INAF U6016x and y Cost-Benefit Analysis 3 pts. This course aims to provide an introduction to the basic principles of cost-benefit analysis, i.e., the economic appraisal of public investment projects, expenditures, programs, and regulations. I will begin with a relatively brief review of the techniques of financial appraisal (i.e. cash flow analysis) of projects, since similar techniques are used in most cost-benefit analysis exercises. However, while a financial analyst for a private, profit--making entity focuses only on the net cashflows the entity receives from a project, the cost-benefit analyst has to consider a proposal's economic costs and benefits from a societal perspective. This course should be most directly relevant for those who intend to pursue careers in the public sector as analysts/applied economists with governmental agencies, public authorities, multilateral institutions, or research institutes/think-tanks. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: E&E- IEMP. SIPA: E&E- Environment Policy. SIPA: Management. SIPA: USP- Urban Policy Track.

INAF U6017x and y International Trade 3 pts. Prerequisites: SIPA U6400 The course has two dimensions: theory and policy. In the former, the fundamental models of international trade theory will be presented. Using these models we will try to understand why countries specialize and trade, what determines the pattern of trade (i.e., which country will export which good), and how trade affects relative prices, welfare, and income distribution within a country. The second part of the course deals with issues concerning trade policy. We will compare the effects of and rationale behind the usage of various policy instruments such as tariffs, subsidies, quotas, etc. The political economy of trade policy and trade policy in developing countries will also be covered. Additional topics may be included at a later stage if time permits. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6018x and y International Finance & Monetary Theory 3 pts. Prerequisites: SIPA U6401 This is a "methods" course meant to provide students with the analytic tools necessary to think through "real life" international economic policy situations. The class is primarily meant for those interested in working at international financial institutions, the foreign-service, Wall Street, or the financial press. Lectures will, in part, be fairly rigorous though, if the student has taken first year economics, knows basic algebra, and (most importantly) can navigate graphs, he/she will be able to handle the material fairly easily. While theory will at times dominate, its policy relevance will be illustrated through i) l0-minute discussions at the beginning of every class on topical issues; ii) continuous references to recent economic/market episodes meant to illustrate the theoretical material; iii) reading short pieces of Wall Street research that cover timely market topics; and iv) the term paper that will be graded on how well theory and policy are integrated. In terms of topics, the first half of the semester will develop an analytic framework that thinks though the concept of the "exchange rate" in terms of its (short and long term) determinants as well as the interaction between the exchange rate and macro variables such as growth, inflation, and monetary policy. The second half of the semester we will investigate individual themes including exchange rate regimes; BoP crises and contagion; global imbalances and the savings glut; the role of FX in "inflation targeting" regimes; and capital markets and emerging markets finance. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6021x European Banking Post Crisis 3 pts.

This course examines the root causes, implications, regulatory reforms and prognosis for European Union and non EU countries financial sectors following the financial and currency crisis in 2010 which initially implicated Greece, but evolved into a larger European banking and market crisis. The course will focus on three main areas:

EU and Eurozone political and economic environment: Unlike the US sector, the European universal banking model overall weathered the Crisis of 2008, allowing major banks to retain institutional identity. Which banks and which countries fared the best and the worst? Was membership in the Eurozone a determinant in sound financial policies? What were the vulnerabilities in core, peripheral and non EU countries? Why was the Greek debt crisis a litmus test for the Euro and EU financial institutions?

Policies and politics: Regulatory reforms: Globally the state has had to intervene and manage, avert or control bank failures. Across Europe how has this altered the public-private financial sector relationship? National and cross national regulatory reform: how has the ongoing crisis redefined regulatory authority, the role and functions of national central banks, the European Central Bank and the interplay with the IMF? Will and should there be US-EU regulatory harmonization?

Country specific analysis of major and minor institutions: How have major EU banking sectors : France, UK, Germany, Spain , Italy , Sweden coped with internal and external shocks? How have major non EU players been affected : Turkey, Switzerland, as well as small nations: Iceland, and weaker non Eurozone Baltic and Balkan nations? SIPA: MIA- Interstate Relations. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe.

INAF U6022y Economics of Finance 3 pts. Finance deals with the theory of how households and firms use capital markets to allocate resources over time. The course will equip you with a solid theoretical foundation you can use to evaluate projects, investments and funding decisions. It will further acquaint you with the details of debt, equity and derivatives markets so you can apply your knowledge to practical problems SIPA: MIA- Financial Management. SIPA: MPA- Financial Management. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Management.

INAF U6023x Capital Markets & Investments 3 pts.Not offered in 2012-2013. This course will introduce the principles of asset valuation from an applied perspective. The majority of the class is concerned with the valuation of financial securities. The valuation issues to be discussed are heavily used in portfolio management and risk management applications. To introduce the following concepts: arbitrage, the term structure of interest rates, equilibrium pricing, diversification, the Capital Asset Pricing Model (CAPM), efficient and inefficient markets, performance evaluation, and derivative securities, particularly options. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6039x and y International Banking 3 pts. Prerequisites: SIPA U6401 & SIPA U6200 An overview of current issues and major trends in global banking, exploring the distinction between developed and emerging markets, and focusing on the perspectives from the different actors and constituencies in the international markets: customers, regulators, governments, rating agencies, institutional investors, multilateral agencies, and management. SIPA: EPD. SIPA: IFEP- Finance.

INAF U6045x or y International Capital Markets 3 pts. The course will acquaint you modern international capital markets. You can expect to learn a substantial amount of up-to-date detail and some useful theory. Specifically, we will survey global markets for credit, equity, foreign exchange, foreign exchange derivatives, futures, interest rate swaps, credit default swaps and asset backed securities. In each case, we will learn the highlights of payments and settlement, documentation, regulation, applications for end-users, related economic theory and pricing models. The class will cover options and asset pricing theory; however, the treatment will be informal and designed to help develop intuition. One lecture each will be devoted to international banking (with an emphasis on changing capital regulation), investment banks, and hedge funds. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6090x Tax Policy: Economics & Law 3 pts. The class will introduce students to the current research in tax policy (broadly defined) and will give them an opportunity to develop skills in reading and evaluating contemporary economic and legal research related to tax policy. Following the discussion of the fundamental tax policy questions during the first several weeks of the term, the format will shift to a series of weekly paper presentations by leading scholars from around the country, both economists and lawyers. The second part of the course (six weeks) will meet together with the parallel class in the law school. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6100y Compliance Management 1.5 pts. The course focuses on the issues and strategies of compliance management in today's complex public and private organizations. Through lecture, readings from pertinent literature, case studies, and through class discussion and analysis, the course addresses both the theoretical and pragmatic aspects of managing compliance. Applying the experience of managing compliance in a global financial services organization, the course includes: the public policy and regulatory aspects of managing compliance, role of risk in compliance, administrating an effective and efficient compliance management program, the intertwining of ethics and compliance, managing compliance on a multi-jurisdictional basis, the role of policy development and management in administrating an effective compliance program, and creating an effective control environment for managing compliance. SIPA: IFEP- Finance.

