Economics, Institutions and Financial Markets
The Master’s Degree in Economics, Institutions, and Financial Markets provides a comprehensive, specialized education that covers a broad spectrum of key areas in finance and economics.
The course is designed to provide a solid theoretical and analytical foundation, with the goal of understanding global markets and contemporary economies.
The curriculum covers:
- The main areas of finance
- Economic theories
- Macroeconomic and microeconomic policies
- Quantitative methodologies
It also provides a critical and informed view of global economic dynamics, which is essential for navigating complex contexts and formulating growth strategies.
- The degree class is LM-56
The Director
Giorgio Di Giorgio
Giorgio Di Giorgio is Professor of Monetary Theory and Policy and Director of CASMEF at Luiss Guido Carli University in Rome. Previously, he served as Deputy Rector for Organization and Faculty (2018-21), Rector's Delegate for Corporate Relations (2017-18) and for International Relations (2003-05), Chairman of the Dept of Economics and Finance (2011-14), Dean of the Faculy of Economics and Management (2007-11) of the same University. He holds a Laurea in Economics cum laude from Sapienza University of Rome (1989) and a Ph.D. in Economics from Columbia University in the City of New York (1996). His research focuses on monetary policy, financial intermediation, dynamic macroeconomics, banking and international finance and he published extensively on these topics.
The Master's Degree program in Economics, Institutions, and Financial Markets is a highly structured two-year course designed to provide students with a solid foundation in economic theory and financial analysis.
In the second year, the program offers three majors to choose from:
- Major in Banking and Financial Intermediaries (in Italian)
This track delves into asset pricing, intermediary management, and FinTech applications. - Major in Economics, Data, and Policy (in English)
This track develops advanced skills in quantitative methods and applied econometrics, with courses on policy evaluation, machine learning, and data analysis. - Major RoME – Rome Master in Economics (in English)
A program of excellence, developed in collaboration with the Einaudi Institute for Economics and Finance, focusing on economic theory, statistics, research, and preparation for international doctoral programs.
Year I 2026/2027
Mathematical Methods for Finance
The course introduces the main methodologies of advanced linear algebra and optimisation, with the aim of providing the necessary tools to tackle applied mathematical problems. The fundamental concepts and techniques of probability calculus, which are indispensable for understanding and using econometric and financial models, are also presented.
Monetary Theory and Policy
The objective of the course is to analyze the theoretical foundations of money and the tools of monetary policy, examining the role of central banks, transmission mechanisms, and the effects on the real and financial economies.
Advanced Corporate Finance
The objective of the course is to equip students with the necessary skills for solving financial issues typical of a business (investment selection, calculation of WACC, choice of optimal financial structure, business appraisal and treasury risk management).
Markets and Financial Intermediaries Law (advanced course)
The objective of the course is to equip students with the necessary skills for solving financial issues typical of a business (investment selection, calculation of WACC, choice of optimal financial structure, business appraisal and treasury risk management).
Economics of Uncertainty and Behavioural Finance
The objective of the course is to provide the theoretical basics - both traditional and behavioural - for analysing economic choices, both individual and strategic, under conditions of uncertainty, incomplete and imperfect information, with a focus on applications to financial markets.
Financial Market Economics
This course provides the tools for a thorough understanding of asymptotic theory in classical econometrics, focusing on how to perform estimation and testing in linear cross-section regression models and on how to implement basic cross-section and time-series methods.
Econometrics for Finance
The course introduces quantitative methods for analysing and forecasting economic and financial phenomena through the use of econometric software. Main topics include the linear regression model for cross-section and panel data, OLS, GLS and IV estimators, and time series models such as AR, ARMA, ARCH, GARCH and EGARCH. Special attention is devoted to stationarity and linear stochastic processes.
Portfolio Theory and Management
The course aims to provide students with advanced financial analysis tools for constructing, managing and evaluating investment portfolios. Optimisation techniques such as the Markowitz model and the Black-Litterman model as well as Monte Carlo simulations will be explored. Upon completion of the course, students will be able to develop effective investment strategies and manage financial portfolios in real-world environments.
Year 2027/2028
Banking institutions and risk management
The course aims to provide a comprehensive overview of the structures, operating models, and regulatory environment of the banking sector, with a focus on techniques for measuring and mitigating financial risks. Analytical tools will be provided to assess credit, market, and operational risk, with real-world case studies included. Upon completing the course, students will be able to design risk management strategies that meet regulatory requirements and support strategic decisions within financial institutions.
