at the IMF to perform country macroeconomic analysis, specifically, financial programming.

This course is designed to familiarize students with the theory and practice of investments. The goal is to provide not only “what” investments are but also “how” and “why” they perform, or sometimes do not perform, as expected. We will introduce what constitutes an investment and the different asset classes from which investment returns are derived and the financial ecosystem in which they operate. We will delve into most of the major assets classes in detail: equities, fixed income, derivatives and commodities—their characteristics, pricing /valuation, historical performance and application in a portfolio. We will then look at the dynamic tension between investment return and risk, also in theory and with relevant real-world examples. We will discuss the theory of modern portfolio management and create a model portfolio and measure its return over time. That portfolio knowledge will inform the different investment strategies utilized by asset managers today. We will examine the field of behavioral finance and the impact it has on biases and decision making. That will lead us into a deeper examination of investment management from a practitioner point of view and including periods of time when both theory and practice were exposed to crisis conditions. In addition, prominent subject matter experts from their respective specialties will address class either in-person or on Zoom.

The course will introduce a range of topics in labor economics, including theories of labor supply and labor demand, labor market equilibrium, unemployment, investments in education and training, discrimination, patterns of inequality, and technological progress and inequality. After working through theory, we will discuss applications to important public policy issues including minimum wage and employment protection laws, international trade and labor markets, active labor market policies (both motivations for and performance of different strategies for helping unemployed workers find jobs), social insurance systems and their influence on the labor market, and retirement decisions and the labor market in aging economies. Applications to policy questions will provide insight into how labor supply and labor demand decisions differ across the institutional and economic contexts of lower-, middle- and upper-income economies.

This course reviews the measuring methodology of several concepts that are widely used in macroeconomics. First, how exactly is the data for nominal and real GDP assembled? Second, how are the prices of a consumption basket aggregated into the consumer price index? Third, how are effective exchange rates measured and what are differences in methodology across reporting agencies? Fourth, to what extent economic activity across countries is converging.

Designed for those who wish to gain a deeper understanding of the financial, operational, and public policy aspects of microfinance, this course is ideal for students interested in careers in microfinance analysis, advisory, or investing and in the wider spheres of ethical banking, fintech, and impact investing. The early weeks of the course will explore the foundations of the microfinance movement, dive deep into the products and services associated with financial services for the poor, and ground students in the structure, operations, and technologies used in microfinance institutions. Next, students will take an investor’s perspective on microfinance, looking at the application of commercial investment to the sector and its implications, teaching students how to perform financial analysis of microfinance institutions, and discussing how government policies can impact a country’s microfinance sector. Finally, we explore the literature on the impact of microfinance, analysis using randomized controlled trials and other research methodologies, and review the criticisms of the modern microfinance movement. The course concludes with a capstone reading and discussion of where the microfinance industry is headed over the next decade, and how to prepare for career opportunities in the field. Prerequisite: Financial Decision-Making

Provides a complete overview of the private capital markets industry in emerging and developing economies. Analyzes the rationale, strategy, and implementation of private investing, including private equity, venture capital, and impact investing. Examines the private capital fund structure, and the interests of fund investors (LPs) and fund managers (GPs) that drive investment decisions. Through case studies, explores challenges and opportunities for fund managers investing in emerging Asia, Africa, Latin America, and the Middle East. Provides students with basic valuation techniques for private investments. Participants will emerge with the insight and knowledge to pursue a career in the development finance industry or in a career that is influenced or impacted by the industry.

Provides a practical and quantitative approach to understanding project finance transactions. Focuses on energy transactions in emerging markets. Integrates principles of corporate finance with an understanding of specific technologies, industrial organization, regulatory framework and country-specific policies. Examines foreign exchange issues, taxation, risk evaluation and mitigation and key contractual structures. Discusses typical loan structures and inter-creditor issues. Goal is to understand how the financial structure for a project finance transaction is analytically determined. Students build and apply detailed quantitative financial models. Prerequisite: Corporate Finance. Cannot take if you have already passed Infrastructure Finance and Modeling.

Focuses on issues relevant to understanding the world economy: modeling and forecasting of exchange rates, modeling the sustainability of external imbalances, determining the importance of international capital flows and implementing monetary-policy rules. Examines empirical studies in each of these areas by looking at their assumptions, weaknesses and strengths and considering whether there are alternative methods of addressing a given issue. Students learn to develop an independent opinion of how theoretical ideas are applied to policy questions by asking: How much? Does it matter? How do you know?

This course aims to provide students with a set of quantitative tools and reasoning abilities that mirror those used by professional financial analysts, portfolio managers, and policymakers. While many of these skills will be universally applicable, this course grounds them in the application of addressing issues of sustainable finance from a global perspective. The course will focus on using the R programming language and Excel, to a lesser extent, as tools for transforming real-world data into actionable insights and conveying those insights in a manner consistent with the real-world job responsibilities of sustainable finance analysts.

This course aims to equip students to analyze sustainable finance and impact investing and understand the range of current approaches being pursued. The class will be in seminar format and students will be expected to participate actively in class. By the end of the course, participants should be able to: Identify and understand how to assess, measure and report on critical environmental and social risks of private investment. Identify and assess key governance risks in managing private firms and investments. Describe and distinguish between different investment strategies in their approach to managing environmental, social and governance risks and impacts, across different asset classes. Describe the motivations of different classes of investors and understand their constraints in pursuing different sustainable and impact investment strategies. Identify current practices and tools to manage, measure and report on positive environmental and social impacts of an investment portfolio. Critically evaluate theories of change of how private investment impacts the environment and society, both positively and negatively, and the relationship between financial returns and impact. Understand the historic evolution of investment markets and assess current trends and outlook with respect to environment, social and governance risks and impacts.

This course examines the role and function of financial institutions and money in the global economic system. The course examines the economic structure and function of the banking system, central banks and the non-bank financial system.  The course examines the regulation of various elements of the financial system such as banks and certain non-bank entities.  The course considers the events of the 2008 global financial crisis and the impact it has had on the structure and regulation of the financial system.  The experience of the financial system during the COVID pandemic will also be explored.  Finally, the course will close with an analysis of the relatively new area of digital assets (e.g. Bitcoin, central bank digital currencies (CBDC), stablecoins) and will discuss the potential role they may play in our financial system’s future.