Master's Degree in Specialized Economic Analysis: International Trade, Finance, and Development Program

Program director


Jaume Ventura

CREI, UPF, and Barcelona GSE

Fernando Broner

CREI, UPF, and Barcelona GSE

The International Trade, Finance, and Development Program is a demanding program that combines critical analytic training with a focus on policy.

We give students a research-based view of subjects crucial to understanding today's market, designed to equip graduates with the core theoretical and analytical roots needed to solve the toughest challenges of today's globalized economies. 

What can be done to avoid financial crises? How can growth in the least developed countries be accelerated? How can wealth be distributed equitably and sustainably? This program will allow students to acquire a thorough knowledge of the conceptual and empirical tools of modern Economics applied to international trade, finance, and development.

The program brings students through basic fundamentals towards the study of more specialized domains and applied techniques.

Our teaching faculty offers a wide array of courses, and students are able to tailor their education by pursuing topics of interest in either development or international trade and finance, or a combine of both. A master's advisor will guide each student in completing an independent master's project by the end of the program, allowing specialization in a policy topic of the student's choice.

Our master's faculty consists of internationally renowned scholars who have previously held academic positions at Berkeley, Cambridge, Chicago, MIT, NYU, and Stanford. Our professors have also worked or held consulting appointments at international organizations such as the European Central Bank, the Inter-American Development Bank, the IMF, and the World Bank. In addition to our world-class faculty, students will attend a series of policy guest lectures delivered by international experts.

Graduates of the ITFD program have found employment in central banks, development organizations, investment banks, government agencies, multinational firms, and NGOs.

This program also provides an excellent background for students interested in pursuing a PhD, as our general approach to theory and empirics is similar to those usually found in top PhD programs. Many students use the ITFD program as preparation for entry into competitive PhD programs at prestigious universities in Europe and the United States. 

What skills and knowledge will I acquire in this program?
  • Thorough knowledge of Economics concepts focusing on international trade, finance, and development
  • Command of theory and application of the main data collection and analysis tools of modern Economics
  • Specialized economic ability using basic and advance econometric and statistical methods
  • A greater understanding of the drivers between financial and development policy
  • Stimulated creative thinking in design, implementation, and evaluation of public policies
Who will benefit from this program?
  • Graduates with a strong quantitative background from all fields: Business Administration, Economics, Engineering, Finance, and Political science
  • Workforce professionals at private firms, research centers, central banks, financial institutions, public offices, and NGOs
  • Aspiring PhD students looking for a solid foundation in the theory and empirics of international trade, finance, growth, and development
Who hires ITFD graduates?
  • Banking and Financial Institutions
  • Research Institutions and Consulting Firms
  • Non-government Organizations (NGOs)
  • International Organizations
  • Governmental and Regulatory Agencies

Examples of recent ITFD professional placements:

  • Asian Development Bank
  • Bank of America (Merrill Lynch)
  • Bank of Spain
  • Center for Economic and Policy Research (CEPR)
  • Center for Poverty Analysis (CEPA)
  • European Bank for Reconstruction and Development (EBRD)
  • European Central Bank (ECB)
  • European Investment Fund (EIF)
  • Foreign Affairs and International Trade Canada (DFAIT) 
  • Innovations for Poverty in Action (IPA)
  • Inter-American Development Bank (IDB)
  • International Growth Center Bangladesh 
  • International Trade Centre (ITC)
  • Organisation for Economic Co-operation and Development (OECD)
  • Overseas Development Institute (ODI)
  • Reserve Bank of Australia
  • United Nations (UN)
  • World Bank
  • World Intellectual Property Organisation (WIPO)
  • World Trade Organization (WTO)

Examples of recent ITFD PhD program placements:

  • Goethe University Frankfurt
  • Graduate Institute of International and Development Studies
  • Harvard University
  • Humboldt University Berlin
  • Lombardy Advanced School of Economics (LASER)
  • London School of Economics (LSE)
  • Massachusetts Institute of Technology (MIT)
  • Queen Mary University of London
  • Stanford University
  • Texas Tech University
  • Universitat de Barcelona
  • Université Paris-Dauphine
  • University of Cambridge
  • University of Chicago
  • University of Lausanne
  • University of Mannheim
  • University of Massachusetts Amherst

Download results for ITFD 2015



Program schedule: 

 In the Fall term, program students have the opportunity to take a mathematics, statistics, and a computer tools brush-up course. This course is not mandatory but highly recommended to assure a smooth start.

A master project, which will be supervised in regular meetings with an advisor, will allow each student to put their knowledge into practice and improve their writing and exposition skills.

Fall Term: Core Knowledge (September - December)

Course Title Credits Professor(s)
Economic Growth and Development 6 Antonio Ciccone
International Trade and Finance 6 Jaume Ventura
Quantitative and Statistical Methods I 6 Libertad González

Winter Term: Applications (January - March)

Course Title Credits Professor(s)
Quantitative and Statistical Methods II 6 Christian Brownlees
Albrecht Glitz
Stephan Litschig
All students must earn 15 additional credits by enrolling in either (i) five short courses; or (ii) three short courses and one long course.
List A: Short courses (3 credits each)
Money and Exchange Rates 3 Fernando Broner
Sovereign Debt and International Financial Architecture 3 Fernando Broner
International Trade and Growth 3 Alejandro Cunat
Firms, Technology and Trade Policy 3 Gino Gancia
Giacomo Ponzetto
The Economics of Migration 3 Albrecht Glitz
The Rise of the Global Economy 3 Joachim Voth
List B: Long courses (6 credits)
Development Economics 6 Alessandro Tarozzi
Macroeconomics II 6 Danilo Guaitoli
Luca Fornaro

Spring Term: Advanced Topics and Policy (April - June)

Course Title Credits Professor(s)
Policy Lessons 3 TBA
Master Project 6 Fernando Broner
Jaume Ventura
All students must earn 12 additional credits by choosing among the following courses:
List A: Advanced courses (3 credits each)
Systemic Risk and Finance 3 José-Luis Peydró
Topics in Macro V: Firms, Misallocation, and Aggregate Productivity * 3 Manuel García-Santana
Topics in Macro VI: Monetary Economics * 3 Jordi Galí
Topics in Macro VII: International Finance * 3 Fernando Broner
Topics in Macro VIII: Open Economy Macro * 3 Luca Fornaro
Topics in Applied Economics III: Development * 3 Gianmarco León
Topics in Applied Economics IV: Labor * 3 Libertad Gonzalez
Topics in Applied Economics V: Economic Institutions * 3 Maria Petrova
Ruben Enikolopov
Topics in Applied Economics VI: Poverty, Inequality and Mass Media * 3 Maria Petrova
Ruben Enikolopov
List B: Regular courses (6 credits each)
Econometric Methods III 6 Eleonora Granziera
Experimental Economics 6 Rosemarie Nagel
Political Economy 6 Maria Petrova
Ruben Enikolopov
Topics in Economic Growth and Development 6 Xavier Sala-i-Martin
Empirical Methods in Finance 6 Andrea Polo
Javier Gil-Bazo
Javier Gómez Biscarri
José-Luis Peydró

* Starred courses are advanced PhD courses and require permission from the instructor and the ITFD Director.

Master degree awarded

Upon successful completion of the program, students will receive a Master Degree in Specialized Economic Analysis awarded jointly with Universitat Autònoma de Barcelona (UAB) and Universitat Pompeu Fabra (UPF).

All Barcelona GSE master degrees have been recognized by the Catalan and Spanish Education authorities within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”). Indicadors de qualitat