M.Sc. Economic Development and Growth (Erasmus Mundus)

Carlos III University of Madrid

Application deadline: First deadline: 28th of November for students from Third Countries - Second deadline: 15 of January for students from European countries Students who apply only for admission to the Master and do not want to apply to Erasmus Mundus scholarships, can apply at any time before 30th of June,
Tuition fee:
  • € 6,000 / Year (EEA)
  • € 8,000 / Year (Non-EEA)
Start date: September  2015
Duration full-time: 24 months
Partnership: Erasmus Mundus Scholarship
  • English
Delivery mode: On Campus
Educational variant: Full-time

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The Erasmus Mundus Master Course in Economic Development and Growth-MEDEG is a full-time masters programme organized by a consortium including three top-class European Universities:

* Universidad Carlos III Madrid - Spain (coordinating institution)
* University of Warwick - United Kingdom
* University of Lund - Sweden

The Erasmus Mundus Master course in "Economic Development and Growth (MEDEG)" has four main objectives:

* to educate an innovative generation of analysts, researchers and professionals in the field of economic development and growth;
* to create a high-quality European master programme able to compete in the international market for higher education as a reference centre for research and professional training in the field of economic development and growth;
* to institutionalize the mobility and interaction of students and scholars across Europe and with Third-Countries;
* to contribute to European education´s excellence and competitiveness at international level within the European Higher Education system.

MEDEG combines the complementary expertise existing at three leading European Universities into a common platform of graduate education and training. This objective is pursued within the guidelines of the Bologna process and aims to contribute to the development of the European Higher Education Area.
The MEDEG gives students with high academic and professional potential, coming both from the EU and Third-countries, the opportunity to specialize in an exciting area of economic studies and spend two years in an international academic environment oriented towards the promotion of research and teaching excellence.

High employability of MEDEG students at national and international level is consistent with the objectives of the European Higher Education Area. Students educated and trained at MEDEG will find plenty of career opportunities both at national and international institutions working on economic development, such as the European Union, OECD, ILO, World Bank, UNESCO, WTO, CEPAL, IADB (Inter-American Development Bank), NGOs, governments and central banks, think-thanks, multinational companies, consulting firms.

For students willing to develop an academic career, the MEDEG offers the advanced skills required to carry out research at scholarly level in the fields of development economics, economic history, applied economics and international economics. The participating institutions offer to talented students oriented towards an academic career the possibility to continue their postgraduate education in one of their Doctoral Programmes.


MEDEG lasts two academic years, includes 120 ECTS (60 ECTS/year), and consists of 14 or 16 course modules (depending on the two different mobility schemes available) delivered through a combination of lectures, classes, tutorials and essay writing with individual supervisors. Another key component of the programme are a 8.000-word research dissertations to be written at the end of the first year and a 15.000-word dissertation to be written at the of the second year, on subjects chosen by students in consultation with supervisors.

Students are mandatorily required to study in two different universities of the consortium. In each university, they have to remain for one year and complete 60 ECTS. More specifically, the possible combinations are:

* (A) Warwick (1st year) - Lund (2nd year)
* (B) Carlos III Madrid (1st year) - Lund (2nd year)

MEDEG students can choose to spend their first year either at the University of Warwick (Option A) or at Universidad Carlos III Madrid (Option B). Warwick targets English-speaking students oriented towards research on economic development and growth at academic level. Carlos III Madrid targets Spanish-speaking students wanting either to pursue a professional career as development economists at governmental agencies and international organizations or to carry out research in development economics and economic history at academic level.

The first term is common at both universities and provides basic courses in Macro- and Micro-economics, International Economics, Statistics and Econometrics at intermediate level. In the second term, advanced courses are taught in order to allow students to specialize in the field of Economic Development according to the expertise offered by the two Universities. Students at Warwick develop advanced skills in econometric analysis, and focus mainly on advanced research topics in economic history, macro- and micro-topics in development and transition. Students at Carlos III focus on the analysis of different facets of economic development with a special emphasis on demography, inequality and poverty, and privilege Latin America as their main field of analysis. In both Universities the 3rd term of the first year is devoted to preparing an 8.000-word final dissertation. First year courses end up with a general workshop of one week in which MEDEG students from both options receive advanced training on specific topics by specialist from consortium universities and external experts. Students with the highest-quality first-year dissertations will also present the results of their research and discuss them with experts.

