2023-2024 / ECON2261-1

Monetary and financial economics


45h Th

Number of credits

 Bachelor in economics and business management5 crédits 
 Master in economics : general (60 ECTS)5 crédits 
 Extra courses intended for exchange students (Erasmus, ...)5 crédits 


Lionel Artige

Language(s) of instruction

French language

Organisation and examination

Teaching in the second semester


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

The course in Monetary and Financial Economics covers monetary theory and policy (Prof. Lionel Artige) as well as topics in international finance (Prof. Caterina Santi). The program consists of 2 parts:

Part 1 (Lionel Artige) : Monetary economics

  • Money and the money market 
  • The demand for money
  • The money supply: money creation
  • Interest rate formation
  • Monetary policy
  • Financial crises 
Part 2 (Caterina Santi): International Finance 

  • Introduction to the Foreign Exchange Market
  • The different exchange rate regimes
  • Determinants of exchange rates
  • Hedging currency risk
  • Cryptocurrencies

Learning outcomes of the learning unit

The objective of this course is to acquire knowledge in monetary economics and international finance in order to understand the international economic environment and its underlying mechanisms.

Prerequisite knowledge and skills

Courses in Macroeconomics and in Financial Markets.

Planned learning activities and teaching methods

Lectures and reading list.

Mode of delivery (face to face, distance learning, hybrid learning)


Recommended or required readings

Szpiro, Daniel (2009) Economie monétaire et financière, de Boeck.

Mishkin, Frederic S. (2010) Monnaie, banques et marches financiers, 9ème édition, Pearson.

Landais, Bernard (2008) Leçons de politique monétaire, de Boeck.

Hull, John (2011) Options, Futures et autres actifs dérivés, Pearson, 8ème édition.

Benassy-Quéré Agnès, Coeuré, Benoît (2014), Economie de l'Euro, Collection Repères

Exam(s) in session

Any session

- In-person

written exam ( multiple-choice questionnaire, open-ended questions )

Continuous assessment

Additional information:

Part 1 (Lionel Artige)  : Final written exam with open questions (50%)

Part 2 (Caterina Santi): Final written exam with exercises         (30%)
                                   4 x Online MCQs                                 (20%)

Work placement(s)

Organisational remarks and main changes to the course


Prof. Lionel Artige

Office :  1/32b (N3, Rue Louvrex)

Tél : 04 366 48 91

email : lionel.artige@uliege.be 


Prof. Caterina Santi

Office : 104 (N1, Rue Louvrex)

email : Caterina.Santi@uliege.be


Association of one or more MOOCs

There is no MOOC associated with this course.