Accreditations
The MSc in Monetary and Financial Economics is two years long, and requires the completion of 120 ECTS credits, which are divided between 66 credits in mandatory curricular units, 6 credits in optional modules and 48 in the dissertation or final project.
For students with weaker backgrounds in economics, we offer two introductory and optional modules in “Introduction to Monetary and Financial Economics” and “Introduction to Econometrics”, before the start of the main modules.
Studying Abroad
Students have the option of doing the second semester of the first or second year in a foreign university through the Erasmus+ programme or the bilateral agreements which Iscte has with foreign universities.
Iscte has bilateral agreements with more than 150 universities across the world. Some with programmes relevant to the area of this master's are highlighted here: Berlin School of Economics and Business, Technische Universität Dresden (TU Dresden) – Alemanha, University of Applied Sciences BFI Vienna (Austria), Vrij University Bruxelles, Universidade Gustave Eiffel (França), Catholic University of Vendée (ICES) -França, University of Ljubljana (Slovenia), Fundação Getúlio Vargas (Brazil), Pontifícia Universidade Católica de São Paulo (Brazil), Universidade de São Paulo (Brazil), Universidade Federal do Rio de Janeiro (Brazil), Universidade Federal do Rio Grande do Sul (Brazil), University of Massachussetts (Boston, USA), Ryerson University (Canada), and Lingnan University (Hong Kong).
More information can be obtained here.
Programme Structure for 2024/2025
| Curricular Courses | Credits | |
|---|---|---|
| 1st Year | ||
|
Advanced International Monetary Economics
6.0 ECTS
|
||
|
Corporate Finance
6.0 ECTS
|
||
|
Macro-Econometrics I
6.0 ECTS
|
||
|
Macroeconomics and Business Cycle Analysis
6.0 ECTS
|
||
|
Monetary Policy and the Financial Markets
6.0 ECTS
|
||
|
Banks and Other Financial Institutions
6.0 ECTS
|
||
|
Industrial Dynamics and Capital Markets
6.0 ECTS
|
||
|
Macro-Econometrics II
6.0 ECTS
|
||
|
Financial Derivatives
6.0 ECTS
|
||
|
2nd Cycle Internship
6.0 ECTS
|
||
| 2nd Year | ||
|
Master Dissertation on Monetary and Financial Economics
48.0 ECTS
|
||
|
Research Seminar in Monetary and Financial Economics I
6.0 ECTS
|
||
|
Research Seminar in Monetary and Financial Economics II
6.0 ECTS
|
Advanced International Monetary Economics
The module aims to develop the following students' skills:
Knowledge and understanding:
- LG1. Knowledge and understanding of the markets where banks operate, in the international scene
- LG2. Knowledge and understanding of the main determinants of the exchange rate evolution over time
Ability to:
- LG3. Ability to develop expansion strategies for commercial banks, in the world stage
- LG4. Ability to forecast the behaviour of the exchange rate when new economic information is released and to develop investment strategies involving foreign currency
Judgement:
Analyse and evaluation
- LG5. Ability to measure and evaluate the performance of a given comemrcial bank
Communication:
- LG6. ability to produce and justify arguments, and be able to communicate them.
1. The banking system and the Central Bank
2. The Interbank Money Market and the Interventions Market
3. Financial analysis of commercial banks
4. Regulation of the banking sector
5. Models of exchange rate determination
6. Speculation in Foreign Exchange Markets
7. Currency crisis
8. The Theory of Optimal Currency Areas
The student must choose one of the following assessment methods:
Method A:
Final grade = [Intermediate Test]*50%+[Second Test]*50%
Method B:
Final Grade = [Final Exam]* 100%
Note: the Intermediate Test has four questions. The Final Exam has eight questions. The Second Test corresponds to the last four questions of the Final Exam.
Title: Pilbeam, Keith (2013), International Finance, 4th edition, Palgrave.
Copeland, Laurence (2014), Exchange Rates and International Finance, 6th edition, Prentice-Hall.
De Grauwe, Paul (2018), Economics of Monetary Union, Cambridge University Press. 12th edition.
