The programme provides a special emphasis on current issues in international economic policy and on recent developments in the areas of multinational investment flows, dynamics of exchange rates, risk management and asset pricing.
Students gain a deeper understanding of both the microstructure and macroeconomic implications of these issues, and necessary technical skills for analysing financial data using computer simulation based models.
Graduates with these skills are highly valued by commercial banks, investment banks and other financial institutions, by public institutions such as Central Banks and by multinational corporations.The Financial Services industry, which is a part of Internationally Traded Services, has been identified by the Irish Government as one of the key sectors for the delivery of high value-added jobs in Ireland and a crucial sector in the further development of Ireland's knowledge-based economy.
Curriculum information relates to the current academic year (in most cases).
Course and module offerings and details may be subject to change.
Glossary of Terms
Year 1 (90 Credits)
Required EC5128: Financial Econometrics
Semester 1 | Credits: 10
This module aims to provide students with an accessible introduction to current models and techniques in financial time series econometrics. It is designed to cover the tools needed for working with real-world financial data to carry out empirical/econometric research in international finance. Students will also be given the opportunity to apply these tools in a financial econometrics research project. The project together with the course lab sessions will also provide students with hands on experience in using econometric software to analyse financial time series data sets.
(Language of instruction: English)
Learning Outcomes
- Develop an understanding of the principles underlying the Ordinary Least Squares (OLS)
- Understand the implications of assumptions underlying OLS
- Conduct hypothesis tests
- Test for the presence of Unit Roots
- Model univariate time-series using the ARIMA methodology
- Explore co-integration between series
- Model volatility using ARCH/GARCH Models
Assessments
- Written Assessment (60%)
- Continuous Assessment (40%)
Teachers
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
- JASON HAROLD: Research Profile| Email
Reading List
- "Applied Econometrics: A Modern Approach (An Introductory Text)" by Asteriou, Dimities and Hall, Stephen
Publisher: Palgrave: London - "Introductory Econometrics for Finance" by Brooks,Chris
Publisher: Cambridge University Press - "An Introduction to Applied Econometrics" by Patterson, Kerry
Publisher: Macmillan Press: London - "Applied Econometric Time Series (A more advanced text)" by Enders, Walter
Publisher: Wiley: New York
The above information outlines module EC5128: "Financial Econometrics" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Required EC5138: International Finance Project
12 months long | Credits: 10
The International Finance Project is intended to give students the opportunity to consolidate knowledge and skills acquired during the International Finance Masters programme and undertake an applied research project. The aims of the project are to enable the student to critically evaluate research in finance and/or economics; to demonstrate independent research; to apply theoretical knowledge and applied techniques acquired; to demonstrate critical thinking skills; and, to produce a well written final project that contributes to existing knowledge. Where appropriate, the project can be linked to employment or work placement. This module involves a series of discussions and meetings with assigned supervisors, the submission of a research proposal, the reporting of progress to supervisors within agreed timeframes, and the submission of the final applied research project.
(Language of instruction: English)
Learning Outcomes
- Formulate a valid applied research question in finance and/or economics and explain the rationale for this question
- Critically analyse, evaluate and synthesise the body of knowledge pertaining to the question under investigation i.e. conduct a literature review or company/industry analysis.
- Review secondary data, where appropriate.
- Choose and apply a suitable methodology to address this question (theoretical, empirical or both).
- Present results and/or findings at the standard appropriate with emphasis on how the results/findings add to the current body of knowledge.
Assessments
- Continuous Assessment (100%)
Teachers
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
- JASON HAROLD: Research Profile| Email
The above information outlines module EC5138: "International Finance Project" and is valid from 2022 onwards.
Note: Module offerings and details may be subject to change.
Required EC501: Microeconomic Theory
Semester 1 | Credits: 10
The course will cover the core topics in microeconomic theory at the Masters level.
(Language of instruction: English)
Learning Outcomes
- Understand the properties of binary relations
- Prove the utility representation theorem
- Understand how to derive Marshallian and Hicksian demands using the method of Lagrange multipliers
- Derive the slu*tsky Equation and understand the principle of duality in consumer theory
- Understand the central tenets of producer theory; Debreu's representation of production, profit maximisation, Hotelling's Lemma
- Derive a “Law of Supply”.
