| | | The International Economics Program at SAIS offers a wide assortment of economics courses for students to choose from. In addition to the basic and core courses there are elective courses (basic, advanced and seminar level) in five broad categories. To look for particular courses, choose the link associated with its area.
| | These are the fundamental and core international theory courses required as part of the international economic concentration. |
Theory of decision-making under conditions of scarcity uncertainty. Analyzes choice and demand, production, cost, the firm and market structure, market failure and uncertainty. Emphasizes economics efficiency and application of theory to decisions and policy problems. Game Theory is ntroduced. This course is taught at the intermediate level; includes mathematics and calculus sessions and meets more frequently than other courses. Together with Macroeconomics constitutes the foundation for all other economics courses at SAIS. Required background: High school pre-calculus and facility with graphs.
Offered Fall 08- Senses
Offered Spring 09 - Pirog
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Covers the same topics as Microeconomics but in more depth and rigor. Taught at an intermediate level and does not include mathematics or calculus sessions. Knowledge of these topics are pre-requisites.
Prerequisites: Principles of Microeconomics or equivalent; and a minimum of one semester of college-level calculus or two semesters of high school calculus.
Offered Fall 08 - Senses back to top of page Develops analytic tools used to understand how the economy functions in aggregate. Primary purpose of the tools is to explain national levels of output, employments, prices and the rate of interest, as well as changes in these variables over time. Assesses the role of government policy in determining these outcomes. Devotes attention to both short-run economics fluctuations and long run economic phenomena, including growth. Taught at an intermediate level. Together with Microeconomics constitutes the foundation for all other economics courses at SAIS.
Required background: High school pre-calculus and facility with graphs.
Prerequisite: Microeconomics or a pass on Microeconomics Wavier Exam
(May be taken concurrently with Microeconomics)
Offered Fall 08 - Marques
Offered Spring 09 - Staff back to top of page Covers the same topics as Macroeconomics but in more depth and rigor. Taught at an intermediate level.
Prerequisites: Microeconomics or a pass on Microeconomics Waiver Exam
(May be taken concurrently with Microeconomics)
Offered Fall 08 - Riedel back to top of page
Considers the theory and practice of international trade and investment. First part of the course examnines the cause of trade, the sources of the gains from trade and the domestic and international distribution of those gains. Second part examines the instruments and consequences of trade policy measures, especially tariffs and quantitative restrictions. Addresses preferential trade agreements and the practice of trade policy.
Prerequisite: Microeconomics or pass the Microeconomics Wavier Exam
Offered Fall 08 - Oldenski, Takacs
Offered Spring 08 - Oldenski and Staff
back to top of page Accelerated International Trade Theory
Course Number: 300.851
Covers the same topics as International Trade Theory but in more depth and rigor and uses advanced analytical techniques that requires some calculus.
Prerequisite: Microeconomics or a pass on the Microeconomics Waiver Exam
Offered Fall 08 - Senses and Krishna back to top of page
This course covers the basic theory underlying the international monetary system. Topics include international financial markets and the macroeconomics of open economies; the balance of payments and the trade balance; exchange rates and the foreign exchange market; expectations, interests rates, and capital flows; central banking and monetary policy in open economies; exchange rate regimes; and macroeconomic policy in open economics.Prerequisite: Macroeconomics or a pass on the Macroeconomics Placement Exam
Offered Fall 08 - Arroyo
Offered Spring 08 - Arroyo, Heller & Loungani back to top of page Accelerated International Monetary Theory
Course Number: 300.852
Covers the basic theory of international macroeconomics. Main objective is to develop an understanding of the workings of the international monetary system and a conceptual framework for the analysis of macroeconomic policy in an open economy. Covers topics
similar to those of International Monetary Theory, but greater use of quantitive methods and covers the mateial more rapidly and more deeply. Emphasizes developing a familiarity with the tools and analytical techniques used by economists in making policy recommendations.
Required background: One year of high school or one semester of college calculus.
Prerequisite: Macroeconomics or a pass on the Macroeconomics Placement Exam
Offered Spring 08 - Brunner back to top of page
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This area offers course in advanced economic theory and the application of economic theory to policy.