Non-Bank Financial Intermediation
The course covers polynomial and logistic regressions; linear discriminant analysis; cross-validation and the bootstrap; subset selection and model regularization methods (ridge and lasso); tree-based methods, random forests, and boosting; neural, artificial, and convolutional neural networks.
2 elective courses
Other ECTS
Certificate 1
Certificate 2
Internship or Project Work
Final Thesis
Total ECTS
Year 1: 2026/2027
Quantitative Methods for Economics
The course provides a solid quantitative basis for economic analysis through an introduction to the main methodologies of advanced linear algebra, optimisation and probability calculus. The aim is to equip students with the mathematical and probabilistic tools needed to rigorously tackle applied problems and interpret econometric and financial models.
Econometric Methods and Applications
During the course, students will be provided with fundamental tools for applied econometric analysis in economics and policy. The focus is on estimation and inference in linear regression models with cross-sectional and panel data. Particular emphasis is placed on understanding the assumptions underlying econometric models, the interpretation of empirical results and practical application using dedicated software.
Microeconomic Analysis
The course aims to provide knowledge of the methods and topics of advanced microeconomic theory, with a focus on the choices of individual economic agents (consumers and firms) and the functioning of competitive markets.
Cases in Antitrust and Competition Law
Concrete cases in antitrust and competition law will be analysed during the course, with a focus on the practical application of European and international regulations. Through the study of decisions and judgments, students will acquire the legal and economic tools to assess the functioning of markets and the implications of competition policies.
Macroeconomic Analysis
This course teaches students the basic notions and methods of advanced macroeconomic theory, focusing on the topics of consumption, asset valuation, economic growth and the natural rate of unemployment.
Policy Evaluation
During the course, methods for identifying and estimating the causal effects of public policies on economic and social variables such as employment, education or income will be introduced. Through applied examples, the main techniques of causal inference will be analysed, including controlled experiments, discontinuity regressions and difference-in-differences models.
Financial Economics
The main economic theories of financial crises will be introduced during the course. The root causes of crises, the mechanisms through which they develop and amplify, including irrational behaviour, moral hazard, leverage, fire sales and bank runs will be analysed. The course also addresses the issue of optimal regulation of the financial system.
Financial Contrast and Strategy
Strategic Decision Making
The course introduces mathematical models for the analysis of strategic decision-making in contexts characterized by uncertainty and interaction among agents. It covers the foundations of game theory, optimization, and decision analysis, with applications to economic, regulatory, and public policy problems. The aim is to provide students with the tools to evaluate complex scenarios, anticipate strategic behavior, and support decision-making based on formal models.
Year 2: 2027/2028
Public Economics and Policies
The economic role of the state in the regulation of markets and the redistribution of resources will be analysed during the course. The instruments of public intervention, such as taxation and spending, are examined in the light of the objectives of efficiency and equity. Particular attention is devoted to the evaluation of public policies in key areas such as welfare, health, education and the environment.
Machine Learning for Economicsts
The course introduces machine learning methods applied to the analysis of economic data. Through an empirical approach, students will learn how to use supervised (and unsupervised) algorithms for predictive analysis, classification and variable selection. The focus will be on the interpretability of models and their use to support economic and policy decisions.
2 elective courses
Other Activities
Certificate 1
Certificate 2
Internship or Project Work
Final Thesis
Total ECTS
Year 1: 2026/2027
Mathematical Methods for Economics
The course provides basic methods in linear algebra, linear and nonlinear dynamical systems, static optimization. These tools are essential to understand and develop mathematical models in economics and finance.
Economic Workshop
The economic workshop focuses on the discussion of research-oriented, applied economics papers, as well as policy-oriented papers. It helps students learn and practice academic presentation techniques, while becoming familiar with methodological, empirical, and policy issues across various areas of economics.
Mathematical Statistics
The course introduces fundamental concepts of statistical inference. Students learn to model a real-life problem as a statistical model.
Microeconomic Analysis
The course provides the knowledge of methods and topics of advanced microeconomic theory, with a focus on the choices of individual economic agents (consumers, firms), and the functioning of competitive markets.
