Green Transition in Emerging Markets
Greening Emerging Markets
The transition to a net-zero economy is of particular relevance to Emerging and Developing economies, which are both the most vulnerable to climate change and also the largest emitters of greenhouse gases.
The transition is creating considerable challenges but also opening up significant opportunities: over $200 trillion of investments will be needed in order to ensure that global temperatures stay well below 2°C above pre-industrial levels, with most to be invested in the infrastructure sector of emerging and developing economies.
The class will explore the challenges of the transition to a low-carbon economy. It will also examine the new mechanisms that are being put in place to channel finance toward the greening of emerging and developing countries.
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Instructor:
Christian Deseglise
Wikipedia Info - 1.5 points
Asian Financial Markets
Pre-req: SIPA IA6401 - Macroeconomic Analysis.
This course offers a comprehensive examination of the structure, evolution, and policy challenges of financial markets across Asia, focusing on key economies including Japan, China, India, South Korea, and ASEAN member states. It provides a historical overview of Asian financial development from the 1960s to the present, emphasizing the role of financial markets in supporting economic growth.
A central focus of the course is the Asian Financial Crisis of 1997–98, exploring its causes, policy responses, and long-term impacts on financial governance. Students will analyze the IMF’s controversial role during the crisis and the subsequent shift in Asian countries’ approaches to capital flows, exchange rate regimes, and monetary policy. The course also investigates the region’s efforts toward financial integration, cooperation, and institutional reform.
The second half of the course reviews the development trajectories of individual financial markets across Asia, with particular attention to Japan’s liberalization and demographic challenges, China’s rise and its promotion of the Renminbi as a global currency, and India’s financial sector reforms. The course further explores emerging issues including central bank digital currencies (CBDCs), infrastructure investment, and regional responses to global financial shifts.
Students will engage with current policy debates, case studies, and academic literature to understand the interplay between macroeconomic policy, financial regulation, and international finance in Asia.
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Instructor:
Silvia Pezzini
Info - 3 points
Finance, Policy, and Investments in Sub-
Fince & Policy: Sub-Sahar
Finance, Policy, and Investments in Sub-Saharan Africa examines the interaction between public policy, financial systems, and private investment across selected countries in sub-Saharan Africa. The course focuses on how governments, financial institutions, and investors design and implement policies, financial products, and investment strategies to address development challenges and unlock economic opportunities.
Through comparative case studies and guest lectures by senior policymakers and industry leaders, students analyze real-world examples spanning banking reform, development finance, mobile money, health and financial inclusion, private equity, and infrastructure investment. Each case highlights the underlying market conditions, policy frameworks, investment structures, and measurable outcomes, with attention to both successes and limitations.
Designed for students interested in international finance, economic policy, and emerging markets, the course equips participants with analytical tools to assess risk, evaluate policy effectiveness, and understand how financial innovation can support inclusive growth in developing economies.
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Instructor:
Benedict O Okoh
CULPA: 1 Info - 1.5 points
International Trade
IFEP Concentration Registration Priority.
This course explores both the theory and policy of international trade. In the first half, students will learn why countries trade, what determines trade patterns, and how trade affects prices, welfare, and income distribution. Key models covered include the Ricardian, Specific Factors, and Heckscher-Ohlin models, along with extensions on migration and offshoring. In the second half, the course focuses on trade policy instruments such as tariffs, quotas, and subsidies, examining their effects under different market structures. Topics include the political economy of trade, strategic trade policy, climate and agricultural subsidies, and international trade agreements. Prior coursework in microeconomics is required. Students will develop both analytical and applied understanding of global trade issues.
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Instructor:
Sebastian Heise
Info - 3 points
International Political Economy
Int'l Political Economy
IFEP Concentration Registration Priority.
This course examines the intersection of international politics and international economics. It covers an analysis of the historical background to and contemporary reality of the political economy of international trade, finance, monetary relations, foreign investment, and climate policy; problems of economic development; and globalization.
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Instructor:
Markus H Jaeger
Info - 3 points
International Trade and Financial Market
Intl Trade & Financial Ma
This half-course examines the intersection of international trade and financial markets, exploring how global commerce both shapes and is shaped by macroeconomic policy, financial conditions, and firm-level strategic behavior. The course aims to bridge two traditionally distinct analytical lenses — international macroeconomics and micro-level trade and corporate dynamics — to provide students with an integrated understanding of how trade policies, capital flows, and multinational production networks interact in a financially interconnected world.
The first half of the course (Macro) focuses on the policy dimensions of international trade. It investigates how trade policies influence growth, inflation, and monetary policy in advanced economies, and how these same dynamics play out in emerging markets with more volatile macro-financial linkages. Students will analyze theoretical frameworks for tariffs and trade balances alongside empirical evidence from historical and contemporary policy shifts. Case studies will explore the commodity–currency nexus, crisis transmission through trade channels, and how financial markets price trade risk.