Covers the theory and practice of trade policy. Topics include tariff and non-tariff protection in competitive and non-competitive markets, trade and the environment and regional integration. Also covers principles of a liberal trade system (WTO), trade liberalization, new directions in E.U. and U.S. trade policy and post-Uruguay Round Issues.
Prerequisites: International Trade Theory
Offered Spring 08 - Krueger
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Covers current and recent issues in the international monetary system, notably the exchange rate regime, policy interactions among industrial countries, European monetary union, international financial markets, capital flows to developing countries, exchange - rate crises, domestic and balance-of-payment effects of macroeconomic policies, gold standard and breakdown of Bretton Woods.
Prerequisite: International Monetary Theory
Offered Spring 08 - Arroyo
back to top of page This is rigorous seminar on international trade and commercial policy covering a broad set of policy - oriented topics. While theory and applications will both be covered, emphasis will be placed on tools and analytical techniques rather than on case studies. The overall goal is to develop a broad conceptual understanding of ongoing issues in international trade and familiarity with the analytical techniques used by economists in developing policy recommendations.
Prerequisites: International Trade Theory (Limited to 20)
Offered Spring 08 - Krishna and Senses back to top of page Explores open-economy macroeconomics from a strongly theoretical perspective. Topics include the relationship between international capital mobility and fiscal and monetary policies, exchange - rate determination, the theories of internal and external balance, policy interactions among industrial countries and analyses of crises. Overall, this course is an independent opinion of how theoretical ideas are applied to issues, traditional and recent, in international economics.
Prerequisite: International Monetary Theory (Limited to 20)
Offered Spring 08 - Marquez back to top of page Public Finance
Course Number: 300.754
This course will introduce the key concepts in public finance that undepin most discussions of public policy on the role of the government section, including public goods (both national and global), externalities and market failure, tax policy, macrofiscal policy, and fiscal federalism. Using these concepts, it will seek to highlight some of the challenging real world public policy ussues confronting the government sector in different parts of the world, and the way in which these are evoving in a globalizing world.
Prerequisite: Microeconomics and Macroeconomics
Offered Spring 08 - Heller back to top of page 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 non-cooperative game theory, explanining the nature and selection of pure and mixed strategies, the various equilibrium concepts used, and the theory's relationship to traditional optimization analysis. Examples are drawn from microeconomic theory, international trade and trade policy, arms control, topics in international relations, as well as other fields. The course is self-contained with respect to mathematics content.
Prerequisite: Microeconomics or passed microeconomics waiver exam.
Offered Fall 07 - Pirog back to top of page
This is a cross-listed course offered by the Canadian Studies Program that also can fulfill a requirement for this program. See course description under Canadian Studies Program section.
Offered Fall 07 - Woroby back to top of page
Economic growth requires investment and investment requires savings. Savings may be mobilized in domestic financial markets or acquired from abroad in the form of direct foreign investment, international portfolio capital and official development assistance. Examines the theory and empirical evidence on links between growth, investment and various types of domestic and foreign savings. Considers policy issues that developing countries confront in creating and reforming domestic financial markets, opening up to international capital flows and foreign direct investment and utilizing official development assistance. Prerequisites: International Trade Theory and International Monetary Theory. (Limited to 20)
Offered Spring 08 - Riedel back to top of page Political Economy of Public Policy
Course Number: 680.754
This is a cross-listed course offered by the International Policy Program that also can fulfill a requirement for this program. See course description in the International Policy Program section, Global Policy Program.
Offered Both Semesters - Barrett back to top of page Economics of Natural Resources
Course Number: 680.851
This is a cross-listed course offered by the International Policy Program that also can fulfill a requirement for this program. See course description in the International Policy Program section.
Offered in Fall 07 - Toman back to top of page Introduction to the Economics of Public Health
Course Number: 680.762
This is a cross-listed course offered by the International Policy Program that also can fulfill a requirement for this program. See course description in the International Policy Program section, under Global Policy Program.
Offered in Fall 07 - Musgrove back to top of page Regulation
Course Number: 680.764
This is a cross-listed course offered by the International Policy Program that also can fulfill a requirement for this program. See course description in the International Policy Program section.
