This course examines the evolution of capital markets in emerging economies and the forces shaping their current and future trajectories. Through a combination of case studies, financial theory, and practitioner insights, students will explore sovereign defaults, financial crises, policy responses, and structural reforms across Latin America, Asia, and beyond. Key topics include the influence of global liquidity cycles, the rise of China, ESG investment trends, and the implications of new technologies such as generative AI.

This course examines the workings of a select group of emerging economies’ financial systems, providing students with the tools to assess the efficacy of the financial system as a key pillar for a country’s sustained economic development and growth. Characteristics to be analyzed and compared include the roles of domestic private, public sector, and foreign banks; impact of fintech developments on competition between incumbents and challengers; business strategy and market valuation; systemic resilience and regulation; breadth and depth of domestic capital markets; access to foreign ca

No business and no government can ignore China. The People's Republic of China is the world's second-largest economy and is on track to surpass the US economyin the future. China represents enormous opportunities for businesses and public policies, but it also presents a set of tough challenges. This course is designed to provide a framework for understanding these issues. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help one appreciate the risks and rewards in these economies better as well.

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.

This course provides a comprehensive analysis of the Japanese economy and financial policy from the postwar period through the present, examining its implications for both advanced and emerging market economies. Topics include Japan’s rapid economic growth in the 1950s–60s, financial liberalization in the 1970s–80s, the asset bubble and its collapse in the 1990s, prolonged deflation, unconventional monetary policies, and challenges posed by demographic transition and high public debt.

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.

Open to all SIPA with pre-req or concurrent-req: Macroeconomics. This course aims to provide a well-rounded understanding of financial development over time and across countries, with an emphasis on public policy. Topics include a review of the foundations and processes of financial development; the roles of markets, instruments, and institutions; issues related to systemic financial stability; links to financial repression and globalization; and the developmental and oversight roles of the state.

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.

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.

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.

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.

Instructor permission required. This graduate seminar explores the politics of international economic relations, with a focus on contemporary issues in trade, finance, monetary policy, foreign investment, climate change, and globalization. Rather than surveying the entire field of international political economy (IPE), the course investigates selected topics in depth, emphasizing how interests, institutions, and interactions shape economic policy across borders.

This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math.

This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system.

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.

This course explores sovereign risk through the lens of credit rating agency methodologies, historical debt crises, and contemporary developments in sovereign debt markets. Students will examine the interplay of fiscal, institutional, political, financial, and geopolitical dynamics that shape sovereign creditworthiness. Students will gain fluency in rating criteria, peer comparisons, and debt sustainability analyses, with a focus on Moody’s sovereign bond rating methodology. The course culminates in a mock credit rating committee exercise.

This course offers students a strategic and applied framework for understanding the global financial services industry, spanning commercial and investment banking, asset and wealth management, central banking, and financial regulation. Students will examine the sector’s evolution, current challenges, and future direction. Topics include risk management, regulatory change, financial technology, global competitive positioning, and the strategic dilemmas faced by CEOs in a post-2008 financial landscape.

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.

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.

This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios.

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.

This seminar examines the evolution of global monetary policy from 2000 to the present, focusing on the actions and strategies of the Federal Reserve, the European Central Bank, and the Bank of England. Students study the major economic disruptions of the era, including the Global Financial Crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic, and the recent surge and subsequent decline in global inflation. The course analyzes how central banks operated under constraints such as the effective lower bound and explores the adoption of unconventional monetary tools.

This course explores the benefits and risks of international financial flows, with a focus on the economic stability of emerging markets and non-major developed economies. Students will examine the drivers and implications of cross-border liability flows, consider the perspectives of local and global policymakers, and analyze how capital movements shape national debt dynamics and financial resilience.

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.

The course examines the dynamics at play during financial crises, integrating theoretical underpinnings of financial stability with a review of key historical financial crises and. Drawing from historical financial crisis episodes - including the Great Financial Crisis, Asian Financial Crisis and the European Sovereign Debt Crisis - students will learn about how financial shocks transmit via different markets, institutions and global channels and will analyze the role of systemic vulnerabilities. 

The course explores how advanced analytical tools are applied in financial stability analysis, with a focus on the frameworks used by central banks and regulatory authorities. Students will engage in both conceptual and practical exercises to design monitoring systems, analyze vulnerabilities, and apply data-driven methods to the OTC derivatives and hedge fund sectors. 

