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This course seeks to present current US and UK financial services policies from a historical and institutional perspective, situated within the context of major macroeconomic trends, notably in relation to monetary policy.
This EPI includes course notes and PowerPoints, as well as a bibliography.
Nicholas Sowels
11 September 2024
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Course 1: Introduction and What is Money?
Michel Aglietta, André Orléan, La Monnaie : entre violence et confiance, Odile Jacob, 2002.
Michel Aglietta en collaboration avec Pepita Ould Ahmed et Jean-François Ponsot, La Monnaie : entre dettes et souveraineté, Odile Jacob, 2016.
Les économistes atterrées (J-M Harribey, E Jeffers, J Marie, D Plihon, J-F Ponsot, La monnaie : un enjeu politique, Points, Editions du Seuil, 2018.
Bank of England; What is money? webpage explanation.
Bank of England: Money creation in the modern economy, 2014.
Bank of England Quarterly Bulletin, article by Michael McLeay, Amar Radia and Ryland Thomas, "Money creation in the modern economy", 2014 Q1.
Felix Martin, Money: The Unauthorised Biography, Vintage, 2014 (2013).
Powell, Jerome, "Inflation: Progress and the Path Ahead", Speech at the Structural Shifts in the Global Economy, Jackson Hole Symposium, August 25, 2023.
Two excellent videos on Arte:
1/ "Avons-nous encore besoin des banques?" 2022.
2/ "Les cryptomonnaies sont-elles le future?", 2021.Course 2: From the origins of monetarism to unconventional monetary policy
Charles Bean et al., "Monetary policy after the fall", paper presented at the Federal Reserve Bank of Kansas City Annual Conference, Jackson Hole, Wyoming, 28 August 2010.
BER staff, "The Long Decline of Global Interest Rates", Berkeley Economic Review, March 30, 2020.
Mohamed El-Erian, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, Yale University Press, 2016.
Federal Reserve, "Statement on Longer-Run Goals and Monetary Policy Stratergy", adopted January 24, 2021.
Jerome H. Powell, "Monetary Policy in the Time of COVID", Speech at Jackson Hole (via webcast), August 27, 2021.Course 3: Covid-19 and the return of inflation: the "Magic Money Tree" and Cryptos
Serkan Arslanalp and Barry Eichengreen, "Living with High Public Debt", paper delivered at Jackson Hole, August 2023.
Andy Haldane, “Inflation: A Tiger by the Tail?, Speech, Bank of England, 26 February 2021.
Eswar Prasad, "The Future of Money: The End of Cash and the Rise of Digital Currencies", Webinar Brookings Institution and transcript, September 13, 2021.
Simple texts and videos explaining cryptocurrencies by Investopedia: 1/ cryptocurrency; 2/ blockchain; 3/ bitcoin; 4/ etherium.
If you are very motivated, here is the original Bitcoin White Paper by "Satoshi Nakamoto", 2009.
Radio Report: BBC Radio 4, Ben Chu, Funny Money, Analysis, 7 June 2021.
The Economist video, , 12 June 2021.Course 4: A Brief History of Financial Innovation, Deregulation and Crises: 1960-2020
Spencer Anderson, "A history of the past 40 years in financial crises", International Financing Review, 06 August 2013.
Milton Friedman, "A Friedman doctrine -- The Social Responsibility Of Business Is to Increase Its Profits", The New York Times, Sept 13, 1970.
Milton Friedman, "The Need for Futures Markets in Currencies", (December 20, 1971) Cato Journal, Vol, No. 3 (Fall 2011), paper originally commissioned by Leo Melamed for the Chicago Mercantile Exchange.
Steve Denning, "Making Sense of Shareholder Value: 'The World's Dumbest Idea'", Forbes, July 17, 2017.
Georges Ugeux, Wall Street à l'assaut de la démocratie : Comment les marchés financiers accroissent les inégalités, Odile Jacob, 2021.
The Economist, , 8 September 2020.Course 5: The Global Financial Crisis 2007-2008 and the Covid-19 policy response
Richard H. Clarida, Burcu Duygan-Bump, and Chiara Scotti, "The COVID-19 Crisis and the Federal Reserve’s Policy Response", Finance and Economics Discussion Series (FEDS), June 2021.
Greg Rosalsky, "Why Is The Fed Sending Billions of Dollars All Over The World?", NPR, April 21, 2020.Course 6: Re-Regulation after the Global Financial Crisis
Daniel W. Drezner, The System Worked: How the World Stopped another Great Depression, Oxford University Press, 2014.
Bank of International Settlements (BIS), Basel Committee on Banking Supervision, "High-level-summary of Basel III reforms", December 2017.
Financial Stability Board, "Implementation and Effects of G20 Financial Regulatory Reforms", 2020 Annual Report.