Offered Fall 07 - Simpson back to top of page Global Collective Action
Course Number: 680.748
This is a cross-listed course offered by the International Policy Program that also can fulfill a requirement for this program. See course description in the International Policy Program section.
Offered Spring 08 - Barrett back to top of page
The International Competition/Antitrust System
Course Number: 650.745
This is a cross-listed course offered by the International Law Program that also can fulfill a requirement for this program. See course description in the International Law Program section.
Offered Spring 08 - Davidow back to top of page
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This area offers courses focusing on quantitative tools for economic analysis.
The objective of this course is to provide students practical tools on how to apply various statistical and econometric techniques in their policy work, with specific emphasis on development issues related to both microeconomics (Part I) and macroeconomics (Part II). For each development topic, each lecture will first outline the theoretical and conceptual aspects of the policy issue, followed by a discussion on specific econometric techniques that can be used to empirically address it. The students will then apply themselves the techniques learned using a variety of approaches (analyzing policy questions using data with the help of statistical software such as STSTA, writing short referee reports that critically discuss the empirical techniques used in specific studies or developing short research proposals that focus on econometric methodologies and techniques).
Prerequisite: Econometrics (Limited to 15)
Not Offered AY 07-08 - Vakis back to top of page Covers basic statistical tools for data analysis. Emphasizes facility in problem-solving in statistical inference and two - variable regression and correlation analysis. Presents descriptive and probability distributions and their use in hypothesis testing. Uses computer to solve problems and to reinforce statistical concepts.
Offered in Fall 07 - Dokko, Mete
Offered in Spring 08 - Kurz back to top of page
Provide comprehensive introduction to econometrics. Develops tools for estimating functional relationships and critically reading empirical studies that use different econometric techniques; presents assumptions of multivariate regression and discusses the most common econometric problems, and the potential consequences and remedies; discusses omitted variables, sample selection, heteroscedasticity, autocorrelation, multicollinearity, and use of discrete variables. Introduces instrumental variable technique. Uses statistical software in applied exercises.
Prerequisite: Statistical Methods for Business and Economics or online waiver exam
Offered Fall 07- Schindler and Campbell
Offered Spring 08 - Lohmar and Staff
back to top of page Seminar on recent empirical issues in international economics and development; examines both econometric methods and findings. Emphasizes the econometric models used, estimation problems encountered and techniques developed to address these problems. Aims to evaluate evidence from existing research and extend understanding of econometric methods to carry out independent research.
Prerequisite: Econometrics (Limited to 30)
Offered Spring 08 - Jolliffe back to top of page Focuses on issues relevant to understanding the world economy: modeling and forecasting of exchange rates modeling the sustainability of external imbalances, determining the importance of international capital flows, and implementing monetary - policy rules. Examines critically empirical studies in each of these four areas by examining their assumption, weaknesses, strengths and considering whether there are alternative methods of addressing a given issue. Overall, students will learn to develop an independent opinion of how theoretical ideas are applied to policy questions by asking: How much? Does it matter? How do you know?
Prerequisite: International Monetary Theory
Offered Fall 07 - Marquez back to top of page The goal of this course is to discuss and apply the techniques used in times series econometrics applied to macroeconomics and financial markets, always from a practitioner's point of view. This is achieved by providing a comprehensive set of tools and techniques for analyzing various forms of univariate and multivariate time series and by showing how to use EVIEWS and STATA to estimate macroeconomic and financial time series models. Through extensive use of computers, students will have the opportunity to apply in class every technique learned. The course is aimed at students who would like to pursue a career in macroeconomic policy analysis or financial markets forecasting and for whom grasping concepts like stationarity, conintegration, causality or changing volatility will be extremely valuable.
Prerequisite: Econometrics. Some knowledge of linear algebra and calculus, as well as proficiency with computers, is recommended.
Offered Spring 08 - Marques back to top of page
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This area offers courses that focus on the operation of financial markets and the theory and practice of financial decision making.
