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Master in International Trade, Finance and Development


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"The ITFD program is unique because of the emphasis, not just on theory, but on how it can be used to explain current events, and to create practical policy applications in the real world."

Edward Corcoran '09

HM Treasury

Courses 2013-14

The International Trade, Finance and Development program is taught in three modules, proceeding from the more fundamental to the more applied. In addition, we offer a review course in mathematics and statistics in September (Syllabus). This course is not mandatory but it is highly recommended for all students.


 Please note that the following course list may vary slightly from year to year.

Fall Term: Core Knowledge

In this term students take four twenty-hour courses and one forty-hour course that provide necessary background knowledge about international trade, finance, and development.

Course Title
The Rise of the Global Economy
Joachim Voth
Economic Growth and Development
Antonio Ciccone
International Finance

Jaume Ventura


Libertad González

Microeconometrics 3

Francesco Fasani

Winter Term: Applications

In this term students take six twenty-hour courses that provide deeper and more specialized knowledge about international trade, finance, and development. They also start an independent study project under the supervision of a faculty member.

Course Title
International Trade3

Gino Gancia

Giacomo Ponzetto

Money and Exchange Rates 3Fernando Broner
Independent Study Project (Part A)

Fernando Broner
Jaume Ventura

Electives - select 12 ECTS
The Economics of Migration
3Albrecht Glitz
Contemporary Macroeconomic Problems
3Jaume Ventura
Development Economics
6Alessandro Tarozzi
* Econometric Methods I 6

Albrecht Glitz

Stephan Litschig
Financial Institutions Management6José-Luis Peydró
* Financial Econometrics
6Christian Brownlees

Spring Term: Advanced Topics and Policy

In this term students take three advanced courses chosen from a list of electives, as well as a sequence of policy lessons. All students complete the independent study project and present their work to classmates and faculty members.

Course Title
Policy Lessons

Simon Evenett

José García Montalvo

Independent Study Project (Part B)

Jaume Ventura

 Fernando Broner

Sovereign Debt and International Financial Architecture
3 Fernando Broner
Electives - select 12 ECTS
Advanced Economic Growth and Development 6

Xavier Sala-i-Martin

Political Economy6

Maria Petrova

Ruben Enikolopov

* Labor Economics 6

Libertad González

Banking Theory6

Xavier Freixas

Systemic Risk and Financial Crises  3José-Luis Peydró
Survey Methods 3

Manuel Arellano

Olympia Bover

Total ECTS credits
* Advanced course, requires authorization of program director

Policy Specialists

Each year leading policy specialists from international organizations, NGOs, or private corporations join the program faculty.


Read more about policy specialists

Independent Policy Projects available for download [pdf]:



Students present their projects before an audience of their peers as well as program professors Joachim Voth, Fernando Broner, and Jaume Ventura. Prof. Antonio Ciccone (not pictured) was also in attendance.

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