Tito Cordella is a Senior Lecturer at SAIS DC. He began his career in academia, teaching at Pompeu Fabra University in Barcelona and the University of Bologna. He then had a long stint at Bretton Woods Institutions, where, alternating operational and research activities, he gained extensive policy experience on a wide range of issues (monetary and fiscal policies, financial crises, banking, finance, growth, sovereign debt and debt restructuring, financial products, among others).
At the International Monetary Fund, he served in the Monetary and Exchange Affairs Department and later in the Research Department, where he focused on international financial architecture reforms. At the World Bank, he was Lead Economist for Brazil, Deputy Chief Economist for the Latin America and Caribbean region, and Adviser to the World Bank Chief Economist.
Tito is an honorary member of LACEA, serves on the Scientific Committee of LTI@UniTO, and is an Advisory Editor of the Latin American Journal of Central Banking and has published widely in banking, international finance/development, and trade.
- “The HIPC Initiative and China’s Emergence as a Lender: post hoc or propter hoc?” [2026], (with M. Cufre and A. Presbitero), Journal of Development Economics, 179
- Optimizing Finance for Development. [2025] In: Kararach, G., Moreira, E.P., Murinde, V. (eds) The Palgrave Handbook of Development Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-77422-5_5
- “Revisiting the Role of State-Owned Enterprises in Strategic Sectors” [2023] (with J. Clifton and M. Vagliasindi, Journal of Economic Policy Reform, 26: 1-23
- “Preferred and Non-Preferred Creditors” [2021] (with Andrew Powell), Journal of International Economics, 32
- “Macroprudential Policies from a Micro-Prudential Angle: A Note” [2020] (with Samuel Pienknagura), Latin American Journal of Central Banking 1
- “Sharing Oil Rents, and Political Violence” [2020] (with H. Onder), European Journal of Political Economy 63
- “Firms’ and States’ Responses to Laxer Environmental Standards” [2019] (with Shanta Devarajan), Journal of Environmental Economics and Management 98
- Institutions, Governance and the Control of Corruption [2018], Basu, Kaushik and Tito Cordella (Eds.), International Economic Association Series, Palgrave MacMillan.
- “Government Guarantees, Transparency, and Bank Risk Taking” [2018] (with G. Dell’Ariccia and R. Marquez), IMF Economic Review 66:116-43
- “Motivations, Monitoring Technologies, and Pay for Performance” [2017] (with A. Cordella) Journal of Economic Behavior and Organization 133: 236-55
- “Asymmetric Punishment as an Instrument of Corruption Control” [2016] (with K. Basu and K. Basu), Journal of Public Economic Theory, 18: 831-56
- “Catalytic Insurance: The Case of Natural Disaster” [2015] (with E. Levy-Yeyati), Oxford Review of Economic Policy, 31: 330-349
- “What Makes a Currency Procyclical? An Empirical Investigation” [2015] (with P. Gupta), Journal of International Money and Finance, 55: 240–59
- Reserve Requirements in the Brave New Macroprudential World [2014] (with Pablo Federico, Carlos Vegh and Guillermo Vuletin), World Bank Studies, Washington, DC: World Bank.
The course will provide students with a basic understanding of how political-economy and macro-financial constraints affect countries’ vulnerability to financial crises. Exploring three decades of evidence, it will discuss the main drivers of currency, banking, and debt crises. The course will build upon the material covered in IE 2, or in a similar intermediate macroeconomics course. Students are expected to participate actively preparing and discussing case studies.
Traditional economic theory tends to avoid interactive influences among decision-makers. Game theory focuses on analyzing the effects of interaction among individuals and groups with competing and conflicting goals. The course covers cooperative and noncooperative game theory, explaining the nature and selection of pure and mixed strategies, the various equilibrium concepts used and the theory’s relationship to traditional optimization analysis. Draws examples from microeconomic theory, international trade and trade policy, arms control, international relations as well as other fields. The course is self-contained with respect to mathematics content.
Covers the basic theory underlying international macroeconomics. Topics include international financial markets and the macroeconomics of open economies; balance of payments and the trade balance; exchange rates and the foreign exchange market; expectations, interest rates and capital flows; monetary and fiscal policy in open economies; exchange rate regimes; and macroeconomic policy in open economies. Basic algebra will be used in this class. This course is a prerequisite to most upper-level economics courses.