- Understand general equilibrium theory and prove existence of equilibrium using Brouwer's fixed point theorem
- Understand the principles of social choice and understand the reasoning behind Arrow’s Impossibility Theorem.
- Understand the principles of non-cooperative game theory and Nash's proof of the existence of equilibrium in these games
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- ASHLEY JAMES PIGGINS: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "Advanced Microeconomic Theory" by Geoffrey A. Jehle & Philip J. Reny
Publisher: F.T. Prentice-Hall - "Microeconomic Analysis" by Hal R. Varian
Publisher: W. W. Norton and Co. - "Microeconomic Theory" by A. Mas-Colell, M.D. Whinston & J. R. Green
Publisher: Oxford University Press - "A Course in Microeconomic Theory" by D. Kreps
Publisher: FT Prentice Hall - "Mathematics for Economists" by C.P. Simon & L. E. Blume
Publisher: WW Norton
The above information outlines module EC501: "Microeconomic Theory" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.
Required EC5104: Applied Portfolio Management
Semester 1 | Credits: 10
Successful portfolio management requires the development of a broad array of quantitative and qualitative skills, involving an analysis of both the investment instruments available in the capital market and the objectives and constraints of the ultimate investor. In addition, we will explore the linkages between portfoliomanagement and modern risk management. This involves some interaction with the Semester 2 module EC568 Derivatives & Risk Management.We will also explore how to perform some of the quantitative analysis using Excel. This will be integrated into your years work assignment. To facilitate your learning of Excel, a series of laboratory sessions will be scheduled later in the semester.Guest speakers from the financial services industry will give talks on aspects of portfolio management. Further details will be made available as the times and dates for these talks are confirmed.
(Language of instruction: English)
Learning Outcomes
- Explore how to perform some of the quantitative analysis using Excel
- On completion of the course, students should be in a position to understand these issues in quantitative financial economics from both an academic and practitioner perspective.
Assessments
- Written Assessment (60%)
- Continuous Assessment (40%)
Teachers
- CIAN TWOMEY: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "Investments and Portfolio Management" by Bodie, Kane & Marcus,
Publisher: McGraw-Hill - "Running Money: Professional Portfolio Management" by Stewart, Piros & Heisler
Publisher: McGraw-Hill - "Quantitative Equity Portfolio Management" by Chincarini & Kim
Publisher: McGraw-Hill - "Investments" by Cuthbertson & Nitzsche
Publisher: Wiley - "Modern Porfolio Theory and Investment Analysis" by Elton, Gruber, Brown, Goetzmann
Publisher: Wiley - "Options, Futures and Other Derivatives" by Hull
The above information outlines module EC5104: "Applied Portfolio Management" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.
Required EC5109: Macroeconomic Theory and Policy
Semester 1 | Credits: 10
This course aims to provide an accessible masters-level introduction to macroeconomics. Organised in five Topics (each comprising roughly two-three lectures) we will: Motivate each topic by reviewing key facts and policy questions Show how macroeconomic models can be used to think through the questions and to formulate hypotheses to bring to the data Demonstrate how econometric tools can be used to improve our empirical understanding of how the macro economy functions And, finally, return to the motivating questions to debate the appropriate policy course Topic 1: Economic stabilisation and monetary policy Topic 2: Macro-finance Topic 3: Fiscal policy Topic 4: Economic growth
(Language of instruction: English)
Learning Outcomes
- Develop a modern tool-kit for macroeconomic modelling
- Develop an understanding of key papers in the literature on policy-relevant macroeconomic models
- Demonstrate a capacity to critically assess econometrics studies in macroeconomics
- Critically assess current developments in national and European macroeconomic policy
- Demonstrate a capacity to clearly present as part of a team an analysis on a policy-relevant macroeconomic topic
Assessments
- Written Assessment (60%)
- Continuous Assessment (40%)
Teachers
- JOHN MCHALE: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "Advanced Macroeconomics: An Easy Guide" by Filipe Campante, Federico Sturzenegger and Andrés Velaso
Publisher: LSE Press
The above information outlines module EC5109: "Macroeconomic Theory and Policy" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Required EC5127: Financial Data Analytics
Semester 2 | Credits: 10
The aim of this module is to introduce students to financial data analytics and empirical methods used in finance. The module focuses on quantitative techniques that are used in asset valuation, portfolio management, derivative valuation, risk management and financial decision making. Different core financial models are estimated and discussed. In addition, students are introduced to machine learning techniques in finance. Overall, the module has an applied focus and students will get hands-on experience with financial data analytics based on real data. Students will also be introduced to computer programming in Python, where these financial techniques are implemented.