INAF U6301x and y Corporate Finance 3 pts. Prerequisites: SIPA U6200 or PEPM U6223 Corporate finance is an introductory finance course; it is a core course for students taking the International Finance and Policy (IFP) concentration. The course is designed to cover those areas of business finance which are important for all managers, whether they specialize in finance or not. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: E&E- IEMP. SIPA: Management.

INAF U6636y Financial Services in Brazil: A Comparative Examination 3 pts. This course seeks to provide a solid understanding of the workings of the Brazilian financial services industry through an in-depth examination of its evolution over the past three decades and comparison with the financial services industries of the U.S., Mexico - the second largest economy in Latin America - and of India and China - the two largest emerging economies in Asia. Specific aspects to be examined include the role of commercial banks in the financing of consumption and of capital investment, the workings of domestic fixed income and equity capital markets, the impact of sovereign risk on access to international capital markets, bank regulation and supervision, and the roles of private sector banks - domestic and foreign - and public sector banks. At the end of the course students are expected to have managed to achieve not only a thorough understanding of the workings of the financial services industry in Brazil but feel also equipped to conduct similar exercises for the financial services industries of other countries. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

INAF U6672x Political Economy of Pakistan: State, Society, and Economy 3 pts. This seminar course will try and provide a broad historical review of the nature of changes which have taken place in Pakistan and have affected many of the impressions which are now part of conventional wisdom about Pakistan. The emphasis of the course will be on social and structural change and transformation, of society, the state and the economy. The early half of the course will familiarise students through some chronology of Pakistan, looking at events and processes in different eras, in a political economy framework, followed by a deeper analysis of key themes over time. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Southern Asia.

INAF U6775y Indian Economy in Transition 3 pts. This course will be devoted to an analytic study of the transformation. The bulk of the course will be devoted to understanding the reforms that are under way or must be undertaken to accelerate growth and poverty reduction. On the macroeconomic front, we will discuss the issues related to fiscal deficit, public debt and the likelihood of a macroeconomic crisis. Special attention will be paid to the external sector reforms including trade liberalization, foreign investment liberalization, capital account convertibility, preferential trade arrangements and multilateral trade negotiations. Among domestic reforms, we will discuss the reform of the tax system, subsidies, agriculture, product and factor markets, infrastructure and social sectors. Cautionary Note: This is a new course whose content will evolve as the semester progresses. Therefore, the description should be viewed as tentative. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Southern Asia.

INAF U8050y International Fixed Income: Advanced Topics 3 pts.Not offered in 2012-2013. This course will cover the range of today's fixed income markets in the United States, the Euro-Zone, and Japan: who trades what and why, how to price products, and how to quantify their risks. While understanding products, valuation, and risk are the main focus of the course, these building blocks will be applied to public policy issues and the history of the recent crisis. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8085y Topics in Corporate Finance This half-semester course extends the valuation techniques introduced in U6301 by considering several issues in corporate finance that are of particular interest to international affairs students: leverage and valuation techniques: WACC, APV and FTE; the international cost of capital and international capital budgeting; the analysis of real options. The course will combine lecture time and in-class case discussions. The goal of the course is to provide students with an understanding of both sound theoretical principles of finance and the practical environment in which financial decisions are made. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8092y Government use of financial instruments 1.5 pts.Not offered in 2012-2013. The menu of financial instruments available to governments is large and growing. Borrowing, asset sales through equity issuance or trade sale, leasing, asset acquisition and a wide range of derivatives are widely used. The opportunities provided by financial markets can greatly expand what a government can do to serve its public. They can also allow governments to take action, intentionally or through misunderstanding of the implications of the steps they are taking, to impose large costs on the public. In this course we will bring together the objectives of governments and the opportunities provided by a range of financial activities and explore the relationship between the two. The emphasis will be on practical decision-making in the environment in which officials operate with examples from experience in both industrialized countries and emerging markets. Students should expect to sharpen their understanding of how to think broadly about financial decisions in a public sector setting, not to learn cookbook approaches to specific transactions. Students should have basic coursework in economics, quantitative analysis and corporate finance or other finance courses that make concepts like present value, mean-variance and option value familiar. SIPA: IFEP- Finance. SIPA: Management. SIPA: Short Courses.

INAF U8099x Emerging Market Investment Climate 3 pts. Firms-from microenterprises to multinationals-play a central role in growth and poverty reduction. Their investment decisions are central to create jobs, to provide goods and services to the economy, and the tax revenues the governments can draw on to fund health, education and other services. The World Bank's World Development Report 2005: A Better Investment Climate for Everyone argues that improving the investment climates of their societies should be a top priority for governments. Improving the investment climate is the first of the two pillars in the World Bank's overall development strategy. This course emphasizes issues and policies that are particularly relevant for the growth of the private sector in developing countries in a globalized world. The course also emphasizes the role of international organizations in providing assistance in this regard. The objectives of the course are the following:(1)to highlight the importance of improving the investment climate -to learn about the factors that shapes the opportunities and incentives for firms to invest productively and for governments to create the right conditions for them to create jobs and expand (2) to familiarize students with the role of international organizations in helping to remove distortions and in providing assistance and knowledge (3)to provide an opportunity for students to discuss and write country reports along the lines of those produced in international organizations. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8145x Advanced Economic Development for international Affairs 3 pts. Prerequisites: SIPA U6401 This is an advanced course in development economics, designed for SIPA students concentrating in economic and political development. The treatment of the material will be rigorous, and will presume knowledge of calculus. Coursework will include extensive empirical exercises, requiring the use of Stata or similar statistical software. Topics will include the economics of growth; the relationship between growth and poverty and inequality; the role of population pressures and rural-urban migration; the interaction between agrarian institutions in land, labor, credit, and insurance markets; management of common-property resources and sustainable development; and trade and globalization from the perspective of developing countries. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: USP- Urban Policy Track.

