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SECRETARIA DE ESTADO DE ECONOMÍA, MINISTERIO SECRETARÍA GENERAL DE POLÍTICA ECONÓMICA DE ECONOMÍA Y ECONOMÍA INTERNACIONAL Y HACIENDA SUBDIRECCIÓN GENERAL DE ECONOMÍA INTERNACIONAL CUADERNO DE DOCUMENTACION Número 89º ANEXO II Alvaro Espina Vocal Asesor 31 de Julio de 2009 BACKGROUND PAPERS: 1. Obama present bill to create consumer finance Watchdog, The Washington Post, by David Cho and Michael D. Shear…10 2. Don’t celebrate too early Germany’s constitutional court has given a stinging judgment on European integration, Collegio Carlo Alberto…12 3. Too early for triumph in Brussels, Spiegel online by Hans-Hurgen …14 4. Germany cannot ratify Lisbon-yet, Spiegelonline …16 5. SF Fed president yellen on the Economy, CalculatedRisk …18 6. In 2nd quarter, stocks gained, but for how long?, The New York Times by Jack Healy…21 7. A Real free lunch, SpiegelOnline…24 8. Bank woes deepening in Europe, The New Yor Times by Landon Thomas Jr…30 9. Retired from GM at 54 pensionless at 74?, The New York Times, by Mary Williams Walsh…33 10. How much money inflation? Mises Daily…37 11. The savings glut. Controversy guaranteed, Brad Setser Follow the Money…41 12. How sale are prime and jumbo mortgages amid falling home prices? RGE Monitor…46 13. Is the decline in US home prices easing? RGE Monitor…50 14. Landes banken consolidation off the agenda, Collegio Carlo Alberto…49 15. BIS wants financial products ranked like drugs, Forbes by Huw Jones…52 16. BIS Annual report: Rescue, recovery, reform the narrow path ahead, Bank International Settlements…54 17. How a Loophole benefits GE in Bank Rescue, The Washington Post by Jeff Gerth and Brady Dennis…56 18. BIS criticizes governments over bank policies, Collegio Carlo Alberto…61 1 19. Bis Toxic assets still a threat by CalculatedRisk…64 20. Recapitalising the banks through enhanced credit support: quasi-fiscal shenanigans in Frankfurt, Financial Times, by Willem Buiter…65 21. Merkel’s tax cut pledge is Hollow, wrong, implausible, Spiegel online…67 22. Germany and France need to sing in tune, FT.com by Wolfgang Munchau…69 23. The Fed must reassure markets on inflation, FT.com by Martin Feldstein…71 24. The evolution of the United States external balance sheet in the last decade (wonky), Brad Setser follow the money by bsetser…73 25. The dirty war against clean coal, The New York Times by Gregg Easterbrook…79 26. Betraying the planet, The New York Times by Paul Krugman…81 27. Health care is not a bowl of cherries, The Conscience of a Liberal…82 28. Kenneth arrow and the birth of health economics, Bulletin of the World health organization by William D Savedoff…83 29. Los mercados se están equivocando, El País, by Alicia González…86 30. La corrección del déficit exterior supera lo previsto, El País, by Angel Laborda…89 31. Adivina qué crisis viene esta noche, El País by Juan Ignacio Crespo…91 32. China,s super-sovereign reserve currency idea: could the SDR a reserve currency?, RGE Monitor…94 33. Japan Back in Deflation? …96 34. Not enough audacity, The New York Times, by Paul Krugman…99 35. Exporters face credit crunch, Collegio Carlo Alberto…101 36. Inflation - the real threat to sustained recovery, by Alan Greenspan…103 2 37. Even with 465 million of freshly minted taxpayer funds, the spunky US startup faces a steep road to develop and market its electric cars, Businessweek by David Welch…106 38. US credit card delinquencies/charge offs at record highs: lenders step in, RGE Monitor …109 39. For release at noon EDT, Federal Reserve…111 40. Another half trillion, Collegio Carlo Alberto…114 41. Near record growth in the custodial holdings at the Fed ongoing angst about the dollar’s role as a reserve currency, Brad Setser follow the money by Bsetser…117 42. The rise and apparent fall of macroprudential regulation Vox by Avinash Persaud…120 43. Restoring financial stability: book review, Vox by Charles AE Goodhart…122 44. The macroprudential approach to regulation and supervision, Vox by Claudio Borio…125 45. More on the New and existing homes sales gap, Calculated Risk …129 46. Distressing gap: ratio of existing to new home sales by CalcultadRisk…130 47. New home sales:record low for may by Calculated Risk…132 48. American institute of architects:recovery has stalled by Calculatd risk…134 49. MBA: mortgage rates decrease slightly by Calculated Risk…135 50. Housing bust and mobility by Calculated Risk…136 51. The next fed chairman? And 1930 by Calculad Risk…136 52. Does demand in the US housing sector show prolonged sluggishness?, RGE Monitor…137 53. Federal reserve press release…139 54. Agencies announce notice of proposed rulemaking for community reinvestment act, Board of governors or the Federal Reserve System…140 55. RGE