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La Gran Crisis De 2008

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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 88º ANEXO II Alvaro Espina Vocal Asesor 12 de Junio de 2009 BACKGROUND PAPERS: 1. Blue Double Cross by Paul Krugman … 13 2. Actually existing Minsky. The Conscience of a Liberal … 14 3. Tax on Medical Benefits Gains Traction by Lori Montgomery … 16 4. Golden State Bailout by Joe Mathews … 18 5. S&p warns of a rating downgrade for the UK by Eurointelligence … 20 6. UK Credit Rating Outlook Downgraded: Sovereign Debt Crisis Ahead? by RGE Monitor … 23 7. Why public private plan has bankers squirming by Gillian Tett …25 8. Asset Class Labels, by Vega... 27 9. Redistribution through the Geithner Plan by Dennis J Snower … 28 10. ¿Es la deflación una seria amenaza? By Finanzas e Inversión … 33 11. Unidos por la cartera: La delicada relación financiera entre EEUU y China Finanzas e Inversión … 37 12. U.S. Weighs How tol et Banks Give Money Back by Louise Story and Eric Dash … 42 13. Assset classes and the inadequacy of labels by RGE Monitor … 44 14. Derivative Dribble by Charles Davi … 47 15. The Flight to Simplicity in Derivatives by Rick Bookstaber … 50 16. How to Grade the Stress Tests and PPIP by Adam S Posen … 51 17. Big setback for US housing market by Eurointelligence … 53 18. Japan’s Economy Shrank Record 15.2% Last Quarter (update2) by Jason Clenfield … 56 19. German “bad bank” schme criticism rejected by James Wilson 57 20. Housing: Recovering or Not? by Ben Steverman … 59 21. This crisis is a moment, but is it a defining one? By Martin Wolf... 61 22. Architecture Billing Index Stedy in April by CalculatedRisk … 64 23. Are Commodity Prices Getting Ahead of Fundamentals? By RGE Monitor … 66 24. Some Bankruptcies Are Worth It by Lee C Buchheit and David A. Skeel Jr. … 70 1 25. Wall St. Firm Draws Srutiny as US Adviser by Eric Lipton and Michael J de la Merced … 71 26. Bos says stability pact may be useless in crisis by Eurointelligence … 75 27. Berlin forced to dilute bad bank scheme by Bertrand Benoit … 76 28. Three Month Dollar LIBOR Falls to 79 basis points by CalculatedRisk … 78 29. Vote on Fas 140 Requires the Reintermediation of at least $900bn in off –balance sheet vehicles starting in 2010 by RGE Monitor … 79 30. The perfect, the good, the planet by Paul Krugman … 80 31. As Detroit Crumbles, China Emerges as Auto Epicenter by Kendra Marr … 82 32. Weber opposes EU stress tests by Eurointelligence … 84 33. Germany needs more than an accounting trick by Wolfgang Münchau … 87 34. Housing bubbles around the world by New N Economics … 89 35. From a Theory to a Consensus on Emissions by John M. Broder.. 90 36. BIS Report: Central Banks May Be on Cusp of Change by Joellen Perry … 93 37. El concurso de Martinsa es trágico para muchos pequeños acreedores by Julián Rodríguez … 95 38. Otro modelo, pero en serio by Michele Boldrin … 98 39. Desgravar se va a acabar by José García Montalvo … 99 40. La primavera de los zombis by Joseph E. Stiglitz … 102 41. ¿Cambiar o mejorar el modelo económico? By Antón Costas … 104 42. El Dorado no estaba en el Este by Lluis Pellicer … 106 43. El papel del ICO en la crisis by Aurelio Martínez Estévez … 108 44. La máquina del dinero divide al BCE by Claudi Pérez … 110 45. El necesario debate sobre las pensiones by César Molinas … 113 46. Hedge Fund Manager’s Farewell by Joe Nocera …116 47. The Machinery Behind Health-Care Reform by Robert O’Harrow Jr. … 119 48. Empire of Carbon by Paul Krugman … 124 2 49. TRIBUNA: Economía global Paul Krugman. El Imperio del carbono by Paul Krugman ,,, 122 50. China Is Said to Plan Strict Gas Mileage Rules , by Keith Bradsher... 127 51. China and the liquidity trap by The Conscience of a Liberal … 129 52. Forgotten snark by Brad DeLong … 130 53. There's Something About Macro, by Paul Krugman... 131 54. Progress in Macroeconomics? By Grasping Reality with Both Hands … 133 55. Visiones “Krugmaniáticas” contra el euro by José Luis Feito … 136 56. Exchanges sense bonanza in OTC overhaul by Aline van Duyn and Anuj Gangahar … 138 57. The eurozone’s terrible recession …140 58. ECB favours using monetary policy as asset-price tool by FT.com …141 59. Bad Bank Proposal in Germany: Internal Memo Puts Toxic Assets At €800 bn by RGE Monitor … 142 60. Obama Urges Rules on Investments Tied to Crisis by Stephen Labaton and Jackie Calmes … 144 61. AIG Could Repay US in 3 to 5 Years, Chief Tells Congress by Brady Dennis … 147 62. US Pusches Ahead With Derivatives Regulation by David Cho and Zachary A Goldfarb … 149 63. A bad proposal for bansk by Eurointelligence … 151 64. Slow Start to Federal Plan for Modifying Mortgages by Tara Siegel Bernard … 154 65. China’s Heart of Gold by Victor Zhikai Gao … 157 66. The Almighty Renminbi? by Nouriel Roubini … 159 67. IMF demands stress test for EU banks by Eurointelligence… 161 68. IMF urges stress tests on European banks by Scheherazade Daneshkhu and Tony Barber and Peter Thal Larsen … 163 69. Berlin backs toxic assets plan by Bertrand Benoit … 164 70. Alarm Sounded on social Security by Amy Goldstein … 166 71. Recession Drains Social Security and Medicare by Robert Pear … 168 3 72. The State of Housing Markets Around the World: Not Bottoming Yet? … 171 73. 