Master's Degree in International Economic Relations

•Academic Description: Serving as the cornerstone for building master-level research and analytical capabilities in international economic relations, this is strictly the first course the student takes. It covers the foundational philosophical and logical methodologies in economic research, transitioning the student from the theoretical framework to rigorous practical application using Applied Econometrics tools. The student trains intensively in using statistical and mathematical models to analyze cross-sectional data, time series, and panel data. Deep focus is placed on addressing complex econometric problems like autocorrelation, heteroscedasticity, and multicollinearity, in addition to Causal Inference techniques and evaluating the impact of economic and financial policies using advanced multiple regression models. The course also heavily emphasizes the practical and academic skills for drafting rigorous research papers and Policy Papers, starting from selecting an original economic research topic, precisely formulating the problem and hypotheses, gathering and cleaning data from reliable international databases (such as the World Bank, IMF, and OECD), culminating in intensive practical training on preparing and drafting Thesis Proposals according to global academic standards. Students learn how to formulate an economic argument based on the output of quantitative models. The course is studied through research seminars utilizing multiple references and recent working papers according to strict scientific research methodology.

•Academic Description: This course represents an advanced foundational and critical study of macroeconomic mechanisms in open economies, transcending basic models to deeply analyze advanced mathematical models for determining exchange rates in the short and long run, such as the extended Mundell-Fleming model and the Dornbusch Overshooting Model. The course extensively discusses the structure of the balance of payments and its structural imbalances, the dynamics of currency and sovereign debt crises, and how Financial Contagion spreads across interconnected global markets. The course also dedicates wide and precise space to studying the contemporary international monetary system, analyzing the policies of major central banks (such as quantitative easing and monetary tightening) and their Spillover Effects on emerging markets. The course discusses the challenges of Macroeconomic Policy Coordination, examining the strategic options available to monetary and fiscal policymakers in facing external shocks given the free flow of capital, critically analyzing the Impossible Trinity dilemma and its practical applications. The course is studied through research seminars relying on multiple references and recent Working Papers according to rigorous scientific research methodology.

•Academic Description: This course dives into the theoretical, practical, and political complexities of international trade from a critical and comparative perspective. It studies the intellectual evolution of trade theories, from classical and neoclassical models (comparative advantage and Heckscher-Ohlin) to New Trade Theory and heterogeneous firm models (Melitz Model) explaining intra-industry trade. It deeply analyzes the Political Economy of Protectionism, and the impact of tariffs, quotas, and non-tariff barriers on economic welfare, resource allocation efficiency, and domestic income distribution. The course also focuses on reviewing the institutional, legal, and economic framework of the World Trade Organization (WTO), stalled and successful trade negotiation rounds, and provides a critical analysis of the complex Dispute Settlement Understanding (DSU). It discusses contemporary challenges facing the multilateral trading system, such as rising nationalist protectionism, trade wars between major powers, alongside training students to use Gravity Models in predicting trade flows and evaluating policy impacts. The course is studied through research seminars relying on multiple references.

•Academic Description: The course provides a precise institutional analysis of the architectural structure of the global financial and economic system established since Bretton Woods. It deeply studies the role, policies, and impacts of the International Monetary Fund (IMF), the World Bank Group, regional development banks, and the Bank for International Settlements (BIS). The course critically analyzes lending Conditionality, structural adjustment programs and their outcomes on developing nations, and the role of Special Drawing Rights (SDRs) as an international reserve asset and attempts to reform them. The course also dedicates a large section to discussing the crisis of legitimacy and democratic representation in these institutions, and ongoing demands to reform the quota and voting system to reflect the true economic weight of emerging markets and the Global South. It discusses the transition from the "Washington Consensus" to new, more inclusive developmental frameworks, and the role of informal forums like the G20 and the Financial Stability Board in coordinating responses to global financial crises, establishing more robust financial governance rules to prevent systemic collapses. The course is studied through research seminars relying on multiple references.

•Academic Description: An applied and theoretical course focusing on the urgent necessity to transition from traditional resource-depleting economic growth models to environmentally and socially inclusive sustainable development models. The student studies the causes of structural economic underdevelopment, Poverty Traps, and income/wealth inequality and its adverse effect on stable growth. The course delves into analyzing and monitoring the UN Sustainable Development Goals (SDGs), and the institutional and financing challenges facing developing countries to achieve them. It also dedicates wide and advanced space to "Climate Change Economics," the economic costs of environmental degradation, and the transition to a Circular Economy. It precisely studies mechanisms of Green Finance, including green and sustainable bonds, Carbon Pricing policies, and emissions trading markets, evaluating the crucial required role of international institutions, development banks, and the private sector in providing climate finance to support adaptation and mitigation policies in developing nations. The course aims to equip policymakers with the ability to assess the long-term economic impacts of environmental and developmental policies. The course is studied through research seminars based on multiple references.

