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 I Alvaro Espina Vocal Asesor 31 de Julio de 2009 BACKGROUND PAPERS: 1. Interbank and Credit Markets Improving: The Commercial Paper Test, RGE Monitor … 11 2. Federal Reserve Board, Press release…13 3. Big Banks paid billions in bonuses amid Wall St. Crisis The New Yor Times by Louise Story and Eric Dash …14 4. Health care realities, The New York Times by Paul Krugman…17 5. The lessons of 1979-82, The Conscience of a Liberal …18 6. Industry is generous to influential bloc, The Washington Post by Dan Eggen …20 7. New poll finds growing unease on health plan, The New York Times by Adam Nagourney and Megan Thee-Brenan…22 8. Lucrative fees may deter efforts to alter troubled loans, The New York Times by Peter S. Goodman …25 9. House seems to be set on pork-padded defense bill, The Washington Post by ByR Jeffrey Smith …28 10. RGE Monitor’s Newsletter, RGE Monitor…30 11. The financial truth commission, The New York Times …32 12. Call to curb speculators in energy, The New York Times, by Edmund L Andrews…33 13. Is the decline in US home prices easing? RGE Monitor …35 14. Obama opens policy talks with China, The New York Times by Mark Landler…38 15. Politicians accused of meddling in bank rules, The New York Times by Floyd Norris…40 16. Small Banks at Center of Overhaul Debate, The Washington Post by Brady Dennis…42 17. Foreclosures are often in lender’s best interest, The Washington Post by Renae Merle…43 18. In Tennesse Corner, Stimulus meets new deal by The New York Times by Michel Cooper …48 19. An Incoherent truth, The New York Times, by Paul Krugman…51 20. Dethrone king Bernanke and cour to keep recovery: Amity shlaes, Bloomberg com …53 1 21. Man without a Plan, The New York Times by Anna Jacobson Schwartz…55 22. The great preventer, The New York Times by Nouriel Roubini…57 23. The west can’t spend. China won’t spend, Times Online by Carl Mortished…59 24. Animal spirits rarely stay down for long, FT.com by Paul Ormerod …61 25. The problem with relying on the dollar to produce a real appreciation in China, Brad Setser Follow the Money by bstser…63 26. And now, the rest of the story: long-term portfolio flows have fallen by more than the trade deficit, by bsetser…67 27. Europe braced for rising credit card defaults, TF.com by Jane Croft…71 28. Una pronta recuperación: ¿ficción o realidad?, El País by Paul A. Samuelson…73 29. Grandes metas y problemas no resueltos, El País by Jeffrey D. Sachs…76 30. Reportaje: Empresas y sectores, El País, Fernando Barcela…78 31. Reportaje: Empresas y sectores, Ariadna Trillas, Wait and see para invertir, El País…80 32. When debtors decide to default, The New York Times by David Streifeld…82 33. A Jump-start for new battery plants, The Washington Post by Steven Mufson…84 34. After peak finance: Larry Summers’ bubble, by Simon Johnson…87 35. How we got into today’s mess and where we go from here, Standard the Weekly by David M Smick…89 36. Goldman stakes pays off for buffett. No duh, The Street.com by Lauren Tara La Capra…98 37. What’s at stake for the US China strategic and economic dialogue? RGE Monitor …100 38. Germany: will the economic recovery remain technical or prove sustainable?, RGE Monitor…102 39. UK GDP shrinks at fastest rate for 60 years, FT.com by Norma Cohen…105 40. A 4 billion push for better schools, The Washington Post by Michael D Shear and Nick Anderson…107 41. Geithner defends financial oversight reform, The Washington Post, by Neil Irwin …110 2 42. A regulator heeds lessons from the past, The Washington Post by Zachary A Gooldfarb…112 43. Costs and Compassion, The New York Times by Paul Krugman …115 44. Professor in chief, The Conscience of a Liberal …116 45. The most misunderstood man in America, Newsweek by Michal Hirsh…119 46. The road ahead for the global economy, RGE Monitor …123 47. Can Japan avoid another lost decade?, RGE Monitor…126 48. Can the military find the answer to alternative energy? Bussinessweek, by Steve LeVine…128 49. Europe’s jobless youth, Businessweek, by Mar Scott …131 50. Asia’s recovery prospects hinge on the G-3 recovery, RGE Monitor …133 51. Federal reserve proposes significant changes to regulation Z (Truth in lending) intended to improve the disclosures consumers receive in connection with closed end morgages and home equity lines of credit, FRB Press Release …135 52. Obama seeks to calm fears on health reform, The Washington Post, by Ceci Connolly and Michael d¡D Shear…138 53. Goldman agrees to higher price in buying back taxpayer’s