2008 in review: the downtourn accelerated at year end by Global Property Guide … 172 74. A simpler way to solve the “dollar problem” and avoid a new inflationary cycle by Domingo Cavallo & Joaquín Cottani … 177 75. Whay Obama’s conservatism may not prove good enough by Martin Wolf … 179 76. Poland is thinking abour delaying euro entry by Eurointelligence … 182 77. Is Larry Summers The Next Gordon Brown? By Simon Johnson … 184 78. Fed Watch: Turning Which Corner? By Tim Duy …185 79. Bank Stock Sales Add Billions in New Capital by Binyamin Appelbaum … 189 80. We’re Dull, Small Banks Say, but Have Profits by David Segal … 191 81. In German Suburb, Life Goes On Without Cars by Elisabeth Rosenthal … 193 82. Iceland’s new government pushes EU accession by Eurointelligence … 196 83. A Return to Trend Growth in 2010? By CalculatdRisk … 198 84. Administration Plans to Strengthen Antitrust Rules by Stephen Labaton … 199 85. Investment Outlook by Bill Gross …202 86. Hacia un Nuevo capitalismo by Timothy Garton …205 87. Ten Reasons Why the Stress Tests Are “Schemess” Test and Why the Current Muddle-Through Approach to the Banking Crisis may Not Succedd by Nouriel Roubini … 208 88. Bernie Madoff’s Secretary Spills His Secrets by Vanity Fair … 214 89. Trichet se sube al helicoptero by Claudi Pérez … 217 90. Entrevista: Economía global Jacques de Larosière coordinador del informe europeo de regulación bancaria by Alicia González … 221 91. Fine Line for Obama on How to Convey Hope on Economy by David E Sanger …224 4 92. Fannie Loses $23 Billion, Prompting Even Bigger Bailout by Zachary A Goldfarb …226 93. The Dynamically-Hedged Economy II by Doug Noland … 229 94. Employment: Comparing Recessions and Diffusion Index by CalculatedRisk … 232 95. Stressing the Positive by Paul Krugman …234 96. Hacer hincapié en lo positive by Paul Krugman … 236 97. Did dinner with Obama pay off for the White House? By salon.com…237 98. Obama’s dinner with Stiglitz and Krugman by salon.com …238 99. Prisioner of the White House by Newsweek … 240 100. Ailing Banks Need $75 Billion, US Says by Edmund L Andrews … 242 101. Stress Tests Results Split Financial Ladscape by Louise Story and Eric Dash … 245 102. US to Wind Down Help for Some Banks by Binyamin Appelbaum and Neil Irwin … 248 103. Friedrich Hayek as a Teacher by Mises Daily … 251 104. A few surprises from the ECB by Eurointelligence … 254 105. Lessons of the Global Financial Crisis: 3. Built to fail by Eurointelligence …257 106. Stress Test Result Watch: Banks Scramble To issue Common … 263 107. ECB Adopts Active Credit Easing and Extends Term Loan Maturity To 1 Year … 266 108. April Junk Bond Return Highest In 22 Years: Are Investors Over-Optimistic? … 267 109. La reforma de la Ley Concursal by Diario juridico.com Derecho y Noticias Jurídicas … 270 110. President Obama, Cut Corporate Taxes Instead by Michael Mandel … 273 111. How Private Equity Could Rev Up the U.S. Economy by Peter Carbonara and Jessica Silver Greenberg … 275 112. The Perils of Global Banking by David Henry and Matthew Goldstein … 287 5 113. Virtual Currencies Gain in Popularity by Olga Kharif … 287 114. Fed Sees Up to $599 Billion in Nank Losses by David Enrich, Robin Sidel and Deborah Solomon … 290 115. Barack Obama and the carmakers by Claudio Munoz … 294 116. Capitalism in Crisis by Richard A. Posner …296 117. Stress Test Finds Strength in Banks by Binyamin Appelbaum … 299 118. As Stress Tests Are Revealed, Markets Sense a Turning Point by Erich Dash and Louise Story …302 119. Grading the Bank’s Stress Test by The Editors … 305 120. More Stress Test Leaks: Morgan Stanley, JP Morgan, AmEx all Pass by CalculatedRisk … 309 121. Senate Passes Expanded FDIC Credit Line by CalculatedRisk … 310 122. Czech Senate approves Lisbon Treaty by Eurointelligence … 311 123. “Ecomafia”, 20.500 millones de beneficio by Miguel Mora … 314 124. Fomc 2003 Transcripts: Bernanke Willing to Lower Rate to Zero by Brian Blackstone … 316 125.
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