Department of International Economics

Economics is a key building block to understand many of the motivations behind international relations. At the department of international economics, we equip students with a sound grounding in the principles of economics. The core of the economics program offered by the department lies in the field of international economics – a discipline of economics which deals with interactions between economies that arise through trade and financial flows. A high degree of globalisation involves more competition between countries, which typically creates winners and losers in the domestic economy. To understand international policy, it is hence of ample importance to have a solid knowledge of trade policy as well as the international financial system. In addition, the department has a second focus on sustainable development. Students will delve deeper into questions such as what countries, civil society and private actors can do to put economic growth on an environmentally sound footing or why some countries grow faster, while others stay poor.
 

"At the Vienna School of International Studies (DA), we pursue a fact and research-driven approach to teaching economics. This implies that lectures cover the discussion of current policy issues and relate them to cutting edge research in the field of the lecturers’ specialisation. The research orientation at the DA ensures that students are encouraged to solve economic problems early on, and helps in the development of career-relevant specialist and personal skills."
Martin Feldkircher
Professor of International Economics

Course list

1. Economic foundations & methods

How do interest rates affect exchange rates? Why do governments run deficits — and when does it matter? This cluster gives you the tools to answer these questions with more than intuition. You build a solid grounding in micro- and macroeconomics, learn to work with real data, and develop the econometric skills to test claims that others simply assert. The cluster also asks a bigger question: where do economic ideas come from? You trace the evolution of the discipline from Adam Smith to Keynes to Hayek who was born right here in Vienna.

  • Principles of Economics (Martin FELDKIRCHER)
  • Seminar: Introduction to Quantitative Empirical Analysis (Katja KALKSCHMIED)
  • Econometrics - Quantitative Methods in Economics (Jesus CRESPO CUARESMA)
  • Seminar: History of Economic Thought and Methodology (Alexander LINSBICHLER)
  • Economics and Political Economy: The contributions of the Austrian School of Economics (Peter BOETTKE)

2. International & European Economics

What happens when countries weaponise trade? Can an embassy actually boost exports — and by how much? This is the department's largest cluster, and for good reason: the global economy is where diplomacy happens. You start with the building blocks — trade theory, open-economy macro, the economics of the European Union — and quickly move to the questions shaping today's headlines: sanctions, supply-chain politics, and the new geoeconomic rivalry between major powers. A dedicated economic diplomacy track shows you how trade and investment promotion actually works in practice — including designing your own Foreign Direct Investment attraction strategy. You also explore how digital platforms and AI are redrawing market boundaries, and why migration remains one of the most economically significant — and politically charged — phenomena of our time.

  • International Economics (Martin FELDKIRCHER/Werner NEUDECK)
  • The Economics of the European Union (Werner NEUDECK/Aurel SCHUBERT)
  • Digital International Economics (Annabelle GAWER)
  • Economics and Politics of International Migration (Rainer MÜNZ)
  • Geoeconomics: Globalization and Economic Statecraft (Gabriel FELBERMAYR/Katrin KAMIN)
  • Seminar: International Trade (Mauro CASELLI)
  • Principles of Economic Diplomacy (Ahmed Shoukry RASHAD)
  • Economic Diplomacy: Current Topics (Elisabeth KORNFEIND)

3. Development & Growth Economics

Why is South Korea rich and Nigeria not — even though both were at similar income levels in 1960? What makes foreign aid work in one country and fail in another? This cluster tackles the hardest questions in economics. You study the drivers of long-run growth, the role of institutions and governance, and why natural resources can be a curse rather than a blessing. Case studies on current trade agreements and the Sustainable Development Goals agenda connect theory to the messy realities of development policy — exactly the kind of challenges you will face in an international career.

  • Introductory Issues in Economic Development (Michael G. PLUMMER)
  • Economic Growth and Development: Selected Topics (Jesus CRESPO CUARESMA)
  • Advanced Topics in Development Economics (Valentin SEIDLER)

4. Monetary, Financial & Banking Economics

Why did the 2008 crisis spread so fast? Should central banks issue digital currencies? What happens when a country can no longer service its debt — and who sits at the negotiating table? This cluster takes you inside the financial system: how banks, markets, and central banks work, and what happens when they break down. You study financial crises, banking regulation, and the new frontier of monetary policy — from crypto-assets to the legacy of quantitative easing. From the policy side, you will carry out a simulation where you negotiate an IMF-style adjustment programme under real pressure, drafting a Memorandum of Understanding that balances fiscal sustainability against political reality.