Mishkin, F. (2021). The Economics of Money, Banking and Financial Markets, 13th edition, Pearson.
Leão, E., Leão, P., Lagoa, S., Política Monetária e Mercados Financeiros, 2023, 4ª Edição, Edições Sílabo.,
Authors:
Reference: null
Year:
Title: Glick, Reuven, Hutchison, M. (2011), Currency Crises, Federal Reserve Bank of San Francisco Working Paper Series 2011-22, September.
Lane, P. R. (2006), "The real effects of European Monetary Union", Journal of Economic Perspectives, 20:4, pp. 47-66.
Mark, Nelson (2001), International Macroeconomics and Finance: Theory and Econometric Methods, Blackwell Publishers.
Melvin, M., Norrbin, S. (2017), International Money and Finance, Addison-Wesley, 9th edition.
Reinhart, C. M., Rogoff, K. S. (2011), "From financial crash to debt crisis?", American Economic Review, 101(5): 1676-1706.,
Schoenmaker, D. (2016), The banking union: An overview and open issues, in T. Beck, B. Casu (eds.), The Palgrave Handbook of European Banking, Palgrave.
Walsh, C. (2017), Monetary Theory and Policy, 4th edition, MIT Press.
Leão, E. e Barradas, R., Mercados Financeiros - Razão e Emoção, 2023, 1ª Edição, Edições Sílabo.
Authors:
Reference: null
Year:
Corporate Finance
Being able to perform a quick analysis of the financial statements issued by a company, mainly assessing its profitability and financial strength;
Knowing how to determine the value of an investment project for a company, based on the expected cash flow and the main decision criteria (NPV and IRR)
1. A Brief Introduction to Financial Statement Analysis
Growth. Profitability Analysis. Risk analysis and leverage. Financial health of the company.
2. An Introduction to Investment Project Analysis
Types of Projects. Cash Flow Table. Time Value of Money. Required Rate of Return. Payback Period. Net Present Value and Internal Rate of Return (Excel Functions: NPV and IRR). Constant Prices and Price Escalation. The effect of the Financing of the Project: Adjusted Present value; Free Cash Flow for the Equity and Cost of equity, Weighted Average Cost of Capital.
3. Risk Analysis
Sensitivity and scenario analysis. Brief analysis of real options.
In the assessment throughout the semester, the fundamental elements of the assessment are 1 group work, with a weighting of 30%, and a final test, weighted at 70%.
Alternatively, students can opt for assessment by exam.
Title: Neves, J. (2012). Análise e Relato Financeiro. Texto Editores
Mota, A., Barroso, C., Nunes, J., Oliveira, L., Ferreira, M., e Inácio, P. (2020). Finanças da Empresa. Edições Sílabo. 6ª edição. Lisboa
Authors:
Reference: null
Year:
Title: Berk, J., & DeMarzo, P. (2023). Corporate Finance, 6th Ed., Pearson
Brealey, R., Myers, S., & Allen, F. (2019). Principles of Corporate Finance. 13th Ed., McGraw-Hill
Authors:
Reference: null
Year:
Macro-Econometrics I
1. Students should proof the knowledge and understanding of the most relevant statistical techniques and econometrics in estimating business cycles.
2. Students should proof the knowledge and understanding of the econometric methodologies on forecasting.
3. Students should proof the knowledge and understanding of the most relevant statistical techniques and econometrics in estimating regression models with endogeneity.
4. Students should proof the ability to make use of sources of statistics and apply and interpret the econometric tools in the analysis of the business cycles, forecasting and endogeneity.
5. Students should proof the ability to work in groups and present arguments based on theory, logic and factual data to other people.
1. Business Cycles
1.1. Definitions and classical cycles
1.2. Growth cycles and filters
2. Standard Forecasting Methods
2.1. Definitions and naive models
2.2. Exponential smoothing
2.3. Linear Models
3. Regression with Endogeneity
3.1. Definitions and examples
3.2. Estimation and inference
The approval in the class can be achieved by continuous assessment or a final examination.
1. Continuous assessment:
Test (50% of the grade); Team Project (50% of the grade).
Note: Grade of Test with a minimum of 5 points.