(Language of instruction: English)
Learning Outcomes
- Demonstrate an understanding of the role of different computational and analytical techniques used in quantitative finance
- Apply these analytical techniques to practical real world problems in finance
- Conduct approriate risk management analytical techniques
- Use machine learning methods to help analyse and prepare investment strategies
- Implement financial data analytics in the Python programming language
Assessments
- Continuous Assessment (100%)
Teachers
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
- JASON HAROLD: Research Profile| Email
The above information outlines module EC5127: "Financial Data Analytics" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Required EC5119: Derivatives and Risk Management
Semester 2 | Credits: 10
• This course is an introduction to modern derivatives and risk management. We begin by exploring the basic features of futures, swaps and options with an emphasis on economic intuition and understanding, although important quantitative techniques are developed.• We use the insights developed in these topics to examine some well-known examples of derivatives mishaps and recent applications of derivatives, including credit derivatives and weather derivatives.
(Language of instruction: English)
Learning Outcomes
- To understand key concepts, equations and terms
- Explore the basic features of futures, swaps and options
- To examine some well-known examples of derivatives mishaps and recent applications of derivatives, including credit derivatives and weather derivatives
Assessments
- Continuous Assessment (100%)
Teachers
- CIAN TWOMEY: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "Options, Futures, & Other Derivatives" by John C. Hull
The above information outlines module EC5119: "Derivatives and Risk Management" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Optional EC505: Dissertation
12 months long | Credits: 10
The dissertation module provides an opportunity for independent and original work, either via the completion of an applied research project. The aims of the module are to enable the student to critically engage in applied economics work; to demonstrate independent research and to apply theoretical knowledge acquired; to demonstrate critical thinking skills; and to produce a minor research dissertation that contributes to existing knowledge. This module involves a series of discussions and meetings with supervisors, submission of proposals, progress reporting to supervisors within agreed timeframes.
(Language of instruction: English)
Learning Outcomes
- Formulate a valid research question and explain the rationale for this question
- Choose the appropriate method to address this question (theoretical, empirical or both)
- Critically analyse, evaluate and synthesise the body of knowledge pertaining to the question under investigation
- Present results and/or findings at the standard appropriate with emphasis on how the results/findings add to the current body of knowledge
Assessments
- Research (100%)
Teachers
- BRENDAN KENNELLY: Research Profile| Email
- Thomas McDermott: Research Profile| Email
The above information outlines module EC505: "Dissertation" and is valid from 2022 onwards.
Note: Module offerings and details may be subject to change.
Optional EC5129: Global Financial Economics
Semester 1 | Credits: 10
This module surveys developments in global financial markets and institutions, providing an overview of challenges for industry, policy and society. A key focus is on sourcing high quality data and analysis on industry developments, and on framing interpretations in the light of evolving theoretical approaches, and societal concerns. Particular attention is paid to developments in banking systems and securities markets in a post-global financial crisis environment, and to challenges for regulators and for industry in respect of rapid technological and political change.
(Language of instruction: English)
Learning Outcomes
- Identify and assess significant developments in financial market structures and institutional forms
- Access and analyse relevant quantitative indicators of financial market developments
- Relate empirical industry data to influential theoretical frameworks in financial economics
- Relate developments in the financial sector to policy goals and instruments
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- AIDAN KANE: Research Profile| Email
- CLAIRE NOONE-KELLY: Research Profile| Email
- CIAN TWOMEY: Research Profile| Email
The above information outlines module EC5129: "Global Financial Economics" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.
Optional SBE5115: Global Studies
Semester 1 and Semester 2 | Credits: 5
The objective of this module is to develop a global perspective and an appreciation of working in a multicultural environment through addressing global business issues in conjunction with another University or Universities.
