Major B2 Political economy and finance

The content for option B, Major B2 is provided in the tables below. It is composed
of blocks of courses for all the corresponding cohort and of blocks in which
students can choose between different special focuses (SF).

1st year at Kingston University
Students choosing option B (Major B2) spend one year at Kingston University.
The year will be structured in five blocks aimed at providing in-depth skills in
political economics and finance.
The first block deals with Macroeconomics and economic policy. It comprises
courses given by E. Stockhammer, a world leading economist working on the
determinants of European unemployment, the demand effects of changes in
income distribution, and the macroeconomics effects of financialisation. He will
emphasise theoretical and political questions related to macroeconomic activity
and the economic / financial / social crises in the context of globalisation. This
block includes the following courses.
Macroeconomics. This module covers macroeconomic model building and
analysis. It deals with the fundamental issues of growth, unemployment and inflation
in the context of an open economy.
Topics in economic policy. The module discusses selected issues in current
economic policy, and illustrates how different economic theories apply to these
issues. Topics may include unemployment, financial stability and the causes and
effects of changes in income distribution.
The second block addresses Political economy issues. It aims at providing a large
and pluralist theoretical framework and to develop students critical thinking on
major economic issues. It puts into perspective theoretical approaches to the
current economic situation. This block includes two courses.
Paradigms in political economy (by J. Wells). This module presents the major
alternative paradigms of political economy, which are Classical, Marxist, Austrian,
Neo-Classical, Keynesian, Kaleckian and Institutionalist Political Economy, and
compares their analyses of the production process, the labour market, the financial
sector and economic growth.
Advanced political economy (by E. Stockhammer). This module looks at
advanced models in the contemporary academic political economy literature. It will
be based on post-Keynesian and Marxian theory and will cover issues of demand
formation, unemployment, capital accumulation and income distribution.
The third block deals with Economic policy in the age of globalization and
financialisation. It specifically addresses the changes that occur in the economy
and in world governance with the development of finance and trade. It includes two
courses.
Economic policy/political economy of finance (by F. Murphy). Recent financial
theory characterises contemporary institutional developments in finance as a
revolution whose significance is comparable to that of the Industrial Revolution.
The aim of this module is to trace the roots of these changes; to revisit the basic
historical patterns that emerged after the decomposition of Bretton Woods regime; to
understand the mechanics of these changes and their place in contemporary post-
industrial capitalist societies; and to shed light on the spatial aspects of contemporary
global finance.
Political economy of globalisation (by D. Sotiropoulos). The module aims to
examine critically the social and political significance of accelerated global economic
integration. The implications of enacting policies that either promote or resist
globalisation, and their influence on the globalisation process will be highlighted and
addressed. The organisation of work and production in the global economy and its
impact on labour will be discussed. The contribution of global and corporate
governance to the current level of global integration will be assessed in the context of
international trade and development issues.
The fourth block deals with Political theory and economic history. It is composed
of two courses.
State Politics (by R. Cinpoes). This module outlines a number of key orthodox and
critical paradigms in political theory. It also examines different normative approaches
to state politics within in an evolving global politics. Theories and ideologies of
global politics are approached historically and thematically. The module will provide
scope for exploring the state from an institutional perspective highlighting among
other things its external dimension in relation to international law and war.
Rise of Capitalism (by P. Auerbach). Dr. Auerbach is a specialist in industrial
change and development. This module develops a historical and analytical narrative
of the rise of capitalism from the early modern to the contemporary period.
The fifth block is related to the study of languages. Introduction to French will be
mandatory for students with no knowledge of the French language. There will be
opportunities to study advanced English (including academic writing).
These initial five blocks will provide consistent and high-level training in political
economics and finance on an interdisciplinary basis (economics, political science,
history). They will enhance students understanding of economic policy
interdependencies in a globalised world.
All the Masters courses delivered at Kingston University will be taught in English.
Course details (teaching hours, ECTS, teaching staff) for the 1st year.