2. Final exam (100% worth)
Title: Diebold, F.X. and Rudebusch, G.D., Business Cycles: Durations, Dynamics and Forecasting, 1999, Princeton University Press,
Enders, W., Applied Econometric Time Series, 2009, 3rd Ed, John Wiley & Sons,
Hyndman, R.J. and Athanasopoulos, G., Forecasting: Principles and practice, 2021, 3rd Ed, otexts.com
Wooldridge, J.M., Introductory Econometrics: A Modern Approach, 2020, 7th Ed., Cengage
Authors:
Reference: null
Year:
Title: Makridakis, S., Wheelwright, and S., Hyndman, R., Forecasting: Methods and Applications, 1998, 3rd Ed., John Wiley & Sons,
Stock, J.H. and Watson, M.W., Introduction to Econometrics, 2019, 4nd Ed., Pearson,
Authors:
Reference: null
Year:
Macroeconomics and Business Cycle Analysis
The student must be able to:
1. Identify main macroeconomic variables and economic policy instruments.
2. Identify changes in the short-term economic developments and their underlying factors
3. Understand economic policy mechanisms and evaluate the macroeconomic consequences of economic policy measures.
1. Macroeconomics from a dynamic perspective
2. Introduction to business cycles
3. General theories to understand the business cycles
4. Empirical methods and short-term economic indicators
5. Additional theoretical elements for the study of the business cycles
6. Macroeconomic stabilization policies
Performance evaluation will be done by a final test.
BibliographyTitle: Burda, , M., & Wyplosz, C. (2017). Macroeconomics: a European text. 7th Edition, Oxford University Press.
Sørensen, P. B. and Whitta-Jacobsen, H. J. (2010). Introducing Advanced Macroeconomics: Growth and Business Cycles, 2 ed., McGraw-
Hill, New York.
Sørensen, P. and Whitta-Jacobsen, H., Introducing Advanced Macroeconomics: Growth and Business Cycles, 3rd Edition, 2022, Oxford University Press,
Mazzi, G-L and Ozyildirim, A. main editors, Handbook on Cyclical Composite Indicators for Business Cycle Analysis, 2017, EUROSTAT,
Authors:
Reference: null
Year:
Title: Mishkin, F. S.(2014), Macroeconomics: Policy and Practice, 2nd Edition, Pearson, Addison-Wesley, New York.
Authors:
Reference: null
Year:
Monetary Policy and the Financial Markets
This course aims to develop the following skills:
1- Knowledge and understanding of the monetary policy channels of transmission to the stock markets, capital markets and forex markets;
2- Knowledge and understanding of the main monetary policy strategies followed by central banks all over the world;
3- Knowledge and understanding of the way stock, bond and forex markets have evolved over the last decade;
4- Ability to forecast the likely response of the central bank to different types of economic information;
5- Ability to forecast the likely response of the financial markets to the Central Bank' policy moves;
6- Ability to make proposals regarding the optimal sources of finance for the companies in different macroeconomic contexts;
7- Ability to develop studies and personal research with a high degree of autonomy;
8- Ability and motivation to life-long learning.
I. Introduction
II. Monetary Policy
Monetary Policy: instruments; goals; impact of monetary policy actions on the stock market, on the bond market, on the forex market, on the real economy and on inflation.
The Monetary Policy of the Fed (Federal Reserve System of the USA).
The Monetary Policy of the ECB (European Central Bank).
The Monetary Policy of the Bank of England
The Monetary Policy of the Hong Kong Monetary authority
Alternative monetary policy strategies: exchange rate targeting; monetary rule; inflation targeting; Taylor rule.
III. The behaviour of world stock markets during the last ten years and the role of monetary policy in explaining that behaviour
IV. The behaviour of the US and eurozone bond markets since 2005 and the role played by monetary policy
V. The euro-dollar exchange rate since 1999 and the influence of monetary policy
The student must choose one of the following assessment methods:
Method A: Assessment during the semester
Final grade = [Intermediate Test]*50%+[Second Test]*50%
Note: the Intermediate Test has four questions. The Final Exam has eight questions. The Second Test corresponds to the last four questions of the Final exam.
