Programme

The evoltuion of economic theories on international economic relatuions will be followed since the 18th century until now, underlining the relationship of evolving theories with major facts and policies.

For 6 credits course:
Masini F. Storia e teorie delle relazioni economiche internazionali, Milano, Franco Angeli, 2017
Masini F. Smemorie della Lira. Gli economisti italiani e l'adesione al Sistema Monetario Europeo, Milano, Franco Angeli, u.e.

Foir the 9 credits course the following should be added:;
MODULE: International Currencies and the Global Economic Order
Bitcoin Stablecoins Blockchain and the Transformation of the International Monetary
System
Common syllabus for a 3 ECTS course. The course examines Bitcoin, blockchain, stablecoins and digital
currencies as transformations of international money and global economic relations. Its purpose is not only
to explain how these technologies work, but also to assess their effects on currency hierarchies, monetary
sovereignty, cross-border payments and relations among states, markets and international institutions. To
keep the workload proportionate to 3 ECTS, the examination syllabus is limited to the eight required items
below. The same syllabus applies to attending and non-attending students, and all texts are freely available
online. Optional readings are not examinable unless otherwise announced.
Learning Objectives
 Distinguish between Bitcoin, crypto-assets, stablecoins, blockchain and central bank digital currencies.
 Understand the international functions of money and the hierarchy among currencies.
 Analyse digital dollarisation, monetary sovereignty and strategic autonomy.
 Assess the role of the IMF, World Bank, BIS, ECB and BRICS in the transformation of global payments.
 Apply these concepts to emerging economies and regional payment systems.
Required Readings
Module 1 International Money and Currency Hierarchies
1. Markus K Brunnermeier Harold James and Jean Pierre Landau The Digitalization of Money, 2019.
Full text. PDF
2. Albertina Nania From Reserve Asset to Fiscal Capacity Rethinking SDRs in Global Economic Governance,
Centro Studi sul Federalismo, 2025. Full text. PDF
3. Bernard Snoy and Christian Ghymers Trumpeconomics and the Triffin Dilemma, Robert Triffin
International, March 2025. Full text. PDF
Module 2 How Digital Money Works
4. Rainer Böhme Nicolas Christin Benjamin Edelman and Tyler Moore Bitcoin Economics Technology
and Governance, Journal of Economic Perspectives, 2015. Full text. PDF
5. International Monetary Fund Understanding Stablecoins, Departmental Paper 25 09, 2025. Executive
Summary; Definition and Conceptual Framework; Recent Developments Current Use Cases and Potential
Demand; Potential Benefits; Risks and Systemic Implications; Conclusion. PDF
The detailed regulatory survey is not required.

Prerequisiti

Basic knowledge of macroeconomic variables

Core Documentation

A specific programme in english will be agreed with english-speaking students.

Type of delivery of the course

Frontal lectures

Attendance

Non compulsory

Type of evaluation

Exams will be in written form and trhe vote must be accepted by the student.