In the second year MEDEG students move to the Lund University to receive education and training in a series of advanced courses on different aspects of long-run economic development and growth. Thanks to the wide scope of expertise available at Lund and mobility schemes which allow instructors from both Warwick and Carlos III Madrid to move to Lund for one term, students can choose among a high number of courses on topics as varied and diverse as comparative patterns of economic change, technological change and innovation, inequality and living standards, economic demography, energy and sustainability, globalization and growth. In addition methodological courses are also offered on advanced quantitative and research methods. Some of these courses will be offered by experts from Warwick and Carlos III Madrid, thus enhancing the intra-consortium mobility of scholars (see below) and further expanding the range of specialized topics offered to students. At the end of the second year students are required to write a second 15.000-word dissertation with a high-level component of innovative research.

Option A
University of Warwick


* Introductory Mathematics and Statistics
* Econometrics I: Time SeriesMatrix algebra; Linear regression model and OLS; Inference; Heteroscedasticity, constancy and functional form, omitted variables; Time series analysis
* Macroeconomics and Growth: Economic growth; Introduction to DSGE models; Nominal rigidity; New Keynesian Phillips Curve; Monetary policy
* Microeconomics: Consumer and producer behavior; General equilibrium; Choice and equilibrium under uncertainty; Game theory; Economics of information
* International Economics: Trade models and policy; Trade and growth; Economic geography; Factor flows (migrations, capital, FDI

Option B
Univ. Carlos III de Madrid


* Introducción a la Estadística y Econometría
* Econometría I: Series Temporales; Regresiones lineales y OLS; Series temporales [Econometrica I: Linear regression models and OLS; Time series]
* Macroeconomía y Crecimiento: Crecimiento Económico en el Largo Plazo, Ciclos Económicos, Políticas Macroeconómicas [Macroeconomics: Economic Growth in the Long Run, Business Cycles and Macroeconomic Policies]
* Microeconomía: Economía de la Familia, Distribución de la Renta, Bienestar, Economía de la Información [Microeconomics: Household Behavior, Family Economics, Income Distribution, Welfare, Economics of information]
* Economía Internacional: Modelos y políticas de comercio; Comercio y crecimiento; Geografía económica; Flujos de factores (migraciones, capitales inversiones directas). [Trade models and policy; Trade and growth; Economic geography; Factor flows (migrations, capital, FDI)]

2nd Term

Option A
University of Warwick


* Micro Topics in Development and Transition: The working of democracy and dictatorship; Emergence of democratic institutions; Political instability and conflict; Bad institutions; Development and corruption
* Macro Topics in Development and Transition: Growth and development in transition and developing countries; Governance and institutions; International capital flows; Macro/financial crises
* Economic History: The Great Divergence; Institutions and European exceptionalism; Modelling the demographic transition and the industrial revolution; Economic growth since 1870; The geography of economic development; General purpose technologies
* Econometrics II: Money demand example; MacKinnon´s critical values; Binary choice models; Method of moments estimator; Estimating the returns to schooling; Panel data models.

Option B
Univ. Carlos III de Madrid


* Desarrollo Económico: Instituciones, Demografía, Desigualdad, Pobreza, Educación [Economic Development: Institutions, Demography, Inequality, Poverty, Education]
* Globalización y Convergencia en el Largo Plazo
* Historia Económica y Desarrollo de América Latina en el Largo Plazo: Crecimiento Comparado, Divergencia y Convergencia, Volatilidad Macroeconómica, Distribución del Ingreso, Estrategia de Desarrollo
[Economic History and Development of Latin America in the Long Run: Comparative Growth Performance, Divergence and Convergence, Macroeconomic Volatility, Income Distribution, Development Strategies]
* Econometría II: Datos de Panel y Microeconometría Aplicada al Análisis de la Pobreza [Econometrics II: Panel Data and Microeconometrics]


