Aquí se muestran las publicaciones, artículos y algunas cosas más que pueden ser útiles a mis alumnos de la Escuela de Finanzas Aplicadas (Grupo Analistas) y de la Universidad Autónoma de Madrid.

Listado de artículos de Emilio Ontiveros relacionados con la crisis financiera (descargables todos ellos en el apartado de Publicaciones)

Flujos de inversión extranjera directa. Consideración especial del caso español

Anuario de la Internacionalización de la Empresa Española 2009
Círculo de Empresarios y Wharton, Universidad de Pennsylvania

Economic Vandalism
The Economist, 17 de septiembre de 2009

Revista Fortune - 26 de octubre de 2009 - It's China's World. (We just live in it)

FMI. Glossary.  Global Financial Stability Report. Navigating the Financial Challenges Ahead. Oct. 09

Glosario FMI:

Materiales recomendados para alumnos del MBF de la EFA:

Rescartes y reestructuración bancaria: el caso español. Santiago Fernández de Lis, Daniel Manzano, Emilio Ontiveros y Francisco J. Valero. Documento 152/2009 Laboratorio Alternativas. Fundación Alternativas.

La más singular de las crisis. Monografía para Banco Caminos. Julio 2009

BBC News. How a bank's balance sheet works
http://news.bbc.co.uk/2/hi/business/7826852.stm

European Central Bank - Monthly Bulletin - August 2009
http://www.ecb.int/pub/pdf/mobu/mb200908en.pdf
Box 1. Institutional differences between mortgage markets in the euro area and the United States (pág. 17)

European Central Bank - Monthly Bulletin - August 2009
http://www.ecb.int/pub/pdf/mobu/mb200908en.pdf
Housing Finance in the Euro Area (pág. 77)

European Central Bank - Occasional Paper Series nº 72 - September 2007. The role of financial markets and innovation in productivity and growth in Europe

Diario Expansión 7 de octubre de 2009: Tres décadas bajo el influjo de la banca extranjera

Financial Times 21 de octubre : Brazil taxes foreign portfolio flows in bid to stem exchange rate rise

Financial Times 21 de octubre Exchanges, trading & Clearing
  - Sweeping changes are on the way
  - Japan: Tokyo market prepares to move up a gear
  - European Union: Competition is sharper but liquidity fragmented
  - The tectonic plates are shifting
  - Carbon trading: Greenhouse gases offer growth prospects
  - ClearPort is a central part of CME’s strategy
  - Clearing: The humdrum has fresh significance
  - US: High frequency trading dominates the debate
  - Denise Shull: A cool-headed take on traders’ emotions
  - Brazil: São Paulo adopts a more international approach

Financial Times 21 de octubre: Hi-ho Silva lining

Financial Times 21 de octubre: Spanish in position

Fondo Monetario Internacional. World Economic Outlook. How do financial systems affect economic cycles?  October 2006

Organigrama Índice Desarrollo Financiero

PIMCO. Bond Basics. Everything you need to know about bonds

www.pimco.com

Shiller, Robert J., Tools for Financial Innovation: Neoclassical versus behavioral finance. Cowles Foundation Paper nº 1180 http://cowles.econ.yale.edu/

The Financial Development Report 2009
World Economic Forum
http://www.weforum.org/pdf/FinancialDevelopmentReport/Report2009.pdf

Nota técnica de Análisis bancario (SASBE) nº 92, Los fondos de garantía de depósitos en España. 6 octubre 2008

Financial Times, 28 octubre 2008: Yen is caught in carry-trade turmoil.

Seguimiento fácil de la crisis crediticia:

http://www.investmentpostcards.com/2008/12/08/credit-crisis-watch-december-8-2008/

Economists React: "Who could ask for anything more? Compiled by Phil Izzo. December 16, 2008

Fed Cuts Benchmark Rate to Near Zero - By Edmund L. Andrews - 17 diciembre 2008

A Career Option for Bernie Madoff? by Stephen J. Dubner - 16 diciembre 2008

Artículo del diario El País 4 enero 2009. Emilio Ontiveros: A las finanzas no se las puede dejar solas

La peli de la crisis

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

http://moneyspeak.direct.gov.uk/

11 nov. 08: El castigo al "riesgo España" es excesivo.

12 enero 09: S&P sitúa el rating del Reino de España en revisión a la baja. Implicaciones sobre el coste de financiación del Estado, CCAA y entidades financieras.

