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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


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


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.

Fall Term: Core Knowledge

In this term, students take four twenty-hour courses that provide necessary background knowledge on international trade, finance, and development. In addition, students take one forty-hour course that helps them develop their quantitative skills.

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

Jaume Ventura

International Trade

Jaume Ventura

Quantitative and Statistical Methods I6

Libertad González

Winter Term: Applications

In this term students take three twenty-hour courses and two forty-hour courses that deepen their knowledge of international trade, finance, and development. Students have substantial choice so that they can focus on their own specific areas of interest.

Course Title
Quantitative and Statistical Methods II 6

Albrecht Glitz

Stephan Litschig
Choose 3 courses among the following (9 ECTS)
Firms, Technology and Trade Policy

Gino Gancia

Giacomo Ponzetto

Money and Exchange Rates 3Fernando Broner
Sovereign Debt and International Financial Architecture 3Fernando Broner
The Economics of Migration 3Albrecht Glitz
Choose 1 course among the following (6 ECTS)
Macroeconomics II

Danilo Guaitoli

Luca Fornaro

Development Economics
6Alessandro Tarozzi
Financial Institutions Management6José-Luis Peydró
Financial Econometrics
6Christian Brownlees

Spring Term: Advanced Topics and Policy

In this term students take two advanced forty-hour courses chosen from a list of electives, as well as mini-courses by practitioners labeled policy lessons. In addition, all students complete an independent study project and present their results to classmates and faculty members.

Course Title
Policy Lessons3TBA
Master Project6

Jaume Ventura

 Fernando Broner

Choose 2 courses among the following (ECTS)
Topics in Economic Growth and Development 6

Xavier Sala-i-Martin

Experimental Economics
6Rosemarie Nagel
Political Economy 6

Maria Petrova

Ruben Enikolopov

* Advanced Econometric Methods III 6

Geert Mesters

Banking Theory6

Xavier Freixas

* Topics in International Economics II

Fernando Broner

Luca Fornaro 

* Topics in Macroeconomics 6

Jordi Galí

Vladimir Asriyan

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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