Monetry and Financial Economics

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Program Overview

This advanced master’s program equips students with rigorous analytical tools and empirical techniques for understanding monetary policy, financial markets, and their macroeconomic implications. Through a blend of economic theory, quantitative methods, and policy applications, graduates will be prepared for careers in central banks, regulatory agencies, international organizations, financial institutions, and academia.

Teaching Language : Arabic - French - English

Curriculum Highlights

Core Courses

Semester I

Unit: Fundamental

Course: Advanced Banking Economics

Course Content:

  • Financial Liberalization
  • Universal Banking
  • Banking Mergers
  • Bank Privatization
  • Basel Committee Regulations
  • Bank Governance
  • Banking Information Systems
  • Electronic Banking and E-Banking
  • Financial Inclusion
  • Financial Crises and Financial Stability

Course: Stock Market Management Techniques

Course Content:

  • Conceptual Introduction to the Stock Exchange and Securities
  • Procedures for Accessing the Stock Market
  • Stock Exchange Regulation
  • Financial Intermediaries and Stock Market Orders
  • Pricing and Clearing in the Stock Market
  • Technical Analysis of Securities
  • Fundamental Analysis of Securities
  • Valuation of Stocks and Bonds

Course: International Finance

Course Content:

  • Conceptual Framework of International Finance and International Funding
  • International Monetary System
  • Balance of Payments
  • Exchange Rate, Foreign Exchange Markets, and Forex Market
  • Risks Associated with Foreign Exchange Operations and Hedging Techniques
  • Eurodollar Market
  • International Financial Institutions
  • International Financial Crises
  • International Debt Crisis

Course: Public Accounting

Course Content:

  • Conceptual Introduction to Public Accounting
  • Concepts of the Budget / Balance Sheet
  • Personnel Involved in Public Accounting
  • Preparation and Execution of the Public Budget
  • Control over the Execution of Financial Operations
  • Modernization Project of the Budget System in Algeria
  • Examples of Public Accounting in Algeria

Unit: Methodology

Course: Insurance Economics

Course Content:

  • Concept of Insurance and Its Historical Development
  • Theories of Insurance and Its Classification
  • Characteristics and Pillars of Insurance
  • Legal Principles of Insurance
  • Economic and Social Importance of Insurance
  • Insurance and Social Security Bodies
  • Concept, Types, and Requirements of Insurable Risks
  • Management, Evaluation, Measurement, and Mitigation of Insurable Risks
  • Fundamentals and Methods for Determining Insurance Premiums (Insurance Service Pricing)
  • Life Insurance and Reinsurance
  • Taxation of Insurance Companies

Course: Administrative Communication and Correspondence

Course Content:

  • Concept of Communication
  • Types of Organizational Communication
  • Concept of Administrative Writing
  • Formal Elements of Administrative Letters
  • Administrative Expression Forms
  • Administrative Correspondence: official letters, invitations, summonses, dispatch schedules, telegrams
  • Descriptive, Narrative, and Analytical Documents: reports, minutes, case presentations
  • Organizational Administrative Texts: decrees, decisions, resolutions
  • Explanatory Administrative Texts: circulars, instructions, memoranda, announcements
  • Administrative Terminology
  • Electronic Communications via Email as a Modern Organizational Tool

Unit: Exploratory

Course: Time Series Analysis

Course Content:

  • Introduction to Time Series and Component Estimation
  • Stationarity and Autocorrelation / Partial Autocorrelation
  • Exponential Smoothing Models for Forecasting Time Series

Unit: Horizontal

Course: Specialized Foreign Language 01 (English)

Course Content:

  1. Business Correspondence
  2. Banking Depth and Economic Growth
  3. Financial Auditing
  4. International Finance
  5. Financial Economic Measurements
  6. Public Company Transactions
  7. Stock Market Strategies


Semester II

Unit: Fundamental

Course: Bank Management

Course Content:

  • Bank Financial Statements in Algeria
  • Bank Performance Evaluation
  • Asset and Liability Management
  • Banking Risk Management
  • Management of Non-performing Loans
  • Prudential Regulations in Bank Management
  • Credit Analysis Tools
  • Bank Oversight and Control
  • Banking Strategies

Course: Portfolio Management

Course Content:

  • Conceptual Introduction to Financial Portfolios (concept, composition, objectives, management styles)
  • Return and Risk of a Financial Asset
  • Return and Risk of a Financial Portfolio
  • Optimal Diversification and Markowitz Theory
  • Efficient Portfolio Construction Strategies
  • Asset Pricing Models
  • Portfolio Performance Evaluation Models
  • Investment Funds
  • International Portfolios

Course: Advanced Macroeconomics

Course Content:

  • General Review (Classical Model, IS-LM Model, IS-LM-BP Model)
  • Major Schools of Macroeconomic Thought
  • Aggregate Demand–Aggregate Supply (AD-AS) Model
  • Expectations and Their Impact on General Equilibrium and Policy
  • Expectations and Their Impact on General Equilibrium and Policy (duplicate topic)
  • Labor Market from the Perspective of Modern Theories
  • The Augmented Phillips Curve
  • Modern Consumption Functions
  • Economic Growth Models
  • Exogenous Growth Model
  • Endogenous Growth Model

Course: Project Evaluation

Course Content:

  • Introduction to Investment Project Appraisal
  • Cost of Capital and Its Role in Investment Decisions
  • Investment Project Evaluation Criteria under Certainty
  • Investment Project Evaluation Methods under Risk and Uncertainty
  • Evaluation of Ongoing Projects (Performance Measures)