13 enero 09: El riesgo de la deuda española, similar dl de otros emisores AAA de la UME.

A continuación se muestran las lecturas y materiales recomendados para Doctorado UAM 2009:

Vídeos (MIT World's videos):

George Soros on The New Paradigm for Financial Markets

Observations on the Science of Finance in the Practice of Finance

Challenges to the Global Economy

SubPrime Mortgage Mess Explained

http://www.youtube.com/watch?v=q8hjUei-Nwo&NR=1

Sesión 1: Emilio Ontiveros. Presentación marco. Martes 3 de marzo 2009

Presentación de Emilio Ontiveros: Integración Financiera Internacional y Crisis Financieras Internacionales

Financial Globalization: A Reappraisal. M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, and Shang-Jin Wei. IMF Working Paper WP/06/189

The Drivers of Financial Globalization. Philip R. Lane, Gian Maria Milesi-Ferretti, Janury 10, 2008

The Global Capital Market: Benefactor or Menace? Maurice Obstfeld. Dec. 19, 1997 (Univ. California, Berkeley)

Hedge Funds: Past, Present and Future. René M. Stulz, The Ohio State University. Dice Center WP 2007-3. February 2007

Sesión 2: Crisis financieras. Crisis comparadas.

Growing up to financial stability. Michael D. Bordo. NBER WP 12993 (March 2007)

The Center and the periphery: the globalization of financial Turmoil. Graciela L. Kaminsky, Carmen Reinhart (NBER WP 9479 (Enero 2003)

Financial Globalization, Crises and Contagion. Sergio L. Schmukler (World Bank) Pablo Zoido (Stanford University), Marina Halac (World Bank)

The crisis of 2007: the same old story, only the players have changed. Michael D. Bordo, Rutgers University and NBER. September 28, 2007

Is the 2007 U.S. Sub-prime financial crisis so different? An International Historical Comparison. Carmen M. Reinhart and Kennerth S. Rogoff. NBER Working paper 13761

Action replay, The Economist, September 27, 2007

La era de las turbulencias o la gran moderación? Santiago Fernández de Lis

The 1985-94 Global Real Estate Cycle. Its Causes and Consequences. Bertrand Renaud. Policy Research Working Paper 1452. The World Bank. Financial Sector Development Department May 1995

International Financial Crises: Myths and Realities. Anna J. Schwartz

Stock-Market Crashes and Depressions. Robert J. BArro y José F. Ursúa. NBER Working Paper 14760

Inexperienced Investors and Bubbles. Robin Greenwood, Stefan Nagel. NBER Working Paper 14111. June 2008

The crisis of 2007: some lessons from history. Michael Bordo. 17 December 2007

Financial Crises of the future. Paolo Mauro and Yishay Yafeh

Financial Stability and Transparency. House of Commons Treasury Committee. 26 February 2008

The anatomy of financial crises: understanding their causes and consequences. December 6, 2007. Wharton  School of the Univesity of Pennsylvania

House Price Bubbles. FRBSF Economic Letter. Number 2003-06, March 7, 2003

Outlook for Global Finance: the Evolving Crisis and Japan's Experience. January 2009 Koyo Ozeki

Sudden Stops, Financial Crises and Original Sin in Emerging Countries: Déjà Vu? Michael D. Bordo. NBER Working Paper 12393. July 2006

Crises in Emerging Market Economies: a Global Perspective. Guillermo A. Calvo. NBER Working paper 11305. April 2005

This time is different: a panoramic view of eight centuries of financial crises. Carmen M. Reinhart y Kenneth S. Rogoff. NBER Working paper 13882. March 2008

Crises and sudden stops: evidence from international bond and syndicated-loan markets. Graciela L. Kaminsky. NBER Working Paper 14249. August 2008

The turner review. A regulatory response to the global banking crisis. Financial Services Authority. March 2009

La titulización en España: principales características. Banco de España. Boletín Económico. Diciembre 2007

Sesión 3: Fundamentos crisis subprime. Lending standards.