(Language of instruction: English)
Learning Outcomes
- Demonstrate an understanding of global business-related issues through the study of a business module in conjunction with another University.
- Critically evaluate current issues in the global business context.
- Appraise opportunities and challenges these issues pose with respect to the UN Sustainable Development Goals.
- Examine and synthesise ways that organisations can address these issues.
- Articulate an appreciation of, and a respect for, the differences between cultures and the challenges of working in a multi-cultural environment.
Assessments
- Continuous Assessment (100%)
Teachers
- GERRY CAMPBELL: Research Profile| Email
- EMER CURTIS: Research Profile| Email
- MURRAY SCOTT: Research Profile| Email
The above information outlines module SBE5115: "Global Studies" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Optional SBE5116: Global Studies
Semester 1 and Semester 2 | Credits: 10
The objective of this module is to develop a global perspective and an appreciation of working in a multicultural environment through addressing global business issues in conjunction with another University or Universities.
(Language of instruction: English)
Learning Outcomes
- Demonstrate an understanding of global business-related issues through the study of a business module in conjunction with another University.
- Critically evaluate current issues in the global business context.
- Appraise opportunities and challenges these issues pose with respect to the UN Sustainable Development Goals.
- Examine and synthesise ways that organisations can address these issues.
- Articulate an appreciation of, and a respect for, the differences between cultures and the challenges of working in a multi-cultural environment.
Assessments
- Continuous Assessment (100%)
Teachers
- GERRY CAMPBELL: Research Profile| Email
- EMER CURTIS: Research Profile| Email
- MURRAY SCOTT: Research Profile| Email
The above information outlines module SBE5116: "Global Studies" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Optional EC576: International Monetary Economics
Semester 2 | Credits: 10
The aim of this course is to increase students’ understanding of how the international financial system operates, which an emphasis on the role of banks and central banks in the financial system. A key focus of the course will be the response of central bank to the financial crisis and the effect of these policies on asset markets. We will also consider recent moves to build a banking union in Europe.
(Language of instruction: English)
Learning Outcomes
- to increase their understanding of what banks do and how they work
- to increase their familiarity with causes of banking crises and policy responses
- understand the role of money and central banks in the financial system
- understand the role of central banks and control of interest rates
- increase their understanding of a Gold standard as a monetary system
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- ALAN AHEARNE: Research Profile| Email
- IMELDA HOWLEY: Research Profile| Email
- CLAIRE NOONE-KELLY: Research Profile| Email
- CIAN TWOMEY: Research Profile| Email
- JOHN MCDONAGH: Research Profile| Email
Reading List
- "http://nuigalway.blackboard.com" by All materials are available on Blackboard
The above information outlines module EC576: "International Monetary Economics" and is valid from 2017 onwards.
Note: Module offerings and details may be subject to change.
Optional EC5126: Financial and Macroeconomic History
Semester 2 | Credits: 10
Economists and financial market participants increasingly value the perspectives and insights offered by historical approaches. This module surveys the evolution of financial markets and institutions, and their relationships to the evolving global macroeconomic environment. Focussing initially on Europe and Atlantic economies, we survey the development of equity, foreign exchange, and government debt markets over historical time, exploring the availability of empirical evidence from diverse sources. There is a particular emphasis on how modern finance theory and time series econometrics are both useful in, and challenged by, historical financial data.
(Language of instruction: English)
Learning Outcomes
- Identify and use a range of historical financial data from diverse sources
- Relate the evolution of key financial markets and institutions to historical and contemporary macroeconomic environments
- Apply a range of empirical techniques (including core time-series econometrics methods) to the analysis of historical financial data
- Assess the usefulness of contemporary theoretical models in interpreting historical financial data in a variety of contexts
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- AIDAN KANE: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
The above information outlines module EC5126: "Financial and Macroeconomic History" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.
Optional EC563: International Finance
Semester 2 | Credits: 10
This module provides a rigorous introduction to international finance and open economy macroeconomics. Recognising that financial markets are increasingly international – with massive gross flows of international capital – the module provides analytical frameworks to help financial market participants and policymakers navigate the often challenging world of international finance. The topics covered include the relationship between the trade/current account balance and international financial flows, the determination of exchange rates, the choice of exchange rate regimes and interrelationship between macroeconomic and financial variables.
