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 V Alvaro Espina Vocal Asesor 9 de Septiembre de 2009 BACKGROUND PAPERS: 1. Reserve status fear hits dollar, by Peter Garnham... 10 2. Hybrid EU Bank Capital: Will it be Battered by Burden- Sharing and Shift to Common Equity Requirement?, RGE Monitor... 11 3. Is There a Need for International Monetary Reform Through a Multilateral Exchange Rate Mechanism?, RGE Monitor... 13 4. Recession nears end but stagnation may follow, by Robert Lindsay... 15 5. The long-term consequences of Europe's lacklustre crisis management, by Wolfgang Munchau... 16 6. As Cheaper Chinese Tires Roll In, Obama Faces an Early Trade Test, by Peter Whoriskey... 18 7. Why some economists could see the crisis coming, by Dirk Bezemer... 31 8. ECB plans policy revamp to tackle bubbles, by Ralph Atkins... 23 9. Hedge funds show the way on bonuses, by Paul Marshal... 24 10. Judges’ Frustration Grows With Mortgage Servicers, by John Collins Rudolf... 26 11. Cerberus to bar withdrawals from two funds, by Francesco Guerrera and Sam Jones... 28 12. Regulatory Reform in the U.S.: Who Should Be the Systemic Risk Regulator?, RGE Monitor... 30 13. Comprehensive response to the global banking crisis, BIS... 32 14. Mortgage Market Bound by Major U.S. Role. Classes of Borrowers Cannot Find Loans as Publicly Backed Debt Mounts, by Zachary A. Goldfarb and Dina ElBoghdady... 34 15. South Korean Economy Seems Back on Track. Nation Now Faces Seoul Housing Bubble, by Blaine Harden... 38 1 16. No Getting Around This Guy, by Alec MacGillis... 40 17. In China and Spain, Deal Tightens Telecom Alliance, The New York Times by Kevin j O’Brien…45 18. G20 Finance Ministers’ Meeting: Pledges to implement regulatory commitments, address bankers’ pay structure, RGE Monitor…47 19. How to Negotiate a Severance Package, by Nancy Trejos... 20. G20 calls for better capital buffers at banks, FT.com by Norman Cohen …49 21. The wait for financial reform, The New York Times by Alan S Blinder …50 22. An early-warning system, run by the Fed, The New York Times by Alan S. Blinder…52 23. La política eocnómica: lo urgent y lo importante, El País by Oscar Fanjul …54 24. Europe’s failure of ambition stunts growth, FT.com by Wolfgang Munchau…59 25. How did economists get it so wrong?, The Yew York Times by Paul Krugman…61 26. A few notes on my magazine article…73 27. But the economists Didn’t get everything wrong, Time by Justin Fox…74 28. Eurozone stimulus: A myth, some facts, and impact estimates, by Volker Wieland... 29. Mistaking beauty for truth, Discover by Sean…75 30. Eurozone stimulus: A myth, some facts, and impact estimates, by Volker Wieland... 77 31. G20 agrees regulatory framework, FT.com by Norma Cohen …80 32. Text-G20 statement on strengthening financial system, Reuter …82 33. G20 draft agrees global stimulus to stay, FT.com …84 2 34. Timing is the soul of economic policy, FT.com …43 35. G20 rift opens on banking reform, FT.com by Ft reporters…87 36. Russia’s economic crisis –no cue for Perestroika 2.0, Open by Andrew Wilson…88 37. The long march to Scotland’s independence referendum, OurKingdom by Gerry Hassan…93 38. Macroprudencial illusions by Collegio Carlo Alberto by Axel Leijonhufvud…97 39. Insight: a matter of retribution, FT.com by Gillian Tett…99 40. El espejismo de los mercados, Cinco días,…100 41. High frequency firms set to benefit from Euroclear fee cut, FT.com by Jeremy Grant …101 42. High Frequency trading: Wall Street’s new rent-seeking trick by Martin Hutchinson…102 43. FSA launches a review of dark pools and high spedd trading, FT.com by Jeremy Grant…104 44. Michael Mackenzie, Joanna Chung and Aline van Duyn SEC to review flash orders july 26 2009, FT.com by Michael Mackenzie…105 45. Stock traders find speed pays, in Milliseconds, The New York Times by Charles Duhigg…107 46. Market manipulation …109 47. The G20 can lead the way to balanced growth, FT.com by Lee Myung-bak and Kevin Rudd…111 48. Lamy fears spillover between climate and trade talks, FT.com by James Lamont…113 49. Mark-to-make believe part 1: no accounting for the credit crisis, Collegio Carlo Alberto by Satyajit Das…115 50. Mark to make believe part 2: making time, Collegio Carlo Alberto by Satyajit Das…122 3 51. From financial crisis to debt crisis?, The Korea Times, by Kenneth Rogoff…127 52. Europe has mapped its monetary exit, Ft.com by Jean Claude Trichet…129 53. The politics of envy, Collegio Carlo Alberto…131 