Housing, Credit Markets and the Business Cycle. Martin S. Feldstein. NBER WP 13471 (October 2007)

The Credit Crunch - In 2008 the worst may keep getting worse. Satyajit Das. 03.02.2008

The US subprime mortgage crisis: a credit boom gone bad? Giovanni Dell'Ariccia, Deniz Igan, Luc Laeven, 4 February 2008

Nuevo trauma financiero. Emilio Ontiveros. Revista Economistas Colegio de Economistas de Madrid. Abril 2008

Money for nothing and checks for free: recent developments in U.S. Subprime Mortgage Markets. John Kiff and Paul Mills. IMF  WP/07/188

Subprime notes. Credit Market TGurmoil Makes Valuation Key. Manmohan Singh and Mustafa Saiyid. IMP January 15, 2008

Credit booms and lending standards: evidence from the subprime mortgage market. Giovanni Dell'Ariccia, Deniz Igan and Luc Laeven, Financial Economics. CEPR discussion paper 6683

The US subprime mortgage crisis: a credit boom gone bad? Giovanni Dell'Ariccia, Deniz Igan, Luc Laeven, 4 February 2008

Understanding the Subprime Mortgage Crisis. Yuliya Demyanyk, Otto Van Hemert. October 9, 2007

Did Securitization Lead to Lax Screening? Evidence From Subprime Loans 2001-2006. Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, Vikrant Vig. January 2008

Leveraged Losses: Lessons from the Mortgage Market Meltdown. David Greenlaw, Jan Hatzius, Anil K Kashyap, Hyun Song Shin. US Monetary Policy Forum Conference Draft. February 29, 2008

La crisis financiera: su impacto y la respuesta de las autoridades. Analistas Financieros Internacionales y Confederación Española de Cajas de Ahorros. Ediciones Empresa Global. ISBN-10: 84-89378-59-2

The great credit squeeze: how it happened, how to prevent another. Martin Neil Baily, Douglas W. Elmendorf and Robert E. Litan. May 16, 2008. Business and Public Policy and Brookings

Growing up to financial stability. Michael D. Bordo. NBER Working paper 12993. March 2007

Rethinking the effects of financial liberalization. Fernando A. Broner y Jaume Ventura. October 2008

Deciphering the 2007-08 Liquidity and credit crunch. Markus K. Brunnermeier. Princenton University. May 19, 2008

The credit crisis and failed risk analysis: "We're nowhere nerar the end here" June 25, 2008, Wharton School of the University of Pennsylvania

Systemic risk and the financial system. Darryll Hendricks, John Kambhu, and Patricia Mosser. FRBNY Economic Policy Review. November 2007

Anatomy of a Meltdown. Ben Bernanke and the financial crisis. John Cassidy. December 1, 2008

Crisis financiera, impacto económico y posición del SFE. Analistas Financieros Internacionales, 2 marzo 2008

The promise and pitfalls of the Treasury's plan for mortgage-loan modifications. Subprime solutions. The Economist. December 6, 2007

Facts and Myths about the financial crisis of 2008. V.V. Chari, Lawrence Christiano, and Patrick J. Kehoe. Working paper 666. October 2008. Federal Reserve Bank of Minneapolis.

The current financial crisis: causes and policy issues. Adrian Blundell-Wignall, Paul Atkinson and e Hoon Lee. Financial Markets Trends 2008

Globalización en la crisis. Mauro F. Guillén y Emilio Ontiveros

Housing and monetary policy. John B. Taylor. NBER Working paper 13682. December 2007

¿La era de las turbulencias o la gran moderación? Santiago Fernández de Lis

Mortgage crisis bailout: relief for some, risk for others. March 4, 2008. Wharton School of the University of Pennsylvania

Credit crunch: where do we stand? Thomas A. Russo.

Liquidity constraints and imperfect information in subprime lending. William Adams, Liran Einav y Jonathan Levin. NBER Working paper 13067. April 2007

How we were ruined & what we can do. Jeff Madrick, February 12, 2009

Subprime: "España no es EEUU" Diferencias entre el mercado hipotecario estadounidense y el español. Analistas Financieros Internacionales, 17 de septiembre de 2007

What really lies behind the financial crisis? Januray 21, 2009. Wharton School of the Univesity of Pennsylvania

Understanding recent trends in house prices and homeownership. Robert J. Shiller.

The mortgages of the future. Robert J. Shiller. September 21, 2008

Subprime crisis: second-best solutions. Charles Wyplosz, 20 September 2007

The subprime panic. Gary B. Gorton. NBER Working paper 14398. October 2008

Subprime in Spain? Analistas Financieros Internacionales, July 2008

How susceptible is European housing to US problems? Morgan Stanley. August 30, 2007

Subprime: tentacles of a crisis. Randall Dodd.