•Academic Description: This course provides an in-depth applied study of the critical intersection between international politics and the global economy. It focuses on analyzing the direct and indirect macroeconomic impact of major geopolitical shocks, such as wars, global pandemics, and regional armed conflicts, and their immediate repercussions on commodity inflation, global supply chains, energy security, and food security. Great attention is given to the political economy of "Economic and Financial Sanctions," tracing their evolution from traditional comprehensive sanctions to Smart Sanctions and central bank asset freezes. The course analyzes the Transmission Mechanisms of sanctions' impacts, evaluating their actual effectiveness in changing targeted states' behavior, their unintended negative consequences (collateral damage) on global markets, financial institutions, and civilians. Furthermore, it discusses hedging strategies, economic decoupling, and building Economic Resilience adopted by states to navigate a highly volatile and economically weaponized international environment. The course is delivered via research seminars based on multiple references.

•Academic Description: This course addresses the pivotal and dominant role of multinational corporations as the engine of the global economy and Foreign Direct Investment (FDI) operations. It extensively studies theoretical and economic models explaining internationalization motives and offshore production, such as the OLI Paradigm. The course deeply analyzes foreign market entry strategies, Cross-border M&A, and the management and fragmentation of Global Value Chains (GVCs) to maximize profitability. It profoundly discusses the macroeconomic impacts of FDI on host and home countries, particularly the positive Spillover Effects of technology transfer, productivity increase, and human capital formation. It also addresses mutual regulatory challenges and conflicts of interest between states and giant corporations, including Transfer Pricing policies for tax avoidance, the Race to the Bottom in taxation, legal frameworks for protecting and stimulating investment, with a critical analysis of developing countries' policies in attracting qualitative and sustainable investments. The course is studied through research seminars.

•Academic Description: This course studies the growing global trend toward economic regionalism as a parallel or alternative, and sometimes disruptive, axis to global trade multilateralism (WTO). It analyzes economic and political theories of integration and its gradual stages, from preferential/free trade areas and customs unions, up to common markets and full economic/monetary unions. The course intensely focuses on precise economic analysis of "Trade Creation" and "Trade Diversion" effects and welfare impacts resulting from these blocs. The student studies real-world experiences and in-depth comparisons of major blocs shaping the modern economy, like the European Union (and Brexit impacts/Eurozone challenges), the revised North American Free Trade Agreement (USMCA), the African Continental Free Trade Area (AfCFTA) as a developmental opportunity, and ASEAN. It also analytically touches upon the complexities of strict "Rules of Origin", and the effects of overlapping and proliferating bilateral regional agreements (the Spaghetti Bowl Effect) on complicating global supply chains and trade routes, increasing compliance costs for firms. The course is studied through research seminars based on multiple references.

•Academic Description: The student is assigned an undergraduate virtual course (e.g., Principles of Macroeconomics or Economic Relations) as applied practical training. This course aims to enhance the student's abilities in knowledge transfer and advanced presentation skills for simplifying complex economic concepts and models for decision-makers. The student must design a teaching structure for the first half of this course, dividing it methodically into six or seven concise lectures. For each lecture, the student prepares a comprehensive written summary in Word format, detailing objectives and scientific content based on solid economic data and references. This summary is accompanied by a video recording where the student presents the lecture using a presentation program (PowerPoint). The presentation must be scientifically accurate, focused, and objective, lasting between 10 and 20 minutes per lecture. This practical training evaluates the student's competence in strategic data summarization, academic presence, and presentation skills essential for economic leaders, financial advisors, and policy analysts.

•Academic Description: This course represents the actual start of work on the master's thesis, commencing concurrently with the practical training. In this section, the student begins the research and preparation phase under direct academic supervision from a specialized professor. The student first focuses on precisely crystallizing an original research problem in the field of international economic relations or applied econometrics. The student gathers references, sources, and crucially: searches for and compiles the required statistical and econometric data (macro/micro data from World Bank, IMF, WTO databases, etc.). Subsequently, the student formulates the theoretical and conceptual framework, and determines and designs the Econometric Model or the empirical scientific methodology to be adopted to rigorously test their research hypotheses. The student submits a research Proposal—supported by data and model descriptions—for approval by the college board. They begin drafting the preliminary chapters, theoretical framework, and literature review, laying a solid and coherent foundation for the empirical and quantitative analytical research to be completed and tested in the fourth semester.

•Academic Description: The student completes the applied practical training on the virtual course started in the third semester. The student divides the remaining part of the course into another six or seven concise lectures. For each lecture, the student prepares a comprehensive written summary in Word format, accompanied by a video recording where the student presents the lecture using a presentation program (PowerPoint). The recording for a single lecture must not be less than 10 minutes and not more than 20 minutes. This course contributes to consolidating the student's executive presentation skills, successfully completing the requirements for academic knowledge transfer, and confirming their ability to analyze and present complex economic data with profound simplicity and professionalism to specialists, decision-makers, and non-specialists alike.

•Academic Description: This course represents the second and final half of the work on the master's thesis, continuing concurrently with Practical Application 2. In this section, the research and empirical quantitative work started in the third semester is completed. The student writes the analytical and applied chapters, performing statistical and econometric estimations of the models using specialized software, testing hypotheses validity, and discussing empirical results with precision and objectivity. Crucially in this phase is the student's ability to provide practical recommendations and Policy Recommendations derived and grounded exclusively on the results of their econometric study to support economic decision-makers, followed by drafting the comprehensive conclusion. The final draft of the thesis is prepared for methodological and economic review and auditing by the supervisor, in preparation for submission to the discussion and arbitration committee to obtain final approval for awarding the Master's degree in International Economic Relations.