Market Law and Regulation
The course provides an overview of the European financial market regulation, which governs securities markets in the EU, and of the actors within these markets (issuers seeking capital/funding, investment firms that provide intermediation services, trading venues, rating agencies, investment analysts and investment funds).
Econometric Theory
This course provides the tools for a thorough understanding of asymptotic theory in classical econometrics, focusing on how to perform estimation and testing in linear cross-section regression models and on how to implement basic cross-section and time-series methods.
Macroeconomic Analysis
The course provides notions and methods of macroeconomic theory with a focus on consumption, asset pricing, economic growth, and equilibrium unemployment.
Advanced Corporate Finance
The course discusses the Modigliani-Miller model and how agency problems influence business decisions, advanced capital budgeting techniques, capital structure design, dividend policy, firm valuation, and corporate governance. It offers a framework for analysing complex financing and investment decisions.
Year 2: 2027/2028
Asset Pricing
This course provides an advanced analysis of financial instruments and investment strategies, focusing on financial time series data, portfolio theory and practice, equilibrium in capital markets, investment strategies, habit models, models with heterogeneous agents, long-run risk models, and cryptocurrencies.
Advanced Financial Economics
This course provides an in-depth analysis of market efficiency; externalities; public goods; education; healthcare; social security (pension); optimal tax theory; tax incidence; income inequality, and redistribution.
3 Electives
1 Core Course (choose one from the following list)
Core Course List
Applied Microeconomics
This course explores techniques and issues related to firm heterogeneity using empirical methods grounded in economic theory. It focuses on industry dynamics, productivity, and the estimation of production functions. Students acquire state-of-the-art tools and insights into current debates in firm analysis.
Advanced Macroeconomics
The course covers topics such as economic growth, business cycles, monetary and fiscal policy, and international economics. Students analyse dynamic general equilibrium models and learn advanced mathematical and econometric techniques.
Additional Credits
Internship or Project work
Final Thesis
Total ECTS
Luiss offers numerous programs for students, which are accessible based on their current or future degree program.
- Dual degree programs for students enrolled in a master's degree program
- Erasmus and International Exchange Programs
- Free Mover Semester Abroad
- Summer Schools Abroad
Discover all the international programs and opportunities for experiences abroad offered by Luiss to enrich your academic and professional journey.
Admission procedures and requirements
Check out the useful information, procedures and deadlines for submitting an application to master's degree programmes at Luiss.
Tuition fees, scholarships and benefits
The annual single tuition fee for enrolment in the Master's Degree Programme in Economics, Institutions and Financial Markets is € 15,000.00, divided into 3 instalments, plus the regional student welfare tax.*
Luiss offers scholarships and partial or total exemptions from university tuition fees, also thanks to the support of public and private partners.
The University has also entered into agreements with Italian banks to offer flexible loans without collateral.
Check out all the opportunities related to Scholarships and Unsecured Loans.
*The amount of the regional student welfare tax will be decided by the Lazio Region in June/July 2026.
The degree program is subject to approval by the Ministry of University and may undergo modifications.
Career paths
Graduates of the programme will be able to perform highly responsible functions in the economic and financial system, investment banks, asset management companies, banks and other financial institutions, international organisations and regulatory bodies, central banks, the financial sector and the management of multinational companies.
Graduates of the programme will also be able to work as freelancers in the economic-financial area at the highest levels. To that end the curricula of the master’s degree programmes in class LM-56 provide for internships at financial institutions - banking and non-banking - national and international, consulting firms, public bodies and regulatory and supervisory authorities. Graduates will be able to carry out professional activities in economic-financial institutions and businesses, where they will be involved mainly in economic analysis functions and regulatory aspects, as economic systems specialists.
Graduates and employability
- The employment rate of Luiss graduates one year after graduation is 95%.
- The average time that passes between graduation and one’s first job is 1 month, with 70% of graduates already having a job offer before graduation.
- 12% of graduates work abroad.
- Luiss boasts an active network of over 500 employers: businesses, public and private institutions, and multinationals, which offer graduating students and recent graduates concrete job opportunities.
- In 2024, more than 3,200 placements were made between internships and jobs.
- More than 2,800 one-to-one career guidance meetings were provided to support students and recent graduates in their career paths.
- Over 5,000 students took part in networking and recruiting events, organised during 2024: more than 40 events, including 4 career fairs, with the involvement of over 300 employers and 90 Luiss alumni professionals.