The second half (Micro) transitions to the firm and industry level, examining global supply chains and multinational corporations. The discussions will explore how geopolitical tensions, industrial policies, and technological change are reshaping global production networks. Students will assess the evolving role of multinational enterprises as both transmitters and mitigators of global shocks. Case studies will focus on critical materials and the technology sector, highlighting the strategic and policy implications of concentrated global value chains.
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Instructor:
Benjamin R Mandel
Info - 1.5 points
Firms, Governments & the Global Trading
Firms Govs & Global Trade
Given the dramatic changes in US Trade Policy, businesses and governments are having to navigate a patchwork of “managed trade” agreements and myriad tariff rates and non-tariff barriers. This short course will equip students with a solid grasp of the fundamentals of the current world trading system – both the “multilateral” system centered on the WTO and still practiced among most countries, as well as the US-centered multiplex system created by the Trump II Administration. The impact on businesses and governments will be examined through a series of interactive classes, business case studies, and executive guest speakers. The course will also explore “Stakeholder Engagement” techniques used by Multinational Corporations seeking to secure competitive advantage in this new environment.
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Instructor:
Michael R McAdoo
Info - 1.5 points
Corporate Finance
IFEP Concentration Registration Priority. Prerequisite: SIPA IA6200 Accounting.
(Note: Based on their performance in SIPA IA6260 Accounting Fundamentals, IA6260 students may be allowed to register if space remains.)
This course provides an introduction to corporate finance, focusing on how firms assess funding needs, evaluate investment opportunities, and select financing strategies. The course equips future policymakers and practitioners with core analytical tools in financial decision-making. Topics include working capital management, cost of capital, security valuation, capital structure, and free cash flow analysis. Emphasis is placed on applying financial concepts to real-world situations through case studies, quantitative problem sets, and hands-on modeling. Students will gain exposure to Excel-based analysis and decision-making under uncertainty. Prior coursework in accounting is required, and fluency in Excel is essential.
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Instructor:
Deborah McLean
Info - 3 points
Corporate Finance
IFEP Concentration Registration Priority. Prerequisite: SIPA IA6200 Accounting.
(Note: Based on their performance in SIPA IA6260 Accounting Fundamentals, IA6260 students may be allowed to register if space remains.)
This course provides an introduction to corporate finance, focusing on how firms assess funding needs, evaluate investment opportunities, and select financing strategies. The course equips future policymakers and practitioners with core analytical tools in financial decision-making. Topics include working capital management, cost of capital, security valuation, capital structure, and free cash flow analysis. Emphasis is placed on applying financial concepts to real-world situations through case studies, quantitative problem sets, and hands-on modeling. Students will gain exposure to Excel-based analysis and decision-making under uncertainty. Prior coursework in accounting is required, and fluency in Excel is essential.
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Instructor:
Deborah McLean
Info - 3 points
Topics in Corporate Finance
This course examines the real-world application of corporate finance across both developed and emerging markets. Drawing on the instructor’s 30 years of experience in global equity research, the course examines how investors value companies, how firms build and allocate capital, and how financial markets respond to corporate behavior and economic conditions.
Topics include capital structure, valuation techniques, investor activism, corporate governance, ESG considerations, asset bubbles, fraud detection, and private equity. Special sessions feature guest speakers from Wall Street and case-based discussions grounded in current market trends.
Students will gain practical exposure to forecasting, strategic financial analysis, and investor behavior through interactive lectures and assignments. Readings include both foundational finance texts and real-world case studies.
Pre-reqs
: At least one prior finance course (IFEP IA7301 Corporate Finance is strongly recommended; IFEP IA7022 or IFEP IA7045 acceptable). A background in accounting (e.g., SIPA IA6200) and working knowledge of Excel are preferred.
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Instructor:
Michael N Eastwood
Info - 3 points
Foreign Exchange Markets Theory and Prac
This course provides an in-depth examination of the foreign exchange (FX) market—the largest and most liquid financial market in the world. Students will explore the structure of the FX market, key market participants, and trading conventions. Through a combination of theory, practical tools, and analysis of current market developments, the course offers insights into how currencies are traded, valued, and influenced by macroeconomic policy and geopolitical trends.
Topics include currency movements and valuation, FX market structure, trading practices, U.S. dollar dominance, FX intervention by central banks, and reserve management strategies. Guest speakers from both the public and private sectors will provide professional perspectives, and students will engage in topical discussions linking theory to real-world events.