  • Seminar: Finance, Risk, and Financial Crises (Thomas GEHRIG)
  • Seminar: Selected Topics in Central Banking (Martin FELDKIRCHER)
  • Seminar: Negotiating an Economic Adjustment Program (Markus ELLER/Reiner MARTIN)

5. Behavioural, Demographic and Climate Economics

Do people actually behave the way economic models predict? How will ageing societies pay for pensions and healthcare in 2050? And can economic growth be decoupled from resource consumption? This cluster challenges the standard assumptions. Behavioural economics shows how real decision-making departs from textbook rationality — and how nudging can improve policy outcomes. The demographic lens reveals the slow-burning challenge of population ageing for labour markets, pension systems, and public finances. Environmental economics equips you with the tools to evaluate climate policy, from carbon pricing to cost-benefit analysis. A new seminar on the circular economy goes further: planetary boundaries, life-cycle assessment, digital product passports, and the policy designs behind Europe's green transition.

  • Seminar: Behavioural Economics (Ben GREINER/Kerstin GROSCH)
  • Seminar: Economic Consequences of Population Ageing (Thomas FENT)
  • Environmental Economics (Tamás KRISZTIN)
  • Seminar: Climate Change Economics and Policy with a Special Focus on Developing Countries (Mariya MAERKOVA)
  • Seminar: Circular Economy (Josef SCHÖGGL)

Master Thesis Supervision

We welcome proposals across all economic fields, but students who have completed one of our methodological courses—such as Quantitative Empirical Analysis, Econometrics—and plan an empirical contribution in their thesis will be given priority in supervision.

For full details, see our  Thesis Guidelines (PDF).

You can also explore past student work in our previous thesis groups (see tabs below).

Thesis Groups

Academic year 2024-25

Economics Thesis Group 2024-25

From left to right:

  • IBRAHIM Zingnaa Bashar (Understanding the Persistence of Galamsey in Ghana: Implications for Environmental Sustainability and Access to International Green Financing)
  • KALKSCHMIED Katja (supervisor)
  • FIDLER Matthias (Cash in the EU: A Pillar of Financial Freedom, Accessibility, and Crisis Resilience)
  • SHEPOVALOV Aleksandr (Official Development Assistance and Growth in Sub-Saharan Africa: Linking Econometric Evidence To Political Realities)
  • VETTER Luca Phileas (Impacts of Geopolitical Risk on Inflation Expectations in the Eurozone - Estimating Deep Conditional Transformation Models with Neural Networks)
  • BORRERO GUTIERREZ Juan Felipe (The Asian Infrastructure Investment Bank and its Effect on The Multilateral Development Financial System and ASEAN Countries: An Analysis of Voting Power)
  • ZWIAUER Denise (The Impact of the EU Carbon Border Adjustment Mechanism on Developing Economies. A Case Study of Mozambique)
  • STILLING Marcus Dahlin (Linking Trade to Peace: Supply Chain Dependency as a Modern Deterrent Strategy)
  • FELDKIRCHER Martin (supervisor)

Academic year 2023-24

Economics Thesis Group 2023-24

From left to right:

  • PETERNELL Thomas (Global monetary aggregates and their influence on price-level and output)
  • HAN Lu (Unveiling Links between Inflation and The Shadow Economy: A VAR Approach)
  • FELDKIRCHER Martin (supervisor)
  • KALKSCHMIED Katja (supervisor)
  • TELIHA Viktoriya (Climate-related speeches by central banks: a political discourse of the green communication)
  • HUBER Tamina (Unveiling the Nutrition Transition: The Role of Sugar Content in Sugar-Sweetened Beverages in Economic Development and Sugar Consumption Patterns)
  • RETTENBACHER Karoline Beate (Silencing the Guns: Economic Sanctions in Times of Conflict Their Theory, Role, and Effectiveness)

 

Economics Thesis Group 2023-24

From left to right:

  • FELDKIRCHER Martin (supervisor)
  • BAUER Judith (Milking the Industry. The EU’s Dairy Policy Impact on the Regional Economy and Social Order Within the EU and ECOWAS.)
  • TUKSA Julia Katharina (Understanding the Dynamics of Foreign Aid in Rebuilding Developing Economies Following Natural Disasters: A Case Study of the 2017 Kermanshah Earthquake)
  • LAWAL Fathia (The Geopolitics of Financing Renewable Energy Transition in Ghana)
  • KALKSCHMIED Katja (supervisor)

Faculty