Method B: Final exam
Final Grade = [Final Exam]* 100%
Title: Walsh, C. (2017). Monetary Theory and Policy. 4th ed. MIT Press.
European Central Bank (2011). The Monetary Policy of the ECB.
Leão, E., Leão, P. and Lagoa, S., Política Monetária e Mercados Financeiros., 2023, 4ª ed. Edições Sílabo.
Leão, E. e Barradas, R., Mercados Financeiros - Razão e Emoção, 2023, 1ª Edição, Edições Sílabo.
Authors:
Reference: null
Year:
Title: Brealey, R., Myers, S. and Allen, F. (2019). Principles of Corporate Finance. 13th ed. McGraw Hill Education.
Cecchetti, S. and Schoenholtz, K. (2017). Money, Banking, and Financial Markets. 5th ed. McGraw Hill Education.
Copeland, K., Shastri, J. and Weston, T. (2003). Financial Theory and Corporate Policy: International Edition. 4th ed. Pearson.
Miller, R. and VanHoose, D. (2006). Money, Banking, and Financial Markets. 3rd ed. Thomson South-Western.
Mishkin, F. (2018). The Economics of Money, Banking and Financial Markets. 12th ed. Pearson.
Hillier, D., Clacher, I., Ross, S., Westerfield, R. and Jordan, B. (2017). Principles of Corporate Finance. 3rd ed. McGraw Hill Education.
Authors:
Reference: null
Year:
Banks and Other Financial Institutions
OA1. Knowledge and comprehension of the Portuguese banking and insurance systems and the key Financial Institutions (FI).
OA2. Knowledge and comprehension of capital regulation of banks and insurance companies.
OA3. Capacity to interpret financial statements and management ratios of banks and insurance companies.
OA4. Capacity to evaluate the risks affecting banks and insurance companies.
Part I - Introduction
1. Financial Institutions classification and description
Part II - Banks
2. The main risks faced by banks and other financial institutions
2.1. Interest rate risk
2.2. Market risk
2.3. Credit risk
2.4. Outros riscos
2.5. Measuring risks with accounting documents
3. Regulation of Banks capital
Part III - Insurances
4. Insurance and its economic role
4.1 Insurance concept
4.2 Basic concepts associated with the insurance activity
4.3 Economic importance of the insurance activity
5. The insurance offer
5.1 Life insurance and non-life insurance
5.2 Differences between life business and non-life business
5.3 The particular case of Accidents at Work
6. The insurance company
6.1 Description of the activity
6.2 Analysis of the activity
7. Capital requirements
7.1 Economic value
7.2 Capital requirements
7.3 Own funds
7.4 Capital ratios
Students can choose between:
Assessment throughout the semester: Group work (30%) and Frequency (70%).
Assessment by exam: the weighting of the exam is 100%.
Title: Doff, R. (2015), Risk Management for Insurer, Risk Books, London
Saunders, Anthony and Cornett, Marcia (2021), Financial Institutions Management: A Risk Management Approach, 10.ª edição, McGraw-Hill.
Tirole, J. (2006), The Theory of Corporate Finance, Princeton University Press.
Authors:
Reference: null
Year:
Title: Acharya, Viral, Cooley, Thomas, Richardson, Matthew and Walter, Ingo Eds. (2010), Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, New York University Stern School of Business for John Wiley & Sons, New Jersey.
Bessis, Joel (2015), Risk Management in Banking, 4th Edition, John Wiley & Sons.
Dewatripont, Mathias, Rochet, Jean-Charles and Tirole, Jean (2010), Balancing the Banks: Global Lessons from the Financial Crisis, Princeton University Press, Princeton.
Foo, C.-T. (2008), “Conceptual lessons on financial strategy following the US sub-prime crisis”, The Journal of Risk Finance, 9: 3, pp. 292-302.
Freixas, Xavier and Rochet, Jean-Charles (2008), Microeconomics of Banking, 2nd ed., MIT Press, Cambridge, Mass.
Giustiniani, A., Thornton, J. (2011), “Post-Crisis financial reform: Where do we stand”, Bangor Business School Working Paper 11/001, October.
