0768 Investing in Emerging Markets
PD Dr. David Hauner
Contact details; for course administration please contact
Weekly hours
Language of instruction
09/14/23 to 09/22/23
Registration via LPIS
Notes to the course
Subject(s) Master Programs
Day Date Time Room
Tuesday 12/19/23 09:30 AM - 05:30 PM D1.1.074
Wednesday 12/20/23 09:30 AM - 05:30 PM D1.1.074
Thursday 12/21/23 09:30 AM - 05:30 PM D1.1.074

Investing in emerging markets from a practitioner's perspective: macro and micro drivers of growth; macro and political risks; economic policies and their impact on investments; capitalmarkets and their local and global drivers.

Learning outcomes
Students will gain a basic understanding in what drives investment returns in emerging markets; how to analyze these factors; and how to express them in various asset classes.
Attendance requirements

80% of attendance is requested, but it is strongly recommended to attend the whole course.

Teaching/learning method(s)

The course will be highly interactive, and thus much of the assessment is based on active participation. Students will give presentations that will be enriched by active classroom discussionand real-world investment insights from the lecturer. Students will also work on a case study on investing in emerging markets. The course will conclude with an open-book exam to demonstrate that students have actively followed the course and are able to drawcoherent conclusions.


50pc active participation; 25pc presentation; 25pc 2h open book exam at the end of the last day.

Each student should please select one topic from a list, (which will be distributed) for a 15 minute presentation followed by 15 min of Q&As session. Use discretion in selecting the key parts of the publications, make good use of charts and skip the technical parts. Feel free to use additional outside sources to enrich your presentations. The topics differ in length and difficulty: this will be taken into account in the grading of the presentation. Please read as much of the material below as possible: it will show in your class room participation which accounts for most of the grade.

Please note that the presentations have to be uploaded on canvas until December 10, 2023 at the latest.


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Recommended previous knowledge and skills
Introductory macro and finance
Availability of lecturer(s)

David Hauner is a managing director and head of Global Emerging Markets Fixed Income Strategy. He is responsible for the global emerging markets strategy outlook and trading recommendations in FX, rates and sovereign credit. The team’s products include the Global Emerging Markets Weekly, thematic GEMs Viewpoints and EM Alpha trade recommendations. His team has been ranked #1 in Emerging Markets Fixed Income Strategy in the past 10 years in Europe, Middle East and Africa and for the past four years in Asia and Latin America. Prior to joining the firm in 2008, he was an economist at the International Monetary Fund (IMF). Hauner has published more than a dozen research papers on emerging market finance and policy in academic journals. He holds a master’s degree in international policy studies from Stanford University where he was a Fulbright Scholar, and a PhD in economics from the University of Vienna. He is a CFA charterholder and is based in London. For more information about any awards cited, visit


Unit details
Unit Date Contents
1 19/12


2 20/12

Day 2: Emerging financial markets (10 Topics)

2a. Equities

2b. Deepening capital markets in EM

2c. Financial development in 205 economies

2d. Credit ratings

2e. Two targets, two instruments: monetary and exchange rate policies in emerging market economies

2f. Policies for macrofinancial stability - how to deal with credit booms

2g. Currency mismatches

2h. Financial crises

2i. The Washington Consensus, the IMF and the World Bank

2j. EM sovereign debt restructurings

3 21/12

Day 3: Investing in emerging markets (10 topics)

In your presentations on these topics please include the implications of the reading for an investment idea (eg, in equities, bonds or private equity): 1) what you want to buy; 2) rationale; 3) expected return (choose your time horizon); 4) potential risks to your investment and how to mitigate them.

3a. Thinking strategically about EM

3b. Green investing in EM

3c. Corporate governance (Chapter 3)

3d. Asia equity market

3e. Fintech in EM

3f. AI in China

3g. ESG investing

3h. Impact investing

3i. The case for EM debt

3j. Sovereign bonds



Last edited: 2023-11-29