* Sistemas Financieros en Economías Emergentes[Financial Systems in Emerging Economies]
* Desarrollo Agrícola e Instituciones Rurales en el Largo Plazo[Agricultural Development and Rural Institutions in the Long Run]
* Mercados Laborales en Países en Desarrollo[Labor Markets in Developing Countries]
* Instituciones, Desarrollo y Crecimiento[Institutions, Development and Growth]

3rd Term
Option A

University of Warwick

Dissertation: 1st year paper

Option B
Univ. Carlos III de Madrid

Trabajo de Investigación [Dissertation: 1st Year Paper]

End of first year (July)

1st Year General Workshop at Carlos III de Madrid or Warwick
Economic History and Development Economics


Lund University

4th term


* Comparative Analysis of Economic Change

One of the following:

* Advanced Econometrics with Time Series Analysis
* Economic Growth over Time and Space
* China and the Asia Pacific Nov-Dec

One of the following integrated modules:

* Causes of Demographic Change
* Population and Living Standards Economics of Innovation
* Innovation, Energy and Sustainability

5th term Jan-Mar


Two of the following:

* Data Collection and Research Design
* Globalization and Long-Term Economic Growth
* Institutions, Growth and Inequality
* Consequences of Demographic Change
* Migrations and Integration


* Dissertation: 2nd Year Paper

End of 2nd Year

* Final General Workshop at Lund
Reflections on Economic Development and Growth


Admission requirements are common for all students. The basic requirement for admission is to have obtained (or to be in the situation of obtaining before the start of the Master Programme) a recognized Bachelor's Degree (BS, BSc, SB, etc.) or a degree at the level of a Bachelor's Degree, e.g. its equivalent from a college, university, or technical school of high standing, or 180 ECTS credits in the European system, in Economics and related disciplines (Business Administration, Finance, Economic History, etc.).

Applicants who expect to obtain their BA or equivalent degree at the end of the academic year 2010-11 and before the start of the MEDEG courses (September 2011), should enclose an official certificate issued by their University where the expected date of graduation is explicitly stated. In case of successful application, they will be pre-admitted and will be required to send an official certificate of graduation NO LATER THAN July 31, 2011.

In particular cases, the Selection Committee can admit students with a Bachelor Degree in other disciplines which include a comprehensive and advanced training in economics and quantitative methods, indicatively specified as follows:

* at least 12 ECTS in Economic Theory (Microeconomics, Macroeconomics, International economics);
* at least 12 ECTS in Quantitative Methods (Statistics, Econometrics).

As far as language requirements are concerned, applicants whose native language is not English but hold a first degree from Universities based in an English-speaking country do not need to provide any certificate of language proficiency. The same applies to applicants who obtained their degree from Universities in non-English speaking countries but in which courses are taught in English; in this case they must enclose an official document issued by their University that certifies that English is the medium of instruction.

ALL other applicants are required to certify a satisfactory command of both spoken and written English at Level B2 or higher of the CEFR-Common European Framework of Reference for Language.
The following Certificates and minimum scores are admitted:

Paper Based Test: 550 or higher
Computer Based Test: 213 or higher
Internet Based Test: 86 or higher.

* Cambridge ESOL IELTS: 5.0 points or higher

* Cambridge ESOL General: FCE (First Certificate in English) equivalent to level B2; CAE (Certificate in Advanced English) equivalent to level C1; CPE (Certificate of Proficiency in English) equivalent to level C2

* Cambridge ESOL BULATS (Business Language Testing Service): 60 or higher

* Cambridge ESOL BEC (Business English Certificate): Vantage or higher;

* ALTE: Level 3 or higher

* NQF: Level 1 or higher (Entry levels are not admitted)

* London Test of English: Level 3 or higher

* Trinity College London ESOL GESE: Grade 7 or higher

* Trinity College London ESOL ISE: Level II or higher

* UBELT Exam: 2.5 or higher

In addition to the English Language Certificate, ONLY applicants from Universities in non-Spanish speaking countries and wishing to spend their first year at Carlos III Madrid, are required to certify a satisfactory command of both spoken and written Spanish, equivalent to the Level B2 of the DELE-Diploma de Español como Lengua Extranjera issued by Institutos Cervantes, or similar.