INAF U8147x The Chinese Economy This course is designed to provide a framework for understanding the opportunities and challenges in the Chinese economy. In the last three decades, China represents the biggest economic and business opportunity in the world economy as it rises from a poor, stagnated, and isolated economy to become one of the fastest growing economies, a leading export juggernaut, a voracious importer, a major destination for foreign direct investment, and an increasingly noteworthy source of foreign investment in other countries. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help the students to better appreciate risks and rewards in these economies as well. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8162x Foundations of Individual Choice with Applications in Economics, Finance and Public Policy This seminar will examine theories of the motivations for human action, drawing on economic and philosophical traditions. We will evaluate implications for practical problems in economics, finance and public policy. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8210x or y Introduction to Political Risk Analysis 1.5 pts. The first module of "Managing Political Risk" will focus on building a solid theoretical foundation to analyze political risk, andexaminethe value of having a structural view for identifying and monitoringpolitical risks. The course will explore how political science theory can serve as a basis to study how politics influences a variety of macroeconomic indicators, portfolio investment (financials) and fixed investment (corporates), by introducing a range of analytical tools to explore a variety of case studies. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8211y Political Risk Analysis and Communication 1.5 pts. Prerequisites: INAF U8210 "Managing Political Risk" module two will utilize the theoretical framework of module one and focus on strengthening the skills necessary to deliver solid political risk analysis that is relevant for investors and policy makers. It will aim to answer questions such as: Why has the political risk industry blossomed and how is political risk analysis executed in practice? Where does understanding political risk create value? SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8380y Managing the Global Corporation The course will provide an overview of managing global companies from CEO and/or senior manager's perspective. The focus will be on the key decisions and trade-offs that the CEO must make. The course is built around two main themes: developing a framework for integrated decision-making and managing change in a global corporation. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8454x Investment Strategies in Developing Countries 3 pts. Prerequisites: SIPA U6200 The first regular session of U8454 will be September 17; there will be an information session on September 4 at 6:10 in room 1501 IAB, but no meeting on September 10. From the practical perspective of a foreign institution investing outside its home market, this course is geared to help answer these questions. Moreover, the class hones students' fluency in developing country economic fundamentals, available asset classes, and investment strategies. In addition, the course explores the historical background and underpinnings of global finance's transformation over the last twenty years and their impact on emerging market capital formation. Special attention will be paid to analyzing the political, social, and economic landscapes of developing countries and their market implications. All of this will be addressed within a larger cyclical understanding of technology, global development, and liquidity flows. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8619x China and the Global Economy Through this seminar students will develop an integrated perspective on the Chinese economy and the policy environment and choices that are under consideration by and available to policy makers and business executives. The global implications of the changing nature and structure of the Chinese economy will be examined. Both macro and micro dimensions will be considered. Instructor permission is required to register for this course. Please go to: http://sipa.columbia.edu/academics/sipa_registration/instructions.html for instructions. SIPA: East Asian. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8675x and y Emerging Capital Markets: Theory & Practice 3 pts.Prerequisites for this course: SIPA U6401, PEPM U4612 or EMPA U8216: The goal of this course is to teach students about the historical relationships between financial risk, capital structure and legal and policy issues in emerging markets. Our strategy will be to develop a model of how and why international capital flows to emerging market countries and to use the model to examine various topics in the history of international financing from the 1820's to the present. Students will identify patterns in investor and borrower behavior, evaluate sovereign capital structures, and analyze sovereign defaults, including the debt negotiation process during the various debt crises of the past 175 years. We will focus primarily on Latin America, emerging Asia, and Russia, although the lessons will be generalized to cover all emerging market countries. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

INAF U8682y Emerging Financial Markets 3 pts. Prerequisites: SIPA U6401 This course explores the performance of the financial systems of emerging market countries (EMs) over the past three decades, and historically, both from the standpoint of market participants and public policy makers. EMs are countries that have decided to "emerge" from a condition of financial underdevelopment (sometimes called "financial repression"). EMs engage in a combination of market reforms which include: foreign trade opening, privatization of state-owned enterprises, and the liberalization and deregulation of domestic financial systems and international capital markets. Emergence typically involves a variety of such changes, as well as related institutional changes that support those efforts (reforms of the legal and regulatory systems, the corporate laws, and the fiscal and monetary systems). This course investigates the determinants of successful or unsuccessful emergence. Said differently, the course helps to identify factors that make emergence more or less likely to succeed. Failure of emergence often takes the form of a major financial crisis, in which the failings of the EM policy regime are brought to light. Thus, an important part of analyzing the success or failure of emergence entails the analysis of EM financial crises. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8689x or y Future of Global Financial Institutions 1.5 pts. In today's global world, there is no aspect of business that is not directly or materially affected by the giants of the financial services sector. The study of international commerce, then, should include an understanding of the current and future role of global financial institutions, key drivers influencing the industry, and strategic challenges and opportunities facing today's financial services' CEOs. This course will provide a student, without a financial institution background, with critical fundamentals to apply to their own experiences. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8835x or y New Venture Practicum is a role playing class in which Martin Varsavsky, the professor, is the moderator and the students play two simultaneous roles being entrepreneurs and venture capitalists (VCs). This workshop focuses on the "magical moment" in which an idea becomes a funded enterprise. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

PUAF U6033x or y Decision Models & Management 3 pts. This course provides an introduction to computer-based models for decision making. The emphasis is on models that are widely used in diverse industries and functional areas, including finance, accounting, operations, and marketing. Applications will include production planning, supply chain management, portfolio optimization, corporate risk management, and yield management, among others. The aim of the course is to help students become intelligent consumers of these methods. To this end, the course will cover the basic elements of modeling - how to formulate a model and how to use and interpret the information a model produces The course will attempt to instill a critical viewpoint towards decision models, recognizing that they are powerful but limited tools. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Management. SIPA: USP- Urban Policy Track.

REGN U6149y Energy, Corporate Responsibility & Human Rights 3 pts. This course will focus on energy companies' practices, and their impact. These practices will be examined in part through the prism of Central and Eastern Europe with particular focus on the land of the Rose Revolution, Georgia, through which the strategic multi-billion dollar oil and gas pipelines from Azerbaijan to Turkey and the West are to be constructed. SIPA: EPD. SIPA: IFEP- Finance. SIPA: E&E- IEMP. SIPA: Human Rights. SIPA: Russia.

REGN U6300y The Economics of European Integration 3 pts. A course on the theory and institutions of European economic integration stressing contemporary economic policies and problems of the European Union. The course examines both the intra-EU dimensions of these issues and their consequences for other parts of the international system. Topics covered include: the history and institutional arrangements of the EU; the economics of regionalism and Preferential Trade Agreements; empirical research on the trade and welfare effects of economic integration; the economics of the internal market; the theory of optimum currency areas and its application to European Monetary Union, labour markets and EU macroeconomic policy; the Common Agricultural Policy; regional and budget policy; competition and industrial policy; the economic effects of EU enlargement; and the EU's external economic policy. SIPA: East Central Europe. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe.

