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Chair ofInternational Economics

Prof. Gonçalo Pina, Chair Owner of  International Economics, Berlin campus, ESCP EuropeAt the Chair of International Economics, we study the global economic environment in which businesses, households, and policy makers operate. Our research and teaching incorporate theoretical and empirical aspects, with a focus on real-world examples, to help navigate decision making in an international context.

Recent research focuses on the effect of trade-shocks in monetary unions, the role of financial innovation in international sovereign debt markets, and the effect of financial liberalization on economic growth. Our aim is for future business leaders to develop the necessary tools to navigate a changing global economic environment.

- Prof. Gonçalo Pina

We offer the following courses:

Bachelor in
Management (BSc)

  • International Economics
Go to the programme

Master in

  • Economics for Managers
Go to the programme

Master in
International Sales Management

  • Economics for Managers
Go to the programme

MSC in
International Sustainability Management

  • International Economics
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Research approach

We study macroeconomic and financial policies that are relevant for open economies, combining theoretical and empirical methods.

Theoretical methods:

  • Static and dynamic optimization
  • Stochastic control in continuous time
  • Simulation methods

Empirical methods:

  • Structural estimation and panel data econometrics
  • Linear Projections and instrumental variables
  • Quasi-experimental methods and non-parametric estimation
  • Data collection: web scrapping and hand-collection

Research topics

Currency unions, trade shocks and monetary policy in open economies

Studies the causal impacts of trade shocks and monetary policy shocks in economies under a fixed exchange rate, for example, in the Eurozone.

GDP-linked bonds and sovereign default

Investigates the development, performance and effects of state-contingent debt bonds (GDP-linked), in international sovereign bond markets.

Financial Liberalizations

Explores how different financial liberalizations, for example, opening to capital flows and to competition in the financial sector, interact and determine economic growth.

Accumulation and management of international reserves

Examines how central banks manage their holdings of foreign currencies when they face of trade and financial shocks.

Behavioral Economics

How decision making, scheduling and feedback affect performance in competitive environments.

Focus on:
Last Publications


PINA, G. (2019), Task scheduling and performance: Evidence from professional surf tournaments, JOURNAL OF ECONOMIC PSYCHOLOGY, accepted.


PINA, G. (2019), Macro and micro financial liberalizations, savings and growth, JOURNAL OF FINANCIAL ECONOMIC POLICY, 10 (2), 290-309.


PINA, G. (2017), International Reserves and Global Interest Rates, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 74 (June), 371-385


PINA, G. (2015), The Recent Growth of International Reserves in Developing Economies: A Monetary Perspective, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 58 (November), 172-190.

Peer-reviewed Journal

KOLEV, G. I., G. PINA, and F. TODESCHINI. (2015), "Decision making and underperformance in competitive environments: Evidence from the national hockey league." KYKLOS, 68 (1), 65-80.

Find an overview

Team and contact

Prof.Dr. Gonçalo Pina, Chair owner, Chair of International Economics, Berlin Campus, ESCP Europe

Prof.Dr. Gonçalo Pina

Chair Owner
Meryem Masmoudi, Student Assistant, Chair of International Economics, Berlin Campus, ESCP Europe

Meryem Masmoudi

Student Assistant