54. The Madoff files: a chronicle of SEC failure, The Washington Post by Zachary A Goldfarb…133 55. White house to propose big reserves at banks, The New York Times by Eric Dash …136 56. Financial stability depends on more capital, FT.com by Timothy Geithner…138 57. G20 plans for stimulus exit, FT.com by Ralph Atkins..140 58. Health care that works, The New York Times by Nicholas D Kristoff…142 59. Fed optimistic recovery is ahead –but unsure how far and how strong, The Washington Post by Neil Irwin…144 60. A reluctance to retire means fewer openings, The New Yor Times by Catherine Rampell and Matthew Saltmarsh…146 61. Spain’s unemployment problem, RGE Monitor, by Chris Mooney…149 62. G20 finance minister meeting: is the consensus for regulation fading? RGE Monitor…153 63. Lord turner tobin tax proposal: varied opinion emerges, Overview…155 64. Macro prudential regulation and the future of the global financial system: group of 30, NYU stern, CEPR reports…1156 65. EU wary on withdrawing fiscal stimuli, FT.com by Tony Barber…158 66. EU unites behind call for bank bonus cap, FT.com by Tony Barber…159 67. RGE monitor’s newsletter, RGE Monitor…1161 4 68. Manufacturing grows after 18 weak months, The New York Times, by Jack Healy…163 69. Low-wage workers are often cheated study says, The New York Times by Steven Greenhouse…165 70. Ian Bremmer and Nouriel Roubini: don’t expect the US and China to form a strategic alliance anytime soon WSF.com, The Wall Street by Ian Bremmer and Nouriel Roubini…167 71. Roubini: China won’t drive world out of recession, CNBC.com by Guy Adami…169 72. Banking crises and exports: lessons from the past, Vox by Leonardo Iacovone and Veronika Zavacka…170 73. A tale of two depressions, Vox by Barry Eichengreen and Kevin O’Rourke…174 74. Willem buiter forget tobin tax: there is a better way to curb financie, FT.com by Willem Buiter…178 75. What BP’s new oil strike means, BusinessWeek, by Stanley Reed…181 76. Madrid 2016 bid has strongest public support: repot, The Washington Post by Antonella Ciancio…184 77. The case against a super-regulator, The New York Times by Sheila C Bair…186 78. This woman might from eating cookie dough, The Washington Post, by Lyndsey Layton…187 79. Missing Richard Nixon, The New York Times, by Paul Krugman…190 80. Horse-race reporting, The Conscience of a Liberal…192 81. Some analysts see and end to market rally, The New York Times, by Jack Healy…193 82. Macro prudential regulation and the future of the global financial system: Group of 30, NYU stern, CEPR reports, RGE Monitor…195 5 83. Dumping Russia in 1998 and Lehman ten years later: triple time-inconsistency episodes, Vox, by Guillermo Calvo…197 84. International trade, offshoring, and US wages, Vox, by Ann Harrison…200 85. Shangai’s fall dents Japanese optimism, FT.com by Lindsay Whipp…206 86. Data highlight challenges faced by DPJ, FT.com by Robin Harding…208 87. Blue chip, white cotton: what underwear says about the economy, The Washington Post by Ylan Q Mui…209 88. Central banks can adapt to life below zero, FT.com by Wolgang Munchau…211 89. Time for a paradigm shiff to include credit: do we need a higher inflation target? A price level target?, RGE Monitor…213 90. Bankers watch as Sweden goes negative, FT.com by Andrew Ward …215 91. Back to 2007:fear of appreciation in emerging economies, Vox by Andrea Kiguel and Eduardo Levy- Yeyati…218 92. A case for (even) more transparency in the OTC markets, Voxeu.org, by Viral Acharya and Robert Engle…224 93. Transmission of the global recession through US trade, by Michael J Ferrantino and Aimee Larsen…227 94. Till debt does its part, The New York Times by Paul Krugman…234 95. Deficits, debt, and the economy, The Conscience of a Liberal…235 96. FDIC steps up scrutiny of new banks, FT.com, by Joanna Chung…240 97. US problem bank list hits 15 year high by Joanna Chung…240 6 98. Obama lucky to have Bernanke, ShanghaiDaily.com by J Bradford Delong…242 99. If you are so rich, why aren’t you smart?, by Greg Mankiw…243 100. The least susprising correlation of all time, NY Times…244 101. Heredity, environment, justice, The Conscience of a Liberal, by Grey Mankiw…245 102. Could Tobin tax reshape financial sector DNA?, FT.com by Gillian Tett…246 103. The Tobin tax explained, FT.com by Martin Sandbu…205 104. Treasury frowns on Tobin proposal, FT.com by George Parker…249 105. FSA backs global tax on transactions, FT.com by George Parker…250 106.