Golub, B. W. and Crum, C. C. (2010), “Risk Management Lessons Worth Remembering from the Credit Crisis of 2007-2009”, The Journal of Portfolio Management, 21-44.
Hull, John (2012), Risk Management and Financial Institutions, Prentice Hall, 3th edition.
Jorion, Philippe (2006), Value at Risk, 3ª edição, McGraw-Hill.
Jorion, Phillipe (2003). Financial Risk Manager Handbook, 2ª Edição, Willey, New York.
Lang, W. W., Jagtiani, J. A. (2010), “The mortgage and financial crises: The role of credit risk management and corporate governance”, Atlantic Economic Journal, 38, pp. 295-316.
Leão, E., Leão, P. and Lagoa, S. (2023), Política Monetária e Mercados Financeiros, Edições Sílabo, 4.ª Edição.
Mishkin, F. S., and Eakins, S. (2014), Financial markets and institutions, 8th edition, Pearson
Regime prudencial aplicável ao setor segurador - regime jurídico de acesso e exercício da atividade seguradora, aprovado pela Lei n.º 147/2015, de 9 de setembro, Regulamento Delegado (UE) n.º 2015/35 da Comissão, de 10 de outubro de 2014, alterado pelo Regulamento Delegado (UE) n.º 2016/467 da Comissão, de 30 de setembro de 2015, Regulamentos de Execução e Orientações - disponíveis no site da Autoridade de Supervisão de Seguros e Fundos de Pensões (www.asf.com no separador Solvência II existente no separador Legislação/Regulamentação).
Saunders, A. and Allen, L. (2002), Credit Risk Measurement, 2ª edição, Wiley, New York.
Thakor, Anjan V. and Boot, Arnoud W. A. Eds. (2008). Handbook of Financial Intermediation & Banking, Elsevier, Amsterdam.
Walsh, C. (2017), Monetary Theory and Policy, 4ª edição, MIT Press.
Authors:
Reference: null
Year:
Industrial Dynamics and Capital Markets
1. Knowledge and comprehension of how competition and firms' strategies affects firms' performance in a given sector.
2. Capacity to determine the quantitative and qualitative impact of changes in competition and firms' strategies on firms' performance in a given sector, and be able to make proposals about the desirable financing structure of firms.
3. Capacity to evaluate the level of competition of a given sector
4. Capacity to make arguments and justify them from a theoretical and empirical point of view, and be able to communicate them.
1. From the industry to the market: measures of concentration
2. Competition and competitive advantage
3. Analysing the industry: an integration of models of analysis
4. Competition law and regulation
5. Firms´ boundaries and goals
5.1. Productive efficiency
5.2. Vertical integration
5.3. Product diversification
5.4. Incentives and agency
5.5. Mergers and acquisitions
6. Industries, the business cycle and the stock market
7. Analysis of key industries of the Portuguese and European economy
Assessment Throughout the Semester:
Test: 60%
Group Work (Presentation and Discussion): 40%
Approval requires an average equal to or higher than 9,5 points
Assessment Through Exam:
Exam (First Season) Exam (Second Season): 100%
Approval requires a grade equal to or higher than 9,5 points
Title: Dranove, D.; Besanko, D.; Shanley, M.; e Schaefer, S. (2017). Economics of Strategy. 7th Edition. New York: Wiley.
Bodie, Z.; Kane, A.; e Marcus, A. J. (2018). Investments. 11th Edition. New York: Mc-GrawHill.
Leão, E.; e Barradas, R. (2023). Mercados Financeiros - Emoção e Razão. Lisboa: Edições Sílabo.
Textos de Apoio (a disponibilizar pela equipa docente)
Authors:
Reference: null
Year:
Title: Banco de Portugal. (2010). "Estrutura e Dinâmica das Sociedades não Financeiras em Portugal". Estudos da Central de Balanços. Dezembro.
Caraça, J.; Lundvall, B. A.; e Mendonça, S. (2009). "The Changing Role of Science in the Innovation Process: From Queen to Cinderella?". Technological Forecasting and Social Change. 76: 861-867.