English Language Requirements

IELTS band: 5
TOEFL paper-based test score : 550
TOEFL iBT® test: 86


A number of Erasmus Mundus scholarships are offered to MEDEG students

* 10 (ten) Category A scholarships for students citizens of a Third country (with the exception of Turkey and Western Balkans) and who are not residents nor have carried out their main activity (studies, work, etc.) in any European country (as defined above) for more than a total of 12 months over the last 5 years at the time of application (ie. from December 1st, 2005, to November 30th, 2010).
* 2 (two) Category A scholarships for students citizens of countries belonging to the so-called "Western Balkans and Turkey Window" and who are not residents nor have carried out their main activity (studies, work, etc.) in any European country (as defined above) for more than a total of 12 months over the last 5 years at the time of application (ie. from December 1st, 2005, to November 30th, 2010).
* 8 (eight) Category B scholarships for students citizens of member states of the European Union, EEA-EFTA states, and Switzerland, as well as to all non-European students who do not meet the Category A criteria as defined above.

The value of the scholarships for the entire duration of the programme (two academic years) is Up to EUR 48 000 for Category A scholarships;
Up to EUR 20 000 for Category B scholarships.

Category A Scholarships include:

* EUR 8 000 as a lump sum contribution to travel, installation and other mobility costs;
* EUR 4 000/semester (8 000/year) as a contribution to participation costs (tuition fees + insurance costs)
* EUR 1 000/month (12 000/year) as monthly allowance.

Category B scholarships include:

* EUR 2 000/semester (4 000/year) as a contribution to participation costs (tuition fees + insurance costs)
* EUR 500/month (6 000/year) as monthly allowance
* NO contribution to travel, installation and mobility costs is provided under Category B.

From these total amounts, the MEDEG consortium will deduct an amount equivalent to participation costs (tuition fee + insurance costs) on the basis of a written agreement whereby the student authorizes MEDEG to collect these sum. The deducted amounts will be:

* EUR 8 000 per academic year (16 000 total for two years) for Category A scholarship recipients; this amount covers 100% of the participation costs, which include tuition fees for EUR 8 000 per academic year (16 000 total for two years) and insurance costs;
* EUR 4 000 per academic year (8 000 total for two years) for Category B scholarship recipients; this amount covers ONLY PART of the participation costs (tuition fee set for European students at EUR 6 000 per academic year (12 000 total for two years) and insurance costs. Recipients of Category B Scholarships will therefore be required to cover the difference between participation costs (fee + insurance) and the contribution received from the scholarship by using their personal funds.

Applicants who wish to be considered for an Erasmus Mundus scholarship will need to indicate this explicitly in the application form. No separate funding application is required.

Scholarship applicants will however have to provide all relevant information for the consortium to determine scholarship category, particularly detailed information on citizenship and residence in the past five years. Failure to comply with this requirement will imply the exclusion of the applicant from the selection for scholarships (but not from the selection for admission).

Applicants wishing to be considered for an Erasmus Mundus scholarship may apply for no more than two other Erasmus Mundus programmes in addition to MEDEG. In case a student applies to more than three EM programmes he/she will be excluded from the selection for an Erasmus Mundus Scholarship. The EACEA will scrutinize all scholarships applications in order to guarantee that this rule is observed.

Please note that the EACEA´s directives impose that no more than 2 (two) students selected for scholarships should have the same nationality.

Students who have already benefited from an Erasmus Mundus Scholarship in the past are NOT ELIGIBLE.

Students from Third-countries who have carried out their activities (study, work, etc.) for more than a total of 12 months over the last five years in any of the EU, EFTA/EEA countries or Switzerland are EXCLUDED from Category A Scholarships and are ELIGIBLE ONLY for Category B Scholarships.

In case of double nationality (EU + non-EU), the non-EU nationality determines eligibility for a scholarship.

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