Semester 3 at the University of Paris 13
Option B students will have to choose between two special focuses (SF):
macroeconomic policy and financial regulation. Similar to the other options, the 3rd
semester for option B is divided into five blocks (+ the induction month),
characterised by an important focus on macroeconomic and financial policies.
The participation of professionals (from banks for the special focus on financial
regulation) and world famous external academics (especially for the focus on
macroeconomic policy) will be special features of this semester.
The first block deals with Macroeconomic and financial policies. It comprises three
courses:
International macroeconomics (by J. Mazier) which is a common course for
students taking options B and C (see the above description). All option B students
will automatically be integrated with the second year level (which complements the
courses taught in Berlin during the first year).
Financial instability and international regulation to be delivered a world
leading economist in the field (D. Plihon). The course will focus on the financial
dimensions of globalisation and is aimed at providing a good understanding of the
mechanisms behind financial crises, and presenting major trends towards financial
regulation at the European and international levels. The major issues that will be
addressed are: the theories of financial crises, the different paradigms and the recent
debate on the causes of crises in developed countries and emerging market
economies, the instability of finance-led capitalism, new trends in regulation in the
aftermath of the subprime crisis, the role of central banks with respect to financial
stability.
Financial strategies and international accounting (by Y. Biondi). This course
will be given by a CNRS researcher, a former financial analyst and project manager
in the executive managerial team of a leading Milan bank (European Bank Group,
Corporate Headquarters) where he acquired sophisticated skills in risks assessment,
structured finance, and financial-economic modelling of investment projects. This
course will provide important skills and knowledge on both theoretical and practical
aspects. It will address control, governance and regulation of business and non-
business organisations in the global arena. International accounting standards,
financial performance analysis and measurement, financialisation of corporate
governance and behaviour, and financial-economic engineering arrangements will be
discussed in order to understand current corporate and regulatory practices and
regulations, their transformation over time, and their implications for public policy,
socio-economic development and public interest. The course will be organised to
include general courses with academic teachers, case studies and invited speaker
courses (auditors, financiers, regulators, financial analysts, policy-makers).
The second block will develop students knowledge and skills in quantitative
methodologies through two courses that are the same than the one offered for the
students of option C (see above description).
The third block includes two special focuses to allow students to deepen their
expertise on one of the fields related directly to their option:
SF1-B: Post-Keynesian economics and economic policies is related to the study
of international institutions and post-Keynesian economics (continuing the courses
taught in Berlin). Institutions and international finance (by R. Guttman)
addresses the institutions involved more specifically in financial regulation. It
includes three interrelated topics: the international monetary system and the sources
of its instability, finance-led capitalism, and systemic crises in finance-led capitalism.
Management of crises, the impact on the Eurozone and possible reforms are
discussed in detail. Post-Keynesian economics (by D. Lang) will provide training
in the analysis of macroeconomic cycles and crises. It covers the role played by the
financial and banking sectors in globalised economies, the nature of the finance-led
growth regime and the recent crisis, international disequilibria and their persistence.
The role of income distribution and other economic policies to help prevent such
events are emphasised relying on the latest post-Keynesian developments. A special
focus on the relationship between macroeconomic modelling and an explanation of
business cycles, and between Kaleckian models of growth and income distribution
and Kaldorian models with path dependency and cumulative causation.
SF2-B: Financial regulation is made of one course already described above:
Institutions and international finance (by R. Guttman) and one specific course
dedicated to Financial theory and portfolio management (by N. Rey).
As for the other options, students will attend joint seminars (4th block) and
optional training in languages (5th block). The philosophy is the same than for the
other options (provide interdisciplinary approach and skills through the participation
of professionals, same language policy).
All mandatory courses will be taught in English (i.e. blocks 1, 2 and 4). At least one
of the special focuses (block 3) will be taught in English, allowing students that
want to study only in English to do so.
Course details (teaching hours, ECTS, teaching staff) for Semester 3.
Semester 4: Masters dissertation.