REGN U6415y Financial Issues in Latin America 3 pts.Not offered in 2012-2013. The course focuses on economic policy and institutional shortcomings (in the fiscal, monetary, banking and exchange-rate areas), as well as on other domestic and external forces that have combined to generate instability in the region's economies and financial markets. We then use specific case studies to go more in depth into particular situations encountered in recent years. By the end of the course, having read and discussed more than 20 articles and 3 books, students gain an in-depth understanding of the financial problems that are being overcome and those that are more structural in nature and of the major policy implications that follow. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

REGN U6423x Problems of Economic Growth in Latin America 3 pts.Not offered in 2012-2013. The course is organized around the most important question in Latin America today: Why have the lives of most people in Latin America failed to improve economically despite the region's adoption of the most ambitious reforms in its history? We will examine this growth puzzle from as many points of view as possible, drawing insights from various disciplines and calling upon expert practitioners in various fields of finance and business. We will do this in an attempt to learn the key strengths that sustained economic growth in Latin America for decades, the factors that led to a weakening of this growth after 1980, and the rationale for and results of the great economic reforms of the 1990s. Most importantly of all, we will focus on what lies ahead - on case studies of successful and failed strategies, on what seems to be working in terms of economic policies and what needs to be changed. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

REGN U8090x The Transatlantic Economy 3 pts. A course on economic relations in an era of regionalism and the formation of rival economic blocs. This course examines the changing architecture of contemporary US-EU relations, placing this relationship within wider multilateral obligations. Topics to be discussed include conceptual frameworks within which the relationship may be analyzed; the economic dimension to common security; causes and consequences of past and present trade disputes; the development and implementation of the Transatlantic Agenda and related programs such as the Transatlantic Business Dialogue; implications for the dollar of European Monetary Union; and the impact on the relationship of each side's ties to other regional arrangements such as APEC, Mercosur and EU enlargement to Eastern and Central Europe. Course requirements: A term paper and classroom presentations. SIPA: MIA- Interstate Relations. SIPA: APEA. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe. SIPA: Intl Org. SIPA: United States. SIPA: UN Studies.

REGN U8600x China's New Marketplace 3 pts.Not offered in 2012-2013. This seminar is for students anticipating China-focused careers, shaping and responding to economic development. It is relevant both to those interested in international business and those interested in economic policy. This is an application class for 20 students, including those pursuing non-SIPA degrees. Second year students who have completed the first year economic sequence are encouraged to apply, as the course will require a strong conversance in topical economics (not econometrics). SEE INAF U8619 FOR A REVISED LISTING OF THIS COURSE. SIPA: East Asian. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

SIPA U0010x and y (Section 7) Concentration: International Finance and Economic Policy - Finance

All SIPA candidates are required to register for one of the policy concentrations in each semester of matriculation at SIPA. The concentration registration will be for zero academic credits and will not affect or be affected by fees or financial charges.

SIPA: IFEP- Finance.

SIPA U6200x and y Accounting for International & Public Affairs 3 pts. The purpose of this course is to enable you to become an informed user of financial information. To be properly informed you need to understand financial statements, the note disclosures and the language of accounting and financial reporting. We will focus on the three major financial statements, (balance sheet, income statement and statement of cash flows), which companies prepare for use by management and external parties. We will examine the underlying concepts that go into the preparation of these financial statements as well as specific accounting rules that apply when preparing financial statements. As we gain an understanding of the financial information, we will look at approaches to analyze the financial strength and operations of an entity. We will use actual financial statements to understand how financial information is presented. In each area, we will contrast U.S. accounting rules (GAAP) with International Financial Reporting Standards (IFRS). SIPA: MIA- Financial Management. SIPA: MPA- Financial Management. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

SIPA U6501y Quantitative Analysis II for International and Public Affairs 3 pts. This course is the second semester in the SIPA statistics sequence. Students conduct a major research project, which will serve as an important vehicle for learning about the process and challenges of doing applied empirical research, over the course of the semester. The project requires formulating a research question, developing testable hypotheses, gathering quantitative data, exploring and analyzing data using appropriate quantitative techniques, writing an empirical research paper, proposing policy recommendations, and presenting findings and analyses. SIPA: APEA. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

LAW L6138 Comparative and International Antitrust. 3 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L6205x Financial Statement Analysis and Interpretation 3 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Management. SIPA: Electives.

LAW L6212x International Business Transactions 2 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L6231x and y Corporations 4 pts.

This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L6347y Capital Markets Regulation 3 pts.Not offered in 2012-2013. Prerequisites: L6231

This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L6382y International Finance: Law, Money and Banking in the Global Economy 2 pts.

This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L6391 Regulation of Financial Institutions 3 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L6423x Securities Regulation 3 pts. Prerequisites: L6231 This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L6939x Financial Institutions and Financial Crises 4 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: Management. SIPA: Electives. SIPA: IFEP- Finance. SIPA: Electives.

LAW L8031x Seminar: Foreign Direct Investment & Public Policy 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L8032x International Financial Transactions 3 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L8180y Private Investment Funds 2 pts. Prerequisites: L6231

This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L8221x or y Seminar: Issues on Global Regulatory Reform 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L8231x Seminar: Capital Markets: Development, Strructure & Policies 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW L8816y Transnational Business & Human Rights 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L9065y International Banking & Financial Law 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L9303x Seminar: Strategic International Commercial Transactions 2 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Finance. SIPA: Electives.

LAW W9103y Legal Aspects of US Foreign Economic Policy 3 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

INAF U6016x and y Cost-Benefit Analysis 3 pts. This course aims to provide an introduction to the basic principles of cost-benefit analysis, i.e., the economic appraisal of public investment projects, expenditures, programs, and regulations. I will begin with a relatively brief review of the techniques of financial appraisal (i.e. cash flow analysis) of projects, since similar techniques are used in most cost-benefit analysis exercises. However, while a financial analyst for a private, profit--making entity focuses only on the net cashflows the entity receives from a project, the cost-benefit analyst has to consider a proposal's economic costs and benefits from a societal perspective. This course should be most directly relevant for those who intend to pursue careers in the public sector as analysts/applied economists with governmental agencies, public authorities, multilateral institutions, or research institutes/think-tanks. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: E&E- IEMP. SIPA: E&E- Environment Policy. SIPA: Management. SIPA: USP- Urban Policy Track.

INAF U6017x and y International Trade 3 pts. Prerequisites: SIPA U6400 The course has two dimensions: theory and policy. In the former, the fundamental models of international trade theory will be presented. Using these models we will try to understand why countries specialize and trade, what determines the pattern of trade (i.e., which country will export which good), and how trade affects relative prices, welfare, and income distribution within a country. The second part of the course deals with issues concerning trade policy. We will compare the effects of and rationale behind the usage of various policy instruments such as tariffs, subsidies, quotas, etc. The political economy of trade policy and trade policy in developing countries will also be covered. Additional topics may be included at a later stage if time permits. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6018x and y International Finance & Monetary Theory 3 pts. Prerequisites: SIPA U6401 This is a "methods" course meant to provide students with the analytic tools necessary to think through "real life" international economic policy situations. The class is primarily meant for those interested in working at international financial institutions, the foreign-service, Wall Street, or the financial press. Lectures will, in part, be fairly rigorous though, if the student has taken first year economics, knows basic algebra, and (most importantly) can navigate graphs, he/she will be able to handle the material fairly easily. While theory will at times dominate, its policy relevance will be illustrated through i) l0-minute discussions at the beginning of every class on topical issues; ii) continuous references to recent economic/market episodes meant to illustrate the theoretical material; iii) reading short pieces of Wall Street research that cover timely market topics; and iv) the term paper that will be graded on how well theory and policy are integrated. In terms of topics, the first half of the semester will develop an analytic framework that thinks though the concept of the "exchange rate" in terms of its (short and long term) determinants as well as the interaction between the exchange rate and macro variables such as growth, inflation, and monetary policy. The second half of the semester we will investigate individual themes including exchange rate regimes; BoP crises and contagion; global imbalances and the savings glut; the role of FX in "inflation targeting" regimes; and capital markets and emerging markets finance. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6021x European Banking Post Crisis 3 pts.

