Financial sector policies - the US and UK
Résumé de section
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This course seeks to present some key concepts in economics, banking and finance. It takes a historical and institutional perspective to examine these issues, drawing on the experience of the US and UK especially, but not only.
This EPI includes course notes and PowerPoints, as well as a bibliography.
Nicholas Sowels
25 September 2025
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Zoom recording of the course 3 on 2 October 2025:
Durée : 01:40:15
Lien de partage : https://pantheonsorbonne.zoom.us/rec/share/EU2KzXZ-2NCOPTBYs5sEzo-FsLIbh2r-Sj-D8VwOqmcWOL8yXPwzRUWyEho958yu.P1kN1JBVFjge3-4K
Code secret : i!fw3fsHZoom recording of the course 4 on 9 October 2025:
Durée : 01:30:46
Lien de partage : https://pantheonsorbonne.zoom.us/rec/share/6SijC6jsounrdih2oVSgAxFg37MZr3rDYyv21Vv36Zz8Yqsnwv4HmgHO6FByVFbY.cgyI4FefzLMAw0oE
Code secret : NQ$y?2SUZoom recording of the course 7 on 6 November 2025:
Durée : 01:45:49
Lien de partage : https://pantheonsorbonne.zoom.us/rec/share/HoWq31GccqDKEc7hIt4hydDVaLCrixTqsOk31xKCa6ubBa1EbVn_vuiK72N2JdLs.hvaz3pfL9kbf8ofm
Code secret : cK9+wmxE -
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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: The fundamentals of banking
Introduction to Bank Balance Sheets
Tier 1 capital: Investopedia - Tier 1 capital
Risk-weighted assets: Investopedia - Risk-weighted assets
Liquidity: Investopedia - LiquidityCourse 3: Financial crises
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.Course 4: Shadow banking, cryptos and fintech
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.
Michael Bromberg (reviewed Julius Mansa), "Shadow Banking System: Definition, Examples, and How It Works", Investopedia, updated August 02, 2023.Course 5: Financial regulation before and after the global financial crisis (GFC) 2007-2009
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.Course 6: British finance, history and the causes of Brexit
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 7: Brexit & finance and EU financial regulation
European Parliament, Financial services policy, Fact sheets on the European Union, retreived 9 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 8: Trump and the new uncertainties
Hannah Lang, “How regulators have overhauled contentious Basel Endgame capital hike rule”, Reuters, Sept 11, 2024.
Mayra Rodriguez Valladares, "How Trump’s Deregulation Sowed The Seeds For Silicon Valley Bank’s Demise", Forbes, March 3, 2023.
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