Credit Courses
This course will serve as a highly practical integration of a variety of international finance, law and trade/development concepts that students have studied during their time at SAIS, and is generally designed a final opportunity to put those concepts into real practice. The course will be taught via a combination of lectures and case studies, with the expectation that students will be fully prepared to contribute each week on the specific topics covered in the readings. Topics will include the international sale of goods, transfer of technology, free trade agreements, international joint ventures, taxation of international transactions, financing and distribution, and resolution of business disputes. Some emphasis will also be paid to the U.S. constitutional limitations on international business enterprises, utilization of offshore business centers and insider trading and other corporate crimes. Besides the class case studies, there will also be a research paper of 10-15 pages and a final examination.
Offered Spring 08 - Caplan
back to top of page Rigorous introduction to why and how governments, corporations and financial institutions raise funds in financial markets -- short and long term, debt and equity, domestically and internationally. Themes include how financial markets differ from other private markets from a public policy and regulatory perspective; recent innovations in capital raising techniques; and the changing pattern of risks in financial markets resulting from globalization, technological innovations and liberalization of regulatory regimes. Also addresses the key factors that distinguish financial markets and institutions in OECD nations from those in developing countries. Course designed for broad range of students, not only those specializing in finance.
Prerequisites: None - (International Monetary Theory is recommended). Limited to 50 students.
Offered Fall 07 - Musalem back to top of page Introduction to quantitative tools and framework of financial decision making. Examines present value techniques, pricing of financial instruments, trade - off between risk and return, portfolio theory, capital budgeting, financial ratio analysis, behavior of financial markets, capital structure decisions, corporate cost of capital issues, option theory and risk management. Approach of the course is rigorous and analytical. Goal is to provide students with conceptual understanding of the ideas of financial theory as well as the quantitative methods necessary to pursue careers involving financial decision making. Students without a background in finance/business should consider taking the Introduction to Financial Accounting course prior to enrollment or concurrently.
Prerequisite: Microeconomics
Offered Both Semesters - Bodnar
back to top of page Covers issues related to both international financial markets and the financial decisionmaking within the international environment. Focuses on understanding and forecasting financial conditions in international markets; the identification, measurement and management of exchange - rate risk; taxation of international income; the implications of political risk on project valuation; and cost of capital for international projects.
Prerequisite: Corporate Finance
Offered Both Semesters - Bodnar back to top of page Case course analyzing a range of transactions that highlight how international financial institutions and financial markets function in practice and how financial decisions are made. Heavy emphasis on the case method of learning, with weekly case assignments that cover in detail how particular transactions are originated, structured, valued and sold in the financial marketplace, e.g., a global equity offering, a sovereign debt issue, a privatization involving foreign strategic investors, a private equity transaction. Course is very interactive and requires a high level of weekly preparation and class participation.
Prerequisites: International Financial Markets and Corporate Finance. Limited to 25 students.
Offered Fall 07- Lingelbach
back to top of page Introduces options, futures and swaps presented in Corporate Finance, Reviews basics of valuation methods and institutional context in which derivative contracts are traded. Describes use of basic derivative instruments as "building blocks" to construct more complex positions that increase, decrease or transform exposure to specific financial risks. Focuses on how such combinations of derivatives may be used to implement overall risk - management strategy and introduces techniques to manage financial derivatives port-folios, including value - at - risk and credit mitigation. Uses case discussions and culminates oral presentation of a group project.
Offered Fall 07- Eichner
back to top of page Introduces the process of analyzing, valuing, selecting, and managing various kinds of financial instruments issued by companies, governments, and other entitles outside of the United States, with a primary emphasis on issuers from emerging markets. The course is intended to bridge theory and practice by emphasizing the proper integration of qualitative judgments about an issuer and its securities based on broader economic, political, social, and cultural environments in which they operate with the quantitative models driving investment selection and portfolio management at the frontiers of finance today. Prerequisite: Corporate Finance
Offered Spring 08- Lingelbach
back to top of page Financial Sector Reform and Development
Course Number: 380.776
This course is targeted at students with a career interest in the analysis of financial sector policies and reform programs. This course is case - based and encompasses three themes: making finance inclusive by broadening access; dealing with globalization; and managing systemic risks. Policy analysis, decision - making and presentational skills are emphasized.
