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 90º ANEXO VI Alvaro Espina Vocal Asesor 1 de Marzo de 2010 BACKGROUND PAPERS: 1. What didn’t happen, The New York Times by Paul Krugman…6 2. Isn’t AIG’s stock worthless? The why is it $28 a share?, The Washington Post by Paul Smalera…8 3. The transformer: why VW is the car giant to watch, BusinessWeek by David Welch…10 4. Junkers calls for single eurozone representation, Collegio Carlo Alberto…14 5. Ominous lessons of the 1930s for Europe, FT.com by Paul De Grauwe…16 6. European commercial property rebounds, FT.com by Daniel Thomas …18 7. A systemic risk warning system, Vox by Anne Sibert…19 8. The “other” imbalance and the financial crisis, Vox by Ricardo Caballero…22 9. Eurozone monetary policy in uncharted waters, Vox by Martin Cihák, Thomras Harjes and Emil Stavrev…28 10. Arrogancia de Viejo estilo, El País de Santos Julia…33 11. Crisis y recuperación en América Latina, El País de Carmelo Mesa-Lago…35 12. Atados al euro, El País de Pierre Briançon…37 13. El turismo, ¿clave del nuevo modelo productivo?, El País de José Luis Zoreda…38 14. Los salarios resisten la presión, El País de Manuel V Gómez…41 15. Los precios de la vivienda caen cada vez menos, El País de Luis Doncel…43 16. La crisis y la reforma del sistema financiero, El País de Xavier Vives…45 17. La prueba griega, El País …48 18. Alemania elogia los esfuerzos de Grecia para frenar su déficit, El País, Agencias …48 19. Los contrastes de Suramérica, El País de Alejandro Rebossio…50 20. Despedidos por no remar con la empresa, El País de A. Bolaños y A. Trillas…52 21. Obama taxes the Banks – including the foreigners, Collegio Carlo Alberto …56 22. How the Icelandic saga should end, Financial Times by martin Wolf…58 23. Greece unveils 3-year plan to curb deficit, Ft.com by Kerin Hope and David Oakley…58 24. ECB warning to debt-ridden governments, FT.com by Ralph Atkins, Kevin Hope and David Oakley…60 25. Europe cannot afford a Greek default, FT.com by Simon Tilfod…61 26. Greek PM rejects fears over eurozone exit, FT.com by Kerin Hope …62 27. Why Greece will have to leave the eurozone, FT.com by Desmond Lachman…63 28. Eurozone: Paris et Luxembourg divergent autour du programme, Les Echos.fr par Julien Toyer…65 29. FDIC chief puts blame on Fed for crisis, FT.com by Tom Braithwaite …66 30. Bankers without a clue, The New York Times by Paul Krugman…70 31. Stein’s law, new application, The Conscience of a Liberal by Ezra Klein…71 32. I’m Czar of the world! By Eugene Fama…72 33. Percents and sensibility, BradDeLong…72 34. How many currencies?…73 35. Europe¡s Ok; the euro isn’t…74 36. A Fistful of Euros, The Teory strikes back by PO Neill…75 37. Danske on Eurozone debt-the peril of internal devaluations, by Claus Vistesen …76 38. Any takers in Greece?, Alpha sources cv…77 39. Quantifying Eurozone imbalances and the internal devaluation of Greece and Spain, Alpha Sources Cv by Claus Vistesen …78 40. The debt Hangover…85 41. Why standard and poor’s are right to worry about Spanish finances by Edward Hugh…88 42. The Chicago School and the Financial Crisis Posted, The New Yorker by John Cassidy…106 43. Interview with Eugene Fama, The New Yorket by John Cassidy…107 44. Interview with John Cochrane, The New Yorker by John Cassidy…113 45. Interview with Richard Posner, The New Yorker by John Cassidy…120 46. Interview with Gary Becker, The New Yorker by John Cassidy…125 47. Interview with James Heckman, The New Yorker, by John Cassidy…130 48. Postscript: Paul Samuelson, The New Yorker by John Cassidy…133 49. Krugman, Fox, McCain, Prescott and Company, Grasping reality with opposable thumbs, by Justin Fox…137 50. Leaders of SEC and FDIC say agencies’ failings contributed to financial crisi, The Washington Post by Brady Dennis…141 51. Accord reached on insurance tax for costly plans, The New York Times by Robert Pear and Steven Greenhouse…143 52. Developed markets are more at risk of default, FT.com by Charles Robertson…145 53. Obama attack obscene bonuses, FT.com by Krishna Guha …146 1 54. Overseas unlikely to follow levy move, FT.com by Chris Giles …147 55. Argentina woes will prove costly for comeback, FT.com by Jude Webber …148 56. Direct bids set to spark Treasury volatility, FT.com by Michael Mackenzie…150 57. The short view, FT.com by Jennifer Hughes…151 58. Banker’s fury at levy on US subsidiaries, FT.com by Francesco Guerrera…151 59. Citigroup plans to cap cash