This course examines the root causes, implications, regulatory reforms and prognosis for European Union and non EU countries financial sectors following the financial and currency crisis in 2010 which initially implicated Greece, but evolved into a larger European banking and market crisis. The course will focus on three main areas:

EU and Eurozone political and economic environment: Unlike the US sector, the European universal banking model overall weathered the Crisis of 2008, allowing major banks to retain institutional identity. Which banks and which countries fared the best and the worst? Was membership in the Eurozone a determinant in sound financial policies? What were the vulnerabilities in core, peripheral and non EU countries? Why was the Greek debt crisis a litmus test for the Euro and EU financial institutions?

Policies and politics: Regulatory reforms: Globally the state has had to intervene and manage, avert or control bank failures. Across Europe how has this altered the public-private financial sector relationship? National and cross national regulatory reform: how has the ongoing crisis redefined regulatory authority, the role and functions of national central banks, the European Central Bank and the interplay with the IMF? Will and should there be US-EU regulatory harmonization?

Country specific analysis of major and minor institutions: How have major EU banking sectors : France, UK, Germany, Spain , Italy , Sweden coped with internal and external shocks? How have major non EU players been affected : Turkey, Switzerland, as well as small nations: Iceland, and weaker non Eurozone Baltic and Balkan nations? SIPA: MIA- Interstate Relations. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe.

INAF U6022y Economics of Finance 3 pts. Finance deals with the theory of how households and firms use capital markets to allocate resources over time. The course will equip you with a solid theoretical foundation you can use to evaluate projects, investments and funding decisions. It will further acquaint you with the details of debt, equity and derivatives markets so you can apply your knowledge to practical problems SIPA: MIA- Financial Management. SIPA: MPA- Financial Management. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Management.

INAF U6023x Capital Markets & Investments 3 pts.Not offered in 2012-2013. This course will introduce the principles of asset valuation from an applied perspective. The majority of the class is concerned with the valuation of financial securities. The valuation issues to be discussed are heavily used in portfolio management and risk management applications. To introduce the following concepts: arbitrage, the term structure of interest rates, equilibrium pricing, diversification, the Capital Asset Pricing Model (CAPM), efficient and inefficient markets, performance evaluation, and derivative securities, particularly options. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6045x or y International Capital Markets 3 pts. The course will acquaint you modern international capital markets. You can expect to learn a substantial amount of up-to-date detail and some useful theory. Specifically, we will survey global markets for credit, equity, foreign exchange, foreign exchange derivatives, futures, interest rate swaps, credit default swaps and asset backed securities. In each case, we will learn the highlights of payments and settlement, documentation, regulation, applications for end-users, related economic theory and pricing models. The class will cover options and asset pricing theory; however, the treatment will be informal and designed to help develop intuition. One lecture each will be devoted to international banking (with an emphasis on changing capital regulation), investment banks, and hedge funds. SIPA: APEA. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U6051y Infrastructure Investment and Development 1.5 pts. Key question: How to harmonize the diverse objectives of private investors, public sector officials, multilateral institutions and other key actors in the development of international infrastructure projects. This course will examine the principles underlying global infrastructure investment and explore effective strategies to encourage development of facilities for transportation, water, energy, healthcare and education. The classes will focus primarily upon three or more specific case studies of recent projects. Subjects of examination will include Linha Quatro of the Metrô de São Paulo, the Kenya-Uganda Rift Valley Railway and the Guangdong Province water system. The projects will be examined from the perspectives of financial investors, industrial operators, creditors, including commercial banks and multilateral institutions, government policymakers and the public. Issues discussed will include risk allocation, delivery methods and the evolving cast of global investors. Course dates: 1/23/2012 - 3/5/2012SIPA: EPD. SIPA: IFEP- Economic Policy. SIPA: USP- Urban Policy Track. SIPA: Short Courses. SIPA: Development Practice.

INAF U6069y Applied Political Economy of Policymaking Not offered in 2012-2013. The module will take a hands-on approach to the design, communication and political implementation of economic policies. Issues will include designing policy reforms; agenda-setting; choosing the timing of policy initiatives; big-bang versus gradual reforms; the use of research, expert committees and blue-ribbon commissions; agenda-setting and coalition-building; attaining and maintaining the credibility of policies and policymakers; announcing and communicating policy initiatives; the role of the ideology and beliefs of voters; and relationships with the media. With some academic literature as background, we will focus on the challenges of real-life policy reforms and the lessons they offer. Several examples will be taken from recent Latin American experiences with policy reform. SIPA: IFEP- Economic Policy. SIPA: PEPM.

INAF U6090x Tax Policy: Economics & Law 3 pts. The class will introduce students to the current research in tax policy (broadly defined) and will give them an opportunity to develop skills in reading and evaluating contemporary economic and legal research related to tax policy. Following the discussion of the fundamental tax policy questions during the first several weeks of the term, the format will shift to a series of weekly paper presentations by leading scholars from around the country, both economists and lawyers. The second part of the course (six weeks) will meet together with the parallel class in the law school. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

Students are expected to have basic knowledge in Macroeconomics and Finance.

INAF U6127y (Section 001) The Rise of BRIC Through a mix of analytical overview and practical cases, the class will discuss, from a practitioner's point of view the rise of the BRICs (Brazil, Russia, India and China); the strengths and weaknesses of each of the BRICs and will do a comparative analysis of the four countries; several fundamental themes linked to the rise of BRIC: expansion of the middle class; pressures on commodities; development of capital and investment markets; research and innovation; how countries and international companies position themselves vis‐à‐vis the rise of BRIC; the role of BRICs in the world governance. The goals of this class are to provide students with a solid understanding of the challenges and opportunities arising from the rise of the BRICs and to give them the tools that will help them understand the dynamics at work. SIPA: IFEP- Economic Policy.

INAF U6127y The Rise of BRIC Through a mix of analytical overview and practical cases, the class will discuss, from a practitioner's point of view: the rise of the BRICs ; the strengths and weaknesses of each of the BRICs and will do a comparative analysis of the four countries ; several fundamental themes linked to the rise of BRIC: expansion of the middle class ; pressures on commodities ; development of capital and investment markets ; research and innovation ; how countries and international companies position themselves vis-à-vis the rise of BRIC ; and the role of BRICs in the world governance. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Economic Policy.

