Pr. Guido Hülsmann

Faculté de Droit, d'Économie et de Gestion
Université d'Angers





Doctoral Studies in Economics
at the University of Angers

Études doctorales en sciences économiques à l'Université d'Angers


Read the following information carefully.
If you wish to work with me as your research director get in touch with me by email to make an appointment for us to meet. The best place to meet me is in Angers. Usually it is also possible to meet me at the places where I give public lectures. Please understand that due to time constraints I do not reply to email enquiries about details other than those that are specified below.

Notice that I do not accept more than four doctoral students at a time.

General Information and Procedure | Residence | Financial Questions | Dissertation and Defence |
Co-Directorship | Formal Requirements | Forthcoming Dissertations | New Research Topics | Past Research 


General Information and Procedure

For admission as a doctoral candidate in economics at the University of Angers you need to have five years of training and a master's degree in economics from an accredited university. The University of Angers itself belongs to the French state university system and is accredited by HCERES.

As a doctoral student in economics, you enter into a covenant not only with your research director, but also with three institutions:
(1) the GRANEM research centre
(2) the Doctoral College of the University of Angers, and
(3) the Doctoral School DEGEST, which serves the three universities of Nantes, Angers, and le Mans.

Once we have agreed on your research project, you need to fill out the online application form (available only from July to late September), print it, have me sign it, and submit it along with your diploma, your research proposal, and other documents (overview here) to the GRANEM research centre. NB: The deadline for submissions in 2016 was September 22nd.

Your application will be reviewed by a committee that convenes each year from about mid-September to mid-October.

Upon admission, you start right away working on your research project. There is few specific coursework to do, with a total volume of currently 100 hours (overview here). These classes are mandatory, but they are currently not graded. They deal with matters of general interest such as research techniques. If you live abroad you can be dispensed from most of these classes.

The general time frame to complete your research and write a dissertation is three years. You need to sign up and pay the fee for each year individually. Authorisation for an additional fourth or fifth year is usually granted, provided you make demonstrable progress in your work.


Residence and Immigration Questions

There is no obligation for you to be a resident of Angers. Our communication will be based essentially on email correspondence.

However, you need to travel to Angers occasionally (at least two or three times per year) to take part in the workshops of my doctoral students and in the workshops of our research centre.

If you choose to live in Angers, there are no special problems pertaining to visa or immigration if you are a citizen of a European Union member country. If you are a citizen of other countries please check the administrative procedures for entering France as a doctoral student. Our Doctoral College and our Office for International Relations might be able to assist you.


Financial Questions

In your application you have to specify how you intend to finance your doctoral studies.

Tuition fees at the University of Angers are right now in the order of 400 euros per year.

Mandatory health insurance : Irrespective of where you reside, you are liable to have health insurance within the European Union. If you do not have EU health coverage, you can sign up for student health insurance at our doctoral school. This is another 200 euros per year and can be paid along with the tuition fees.

Living expenses in Angers: with 1000 euros per month (including rent) you will get along.

I will provide support in obtaining scholarships.


Dissertation and Defence: Exclusive Research Direction

If you work under my exclusive direction (if you have no other research director), the dissertation must be submitted in French. You are free to write it in English and to translate it or have it translated. In any case, your work must take account of the French literature in your field of study.

The defence of doctoral dissertations takes place before a committee of three to eight professors (usually four or five), most of whom come from outside of the University of Angers, that is, from other French or foreign universities or research institutions.

The defence can take place in French and English. You may answer questions in English, but you need to be able to understand questions asked in French. In practice this means that you need to have good working knowledge of spoken French by the end of your studies.


Dissertation and Defence: Co-Directorship

You can also work with me and a second research director from a university within the European Union. In this case, a convention between the two universities must be signed before you defend the thesis.

If the co-director comes from a university of a non-French speaking country within the European Union, the dissertation can be submitted either in French or in English. In this case, too, however, your work must take account of the French literature in your field of study.

The defence of co-directed doctoral dissertations takes place before a committee of four to six professors, including the two co-directors and scholars from other French or foreign universities or research institutions.

The defence can take place in French or English. There is in this case no obligation to be able to communicate in French.


Basic Formal Requirements for Your Research

I would expect you to produce a well-structured dissertation of some 200-300 pages. No « three essays on so and so ». You will write one or two surveys on the literature dealing with the main thesis of your dissertation; this can be part of the dissertation or be published separately. It is not necessary for the dissertation to include exercises in modelling, econometric studies, etc. However, it is necessary to argue concisely, thoroughly, and rigorously, based on state-of-the-art theory and empirical evidence.

Apart from writing the dissertation, you should give two or three presentations per year at the University of Angers; and of course you should present parts of your work at other professional meetings.


Forthcoming Doctoral Dissertations

At present I am supervising the following research projects at the University of Angers:

  • Monetary System and Industrial Organisation: The Case of Agriculture
  • Implications of Monetary Policy for the Value and Pricing of Financial Assets
  • The Costs and Benefits of Central Banking


    New Research Topics

    Most of my own current research is in the field of financial macroeconomics. Possible topics that I would be ready to supervise :

  • Contemporary Interest Theories
  • Bank Regulation (various topics)
  • Impact of Monetary Interventionism on the Quality of Financial Metrics
  • Inflation and the Family
  • Central Banking and Financial Markets (various topics)
  • Unconventional Monetary Policy
  • Money Creation via Credit: A Comparative Analysis
  • Savings and Growth
  • The Economics of Credit
  • Capital Theory and National Accounting
  • Interventionism and National Accounting
  • The Cultural Dimension of Gresham's Law
  • Monetary Exchange as the Foundation of Civilisation: Simmel and Mises
  • The Family within the Inflation Culture
  • The Paradox of Saving (History of Economic Thought)
  • Monetary Thought before Ricardo (History of Economic Thought)
  • Christian Economics According to Gary North (History of Economic Thought)
  • Les contributions de Louis Baudin à la science économique (History of Economic Thought)


    Past Research

    Past doctoral dissertations that have been successfully defended under my direction:

  • Les théories du cycle à la lumière de la crise actuelle
  • Cantillon Effects in International Trade Theory
  • Causes et conséquences de l'arbitrage réglementaire
  • Économie de la gratuité
  • L'économie politique des marchés d'instruments dérivés
  • Political Economy of Moral Hazard
  • The Economics of Credit Rating Agencies
  • Financial Markets and Economic Growth