Financial Stability Board, "2020 list of global systemically important banks (G-SIBs)", 11 November 2020.
Financial Times Podcast, "Bankers vs the Fed: 'Endgame': It's bankers versus regulators in a battle over Basel III Endgame", Behind the Money, 19 June 2024.
Carmen Reinhart and Kenneth Rogoff, "Debt and growth revisited", Vox Eu, CEPR, 11 August 2010.Introduction to Bank Balance Sheets
Tier 1 capital: Investopedia - Tier 1 capital
Risk-weighted assets: Investopedia - Risk-weighted assets
Liquidity: Investopedia - LiquidityCourse 7: Financial Services in the UK - before and after the GFC
European Parliament, Financial services policy, Fact sheets on the European Union, retreived 9 November 2022.
Alan Crawford, Greg Ritchie and Viren Vaghela, "Slavery and the City: London's financial hub comes under scrutiny", Aljazerra, 24 June 2020.
Anne Applebaum, " ", video presentation to the Commonwealth Club World Affairs, 2024.
Bank of England Fact Sheet: The financial crisis 10 years on: what’s been done to make the system safer, September 2017.
Michael Foot, Final report of the independent Review of British offshore financial centres, October 2009.
Guardian (The), " ", 28 October 2021 (on Youtube).
Georgina Hutton, Ali Shalchi and Matthew Ward, "Financial services: contribution to the UK economy", House of Commons Library Briefing Report, No 6193, 1 September 2022.
Organized Crime and Corruption Reporting Project, " ", 4 December 2019 (on Youtube).
Catherine Schenk, "The City and Financial Services: Historical Perspectives on the Brexit Debate", The Political Quarterly, Volume 90, Issue S2, p. 32-43.
Shearman & Sterling, "The Future of Financial Regulation in the UK", May 10, 2021.
TheCityUK, "Enabling growth across the UK 2022: UK-based financial and related professional services", 9 September 2022.
Course 8: Brexit and finance and the "mini crash" of October 2022
Andrew Bailey, "Openness beats fragmentation", Speech, Bank of England, 8 November 2023.
Institute for Government, UK-EU future relationship: financial services (an explainer), 16 August 2021.
Scott James and Lucia Quaglia, "Three challenges the UK faces in de-Europeanising financial sector policies after Brexit", LSE Blog, May 9th, 2023
Ali Shalchi et al. "Financial Services and Markets Bill 2022-23", Research Briefing, House of Commons Library, 30 November 2022.
Nicholas Sowels, "Key hurdles in Brexit negotiations on financial services and the future of regulation in the UK", Observatoire de la société britannique, n°25, 2020.
Nicholas Sowels, "'Ever Greater Divergence', but...: The Ongoing Saga of Brexit and Financial Services", The Political Quarterly, Vol 93, Issue 1, January-March 2022.
Andy Tarrant, Peter Holmes and R. Daniel Kelemen, “Equivalence, mutual recognition in financial services and the UK negotiating position”, UKTPO/UK Trade Policy Observatory, Briefing Paper 27 – January 2019.
Nicolas Véron, "Financial services: The Brexit dust begins to settle", Blog post, Bruegel, March 11, 2021.Course 9:
Michael Bromberg (reviewed Julius Mansa), "Shadow Banking System: Definition, Examples, and How It Works", Investopedia, updated August 02, 2023.
Adam Hayes, "Dodd-Frank Wall Street Reform and Consumer Protection Act", Investopedia, September 12, 2021.
Aaron Klein, "No, Dodd-Frank was neither repealed nor gutted. Here's what really happened, Brookings", Friday May 25, 2018.
Kwon-Yong Jin, "Significant Rollback of Dodd-Frank Signed Into Law", Notice & Comment, Yale Journal on Regulation, May 28, 2018.
Eswar Prasad, "Why the Dominance of America's Currency Is Harder Than Ever to Overturn", Foreign Affairs, July/August 2024?
Randal K. Quarles (Governor), "Between the Hither and the Farther Shore: Thoughts on Unfinished Business", departing thoughts, speech at the American Enterprise Institute, Washington DC, December 2, 2021.
Kenneth Rogoff, "The Age of Inflation: Easy Money, Hard Choices", Foreign Affairs, November/December 2022.
Schulte Roth + Zabel, "FDIC and OCC Approve Volcker 2.0 - Summary of Amendments to Fund Activity Provisions", News & Insights, August 23, 2019.
School of Law, Washington University, "The Silicon Valley Bank Collapse Explained", March 24, 2023.
Mayra Rodriguez Valladares, "How Trump’s Deregulation Sowed The Seeds For Silicon Valley Bank’s Demise", Forbes, March 3, 2023.