The objective of this course is to present the issues related to the integration of economies. Starting with fiscal externalities, it addresses the issue of coordination of tax and public spending policies, then looks at public debt issues and sovereign debt crisis. It presents the current account as an optimal allocation of resources between countries, which allows to analyze the rise of global imbalances.
Ch. I : Fiscal policy in open economy
Ch. II : Sovereign debt crisis
Ch. III : Intertemporal approach of the current account (capital flows, global imbalances, original sin, value effects)