stake, The Washington Post, by David Cho…141 54. Government takes over Delphi’s pensions, The New York Times, by Mary Williams Walsh…143 55. Subprime mortgage loss forecast is raised by Standard and Poor’s by Jody Shem…145 56. Chinese reserves to help companies go global? Outward investment still government-led, RGE Monitor …146 57. Harvard’s Feldstein sees risk of “Double-Dip” Recession in US, Bloomberg.com by Bob Willis and Betty Liu …145 58. Bernanke: The Fed’s exit strategy, Calculated Risk …149 59. EU and IMF diverge over Latvia: Loan Disbursements in Doubt?, RGE Monitor …150 60. The Fed’s exit strategy in full-and why not many people believe it, Eurointelligence …153 61. Economics is in crisis: it is time for a profound revamp, FT.com by Paul De Grauwe…156 3 62. Chairman Ben S. Bernanke. Semiannual moneatary policy report to the Congress, Board Governors of the Federal Reserve System…159 63. Bernanke outlines Fed’s exit strategy, FT.com by Sarah O’Connor…163 64. CRE Losses Piling Up, Calculatd Risk…165 65. Moody’s is unimpressed by German bad bank scheme, Eurointelligence …166 66. The Failure of Macroeconomics?, Econbrowser, by Menzie Chinn…168 67. The semi-daily journal of economist Brad Delong: a fair, balanced, reality-based, and more than two-handed look at the world…170 68. Economics not without success, Economist.com…174 69. The state of economics, The other-worldly philosophers The Economist …175 70. The efficient-markets hypothesis has underpinned many of the financial indstry’s models for year. Afters the crash, what remains of it?, The Economist. Financial Economics…180 71. What went wrong with economics, The Economist…183 72. Pourquoi Blair ferait un bon president de l’Europe, Le Figaro, by Piere Rousselin…186 73. Placebo effects: part 1, Eurointelligence by Satyajit Das…188 74. Cashing in, again, on risky mortgages, The New York Times, by Peter S. Goodman…191 75. German government is considering bnak nationalization, Eurointelligence …196 76. Stress test: les banques françaises jugent scenarios plus sévères qu’aux Etats-Unis, Les Echos…198 77. Industry cash flowed to drafters of reform, The Washington Post, by Dan Eggen…199 78. UK and France told to agree on regulation of OTC derivatives, FT.com by Peggy Hollinger…202 79. Warning to UK and France on derivatives, FT.com by Peggy Hollinger…203 80. Los últimos sucesos en Guatemala, Perú y Honduras restan credibilidad a la democracia liberal y refuerzan popularidad a Chávez, El País, Santiago Roncagliolo…204 4 81. Financiación de “pymes” y contexto recesivo, El País, José A. Herce y Arturo Rojas…207 82. Son las empresas, estúpido, El País, Angel Laborada…209 83. Estadísticas que cuentan historias, El País by Antoni Zabalza…211 84. Las apuestas bajists repuntan pese al escenario de euforia que reina en la Bolsa, El País, David Fernández…214 85. La ONU coge las riendas, El País by Joseph Stiglitz…216 86. Corresponsabilidad y transparencia, El País, Carmen Alcaíde…218 87. Los controles fallaron, pero el furor por las reformas se apaga a medida que se inicia la recuperación. Los banqueros han cobrado millones y no han sido juzgados, El País, Iñigo Barrón…220 88. Statement On US economic Outlook, RGE Monitor by Dr. Nouriel Roubini…221 89. The joy of Sachs, The New York Times by Paul Krugman…226 90. Two Giants emerge from Wall Street ruins, The New York Times, by Graham Bowley…228 91. Data show credit crunch already started in Germany, Eurointelligence …231 92. L’Allemagne apaisée enterre le rêve européen, Le Monde…232 93. Les hedge funds: un conflit de règlementation, Le Monde by Georges Ugeux…237 94. TIC Data and the US current account deficit: Foreigns back to t-bills in may, RGE Monitor…239 95. Renminbi politics: Changing tone about the RMB from de US and IMF? RGE Monitor…241 96. China revs up its dealmaking machine, Businessweek by Dexter Roberts…243 97. Turnaround, what turnaround?, Spiegelonline by Alexander Jung…246 98. Recovery: Where will the jobs come from?, Businessweek by Chris Farrell…250 99. The time bomb in corporate debt, Businessweek by David Henry…253 100. Goldman defector draws attention to electronic trading firms, CNN.Money by William D Cohan…255 101. From the runways of Austria, Mises Daily by Pia Varma…258 102. Housing: sticky prices by Calculated Risk…261 5 103. Blair and Barroso, Eurointelligence…263 104. The negative impact of the financial crisis on potential output necessitates an EU-led policy response, Vox by Declan Costello…266 105. China’s 2,000bn foreign reserves, FT.com…272 106.