Carlton, D. W.; and Perloff, J. M. (2004). Modern Industrial Organization. Fourth Edition. Pearson
Klepper, S. (1997). "Industry Life Cycles". Industrial and Corporate Change. 6 (1): 145-81.
Malerba, F. (2006). "Sectoral Systems: How and Why Innovation Differs Across Sectors". The Oxford Handbook of Innovation, Oxford University Press.
Mata, J. (2012). Economia da Empresa. Fundação Calouste Gulbenkian.
Leão, P. (2011). Economia dos Mercados e da Empresa. Escolar Editora.
Relatórios Sectoriais da Economist Intelligence Unit.
Authors:
Reference: null
Year:
Macro-Econometrics II
At the end of the this course, the student must:
1) Know and apply the ARIMA and GARCH models.
2) Know how and when to use multivariate time series models.
3) Know how and when to use models for panel data.
4) Be able to work with the computer packages (EXCEL and R/RStudio).
1) Introduction to stochastic time series models.
2) ARIMA models: applications and concepts revision.
3) Volatility, ARCH models and forecasting.
4) Introduction to multivariate time series models.
5) Cointegration analysis.
6) Introduction to panel data models.
Assessment takes place through continuous assessment throughout the semester or assessment by exam. Continuous assessment throughout the semester consists of a group work (40%) and a test (60%) that covers the entire subject and whose grade must be greater than or equal to 7.5. Continuous assessment throughout the semester requires a minimum attendance of 66.67% of classes. Assessment by exam consists of carrying out an exam with a weighting of 100%. In the test and exam, students can use a calculator and all the materials provided by the teacher.
BibliographyTitle: Curto, J. Dias (2021), Econometrics and Statistics - over 100 problems with solution. Amazon.
Enders, W. (2014), Applied Econometric Time Series, 4th Edition, John Wiley & Sons.
Francq, C., Zakoian, J-M., (2019), GARCH Models, Structure, Statistical Inference and Financial Applications, Second Edition, John Wiley & Sons Ltd.
Ghysels, E., Marcellino, M., (2018), Applied economic forecasting using time series methods, Oxford University Press.
Tsay, R.S., (2014), Multivariate Time Series Analysis, With R and Financial Applications, John Wiley & Sons, Inc.
Professor's Lecture Notes, data and software notebooks/files.
Authors:
Reference: null
Year:
Title: Brooks, C., (2019), Introductory econometrics for finance, 4nd ed., Cambridge University Press.
Greene, W., (2018), Econometric Analysis, 8th Edition, Pearson.
Philip Hans Franses and Dick van Dijk (2000). Non-linear time series models in empirical finance, Cambridge University Press.
Juselius, K., (2006), The Cointegrated VAR Model: Methodology and Applications, Oxford University Press.
Helmut Lütkepohl (2007). New Introduction to Multiple Time Series Analysis, Second Edition, Springer
Mills, T., (2019), Applied Time Series Analysis: A Practical Guide to Modeling and Forecasting, Academic Press, Elsevier Inc.
Bollerslev, T., (1986), Generalized autoregressive conditional heteroskedasticity, Journal of Econometrics, 31, pp. 307-327.
Granger, C., (2004), Time Series Analysis, Cointegration, and Applications, American Economic Review, 9, pp. 421-425.
Hamilton, J. D., (1989), A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle, Econometrica, Vol. 57, No. 2 (Mar., 1989), pp. 357-384.
Hansen, B.E., (1999), Testing for Linearity, Journal of Economic Surveys, Vol. 13, No. 5, pp. 551-576.
Johansen, S., (2004), Cointegration: an overview, http://web.math.ku.dk /~susanne/Klimamode /OverviewCointegration.pdf.
Stock, J.H., Watson, M.W., (2001), Vector Autoregressions, Journal of Economic Perspectives, Vol. 15, No. 4, pp. 101?115.
Authors:
Reference: null
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Financial Derivatives
In the end of this learning unit's term, the student must:
LG.1 Describe the basic characteristics of futures, forwards, options and swaps contracts.
LG.2 To price of a futures, forwards and options contract.
