Master in International Trade, Finance, and Development

Hans-Joachim Voth – Program Director

Hans-Joachim Voth is ICREA Research Professor of Economics at UPF. He received his Ph.D. from Oxford in 1996. Following a stint as a faculty member in Cambridge, UK, he worked as a Senior Associate at McKinsey. He has held visiting positions at Stanford, MIT, NYU, and Princeton. Voth has acted as an advisor to the German Stock Exchange. His area of specialization is financial and economic history, with an emphasis on the history of speculative bubbles and stock markets, as well as economic growth over the long run.

Fernando Broner – Deputy Director

Fernando Broner is a researcher at CREI and adjunct professor of economics at Universitat Pompeu Fabra. He received his PhD from MIT in 2000. Prior to joining CREI and UPF, he was an assistant professor at the University of Maryland. He is an advisor to the international economic research department at the Bank of Spain, and has consulted for the IMF and the World Bank. His research specializes in international finance.

email: fbroner_at_crei_dot_cat

Antonio Ciccone – Steering Committee Member

Antonio Ciccone is ICREA Research Professor of Economics at UPF. He received his PhD from Stanford in 1994. Prior to joining UPF, he was an assistant professor at Berkeley. He has also lectured on macro issues for the European Commission, the World Bank, and the European Central Bank and has consulted for the European Commission and the World Economic Forum. His research specializes in macroeconomics and economic growth.

Jaume Ventura – Steering Committee Member

Jaume Ventura is a senior researcher at CREI and a professor of economics at Universitat Pompeu Fabra. He received his PhD from Harvard in 1995. Prior to joining CREI and UPF, he was a tenured associate professor at MIT. He has also taught at the University of Chicago and INSEAD. Ventura has worked full-time for the World Bank, and acted as a consultant for the Inter-American Development Bank. His research specializes in macroeconomics and international economics.

Steering Committee Members


Antonio Ciccone	Jaume Ventura

Selected Research by Joachim Voth

Malthusian Dynamism and the Rise of Europe: Make War, not Love (with Nico Voigtländer)
American Economic Review: Papers and Proceedings, May 2009, 99 (2), pp. 248-254.

Private Borrowing During the Financial Revolution: Hoare's Bank and its Customers, 1702-1724 (with Peter Temin)
Economic History Review, August 2008, 61 (3), pp. 541-564.

A Century of Global Equity Market Correlations (with Dennis Quinn)
American Economic Review: Papers and Proceedings, May 2008, 98 (2), pp. 535-540.

Research Video: Betting on Hitler: the Value of Political Connections in Nazi Germany

According to research by Prof. Joachim Voth, firms supporting the NSDAP (National Socialist German Workers' Party) outperformed the stock market by 5-10% after the Nazi party seized power in 1933. Watch video (04:31)

Selected Research by Fernando Broner

Globalization and Risk Sharing (with J. Ventura)
Forthcoming in Review of Economic Studies

Sovereign Risk and Secondary Markets (with A. Martin and J. Ventura)
Forthcoming in American Economic Review

Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises

Journal of Monetary Economics, 55(3), 2008, 592-605.

When in Peril, Retrench: Testing the Portfolio Channel of Contagion (with G. Gelos and C. Reinhart)
Journal of International Economics, 69(1), 2006, 203-230.