INAF U6290y Challenges to democracy and governance in times of global crises: Europe and Greece Our citizens, our democracies, are confronted with looming and often unprecedented challenges in a globalized economy. Europe (as with the developed world)is faced with issues such as the debt and competition from the emerging markets, global climate change and the need to transition to green growth. At the same time Europe is challenged tomaintainits legacy of lasting peace, democratic processes, equality, employment and social cohesion. Has the EU run its course? What were the underlying (political, institutional, financial) hindrances Europe faced and continues to face in dealing with the financial crisis? Has itbecome an ongoing locus of instability? Or (as the Nobel Peace Prize Committee would have it) does Europe continue to provide us with a model of cooperation and empowerment of our societies? Can Europe overcome its obstacles by a democratic re-designing of its institutions? What might these look like? Can democracy work beyond borders, regulating markets, empowering people, creating a transnational political identity or are nationalisms, xenophobia and populism going to take the upper hand in politics? How do these questions relate to the wider issue of global governance in an interdependent world economy? We will investigate these questions using the Greek crisis as a starting point. SIPA: IFEP- Economic Policy. SIPA: Europe. SIPA: Short Courses.

INAF U6301x and y Corporate Finance 3 pts. Prerequisites: SIPA U6200 or PEPM U6223 Corporate finance is an introductory finance course; it is a core course for students taking the International Finance and Policy (IFP) concentration. The course is designed to cover those areas of business finance which are important for all managers, whether they specialize in finance or not. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: E&E- IEMP. SIPA: Management.

INAF U6355y Globalization 3 pts. Prerequisites: SIPA U4201 OR SIPA U6401 Globalization has become something of a fad, being credited for everything from the collapse of communism to El Nino to distress in the capital markets. But what is generally agreed upon is that the integration of markets for goods, services, and capital has created both new opportunities and challenges for firms, governments and international organizations. The tremendous opportunities lie in the potential to grow new markets, transfer ideas and technology, and foster cooperation across the disparate corners of the globe. The challenges lie in how to manage the conflicts that inevitably arise over the distribution of costs and benefits that a global economy entails. The objective of this course is to highlight how U.S. domestic interests and institutions have met the demands of globalization. While globalization by definition is multi-faceted, this course focuses on one key dimension of globalization, international trade policy. Moreover, the course is inter-disciplinary, as it draws on analytical frameworks developed in economics, political science, and business to illustrate the linkages and tensions that firms and governments face in the new global context. The course is divided into three parts. The first part focuses on the basics of globalization: what is it? what are the benefits? and what are its costs? The second part of the course focuses on how the U.S. trade policy making process works, and how domestic interests and institutions respond to the demands of globalization: who wins and loses, how do firms formulate effective market and non-market strategies, and how do the institutions of governance aggregate these demands? The third section of the course applies this logic of policy making to recent and ongoing issues in globalization and international trade. SIPA: MIA- Interstate Relations. SIPA: APEA. SIPA: IFEP- Economic Policy. SIPA: Intl Org.

INAF U6359x Global Economic Governance 3 pts. This course aims at familiarizing students with major issues surrounding global economic governance and its effects on developing countries. It will start with two general lectures that will deal with the objectives of international cooperation, the historical evolution of the current governance and typologies of the different rules, organization and governance structures that have been created at varied times. It will then deal in detail with major topics in the broad agenda of global economic governance, exploring both issues that are the subject of current debates as well as the institutional questions involved. "Global economic governance" is understood in a broad sense, to refer both to global and regional frameworks, as well as those rules of international transactions that have been left to bilateral agreements or are under the domain of national sovereignty. "Economic" is also understood in a broad sense, to include also social and environmental issues. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Economic Policy. SIPA: Intl Org.

INAF U6362x Global Collective Action 3 pts.Not offered in 2012-2013. Prerequisites: SIPA U4200 or SIPA U6400 This course develops a framework in which the role of institutions emerges endogenously. The course then applies this to a large number of cases, from climate change to nuclear non-proliferation; from big science research to over-fishing; from war to peacekeeping; from disease eradication to choosing technical standards. The course shows what globalization really means. It also reveals the relationship between global (and regional) collective action and international development. Applying the framework requires tools. Economics enables us to express the consequences of different outcomes in comparable units. It also exposes fundamental incentives. Game theory makes us consider who the players are, what their choices are, and the nature of their interaction. Game theory explains why institutions (like treaties) exist and what they are and are not able to do. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Economic Policy. SIPA: Intl Org.

INAF U6636y Financial Services in Brazil: A Comparative Examination 3 pts. This course seeks to provide a solid understanding of the workings of the Brazilian financial services industry through an in-depth examination of its evolution over the past three decades and comparison with the financial services industries of the U.S., Mexico - the second largest economy in Latin America - and of India and China - the two largest emerging economies in Asia. Specific aspects to be examined include the role of commercial banks in the financing of consumption and of capital investment, the workings of domestic fixed income and equity capital markets, the impact of sovereign risk on access to international capital markets, bank regulation and supervision, and the roles of private sector banks - domestic and foreign - and public sector banks. At the end of the course students are expected to have managed to achieve not only a thorough understanding of the workings of the financial services industry in Brazil but feel also equipped to conduct similar exercises for the financial services industries of other countries. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

INAF U6672x Political Economy of Pakistan: State, Society, and Economy 3 pts. This seminar course will try and provide a broad historical review of the nature of changes which have taken place in Pakistan and have affected many of the impressions which are now part of conventional wisdom about Pakistan. The emphasis of the course will be on social and structural change and transformation, of society, the state and the economy. The early half of the course will familiarise students through some chronology of Pakistan, looking at events and processes in different eras, in a political economy framework, followed by a deeper analysis of key themes over time. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Southern Asia.

INAF U6775y Indian Economy in Transition 3 pts. This course will be devoted to an analytic study of the transformation. The bulk of the course will be devoted to understanding the reforms that are under way or must be undertaken to accelerate growth and poverty reduction. On the macroeconomic front, we will discuss the issues related to fiscal deficit, public debt and the likelihood of a macroeconomic crisis. Special attention will be paid to the external sector reforms including trade liberalization, foreign investment liberalization, capital account convertibility, preferential trade arrangements and multilateral trade negotiations. Among domestic reforms, we will discuss the reform of the tax system, subsidies, agriculture, product and factor markets, infrastructure and social sectors. Cautionary Note: This is a new course whose content will evolve as the semester progresses. Therefore, the description should be viewed as tentative. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Southern Asia.

INAF U6820y Theory of International Political Economy 3 pts. This course serves as an introduction to the politics of international economic relations. We examine the history and institutions of the international political economy and the theories that seek to explain them as well as analyze several political economy issues at once classic and contemporary, such as the sources of economic growth, the origins and consequences of globalization, and causes of and appropriate policy responses to income inequality. In addition to sampling contemporary writings in the field, we read several classic works, especially on theoretical approaches. Students need not have an extensive background in international economics to complete this course satisfactorily, but those not familiar with basic economic principles will find several sections of the class very challenging. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Economic Policy.