LG3 Explain arbitrage strategies with derivatives and the role it plays in determining prices and promoting market efficiency
LG.4 Understand and apply hedging strategies and speculation strategies using derivatives.
1. Overview of Financial Markets.
2. Futures Markets
2.1 Basic characteristics of futures contracts.
2.2 Identification of the main international derivatives markets. Identification of the main futures contracts.
2.3 Pricing and Arbitrage
2.4. Risk management strategies with futures: hedging and speculation.
2.4.1 Speculation
2.4.2 Hedging strategies
3. Forward Contracts
4. Options Markets
4.1 Basic Concepts; Long and Short Positions and Payoffs; The mechanics and organisation of options market.
4.2 Options Premium
4.3 Options strategies
4.4 Models of Option Pricing
4.5 The Greeks:
4.6 Volatility and related topics
4.7 Exotic options
The evaluation system includes:
(1) Group work (30% of the final grade).
(2) 1st chance exam (70% of the final grade for students under the periodic evaluation system and 100% for the others). The 1st chance exam for students under the periodic evaluation system cannot be lower than 7.5.
The resitting and special exams will occur under the conditions of the master assessment rules with a weight of 100%.
Title: and Risk Management, South-Western, Cengage Learning, 8th Edition.
- Chance e Brooks (2010) - An Introduction to Derivatives
- J. Hull (2011) - Options, Futures and Other Derivatives, Prentice Hall.
- Textos de Apoio teórico/práticos a facultar pelo docente durante o semestre;
Authors:
Reference: null
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Title: - Michael Lewis (2011) - The Big Short: Inside the Doomsday Machine.
- Roger Lowenstein (2001) - When Genius Failed: The Rise and Fall of Long-Term Capital Management.
Authors:
Reference: null
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2nd Cycle Internship
Research Seminar in Monetary and Financial Economics I
This course aims to develop the following skills:
Knowledge and understanding of the nature of scientific activity, with special reference to the field of monetary and financial economics
Knowledge and understanding of the main bibliographical sources in the monetary and financial economics field
Knowledge and understanding of the main sources of data in the monetary and financial economics field
Ability to formulate alternative hypothesis and theories that might explain different types of phenomena and variable behaviour
Ability to use empirical data to test the validity of hypothesis and theories;
Ability to construct sound arguments and to convey them to different types of audiences;
Ability to develop studies and personal research with a high degree of autonomy;
Ability and motivation to life-long learning.
1. Scientific method
2. Data bases search and bibliographical references search
3. The masters dissertation: nature and alternative approaches
4. The formal demands of academic writing
5. Developing a research proposal
The system of assessment is periodic and the final grade is computed with the following weights: final grade = [research proposal grade, given by the dissertation coordinator ]*70%+[Grade obtained in work about Qualitative Analysis]*20%[Grade obtained in the oral presentation of the research proposal]*10%
Given the specificity of this module, there is no final exam.
Title: Biggam, J. (2011). Succeeding with your Master's Dissertation - a step-by-step handbook, Open University Press.
Punch, F. Keith. (2008). Developing effective research proposals, Sage Publications.
Authors:
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Title: -
Authors:
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Research Seminar in Monetary and Financial Economics II
The module aims to develop the following learning outcomes:
LA1. Ability to do bibliographic research and write a literature review about a research topic.
LG2. Ability to research and analyse data using adequate methods
Syllabus points (SP):
SP1. Literature review
a. Bibliographic research
b. Writing the literature review
SP2. Empirical analysis
a. Research and analysis of data and writing the empirical analysis.
b. Complements on econometric methods applied to monetary and financial economics
The assessment throughout the semester is done through the following elements:
- Realization of a literature review about the research topic chosen by the student (written report) (40%)
- Realization of an empirical analysis about the research topic chosen by the student (written report and oral presentation) (40%).
- Team work about databases (20%)
Given the specificity of this module, there is no final exam.
Title: Asteriou, D., Hall, S. G. (2016), Applied Econometrics, Third Edition, Palgrave Macmillan.
Biggam, J. (2011). Succeeding with your Master's Dissertation - a step-by-step handbook, Open University Press.
Ghiglione, R., Matalon, B. (2001). O inquérito: Teoria e prática. Oeiras: Celta Editora.