The consequences of mortgage credit expansion: evidence from the 2007 mortgage default crisis. Atif Mian y Amir Sufi. January 2008

Postcards from the ledge. The Economist December 19, 2007

The sub-prime crisis: some lessons for financial supervisors. Fernando Restoy

The subprime solution. Robert J. Shiller

The liquidity crisis: whence it came and where it will go. Raghuram G. Rajan

Through the looking glass: the links between financial globalization and systemic risk. John Lipsky. September 27, 2007

The panic of 2007. Gary B. Gorton. NBER Working paper 14358. September 2008

Capital Markets Considerations. Goldman Sachs International. 21 September 2007

What happened to the quants in August 2007? Amir E. Khandani and Andrew W. Lo. Journal of Investment Management 2007

Sesión 4: Securitization.

Understanding the securitization of subprime mortgage credit. Adam B. Ashcraft y Til Schuermann (Federal Reserve Bank of New York) 4 December 2007

How to save the bond insurers. Pershing Square Capital Management, L.P. November 28, 2007

Securitisation in the Euro Area. European Central Bank. Monthly Bulletin. February 2008

Collaterized Debt Obligation (CDO) Pablo García Estévez

Splitting headaches (Bond insurers and the markets) The Economist, 21 febrero 2008

Fannie y Freddie

Freddie Mac y Fannie Mae

Carry trades and currency crashes. Markus K. Brunnermeier, Stefan Nagel, Lasse H. Pedersen. NBER Working paper 14473. November 2008

Economic catastrophe bonds. Joshua D. Coval, Jakub W. Jurek, and Erik Stafford. April 2008

Governor Paterson announces plan to limit harm to markets from damaging speculation. September 22, 2008. State of New York

Confessions of a risk manager. The Economist

Credit derivatives. Gross exaggeration. The Economist January 31, 2008

Leveraged Losses: Lessons from the Mortgage Market Meltdown. David Greenlaw, Jan Hatzius, Anil K Kashyap, Hyun Song Shin. US Monetary Policy Forum Conference Draft. February 29, 2008

Did Securitization Lead to Lax Screening? Evidence From Subprime Loans 2001-2006. Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, Vikrant Vig. January 2008

Financial stress and economic downturns.

Innovation tecnhology. How new technologies are changing the way we innovate. David Gann and Mark Dodgson. Provocation 05. September 2007. Nesta

El nuevo escenario financiero internacional. Emilio Ontiveros, 2 de febrero de 2009

La titulización en España: principales características. Banco de España. Diciembre 2007

A note on liquidity risk management. Markus K. Brunnermeier, Motohiro Yogo. NBER Working Paper 14727. February 2009

The litigation of financial innovations. Josh Lerner. Harvard Business School. Working paper 09-027

On the run: examining patterns in mutual fund redemptions. Wharton School of the Univesity of Pennsylvania. January 07, 2009

Risky business with structured finance. Harvard Business School. January 20, 2009

Technology and Finance. Anna Ilyina and Roberto Samaniego. IMF Working Paper WP/08/182

A re-emerging market? Bankers seek simpler ways to sell on debt. Gillian Tett, Aline van Duyn and Paul J Davies. June 30, 2008

Titulización. Organigrama

Sesión 5: Agencias de rating.

Rating agency reform, Richard Portes. 22 January 2008

Measuring the measurers. The Economist. May 31st, 2007 (NYork)

The credit ratings game. Patrick Bolton, Xavier Freixas, Joel Shapiro. NBER Working paper 14712. February 2009

La Comisión adopta una propuesta con vistas a la regulación de las agencias de calificación crediticia. IP/08/1684 - Bruselas 12 noviembre 2008

Do the SEC's New Rating Agency Rules Have Any Bite? Wharton School of the University of Pennsylvania. December 10, 2008

Ratings Standard & Poors. January 19, 2009

Las agencias de rating y su protagonismo en la crisis. Analistas Financieros Internacionales, 13 noviembre 2008

Sesión 6: Fondos soberanos.

The Investment strategies of sovereign wealth funds. Shai Bernstein, Josh Lerner, Antoinette Schoar. NBER. Working paper 14861.