INAF U8050y International Fixed Income: Advanced Topics 3 pts.Not offered in 2012-2013. This course will cover the range of today's fixed income markets in the United States, the Euro-Zone, and Japan: who trades what and why, how to price products, and how to quantify their risks. While understanding products, valuation, and risk are the main focus of the course, these building blocks will be applied to public policy issues and the history of the recent crisis. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8085y Topics in Corporate Finance This half-semester course extends the valuation techniques introduced in U6301 by considering several issues in corporate finance that are of particular interest to international affairs students: leverage and valuation techniques: WACC, APV and FTE; the international cost of capital and international capital budgeting; the analysis of real options. The course will combine lecture time and in-class case discussions. The goal of the course is to provide students with an understanding of both sound theoretical principles of finance and the practical environment in which financial decisions are made. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8099x Emerging Market Investment Climate 3 pts. Firms-from microenterprises to multinationals-play a central role in growth and poverty reduction. Their investment decisions are central to create jobs, to provide goods and services to the economy, and the tax revenues the governments can draw on to fund health, education and other services. The World Bank's World Development Report 2005: A Better Investment Climate for Everyone argues that improving the investment climates of their societies should be a top priority for governments. Improving the investment climate is the first of the two pillars in the World Bank's overall development strategy. This course emphasizes issues and policies that are particularly relevant for the growth of the private sector in developing countries in a globalized world. The course also emphasizes the role of international organizations in providing assistance in this regard. The objectives of the course are the following:(1)to highlight the importance of improving the investment climate -to learn about the factors that shapes the opportunities and incentives for firms to invest productively and for governments to create the right conditions for them to create jobs and expand (2) to familiarize students with the role of international organizations in helping to remove distortions and in providing assistance and knowledge (3)to provide an opportunity for students to discuss and write country reports along the lines of those produced in international organizations. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8145x Advanced Economic Development for international Affairs 3 pts. Prerequisites: SIPA U6401 This is an advanced course in development economics, designed for SIPA students concentrating in economic and political development. The treatment of the material will be rigorous, and will presume knowledge of calculus. Coursework will include extensive empirical exercises, requiring the use of Stata or similar statistical software. Topics will include the economics of growth; the relationship between growth and poverty and inequality; the role of population pressures and rural-urban migration; the interaction between agrarian institutions in land, labor, credit, and insurance markets; management of common-property resources and sustainable development; and trade and globalization from the perspective of developing countries. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: USP- Urban Policy Track.

INAF U8147x The Chinese Economy This course is designed to provide a framework for understanding the opportunities and challenges in the Chinese economy. In the last three decades, China represents the biggest economic and business opportunity in the world economy as it rises from a poor, stagnated, and isolated economy to become one of the fastest growing economies, a leading export juggernaut, a voracious importer, a major destination for foreign direct investment, and an increasingly noteworthy source of foreign investment in other countries. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help the students to better appreciate risks and rewards in these economies as well. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8162x Foundations of Individual Choice with Applications in Economics, Finance and Public Policy This seminar will examine theories of the motivations for human action, drawing on economic and philosophical traditions. We will evaluate implications for practical problems in economics, finance and public policy. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8210x or y Introduction to Political Risk Analysis 1.5 pts. The first module of "Managing Political Risk" will focus on building a solid theoretical foundation to analyze political risk, andexaminethe value of having a structural view for identifying and monitoringpolitical risks. The course will explore how political science theory can serve as a basis to study how politics influences a variety of macroeconomic indicators, portfolio investment (financials) and fixed investment (corporates), by introducing a range of analytical tools to explore a variety of case studies. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8211y Political Risk Analysis and Communication 1.5 pts. Prerequisites: INAF U8210 "Managing Political Risk" module two will utilize the theoretical framework of module one and focus on strengthening the skills necessary to deliver solid political risk analysis that is relevant for investors and policy makers. It will aim to answer questions such as: Why has the political risk industry blossomed and how is political risk analysis executed in practice? Where does understanding political risk create value? SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8380y Managing the Global Corporation The course will provide an overview of managing global companies from CEO and/or senior manager's perspective. The focus will be on the key decisions and trade-offs that the CEO must make. The course is built around two main themes: developing a framework for integrated decision-making and managing change in a global corporation. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8454x Investment Strategies in Developing Countries 3 pts. Prerequisites: SIPA U6200 The first regular session of U8454 will be September 17; there will be an information session on September 4 at 6:10 in room 1501 IAB, but no meeting on September 10. From the practical perspective of a foreign institution investing outside its home market, this course is geared to help answer these questions. Moreover, the class hones students' fluency in developing country economic fundamentals, available asset classes, and investment strategies. In addition, the course explores the historical background and underpinnings of global finance's transformation over the last twenty years and their impact on emerging market capital formation. Special attention will be paid to analyzing the political, social, and economic landscapes of developing countries and their market implications. All of this will be addressed within a larger cyclical understanding of technology, global development, and liquidity flows. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8619x China and the Global Economy Through this seminar students will develop an integrated perspective on the Chinese economy and the policy environment and choices that are under consideration by and available to policy makers and business executives. The global implications of the changing nature and structure of the Chinese economy will be examined. Both macro and micro dimensions will be considered. Instructor permission is required to register for this course. Please go to: http://sipa.columbia.edu/academics/sipa_registration/instructions.html for instructions. SIPA: East Asian. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8675x and y Emerging Capital Markets: Theory & Practice 3 pts.Prerequisites for this course: SIPA U6401, PEPM U4612 or EMPA U8216: The goal of this course is to teach students about the historical relationships between financial risk, capital structure and legal and policy issues in emerging markets. Our strategy will be to develop a model of how and why international capital flows to emerging market countries and to use the model to examine various topics in the history of international financing from the 1820's to the present. Students will identify patterns in investor and borrower behavior, evaluate sovereign capital structures, and analyze sovereign defaults, including the debt negotiation process during the various debt crises of the past 175 years. We will focus primarily on Latin America, emerging Asia, and Russia, although the lessons will be generalized to cover all emerging market countries. SIPA: MIA- Interstate Relations. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

INAF U8682y Emerging Financial Markets 3 pts. Prerequisites: SIPA U6401 This course explores the performance of the financial systems of emerging market countries (EMs) over the past three decades, and historically, both from the standpoint of market participants and public policy makers. EMs are countries that have decided to "emerge" from a condition of financial underdevelopment (sometimes called "financial repression"). EMs engage in a combination of market reforms which include: foreign trade opening, privatization of state-owned enterprises, and the liberalization and deregulation of domestic financial systems and international capital markets. Emergence typically involves a variety of such changes, as well as related institutional changes that support those efforts (reforms of the legal and regulatory systems, the corporate laws, and the fiscal and monetary systems). This course investigates the determinants of successful or unsuccessful emergence. Said differently, the course helps to identify factors that make emergence more or less likely to succeed. Failure of emergence often takes the form of a major financial crisis, in which the failings of the EM policy regime are brought to light. Thus, an important part of analyzing the success or failure of emergence entails the analysis of EM financial crises. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

INAF U8689x or y Future of Global Financial Institutions 1.5 pts. In today's global world, there is no aspect of business that is not directly or materially affected by the giants of the financial services sector. The study of international commerce, then, should include an understanding of the current and future role of global financial institutions, key drivers influencing the industry, and strategic challenges and opportunities facing today's financial services' CEOs. This course will provide a student, without a financial institution background, with critical fundamentals to apply to their own experiences. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

INAF U8835x or y New Venture Practicum is a role playing class in which Martin Varsavsky, the professor, is the moderator and the students play two simultaneous roles being entrepreneurs and venture capitalists (VCs). This workshop focuses on the "magical moment" in which an idea becomes a funded enterprise. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Short Courses.