(Language of instruction: English)
Learning Outcomes
- Understand the theoretical and formal building blocks of modern international finance and open economy macroeconomics
- Employ macroeconomic tools and techniques for policy analysis in an open economy context
- Analyse monetary, fiscal, exchange rate and macroprudential policy challenges in the wider political economy context
- Analyse broad patterns of interaction between international financial markets and the macroeconomy
- Understand how international financial and macroeconomic policies can promote sustained, inclusive and sustainable economic growth and productive employment and decent work for all (Goal 8, Sustainable Development Goals.)
Assessments
- Written Assessment (60%)
- Continuous Assessment (40%)
Teachers
- JOHN MCHALE: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "The Shifts and the Shocks" by Martin Wolf
ISBN: 0718197976.
Publisher: Penguin UK - "Foundations of International Macroeconomics" by *Obstfeld, M. and K. Rogoff
Chapters: 1 - "Sudden Stops in the euro area" by *Merler S. and J. Pisani-Ferry
Publisher: Bruegal. Available at: http://www.bruegel.org/publications/publication-detail/publication/718-sudden-stops-in-the-euro-area/ - "World Economic Outlook" by International Monetary Fund
Publisher: http://www.imf.org/external/pubs/ft/weo/2014/02/
Chapters: 4 - "“The Breakup of the Euro Area,” In Europe and the Euro, Alberto Alesina and Francesco Giavazzi, editors" by Eichengreen, B.
Publisher: The University of Chicago Press. - "Foundations of International Macroeconomics" by Maurice Obstfeld and Kenneth Rogoff
Publisher: The MIT Press: Cambridge, MA
The above information outlines module EC563: "International Finance" and is valid from 2023 onwards.
Note: Module offerings and details may be subject to change.
Optional EC5124: Economics and the Global Economy
Semester 2 | Credits: 10
The aim of this module is to increase students’ understanding of economics and economic issues in the global economy. Topics include the scope of economics, global economic issues, methodology and economic models, role of economic policy and policymakers, economic performance: measurement and analysis, and the economic and business environment.
(Language of instruction: English)
Learning Outcomes
- Understand the scope of economics
- Assess global economic issues
- Knowledge and application of methodologies and economic modelling
- Appraise economic policy and the role of policymakers
- Interpret and analyse economic performance
- Evaluate the economic and business environment
Assessments
- Written Assessment (80%)
- Continuous Assessment (20%)
Teachers
- GERARD TURLEY: Research Profile| Email
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
Reading List
- "Principles of Economics" by Turley, G., Maloney, M. and O'Toole, F.
Publisher: Gill and Macmillan
The above information outlines module EC5124: "Economics and the Global Economy" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.
Optional EC5137: Green and Sustainable Finance
Semester 2 | Credits: 10
Transforming the global economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. The aim of this module is to introduce students to the important role of financial markets in the transition to a climate-neutral, green, competitive and inclusive economy. The module explores the requirements to mobilise financial markets to align with environmental and climate targets, and focuses on the different financial products and instruments that can power the transition. Overall, the module will consider how to embed green and sustainable finance principles and practice into financial decision-making.
(Language of instruction: English)
Learning Outcomes
- Demonstrate an understanding of the ways in which financial markets can support the transition to a sustainable, low-carbon economy.
- Identify the key policy and regulatory frameworks supporting green and sustainable finance.
- Explain the tools of how capital can be raised for green and sustainable projects.
- Assess the importance of climate related and environmental risks and their impact on the finance sector.
- Integrate responsible and sustainable factors into investment decision-making.
- Evaluate the role of financial technology in supporting green and sustainable finance.
Assessments
- Written Assessment (70%)
- Continuous Assessment (30%)
Teachers
- SANDRA BRENNAN: Research Profile| Email
- CHARMAIN BYRNE: Research Profile| Email
- JASON HAROLD: Research Profile| Email
The above information outlines module EC5137: "Green and Sustainable Finance" and is valid from 2022 onwards.
Note: Module offerings and details may be subject to change.