bonuses, FT.com by Francesco Guerrera…153 60. Obama vows to recover crisis cash, FT.com by Krishna Guha …154 61. Dear Wall Street: you can blame the media for that levy, Financial Times …155 62. La nueva recuperación de Latinoamérica, Finanzas e Inversión…156 63. España en 2010: ¿Prolongará el paro la salida de la crisis?, Finanzas e Inversión…160 64. Interdependencia global: ¿Están Estados Unidos y otros mercados sembrando las semillas de la próxima crisis?, Finanzas e Inversión…164 65. El dilema europeo: Aumentar la regulación sin sofocar el crecimiento, Finanzas e Inversión…169 66. Financial markets are betting on a Greek default, Collegio Carlo Alberto…174 67. Sovereign default risk loom, FT.com by George Magnus…176 68. A European sovereign upgrade cometh?, (surely some mistake, eh), Financial Times …177 69. Governments’ exit strategies from counter-cyclical policies are crucial, Moody’s Investors Service…179 70. Grecia y Portugal se exponent a una muerte lenta advierte Moodys’ La Razón…180 71. Greek default risk surges to record amid solw death concern, Bloomberg.com by Lukanyo Mnyanda and Abigail Moses…180 72. El bono español toca el 4% pero gana terreno frente al alemán, El País de M.J.…182 73. Wall Street titans face the flak, FT.com by Tom Braithwaite and Francesco Guerrera…183 74. Financial crisis inquiry commission: live coverage, Financial Times …185 75. Greece is still fiddling its data, Collegio Carlo Alberto…189 76. Tax Them Both, The New York Times …190 77. Obama plans fee on financial firms to recover TARP money, The Washington Post by Michal D Shear…192 78. France to raise 360 million euros from trader bonus tax, Times of the Internet …193 79. Paris looks for €360m from bank bonus tax, FT.com by Ben Hall and Sheherazade…194 80. French bankers have more to complain about than rivals, FT.com by Paul Betts…195 81. Questions for the bing bankers, The New York Times …196 82. German government plans to crack down on rating agencies, Spiegel On Line…199 83. Greek markets rattled as EU says deficit forecasts unreliable, Bloomberg.com by Maria Petrakis and Andrew Davis…201 84. The Botox Economy –Part I, Collegio Carlo Alberto by Satyajit Das… 203 85. The Botox Economy – Part II, Collegio Carlo Alberto by Satyajit Das…208 86. Banks braced for Basel battle, Ft.com by Brooke Master and Patrick Jenkins…214 87. What we can learn from Japan’s decades of trouble, FT.com …215 88. Why Obama must take on Wall Street, FT.com by Robert Reich217 89. Obama weighs tax on banks to cut deficit, The New York Times by Jackie Calmes…220 90. What the financial crisis commission should ask, The New York Times by Andrew Ross Sorkin…222 91. As China rises, fears grow on whether boom can endure, The New York Times by Michael Wines…225 92. Clinton, starting trip, acknowledges possible tension with China, The New York Times by Mark Landler…227 93. In China, fear of a real estate bubble, The Washington Post by Steven Mufson…228 94. Angela Merkel changed her mind on policy coordination –but there is a big caveat, Collegio Carlo Alberto…231 95. White man’s Burden?, The Conscience of a Liberal by Paul Krugman …233 96. Sovereign bonds seen as riskier than corporate, FT.com by David Oakley…237 97. Rate rise fears spark rush to issue bonds, FT.com by Jennifer Hughes…238 98. Bond rally continues but risks lie ahead, FT.com by Aline Van Duyn…239 99. Portugal warned about credit downgrade, Collegio Carlo Alberto…242 100. Portugal warned of threat to rating, FT.com by Peter Wise…244 101. Europe braced for boom in junk bonds, FT.com by Anousha Sakoui and Nicole Bullock…246 102. Investors focus on bonds despite a big stock rebound, The Washington Post by Tomoeh Murakami Tse…247 103. Learning from Europe, The New York Times by Paul Krugman…250 104. European decline – a further note, The Conscience of a Liberal …251 105. Bankers escape bonus blow, FT.com by Patrick Jenkins and Megan Murphy…253 106. To leave or not to leave, Ft.com by Patrick Jenkins and Kate Burgess…255 107. Held hostage by the City’s bankers, FT.com …256 108. Investors must not pay, say shareholders, FT.com …257 2 109. Sense of unease awaits financiers in Basel, FT.com by Henny Sender…259 110. Top banks invited to Basel risk talks, FT.com by Henny Sender…260 111. How to make the bankers share the losses, FT.com by Neil Record…261 112. Banks prepare for bigger bonuses, and public’s wrath, The New York Times by Louise Story and Eric Dash…263 113.