Monitor’s newsletter RGEMonitor, 24/06/2009 …141 3 56. Most want health reform but fear its side effects, The Washington Post by Ceci Connoly and Jon Cohen…144 57. Despite recession, high demand for skilled labor, The New York Times by Louis Uchitelle…146 58. Reform of regulation has to start by altering incentives, FT.com by Martin Wolf…149 59. Sec and CFTC share derivatives oversight responsibility: who does what? RGE Monitor…152 60. Yes Virginia there was an international financial crisis in 2007 and 2008 Brad Setser follw the money …154 61. The good and bad news in the world bank’s China Quartely, Brad Setser Follw the Money…157 62. Frictions in the US China trade relations…160 63. No podemos ver el trabajo de los chinos desde un punto de vista europeo. Allí ganarían 50 euros, El País, by Jesús García…162 64. Un centenar de empresarios chinos reivindica su buen nombre ante Interior, Qué…162 65. Trabajadores chinos niegan haber sido explotados por los detenidos en la macrorredada de los Mossos, LaVanguardia…165 66. Cerca de 30 detenidos por explotar a trabajadores chinos en Mataró en la mayor redada de los Mossos…166 67. La macroperación contra la mafia china en Mataró se salda con mas de 20 detenidos y 72 registros, Europapress.cat…167 68. Los empresarios piden más inspecciones, la expansión del comercio chino preocupa gravemente a los empresarios pacenses, Hoy.es, por J López Lago…169 69. Broad agreement reached on derivative oversight, The Washington Post, by Zachary A Goldfarb…171 70. Making financial regulation work:a systemic risk regulator, The Washington Post…172 71. On regulating credit-default swaps, RGE Monitor…174 72. From Versailles a message of no austerity, Eurointelligence …176 4 73. 4 People and firm sued in Madoff case, The New York Times by Diana B Henriques…179 74. How to get the fed out of its Box, The Wall Street Journal by Frederic S Mishkin…182 75. Health care showdown, The New York Times, by Paul Krugman…184 76. Small countries outside G20 defenseless in global economic crisis, ShanghaiDaily.com by Michale Spence…186 77. Bini-smaghi criticizes EU leaders’ failure to tackle supervisory reform, Eurointelligence…190 78. China will not save the world economy, FT.com…190 79. European-wide financial regulation:leaders give backing, RGE Monitor…191 80. A thin outline of regulatory reform, FT.com by Clive Crook…193 81. Berlin waves a deficit hair-shirt for us all, by Wolfgang Munchau…195 82. Towards a Fiscal Constitution, Economicprincipals.com…198 83. The Obama light touch will be a bit heavy handed, Times Online, by Irwin Stelzer…192 84. The risks of a double-dip, W-shaped recession may be growing, Taipei Times, by Nouriel Roubini…201 85. Better broth, still too many cooks, Economist.com…203 86. An interview with Paul Samuelson, Part One, The Atlantic Home, by Conor Clarke…208 87. An Interview with Paul Samuelson, Part Two…212 88. Re-Interpreting the blin der numbers in the light of new trade theory…216 89. International finance and macroeconomics, NBER Reporter by Jeffrey A Frankel…220 90. The supply side of housing markets, NBER Reporter:research summary 2009 number 2 by Joseph Gyourko…228 91. ¿Cambio de rumbo en la política fiscal?Tribuna: Economía global coyuntura nacional by Angel Laborda…233 5 92. ¿Un problema potencial? Tribuna economía global Rafael Domenech El País by Rafael Domenech…235 93. Hay que reequilibrar las relaciones EU China, El Pais by Kenneth Rogoff…237 94. Asalto al reinado del dólar, El País by Sandro Pozzi…238 95. España, cantera de talento, El País by Javier Santiso…241 96. El socialismo para ricos de Estados Unidos, El País, by Joseph Stiglitz…244 97. Produciendo parados … y precariedad, El País by Manuel V Gómez…246 98. Dos visiones frente a 10 preguntas, El País…249 99. Los sindicatos movilizan a 700 expertos contra la rebaja del despido, El País by Manuel V Gómez…257 100. Vender viviendas, cada vez más caro, El País by Luis Doncel…259 101. El AVE paga los platos rotos, El País…261 102. De cómo arruinar el mundo dos veces, El País by Javier Moreno…262 103. Out of the shadows, The New York Times by Paul Krugman…265 104. Salir de las sombras, El País by Paul Krugman…267 105. It is now up to the EP to decide the timetable of Barroso’s renomination, Collegio Carlo Alberto…269 106. Where housing will be in 2012, Housing special report, by Peter Cov…271 107. In Poll, Obama is seen as ineffective on the economy, The New York Times, by Jeff Zeleny and Dalia Sussman…274 108. A transatlantic divide: while America reforms its regulatory system, Europe waits, Collegio Carlo Alberto …276 109. Regulatory reform in the US systemic regulators and receivership back on the radar screen, RGE Monitor…279 110.
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