PUAF U6033x or y Decision Models & Management 3 pts. This course provides an introduction to computer-based models for decision making. The emphasis is on models that are widely used in diverse industries and functional areas, including finance, accounting, operations, and marketing. Applications will include production planning, supply chain management, portfolio optimization, corporate risk management, and yield management, among others. The aim of the course is to help students become intelligent consumers of these methods. To this end, the course will cover the basic elements of modeling - how to formulate a model and how to use and interpret the information a model produces The course will attempt to instill a critical viewpoint towards decision models, recognizing that they are powerful but limited tools. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Management. SIPA: USP- Urban Policy Track.

REGN U6300y The Economics of European Integration 3 pts. A course on the theory and institutions of European economic integration stressing contemporary economic policies and problems of the European Union. The course examines both the intra-EU dimensions of these issues and their consequences for other parts of the international system. Topics covered include: the history and institutional arrangements of the EU; the economics of regionalism and Preferential Trade Agreements; empirical research on the trade and welfare effects of economic integration; the economics of the internal market; the theory of optimum currency areas and its application to European Monetary Union, labour markets and EU macroeconomic policy; the Common Agricultural Policy; regional and budget policy; competition and industrial policy; the economic effects of EU enlargement; and the EU's external economic policy. SIPA: East Central Europe. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe.

REGN U6415y Financial Issues in Latin America 3 pts.Not offered in 2012-2013. The course focuses on economic policy and institutional shortcomings (in the fiscal, monetary, banking and exchange-rate areas), as well as on other domestic and external forces that have combined to generate instability in the region's economies and financial markets. We then use specific case studies to go more in depth into particular situations encountered in recent years. By the end of the course, having read and discussed more than 20 articles and 3 books, students gain an in-depth understanding of the financial problems that are being overcome and those that are more structural in nature and of the major policy implications that follow. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

REGN U6423x Problems of Economic Growth in Latin America 3 pts.Not offered in 2012-2013. The course is organized around the most important question in Latin America today: Why have the lives of most people in Latin America failed to improve economically despite the region's adoption of the most ambitious reforms in its history? We will examine this growth puzzle from as many points of view as possible, drawing insights from various disciplines and calling upon expert practitioners in various fields of finance and business. We will do this in an attempt to learn the key strengths that sustained economic growth in Latin America for decades, the factors that led to a weakening of this growth after 1980, and the rationale for and results of the great economic reforms of the 1990s. Most importantly of all, we will focus on what lies ahead - on case studies of successful and failed strategies, on what seems to be working in terms of economic policies and what needs to be changed. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Latin America.

REGN U8090x The Transatlantic Economy 3 pts. A course on economic relations in an era of regionalism and the formation of rival economic blocs. This course examines the changing architecture of contemporary US-EU relations, placing this relationship within wider multilateral obligations. Topics to be discussed include conceptual frameworks within which the relationship may be analyzed; the economic dimension to common security; causes and consequences of past and present trade disputes; the development and implementation of the Transatlantic Agenda and related programs such as the Transatlantic Business Dialogue; implications for the dollar of European Monetary Union; and the impact on the relationship of each side's ties to other regional arrangements such as APEC, Mercosur and EU enlargement to Eastern and Central Europe. Course requirements: A term paper and classroom presentations. SIPA: MIA- Interstate Relations. SIPA: APEA. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy. SIPA: Europe. SIPA: Intl Org. SIPA: United States. SIPA: UN Studies.

REGN U8600x China's New Marketplace 3 pts.Not offered in 2012-2013. This seminar is for students anticipating China-focused careers, shaping and responding to economic development. It is relevant both to those interested in international business and those interested in economic policy. This is an application class for 20 students, including those pursuing non-SIPA degrees. Second year students who have completed the first year economic sequence are encouraged to apply, as the course will require a strong conversance in topical economics (not econometrics). SEE INAF U8619 FOR A REVISED LISTING OF THIS COURSE. SIPA: East Asian. SIPA: EPD. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

SIPA U0010x and y (Section 6) Concentration: International Finance & Economic policy - Economic Policy All SIPA candidates are required to register for one of the policy concentrations in each semester of matriculation at SIPA. The concentration registration will be for zero academic credits and will not affect or be affected by fees or financial charges. SIPA: IFEP- Economic Policy.

SIPA U6200x and y Accounting for International & Public Affairs 3 pts. The purpose of this course is to enable you to become an informed user of financial information. To be properly informed you need to understand financial statements, the note disclosures and the language of accounting and financial reporting. We will focus on the three major financial statements, (balance sheet, income statement and statement of cash flows), which companies prepare for use by management and external parties. We will examine the underlying concepts that go into the preparation of these financial statements as well as specific accounting rules that apply when preparing financial statements. As we gain an understanding of the financial information, we will look at approaches to analyze the financial strength and operations of an entity. We will use actual financial statements to understand how financial information is presented. In each area, we will contrast U.S. accounting rules (GAAP) with International Financial Reporting Standards (IFRS). SIPA: MIA- Financial Management. SIPA: MPA- Financial Management. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

SIPA U6501y Quantitative Analysis II for International and Public Affairs 3 pts. This course is the second semester in the SIPA statistics sequence. Students conduct a major research project, which will serve as an important vehicle for learning about the process and challenges of doing applied empirical research, over the course of the semester. The project requires formulating a research question, developing testable hypotheses, gathering quantitative data, exploring and analyzing data using appropriate quantitative techniques, writing an empirical research paper, proposing policy recommendations, and presenting findings and analyses. SIPA: APEA. SIPA: IFEP- Finance. SIPA: IFEP- Economic Policy.

LAW L6112y Law and Economics 3 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.

LAW L6293x Antitrust & Trade Regulation 3 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.

LAW L6382y International Finance: Law, Money and Banking in the Global Economy 2 pts.

This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search

LAW L6488x Law of the WTO 4 pts. This is a Law School course.

For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.

LAW L8145 New Economic Order in the Post-American World. 2 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.

LAW L9069 Law and Economics. 2 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.

LAW L9214x WTO Law 2 pts. This is a Law School course. For more detailed course information, please go to the Law School Curriculum Guide at: http://www.law.columbia.edu/courses/search SIPA: IFEP- Economic Policy. SIPA: Electives.