Mitchell, M., Jolley, J. (2010). Research design explained (7th Ed.). Belmont, CA: Wadsworth, Cengage Learning.
Authors:
Reference: null
Year:
Title: Punch, F. Keith. (2008). Developing effective research proposals, Sage Publications.
Saunders, M., Lewis, P., Thornhill, A. (2015). Research methods for business students (7th Ed.). Harlow, England: Pearson Education Limited.
Authors:
Reference: null
Year:
Recommended optative
Recomended optional course:
2nd semester
• 02125 | Economic Fundamentals in Financial Markets (ECSH | EconP) - In Portuguese
04657 | Emerging Topics in the Financial System – (ECSH | EconP) in English
Besides the optional module recommended for this master's, students can choose any optional module offered in Iscte’s master's programmes. As an example, other optional modules in the scientific area of this master are:
- 03322 - Economics of Banking and Financial Markets (EG | Economics – Econ)
- 01928 - Monetary Theory and Policy (EG | Econ)
- 01917 - Corporate Finance Strategy (EG | Fin)
- M8139 - Portfolio Management (EG | Fin)
- 00563 - Risk Management (EG | Fin)
- M8139 - Portfolio Management
- M1631 - Entrepreneurship and Venture Creation (EG | General Management – GG)
- 03178 - Applied Economic Modelling
- 03875 - Computing for Economics and Business
- 03648 - Political Economy of Financialization
- 03647 - Political Economy and Development
Optional courses will only be held if they achieve a minimum number of enrollments.
Objectives
The master's aims to foster the development of the following competencies in students:
- knowledge and comprehension of the principal concepts and ideas of macroeconomic theory and its importance in analyzing the evolution of economics and financial markets;
- knowledge and comprehension of the Portuguese banking sector;
- knowledge and comprehension of the principal strategies of monetary policy;
- knowledge and comprehension of the relationship between sectoral dynamics and financial markets;
- knowledge and comprehension of the functioning of financial markets, financial institutions, and the principal techniques of evaluating financial assets (including derivatives);
- knowledge and comprehension of the data sources and relevant indicators in this disciplinary domain, as well as the principal statistical and econometric techniques available;
- the ability to utilize theoretical knowledge, statistical sources and empirical methods in new contexts, specifically in defining financial investment and action strategies in the face of the risks arising from sectoral and macroeconomic evolution;
- the ability to utilize acquired knowledge to make proposals about financial structures desirable for companies and evaluate the economic viability of these projects in the face of current financial and economic fluctuations;
- the ability to evaluate the impact of monetary policy measures on financial markets and the economy in general,
- the practical capacity of using specialized bibliographic sources (books and journals) rigorously;
- the ability to work in groups towards the collective resolution of problems and develop logical and factual arguments based in theory;
- the ability to communicate their analyses and conclusions, as well as their knowledge and its accompanying reasoning, clearly and without ambiguity to individuals both within and outside the field;
- the ability to pursue learning throughout life in an independent and self-driven manner.
These skills are developed in the various course modules that compose the Master's. Each one of the skills described above corresponds to a learning goal in one or more of the course modules. These learning goals are listed in the Ficha de Unidade Curricular for each class, as should be the correspondance of each goal with one of the larger objectives of the course. The materials described in the syllabus of each class will be evaluated in individual work, group projects, tests and exams. The dissertation also constitutes a tool of evaluation.
Thesis / Final work
The attribution of the Master's degree requires the completion of a dissertation in the scope of the discipline; this work corresponds to 54 credits. The dissertation will be supervised by a professor specialized in the area, and will be the object of public evaluation and discussion before a jury named for this purpose.
For example, we present the following dissertations completed as part of the Master's:
- “The effect of financialisation on Portuguese private consumption”, by Andreia Gonçalves, 2017.
- “Determinants of the Portuguese Government Bonds Yields”, by André Pinho, 2017.
- “A stock-flow consistent model of the Portuguese economy”, by Pedro Sousa, 2015 (Presented at INFER Workshop on Heterodox Economics, University of Coimbra, 17-18 April, 2015).