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

This seminar will focus on key topics in international finance and monetary theory, with particular attention to the relationship between monetary policy and financial markets. Central banks play a significant role in shaping global financial markets, but financial markets can, in turn, influence central banks and monetary policy. Understanding the feedback effects between the two is essential for both market participants and policymakers.

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.

A seminar on the contemporary history and practice of economic statecraft. The course focuses on how the United States and other countries weaponize economic, financial, and technological interdependence to advance strategic objectives. Topics include economic sanctions and restrictions on trade and investment. Case studies include efforts to use economic statecraft to curb Iran’s nuclear program, counter Russia’s aggression in Ukraine, and check China’s drive for technological supremacy.

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.

This course will cover practical time series forecasting techniques and consists of two parts. The first part focuses on the Box-Jenkins approach (ARIMA), including identification (selection) of the appropriate model, estimation of its parameters, and diagnostic checking of model adequacy. The second part of the course is on nonlinear models for time series, with emphasis on conditional volatility and ARCH models. By the end of the course, you will be able to apply these techniques to actual data, primarily financial and economic time series. 

The course aims to analyze dynamic, multivariate interactions in evolutionary and non-stationary processes. The course first considers stationary univariate time-series processes and then extend the analysis to non-stationary processes and multivariate processes. The course covers a review of linear dynamic time-series models and focus on the concept of cointegration, as many applications lend themselves to dynamic systems of equilibrium-correction relations.

Open to all SIPA with pre-req or concurrent-req: Macroeconomics. This course aims to provide a well-rounded understanding of financial development over time and across countries, with an emphasis on public policy. Topics include a review of the foundations and processes of financial development; the roles of markets, instruments, and institutions; issues related to systemic financial stability; links to financial repression and globalization; and the developmental and oversight roles of the state.

This course explores how Environmental, Social, and Governance (ESG) and climate considerations are reshaping public market investment strategies. Students will learn how institutional investors use ESG signals and climate-related data to assess risk, identify opportunity, and support real-world outcomes—all while meeting fiduciary obligations.

This course introduces students to the structure and strategy of international project finance in the energy sector, with emphasis on projects central to the global energy transition and LNG market expansion. Through real-world case studies and hands-on modeling exercises, students will analyze project risks, develop risk ratings, and assess cashflows to determine equity returns and lender credit metrics.

This course explores how Environmental, Social, and Governance (ESG) objectives and data are integrated into investment decision-making. Through a combination of academic theory, real-world case studies, and hands-on exercises, students examine how ESG considerations affect risk, return, and portfolio design. Key topics include ESG portfolio theory, impact investing, fixed income and labeled bonds, engagement and proxy voting, and climate-aware investing.

Instructor permission required. Join the waitlist in Vergil to request registration.

Today’s most pressing challenges, including climate change, social inequities, and financial instability, are complex, global, and systemic. This course explores how investors can respond through system-level investing, an emerging approach that considers the deep interconnections among financial markets, the real economy, and long-term environmental, social, and governance (ESG) outcomes.

Impact Investing I: Foundations introduces students to the core principles, tools, and actors shaping the field of impact investing. The course provides a foundational understanding of how capital markets can be leveraged to address global challenges such as climate change, biodiversity loss, inequality, and poverty, while also generating financial returns.

The field of responsible investment has grown rapidly over the last twenty years, with the climate crisis serving as the paradigmatic ESG issue for investors. In the private sector, investors pledge to decarbonize their portfolios, ask for carbon reporting to manage that task, join together to engage corporations on their transition plans. As activity has grown, questions about the effectiveness and limitations of climate finance approaches to the climate crisis have grown along with them.

The social, environmental, and governance challenges of the 21st century represent both companies’ greatest risks and opportunities.

The Social Impact: Business, Society, and the Natural Environment course explores the relationship between corporations, society, and the natural environment. Specifically, it examines the ways in which governments, (for-profit and non-profit) organizations, and investors (fail to) have positive impact and manage issues where the pursuit of private goals is deemed inconsistent with the public interest.

The Sustainability Reporting course explores the ever-evolving global Sustainability and ESG reporting environment and the standards and frameworks that are being used by companies to report on their sustainability related performance.