Prerequisites: International Monetary Theory
Offered Spring 08- Calari back to top of page Surveys the role private equity and venture capital financial institutions play in the operation of an efficient capital markets. Analyzes the legal structure of the private equity and venture capital partnerships, and the process of raising investment capital, of negotiating equity participations, of contributing to the operation of investee companies, and ultimately of divesting on favorable terms the institution’s equity holdings. Applies the due diligence process in a case setting, by evaluating investment risks and valuing assets both for the purpose of acquisition and sale practically utilizing the skills developed in courses such as Corporate Finance and International Financial Markets.
Prerequisite: Corporate Finance. Limited to 24 students.
Offered Spring 08- Santos back to top of page Global Financial Markets / Institutions
Course Number: 380.840
This course is about the financial institutions, markets, and instruments that compose today's global financial markets and the risks associated with them. Students will gain a thorough understanding of how financial institutions are managed, how funds are raised, how financial instruments are priced, how risks are managed, and why financial institutions and markets are prone to failure.
Offered Fall 07 - Mundaca back to top of page
Project Finance
Course Number: 380.834
Provides a practical and quantitative approach to understanding project finance transactions. Focuses on energy transactions in emerging markets. Integrates principles of corporate finance with an understanding of specific technologies, industrial organization, regulatory framework and country-specific policies. Examines foreign exchange issues, taxation, risk evaluation and mitigation and key contractual structures. Discusses typical loan structures and inter-creditor issues. Goal is to understand how the financial structure for a project finance transaction is analytically determined. Students will build and apply detailed quantitative financial models.
Prerequisite: Corporate Finance. For second-year students only.
(Also listed under the International Policy Program.) Limited to 25 students
Offered Spring 08- Dymond back to top of page Financial Globalization, Currency Crises, and the Emerging Markets
Course Number: 400.820
Looks at financial globalization and how its development has led to currency crises in selected emerging - market economies. Compares and contrasts the economic, financial, and political reasons for these crises as well as the responses of governments, investors, financial institutions, and the IMF.
Prerequisite: International Monetary Theory. (Limited to 20)
(Also listed under the Latin American Studies Program.)
Offered Both Semesters - Sobol back to top of page Explores developments in the financial structures of selected emerging-market economies, including the functioning of the bond market, the equity market, and banking systems, the role of central banks and official oversight; and issues of information, corporate governance, privatization, risk management, and legal foundations.
Prerequisite: Microeconomics Theory and Macroeconomics Theory
(Also listed under the Latin American Studies Program.)
Offered Fall 06 - Sobol
back to top of page | Covers the main patterns of economic growth and development since the mid - 19th century. Highlights the main ideas behind economic growth, with special emphasis on those that came to the fore in the second half of the 20th century, the so - called development theories. It also describes the salient characteristics of underdeveloped countries today. This is an introductory course, without prerequisites, and is appropriate for students without prior course work in development.
Offered Fall 07 - Gatti
back to top of page Addresses the microeconomic foundations of several development problems and their implications for policy design in different contexts. Analyzes market imperfections that affect households and policymarkers in developing countries, builds familiarity with empirical tools and household tools and household data and relies on empirical microeconomic studies to consider selected development topics and evaluate the impacts of policy interventions. Topics include poverty, inequality and vulnerability; community---based development; intra-household decision-making-; migration; land and credit markets; education and health.
Prerequisites: Microeconomics and either Statistical Methods or Econometrics (Limited to 20)
Offered in Fall 07 - Macours
Offered in Spring 08 - Cichello
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Seminar that examines the most important theories of economic growth (classical, neoclassical, new - neoclassical, Schumpeterian, structuralist, endogenous growth), their main results and their relevance for developing countries. Draws policy implications that emerge from each of them, clustered around main themes (such as physical capital accumulation, population, entrepreneurship, financial system, human capital, infrastructure, price incentives, trade and regimes, external and internal constraints.) Covers the main empirical evidence available on the explanatory power of the various theories and on the effectiveness of main policies.
Prerequisites: International Trade Theory and International Monetary Theory (Limited to 20)
Offered Spring 08 - Riedel
back to top of page Focuses on understanding what drives per capita income growth across countries. Covers theory and policies for economic growth and the political economy mechanisms that underlie it. Uses the neoclassical and endogenous models of growth to examine the role of trade and market openness, foreign direct investment, foreign aid, and indebtedness. Explores some of the political economy aspects of development, including such issues as the role of institutions, corruption and governance, inequality, the link between growth and poverty and the role of politics in policy choices.