Unit: Methodology

Course: Financial Econometrics

Course Content:

  • Nonlinear Processes
  • ARCH/GARCH Models

Course: Master’s Thesis Methodology

Course Content:

  • Project Problem Statement: identifying the problem, need, or market gap using design thinking tools
  • Identifying the Target Audience – the Customer
  • Defining the Value Proposition for the Customer
  • Defining the Workflow Structure – production steps
  • Financial Study of the Project/Organization – cost and profit structure
  • Analyzing the Institutional Environment: PESTEL and Porter’s Six Forces
  • Prototype Design – From Scratch to Prototyping
  • Defining the Minimum Viable Product (MVP)
  • Citation, Referencing, and Use of Sources
  • Structure and Organization of Research Framework: research design, sample, data collection, data analysis plan
  • Structure and Organization of Results Presentation and Discussion
  • Structure and Organization of Thesis Conclusion
  • Writing and Formatting in APA Style: text, references, tables, figures, appendices
  • Presentation and Speaking Techniques

Unit: Exploratory

Course: Financial and Banking Services Marketing Course Content:

  • Introduction to Financial Institutions
  • Introduction to Financial Services Marketing
  • Financial Market Segmentation, Targeting, and Positioning
  • Financial Services Customer Behavior Study
  • Financial Product (Service)
  • Pricing of Financial Services
  • Distribution of Financial Services
  • Promotion of Financial Services
  • People, Processes, and Physical Evidence
  • Electronic Financial Services
  • Banking Services Marketing
  • Insurance Services Marketing

Unit: Horizontal

Course: Specialized Foreign Language 02 (English)

Course Content:

  • Bank Management
  • Islamic Finance
  • Public Accounting
  • Marketing Strategies in Banking and Finance
  • Job Interviews


Semester III

Unit: Fundamental

Course: Financial Engineering

Course Content:

  • Evolution of the Financial Engineering Concept
  • Financial Instruments and Funding Sources
  • Derivative Instruments and Derivatives Market
  • Derivatives in Organized Markets
  • Derivatives in Organized Markets (duplicate topic)
  • Derivatives in Over-the-Counter Markets
  • Islamic Financial Engineering

Course: Monetary and Financial Trends Course Content:

  • Overview of Key Developments in the Contemporary Global Monetary and Financial Environment
  • Modern Monetary Policy Management
  • Modern Fiscal Policy Management
  • Financial System and Monetary & Fiscal Policies in the Digital Economy Era
  • Challenges of Monetary and Fiscal Policies in Contemporary Monetary Unions
  • Currency Wars and Their Global Economic Impacts
  • Financial System and Policy Management During the Pandemic
  • Behavioral Finance and Contemporary Investment in International Financial Markets
  • Challenges of Financial System, Monetary, and Fiscal Policies in Algeria

Course: Islamic Finance

Course Content:

  • Islamic Financing Principles
  • Islamic Money Market
  • Islamic Capital Market
  • Takaful (Cooperative Insurance) Institutions
  • Islamic Investment Funds
  • Waqf and Its Financial Role
  • Islamic Finance and Financial Stability
  • Supporting Institutions for Islamic Finance
  • Current Status and Challenges of Islamic Finance

Unit: Methodology

Course: Bank Auditing

Course Content:

  • Introduction to Bank Supervision and Auditing
  • General Auditing Methodology and Steps
  • International Auditing Standards
  • External Auditing in Banks
  • Internal Control and Auditing in Banks
  • Auditing Bank Accounts and Operations
  • Evaluation of Control and Auditing Systems in Algerian Banks

Course: Financial Technology (FinTech)

Course Content:

  • Conceptual Framework of Financial Technology
  • Digital Platforms (Open Banking, Peer-to-Peer Finance)
  • Big Data Management and AI in Finance, Smart Contracts, Accelerators, Predictive Analytics
  • InsurTech
  • Cybersecurity
  • FinTech in the Islamic Finance Industry
  • Risks and Regulatory Frameworks for FinTech
  • FinTech Ecosystem
  • Successful Global FinTech Case Studies

Unit: Exploratory

Course: Financial and Banking Legislation in Algeria Course Content:

  • Sources and Bodies of Financial and Banking Legislation in Algeria
  • Banking Legislation in Algeria
  • Legislation Governing Public Treasury Operations in Algeria
  • Tax Legislation in Algeria
  • Insurance Legislation in Algeria
  • Legislation for Islamic Banking and Takaful in Algeria
  • Legislation Regulating Stock Market Operations in Algeria
  • Evaluation of Practical Implementation of Financial and Banking Legislation in Algeria

Unit: Horizontal

Course: Statistical Software Course Content:

  • Introduction to EViews Software
  • Simple Linear Regression
  • Multiple Linear Regression
  • Autocorrelation Diagnostics and Remedies
  • Multicollinearity Tests and Remedies
  • Heteroscedasticity Tests and Remedies
  • Tests for Randomness
  • Detection and Removal of Seasonality
  • Autocorrelation Function (ACF) and Partial ACF
  • Stationarity Tests
  • Box-Jenkins Methodology


Semester IV

Unit: Core

Course: Field Study Leading to Master's Thesis Course Content:

  • Conducting an Empirical Field Study Culminating in a Master's Thesis Discussion


Advanced Topics

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Admissions Information

Bachelor in Economic Sciences

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