Instructor permission required. Students must 1) submit an application via https://forms.gle/TRbJrFMZKE8NbpJu7  and 2) join the waitlist in Vergil to be considered for enrollment. Without both of these steps complete, student applications cannot be considered. Please do not email any materials to the Professor or the TA.

This course provides students with a comprehensive understanding of the global financial system through the lens of sustainable development. Rather than focusing on ESG or impact investing, the course examines the structures, incentives, and decision-making processes of key financial actors, including public finance institutions, development banks, asset owners, central banks, and private capital markets, and how they can be mobilized to support the goals of sustainable development.

This course introduces cybersecurity as a business risk, emphasizing its impact beyond IT and into areas such as regulation, governance, finance, and reputation. Students explore core concepts in cybersecurity, risk management frameworks, and the evolving threat landscape. The course examines how leading organizations assess, quantify, and address cyber risk through strategies such as risk mitigation, transfer, and resilience. Topics include incident response, supply chain vulnerabilities, regulatory compliance, critical infrastructure, and cyber conflict.

This course applies the economic approach to understanding financial markets, institutions, and business behavior. Students will learn core economic theories relevant to finance and apply them to practical problems. Topics include consumption and exchange, decision-making under uncertainty, asset pricing, market efficiency, and the limits of rationality. The course emphasizes conceptual understanding and economic intuition over technical rigor.

This course provides a practitioner’s perspective on how global capital markets operate, focusing on the instruments, institutions, and frameworks that channel capital to companies, households, and governments. Students will explore interest rate and FX swaps, derivatives, credit default swaps, asset-backed securities, and structured finance, alongside tools for interpreting yield curves and understanding credit markets. The course integrates current developments, including monetary policy, inflation trends, and systemic risk, with a close look at how financial actors respond.

This course examines the evolution of capital markets in emerging economies and the forces shaping their current and future trajectories. Through a combination of case studies, financial theory, and practitioner insights, students will explore sovereign defaults, financial crises, policy responses, and structural reforms across Latin America, Asia, and beyond. Key topics include the influence of global liquidity cycles, the rise of China, ESG investment trends, and the implications of new technologies such as generative AI.

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.

This course examines the workings of a select group of emerging economies’ financial systems, providing students with the tools to assess the efficacy of the financial system as a key pillar for a country’s sustained economic development and growth. Characteristics to be analyzed and compared include the roles of domestic private, public sector, and foreign banks; impact of fintech developments on competition between incumbents and challengers; business strategy and market valuation; systemic resilience and regulation; breadth and depth of domestic capital markets; access to foreign ca

This course is devoted to an in-depth study of India’s economy. Topics include growth, poverty, inequality, the fiscal deficit, public debt, the current account deficit, exchange-rate management, the financial sector, taxation, trade policy, foreign direct investment, capital account convertibility, urban land markets, and labor-market policies. Post-independence economic history and political economy would be integral to the study of these topics.  The course assumes knowledge of introductory micro- and macroeconomics.

No business and no government can ignore China. The People's Republic of China is the world's second-largest economy and is on track to surpass the US economyin the future. China represents enormous opportunities for businesses and public policies, but it also presents a set of tough challenges. This course is designed to provide a framework for understanding these issues. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help one appreciate the risks and rewards in these economies better as well.

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.

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.

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.

Instructor permission required. This graduate seminar explores the politics of international economic relations, with a focus on contemporary issues in trade, finance, monetary policy, foreign investment, climate change, and globalization. Rather than surveying the entire field of international political economy (IPE), the course investigates selected topics in depth, emphasizing how interests, institutions, and interactions shape economic policy across borders.

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 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.

This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math.

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.

This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system.

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.

This course offers students a strategic and applied framework for understanding the global financial services industry, spanning commercial and investment banking, asset and wealth management, central banking, and financial regulation. Students will examine the sector’s evolution, current challenges, and future direction. Topics include risk management, regulatory change, financial technology, global competitive positioning, and the strategic dilemmas faced by CEOs in a post-2008 financial landscape.

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.

This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios.

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.

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.

This seminar examines the evolution of global monetary policy from 2000 to the present, focusing on the actions and strategies of the Federal Reserve, the European Central Bank, and the Bank of England. Students study the major economic disruptions of the era, including the Global Financial Crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic, and the recent surge and subsequent decline in global inflation. The course analyzes how central banks operated under constraints such as the effective lower bound and explores the adoption of unconventional monetary tools.