- 1.5 points
Sovereign Debt and Power Dynamics
Sovereign Debt & Power
This course explores the economics and politics of sovereign debt, focusing on the sustainability of public borrowing and the power dynamics shaping debt resolution processes. Students will analyze how debt decisions are made under uncertainty and examine the implications for domestic economies and the global financial system. The course is divided into two parts: the first covers the structure of sovereign debt, market incentives, and macroeconomic linkages; the second examines sovereign debt crises, including restructuring processes, negotiation challenges, and the roles of key institutions such as the IMF. Case studies—including Argentina, Greece, Puerto Rico, and ongoing restructurings in developing economies—provide practical insight. The course is designed for students interested in policymaking, international finance, or advanced academic work in this field.
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Instructor:
Martin Guzman
Wikipedia Info - 3 points
Banking and Technology: Financial Servic
Banking & Tech: Fincl Ser
This course provides students with a strategic and applied framework for understanding the transformative impact of financial technology (FinTech) on the global banking and financial services industry. Through case studies, industry analysis, and collaborative projects, students will examine how traditional banks, fintech unicorns, big tech firms, and non-bank financial institutions are reshaping the competitive landscape.
The course traces the evolution of fintech across key sectors such as payments, lending, and capital markets, while analyzing the emergence of disruptive technologies including artificial intelligence, machine learning, blockchain, open banking, and digital currencies such as central bank digital currencies (CBDCs), cryptocurrencies, and decentralized finance. Students will also explore the regulatory and governance challenges that accompany rapid innovation in financial services.
Emphasizing strategic thinking, leadership, and applied analysis rather than technical specialization, the course concludes with an individual research paper and a team-based final project. It is designed for students preparing for leadership roles in the rapidly evolving global digital financial ecosystem.
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Instructor:
Richard Goldberg
Info - 1.5 points
Theory and Practice of Financial Regulat
Financial Regulation Theo
This course examines the theory, design, and implementation of financial regulation. Students will explore the rationale for regulatory oversight in financial systems, focusing on the challenges of liquidity and solvency risk, information asymmetries, market failures, and systemic vulnerabilities. The course considers both regulation, meaning rules grounded in law, and supervision, referring to oversight practices that enforce those rules.
Through case studies and recent financial failures such as FTX and Silicon Valley Bank, students will consider how regulatory frameworks have evolved over time, largely in response to crises and scandals. The course emphasizes the complexity of balancing regulatory objectives, managing trade-offs between credibility and flexibility, and understanding how regulatory design affects the behavior and incentives of financial market participants.
Topics include capital and liquidity requirements, stress testing, internal governance, the role of market discipline, regulatory responses across financial subsectors, the growth of shadow banking, and developments in macroprudential supervision. Students will also examine the limitations and unintended consequences of regulatory interventions.
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Instructor:
Christine Cumming
Info - 3 points
Leadership and Policy Development: Domes
Leadership & Policy Devel
Pre-reqs: Economics or Quantitative Analysis.
The purpose of this course is: (1) to familiarize participants with contemporary issues in US and international economic policy development; (2) to better understand the interplay of domestic and international political factors that influence public sector decision-making, and (3) to improve skills for drafting memoranda and making presentations to senior policymakers. The class will focus on domestic and international economic policy issues in which the US has played a significant role or has a substantial interest. It will focus on topics that arise in a variety of contexts: unavoidable issues with looming deadlines; managing to avoid a potential crisis; and affirmative initiatives where policy leaders choose an objective to advance. Discussions will put class participants in seats at different policy tables, and memos will reflect these varying perspectives.
This course will be conducted in a small group discussion-based format. Participation will be key to making the sessions productive and worthwhile. Students will get the most from these sessions if they come to class prepared with questions based on the readings, as well as their own perspectives on the issues at hand.
The first lecture will offer an introductory framework and there will be a session dedicated to writing for the workplace. All other meetings will alternate between a lecture/discussion on a particular topic and student presentations on that topic. Students will take opposing views and present their arguments through a memo and an oral presentation. After the presentations, Professor Lew will moderate a discussion in which the class can express views on the presentations and policy options presented. The discussion will simulate a meeting of key decisionmakers with Professor Lew playing the role of the decisionmaker.
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Instructor:
Jacob J Lew
Info - 3 points
International Finance & Monetary Theory
Intl Finance & Monetary T
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Instructor:
Daniel J Waldman
Info - 3 points
Macroeconomic Policy and Global Financia
Macroecon & Global Fin Ma
This course examines the pivotal moments in international finance since the fall of the Berlin Wall in 1989, a turning point that marked a shift in global priorities from security to prosperity. Students will explore how macroeconomic conditions and policy decisions can trigger decisive changes in markets and economies, often overturning conventional wisdom. The course also develops an understanding of the psychology and dynamics of financial markets, which remain among the most powerful and cyclical forces shaping global outcomes.
For future policymakers, this knowledge provides valuable insight into how financial markets influence, and are influenced by, policy decisions. For those pursuing careers in finance, the course offers a practical framework for assessing markets, macroeconomic trends, and their interactions as events unfold.
