Master in International Markets
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Master in International Markets |
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Antonio
Quesada E-mail: aqa@urv.cat Office hours (13 April 2026 - 8 May 2026) |
Classroom A0.11 · 13 April
2026 - 8 May 2026 Monday, Tuesday, Wednesday, Thursday, Friday 18:00-19:30
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 Topics  1. Brief macroeconomic policy recap 1.1. Central banks, money creation and monetary policy 1.2. Sectoral balances identity 1.2bis. A simple model of the world economy 1.3. Fiscal rules and links between fiscal policy and monetary policy 1.4. The open economy trilemma and Rodrik's trilemma (extended version) 1.4bis. Economic policy doctrines 2. Geopolitics and geoeconomics (draft not fully organized) 2.1. Introduction to world-systems analysis 2.2. Global growth, global capitalism, damaged ecosystems 2.3. Global inequality, Kuznets waves, elephant curve, Piketty's r-g model 2.4. Global instability, Bremmer's J curve, Thucydides trap, rise of China, geoeconomic domino theory 3. International monetary system (draft) 3.1. Dollar dominance, Bretton Woods I, Bretton Woods II, Keynes' Bancor, cryptocurrencies 3.2. Global imbalances and Varoufakis' global minotaur 3.3. The Triffin dilemma and related financial trilemmas 4. Monetary unions (draft) 4.1. Monetary unions: creation and asymmetries 4.2. Fiscal rules and the trilemma of a monetary union 4.3. Padoa-Schioppa's inconsistent quartet A simple globalization model | Cooperation vs conflict: a game-theoretic example Food for thought: Disturbing apparent parallels  Goodhart's law: a regularity linking indicator A to outcome B fades away when a policy measure identifies A with B 'An indicator becoming a policy tool ceases to be a good indicator' Corruption perception index 2025 |  Fragile states index 2024 | Amnesty International 2026 Report |
Assessment  30% Brief oral 15 minutes presentation (4th to 6th of May) of an essay on three books from this list 40% Essay on three books from this list (the essay must be submitted before the presentation) 30% Final exam Instructions for preparing and writing the essay | List of books Links and additional readings CEPR (Center for Economic and Policy Research) | CEPR/VoxEU Paris Report 4: The New Global Imbalances C Clayton, M Maggiori, J Schreger (2024): 'A framework for geoeconomics' C Mohr, C Trebesch (2025): 'Geoeconomics' EH Christie, M Wigell, T Kristeri (2025): 'Measuring geoeconomic power' Geoeconomic Interconnectivity Index M McLeay, A Radia, R Thomas (2014): 'Money creation in the modern economy'
S&P (2013): 'Banks cannot and do not 'lend out' reserves' Deutsche Bundesbank (2017): 'The role of banks, non-banks and the central bank in the money creation process' US-China imbalances (includes an application of the Swan diagram) | Global imbalances 2026 IMF World Economic Report April 2026 Ch 1 | Macroeconomics of conflicts 2 weeks of Iran war = 5 million tonnes of CO2 equivalent (QMUL study; Israel-Gaza = 30) Eco-economic decoupling | Energy trilemma index Statement on AI risk:
"Mitigating the risk of extinction from AI should be a global priority
alongside other societal-scale risks such as pandemics and nuclear war" | 'Rogue AI is already here' UAE leaves OPEC (largest OPEC oil producers in Feb 2026: 1st Saudi Arabia, 2nd Iraq, 3rd UAE)  |