This course explores the benefits and risks of international financial flows, with a focus on the economic stability of emerging markets and non-major developed economies. Students will examine the drivers and implications of cross-border liability flows, consider the perspectives of local and global policymakers, and analyze how capital movements shape national debt dynamics and financial resilience.

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.

The course examines the dynamics at play during financial crises, integrating theoretical underpinnings of financial stability with a review of key historical financial crises and. Drawing from historical financial crisis episodes - including the Great Financial Crisis, Asian Financial Crisis and the European Sovereign Debt Crisis - students will learn about how financial shocks transmit via different markets, institutions and global channels and will analyze the role of systemic vulnerabilities. 

The course explores how advanced analytical tools are applied in financial stability analysis, with a focus on the frameworks used by central banks and regulatory authorities. Students will engage in both conceptual and practical exercises to design monitoring systems, analyze vulnerabilities, and apply data-driven methods to the OTC derivatives and hedge fund sectors. 

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

This seminar will focus on key topics in international finance and monetary theory, with particular attention to the relationship between monetary policy and financial markets. Central banks play a significant role in shaping global financial markets, but financial markets can, in turn, influence central banks and monetary policy. Understanding the feedback effects between the two is essential for both market participants and policymakers.

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.

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.

A seminar on the contemporary history and practice of economic statecraft. The course focuses on how the United States and other countries weaponize economic, financial, and technological interdependence to advance strategic objectives. Topics include economic sanctions and restrictions on trade and investment. Case studies include efforts to use economic statecraft to curb Iran’s nuclear program, counter Russia’s aggression in Ukraine, and check China’s drive for technological supremacy.

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.

This course will cover practical time series forecasting techniques and consists of two parts. The first part focuses on the Box-Jenkins approach (ARIMA), including identification (selection) of the appropriate model, estimation of its parameters, and diagnostic checking of model adequacy. The second part of the course is on nonlinear models for time series, with emphasis on conditional volatility and ARCH models. By the end of the course, you will be able to apply these techniques to actual data, primarily financial and economic time series. 

Discrimination is the differential treatment of people based on identity or perceived identity (race, gender, ethnicity, LGBTQ+ status, age, religion, disability, immigration status, etc.). Such behavior violates some legal, social, and moral norms and has a negative impact on those discriminated against.

For these and other reasons, it is important to be able to formally identify discrimination from data. But how do we know that A’s treatment of B is because of B’s identity as opposed to some other characteristic of B or A that we may not even have a variable for?

This course analyzes the impact of domestic and regional conflicts in the Middle East on global security. Key concepts include: regime change, revolution, civil war, conflict management, security sector reform, arms transfers, nuclear proliferation, counterterrorism, and international criminal justice. These conceptual tools are used for comparative analysis of three sub-regional conflict zones: Saudi Arabia / Iran / Iraq, Egypt / Syria / Lebanon, and Palestine / Jordan / Israel. Each of these regions has galvanized substantial global engagement.

Industrial policy is returning, and this is not just a US phenomenon  China, the European Union (EU), Japan, and Korea have each increased subsidies in support of key industries, while a number of countries, such as Australia and the United Kingdom (UK) have been updating their national lists of sensitive sectors that are required to remain in the hands of domestic firms and individuals  New export control measures have been introduced by the United States and other nations, and a combination of legal and policy tools are being utilized to support priority sectors, limit, and dire

The course aims to analyze dynamic, multivariate interactions in evolutionary and non-stationary processes. The course first considers stationary univariate time-series processes and then extend the analysis to non-stationary processes and multivariate processes. The course covers a review of linear dynamic time-series models and focus on the concept of cointegration, as many applications lend themselves to dynamic systems of equilibrium-correction relations.

Open to all SIPA with pre-req or concurrent-req: Macroeconomics. This course aims to provide a well-rounded understanding of financial development over time and across countries, with an emphasis on public policy. Topics include a review of the foundations and processes of financial development; the roles of markets, instruments, and institutions; issues related to systemic financial stability; links to financial repression and globalization; and the developmental and oversight roles of the state.