Drawing on first-hand experience, the instructor shares personal insights and case studies from major financial episodes, highlighting the strategies and decision-making approaches of policymakers and market participants. Through these examples, students will gain perspective on effective responses to economic challenges and on the complexities of the macroeconomic policy process in both large and small economies, during periods of stability and crisis alike.
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Instructor:
David Waddill
Info - 1.5 points
Central Bank Crisis Management
The extraordinary policy responses of global central banks to the 2023 banking turmoil, the COVID-19 pandemic, and the 2007-2009 financial crisis have fostered debate about both the appropriateness and the effectiveness of central bank actions. This course will discuss the theory and practice of “unconventional” monetary policy tools – i.e., those used to address financial crises, widespread deflation, and deep recessions or depressions. Examples in the course will be drawn from a broad array of crises, countries, and central banks in both the developed and emerging world over many decades.
The bulk of the course will focus on how central banks adapt their policy rules and tools in response to extraordinary financial or economic turmoil. Different types of monetary policy tools will be discussed and analyzed, with particular focus on the design and the effectiveness of various crisis policy tools. Central to understanding policy effectiveness will be consideration of how financial and macroeconomic conditions impact central bank policy design, and in turn, how financial markets and the macroeconomy respond to extraordinary policies.
Examples of the use of crisis management tools – both more and less successful – across jurisdictions will be discussed in the latter half of the course. The course finishes with discussions of several important and timely dilemmas: Where is the “line” between crisis monetary policies and traditional fiscal policy actions? Why was the (inflation) impact of COVID-19 policy responses so different from previous episodes of instability? How do central bank “undo” their crisis management policies and return to “normal”? What difficulties do central banks face in handling economic side effects and the political consequences of extraordinary policies?
Prerequisites:
Macroeconomics (SIPAU6401 or PEPMU6104)
OR
permission of the Instructor. If you have taken a quantitative macroeconomics course prior to SIPA and wish to take the class, please contact the instructor during registration.
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Instructor:
Patricia C Mosser
Info - 3 points
Applied Geopolitics: Risk Analysis
This course introduces students to the theory and practice of political risk analysis, focusing on how geopolitical dynamics shape markets, investment strategies, and global governance. Students will examine frameworks such as the G-Zero world, J-Curve, and state capitalism, and explore how they apply to real-world risks across countries and sectors. Taught by leading experts in the field, the course emphasizes interdisciplinary tools and methodologies for identifying, assessing, and managing political risk—including scenario planning, risk indices, and game-theory modeling. Through a combination of case studies, interactive practicums, and group presentations, students will apply these tools to current global challenges such as political transitions, social unrest, climate change, technological disruption, and great power conflict. The course prepares students to think strategically and forecast risk in public, private, and multilateral settings.
- 1.5 points
State-Owned Investors: A Public Policy a
The wealth of a nation enables its decision-makers to pursue welfare objectives on behalf of their citizens. How can a country’s wealth be effectively managed to achieve its desired goals? This fundamental inquiry lies at the core of public policy.
Historical circumstances have led many nations to accumulate substantial financial assets or benefit from abundant natural resources. Such wealth presents both significant opportunities and complex challenges. The central task for policymakers in this context is to safeguard the nation’s existing wealth, ensure its sustainable growth, and deploy it effectively to advance key policy objectives.
This course examines a particularly important set of institutional arrangements established by countries to manage national wealth. It identifies the challenges involved in governing the wealth entrusted to State-Owned Investors (SOIs), who are guided by domestic policy priorities while operating within an increasingly complex geopolitical environment. The course engages students in a comprehensive exploration of these issues, beginning with an overview of the forces that led to the creation of SOIs and a brief history of their development. It then deepens the analysis through a study of SOI interactions with the broader domestic public sector and the global community. Finally, it applies key concepts through case studies that illustrate the current role of these institutions both domestically and internationally, offering a practical framework for policymakers seeking to establish or manage SOIs in their own countries.
By developing a strong understanding of the financial and policy dimensions of SOIs, students will be better equipped to engage directly in leveraging national wealth as policymakers in pursuit of welfare goals, or indirectly as market participants operating in a global financial environment where these institutions play an increasingly prominent role.
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Instructor:
Alberto Antonini
Info - 1.5 points
Geoeconomic Fragmentation
A seminar on the growing fragmentation of the global economy. The course explores how the rise of geoeconomics—marked by the proliferation of sanctions, tariffs, export controls, and industrial policies—is reshaping the global financial system, energy markets, supply chains, and technology industry. Topics include dedollarization and digital currencies, the bifurcation of the global oil market, China’s dominance of critical minerals and clean-energy supply chains, and the race for leadership in artificial intelligence. The course also examines alternative futures for the world economic order as the era of globalization gives way to something new.
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Instructor:
Edward B Fishman
Info - 1.5 points