Prerequisites: International Trade Theory and International Monetary Theory, Statistical Methods for Business and Economics. Students are also strongly encouraged to have taken or take concurrently Econometrics (Limited to 30)
Offered Spring 08 - Kraay
back to top of page Examines the basic problems of economic development in developing countries and the contribution of contemporary economic theory to their analysis. Topics include national income as a measure of progress, land and resources, population, innovation and enterprise, domestic and intenational sources of capital, trade and development policy. Also considers issues of proverty and income distribution.
Prerequisite: Intenational Trade Theory, International Monetary Theory and Introduction to Economic Development or equivalent, (Limited to 15)
Not Offered AY 07-08 - Hernandez-Cata back to top of page Financing Development
Course Number: 320.728 Economic growth requires investment, and investment requires savings. Savings may be mobilized in domestic financial markets or acquired from abroad in the form of direct foreign investment, international portfolio capital and official development assistance. The course examines the theory and empirical evidence on links between growth, investment and various types of domestic and foreign savings. Considers policy issues that developing countries confront in creating and reforming domestic financial markets, opening up to international capital flows and foreign direct investment and utilizing official development assistance. Prerequisite: International Trade Theory and International Monetary Theory (regular or accelerated) or pass the Trade and/or Monetary waiver exams
Limited to 20 students.
Offered Spring 07 - Riedel back to top of page
Quantitative Methods for Impact Evaluation
Course Number: 320.821
This course will teach students (with econometrics background) how to design and conduct quantitative impact evaluations of development projects that account for program placement and (self-) selection bias. It will cover randomized experiments, difference - in - difference methods, IV, propensity score matching, etc.
Prerequisites: Econometrics.
Not Offered AY 07-08 back to top of page Topics in Microeconomics of Development
Course Number: 320.822
This course will focus on specific development topics in which micro - economic analysis has contributed recent important insights. It will focus on both the theoretical arguments and evidence in the empirical literature. The course will cover topics such as property rights, contract enforcement, conflict and crime, endogeneity of policies, institutions and social norms, etc.
Prerequisites: Microeconomics and Econometrics. Limited to 20 students
Offered Fall 07 - Macours back to top of page Examines the basic problems of economic development in developing countries and the contribution of contemporary economic theory to their analysis. Topics include national income as a measure of progress, land and resources, population, innovation and enterprise, domestic and international sources of capital trade, and development policy. The course also considers issues of poverty and income distribution.
Prerequisites: International Trade Theory, International Monetary Theory and
Introduction to Economic Development or equivalent.
Fall 2007 - Hernandez-Cata
back to top of page Focuses on trade policy issues in developing countries. Addresses tariff structure, quantitative trade restrictions on imports and exports, exchange control and the design of trade reform programs. Also looks at the relationship between macroeconomic policies and other domestic policies and trade liberalization. Studies the history of developing countries at the World Trade Organization. Focuses on theoretical tools and analytical techniques rather than case studies.
Prerequisite: International Trade Theory (Limited to 20)
Offered Both Semesters - Krishna back to top of page Focused on the theory and practice of benefit-cost analysis and its close relative, project evaluation. Analyzes government expenditure on public projects and public policies (e.g., environmental regulations, irrigation projects, health projects and policies). Uses examples from both developing and industrial countries but strongly emphasis developing countries. Prior course in international economics and economic development are desirable.
Prerequisite: Microeconomics (Also listed under the International Policy Program) (Limited to 25)
Offered Fall 07 - Pearson
Offered Spring 08 - Simpson
back to top of page Compares and contrasts the trajectories of economic growth and development experienced in Latin America and East Asia over the last half century. Explores the main factors that account for the divergent economic performance which have had a significant influence on thinking about development theory and practice. Reviews history, overlays basic economic theories, and considers sectoral dimensions as well as institutional and political economy factors behind the differences in growth patterns. Concludes with case studies of specific country paring to gain insight into how these factors played a role in development.
Prerequisite: Introduction to Economic Development, International Trade Theory and International Monetary Theory. An economic development course is preferred. (Limited to 15)
Offered Fall 07 - Elson
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