This course provides an applied introduction to cost-benefit analysis (CBA) as a tool for evaluating public policies. Students will learn how to interpret and produce CBAs through lectures, problem sets, and real-world case studies focused on environmental, financial, agricultural, and transportation policies. Emphasis is placed on CBAs conducted by government agencies, including critical review of regulatory analyses and formulation of public comments.

This seven-week course considers the impact of housing policy on communities and neighborhoods across the United States. We will discuss how local, state, and federal decisions about what we build, where we build, who we build for, and how we pay for it has created the cities we live in today. The course will draw examples from small to large American cities and urban areas to examine the social, political, and economic forces that have shaped housing policy in the U.S.

Pre-requisites: A calculus-based micro-economics course (SIPA IA6400) or equivalent. This is an advanced course in development economics, designed for SIPA students interested in rigorous, applied training. Coursework includes extensive empirical exercises, requiring programming in Stata. The treatment of theoretical models presumes knowledge of calculus.

This course provides students with a comprehensive understanding of the global financial system through the lens of sustainable development. Rather than focusing on ESG or impact investing, the course examines the structures, incentives, and decision-making processes of key financial actors, including public finance institutions, development banks, asset owners, central banks, and private capital markets, and how they can be mobilized to support the goals of sustainable development.

This course explores how Environmental, Social, and Governance (ESG) and climate considerations are reshaping public market investment strategies. Students will learn how institutional investors use ESG signals and climate-related data to assess risk, identify opportunity, and support real-world outcomes—all while meeting fiduciary obligations.

The course provides an overview of different ways of conceptualizing the relationship between politics, environmental change, and economic processes. While it embeds these paradigms in a history of the growth of capitalism, the inter-state system, and scientific progress, it concentrates on the global environment of the 20th and 21st-century world, with particular attention to developing countries and their dilemmas.

This course explores how Environmental, Social, and Governance (ESG) objectives and data are integrated into investment decision-making. Through a combination of academic theory, real-world case studies, and hands-on exercises, students examine how ESG considerations affect risk, return, and portfolio design. Key topics include ESG portfolio theory, impact investing, fixed income and labeled bonds, engagement and proxy voting, and climate-aware investing.

Instructor permission required. Join the waitlist in Vergil to request registration.

Today’s most pressing challenges, including climate change, social inequities, and financial instability, are complex, global, and systemic. This course explores how investors can respond through system-level investing, an emerging approach that considers the deep interconnections among financial markets, the real economy, and long-term environmental, social, and governance (ESG) outcomes.

Impact Investing I: Foundations introduces students to the core principles, tools, and actors shaping the field of impact investing. The course provides a foundational understanding of how capital markets can be leveraged to address global challenges such as climate change, biodiversity loss, inequality, and poverty, while also generating financial returns.

The field of responsible investment has grown rapidly over the last twenty years, with the climate crisis serving as the paradigmatic ESG issue for investors. In the private sector, investors pledge to decarbonize their portfolios, ask for carbon reporting to manage that task, join together to engage corporations on their transition plans. As activity has grown, questions about the effectiveness and limitations of climate finance approaches to the climate crisis have grown along with them.

The field of responsible investment has grown rapidly over the last twenty years, with the climate crisis serving as the paradigmatic ESG issue for investors. In the private sector, investors pledge to decarbonize their portfolios, ask for carbon reporting to manage that task, join together to engage corporations on their transition plans. As activity has grown, questions about the effectiveness and limitations of climate finance approaches to the climate crisis have grown along with them.

The social, environmental, and governance challenges of the 21st century represent both companies’ greatest risks and opportunities.

The Social Impact: Business, Society, and the Natural Environment course explores the relationship between corporations, society, and the natural environment. Specifically, it examines the ways in which governments, (for-profit and non-profit) organizations, and investors (fail to) have positive impact and manage issues where the pursuit of private goals is deemed inconsistent with the public interest.

The Sustainability Reporting course explores the ever-evolving global Sustainability and ESG reporting environment and the standards and frameworks that are being used by companies to report on their sustainability related performance.

Instructor permission required. Students must 1) submit an application via https://forms.gle/TRbJrFMZKE8NbpJu7  and 2) join the waitlist in Vergil to be considered for enrollment. Without both of these steps complete, student applications cannot be considered. Please do not email any materials to the Professor or the TA.

This course applies the economic approach to understanding financial markets, institutions, and business behavior. Students will learn core economic theories relevant to finance and apply them to practical problems. Topics include consumption and exchange, decision-making under uncertainty, asset pricing, market efficiency, and the limits of rationality. The course emphasizes conceptual understanding and economic intuition over technical rigor.

This course examines the evolution of capital markets in emerging economies and the forces shaping their current and future trajectories. Through a combination of case studies, financial theory, and practitioner insights, students will explore sovereign defaults, financial crises, policy responses, and structural reforms across Latin America, Asia, and beyond. Key topics include the influence of global liquidity cycles, the rise of China, ESG investment trends, and the implications of new technologies such as generative AI.

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.

This course examines the workings of a select group of emerging economies’ financial systems, providing students with the tools to assess the efficacy of the financial system as a key pillar for a country’s sustained economic development and growth. Characteristics to be analyzed and compared include the roles of domestic private, public sector, and foreign banks; impact of fintech developments on competition between incumbents and challengers; business strategy and market valuation; systemic resilience and regulation; breadth and depth of domestic capital markets; access to foreign ca

No business and no government can ignore China. The People's Republic of China is the world's second-largest economy and is on track to surpass the US economyin the future. China represents enormous opportunities for businesses and public policies, but it also presents a set of tough challenges. This course is designed to provide a framework for understanding these issues. As several other emerging market economies hope to follow China's footsteps, the conceptual framework in the course should help one appreciate the risks and rewards in these economies better as well.

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.

This course provides a comprehensive analysis of the Japanese economy and financial policy from the postwar period through the present, examining its implications for both advanced and emerging market economies. Topics include Japan’s rapid economic growth in the 1950s–60s, financial liberalization in the 1970s–80s, the asset bubble and its collapse in the 1990s, prolonged deflation, unconventional monetary policies, and challenges posed by demographic transition and high public debt.

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.

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.

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.

Instructor permission required. This graduate seminar explores the politics of international economic relations, with a focus on contemporary issues in trade, finance, monetary policy, foreign investment, climate change, and globalization. Rather than surveying the entire field of international political economy (IPE), the course investigates selected topics in depth, emphasizing how interests, institutions, and interactions shape economic policy across borders.

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.

This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math.

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.

This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system.

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.

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.

This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios.

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.

This seminar examines the evolution of global monetary policy from 2000 to the present, focusing on the actions and strategies of the Federal Reserve, the European Central Bank, and the Bank of England. Students study the major economic disruptions of the era, including the Global Financial Crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic, and the recent surge and subsequent decline in global inflation. The course analyzes how central banks operated under constraints such as the effective lower bound and explores the adoption of unconventional monetary tools.

This course explores the benefits and risks of international financial flows, with a focus on the economic stability of emerging markets and non-major developed economies. Students will examine the drivers and implications of cross-border liability flows, consider the perspectives of local and global policymakers, and analyze how capital movements shape national debt dynamics and financial resilience.

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.

The course examines the dynamics at play during financial crises, integrating theoretical underpinnings of financial stability with a review of key historical financial crises and. Drawing from historical financial crisis episodes - including the Great Financial Crisis, Asian Financial Crisis and the European Sovereign Debt Crisis - students will learn about how financial shocks transmit via different markets, institutions and global channels and will analyze the role of systemic vulnerabilities. 

The course explores how advanced analytical tools are applied in financial stability analysis, with a focus on the frameworks used by central banks and regulatory authorities. Students will engage in both conceptual and practical exercises to design monitoring systems, analyze vulnerabilities, and apply data-driven methods to the OTC derivatives and hedge fund sectors. 

This seminar will focus on key topics in international finance and monetary theory, with particular attention to the relationship between monetary policy and financial markets. Central banks play a significant role in shaping global financial markets, but financial markets can, in turn, influence central banks and monetary policy. Understanding the feedback effects between the two is essential for both market participants and policymakers.

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.

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.

A seminar on the contemporary history and practice of economic statecraft. The course focuses on how the United States and other countries weaponize economic, financial, and technological interdependence to advance strategic objectives. Topics include economic sanctions and restrictions on trade and investment. Case studies include efforts to use economic statecraft to curb Iran’s nuclear program, counter Russia’s aggression in Ukraine, and check China’s drive for technological supremacy.