Sovereign wealth funds: una fuente de liquidez clave (Afi, Analistas Financieros Internacionales, Nota de Mercados, 28 noviembre  2007)

The challenge of sovereign wealth funds. Philipp M. Hildebrand, 21 January 2008

Sovereign Wealth Funds: the need for greater transparency and accountability. Edwin M. Truman. Peter G. Peterson Institute for Internacional Economics

Sovereign Wealth Funds. What they are and what's happening. Stephen Jen. World Economics. Vol. 8. nº 4, October-December 2007

Sovereign development funds: key financial actors of the shifting wealth of nations. Javier Santiso. OECD. EmNet Working Paper October 2008

The fallout from the financial crisis (1): emerging markets under stress. Helmut Reisen. OECD Policy Insights nº 83. December 2008

Soberanos. Empresa Global. Agosto 2008. Emilio Ontiveros.

Los emergentes como refugio. Emilio Ontiveros. Octubre 2007

Sovereign development funds and the shifting wealth os nations. Javier Santiso. OECD. 27 Septiembre 2008

From torrent to trickle. Sovereign-wealth funds. The Economist. January 22, 2009

Sovereign-wealth funds and recipient country policies. OECD Investment Committee Report, 4 April 2008

Sovereign implications of the financial crisis. FitchRatings. 8 October 2008

Sovereign-wealth funds: assuaging the exaggerated anguish about the new global financial players. Dilip K. Das

Sovereign wealth funds: investment choices and implications aroun the world. Nuno Fernandes. February 2009

Sovereign wealth funds 2009. IFSL March 2009

Sovereign wealth funds: stylized facts about their determinants and governance. Joshua Aizenman y Reuven Glick. NBER Working paper 14562. December 2008

Sesión 7: Moral hazard, el papel de los bancos centrales. Supervisión, situación actual y perspectivas.

Moral Hazard, Collateral, and Liquidity. Viral V. Acharya, S. Viswanathan. December 12, 2007

Tracking Financial Behavior: Where do macro and micro meet? José Manuel González Páramo. European Central Bank, 3 December 2007

Monetary policy decisions: preparing the inputs and communicating the outcomes. Monetary and Economic Department. BIS Papers nº 37, February 2008

Recent market turmoil - implications for supervisors and risk managers. Dr. Nout Wellink, NYork, 27 February 2008

The economy and financial markets. Ben S. Bernanke. Washington DC, 14 February 2008

La supervisión financiera: situación actual y temas para debate. Gonzalo Gil y Julio Segura

Recent market turmoil - implications for supervisors and risk managers. Dr. Nout Wellink, NYork, 27 February 2008

Change and constancy in the financial system: implications for financial distress and policy. Cladio E.V. Borio, Monetary and Economic Department. BIS n1 237, October 2007

Leveraged Losses: Lessons from the Mortgae Market Meltdown. David Greenlaw, Jan Hatzius, Anil K Kashyap, Hyun Song Shin. US Monetary Policy Forum Conference Draft. February 29, 2008

The financial crisis and the policy responses: an empirical analysis of what went wrong. John B. Taylor. NBER Working paper nº 14631. January 2009

Beware moral hazard fundamentalists. Lawrence Summers. September 23, 2007

Central banks should prick asset bubbles. Paul de Grauwe. November 1, 2007

Fed Treads Moral Hazard. E.S. Browning. August 13, 2007

The moral hazard effects of recent central banks' liquidity injections. Nouriel Roubini. August 13, 2007

Testing creditor moral hazard in sovereign bond markets: a unified theoretical approach and empirical evidence. Ayse Y. Evrensel and Ali M. Kutan. William Davidson Institute Working paper 665. March 2004

Sesión 8: Terapias y salidas a la crisis

Credit crunch: where do we stand? Thomas A. Russo. Lehman Brohers. November 30, 2007 (World Economic Forum, January 2008)

Lessons from the North Atlantic financial crisis. Willem Buiter, 19 December 2007

Lessons from the 2007 Financial Crisis. Willem H. Buiter. CEPR Policy Insight nº 18, December 2007)

La crisis financiera: su impacto y la respuesta de las autoridades. Analistas Financieros Internacionales y Confederación Española de Cajas de Ahorros. Ediciones Empresa Global. ISBN-10: 84-89378-59-2

The financial crisis and the policy responses: an empirical analysis of what went wrong. John B. Taylor. NBER Working paper nº 14631. January 2009

Hairy Lips Sink Ships. Bill Gross. March 2009

Declaration of the summit on financial markets and the world economy.  November 15, 2008

What G20 leaders must do to stabilise our economy and fix the financial system. VoxEU.org. CEPR

Insuring toxic assets: throwing good tax payer's money after bad private money. February 26, 2009

Nuevas ideas para mejorar el funcionamiento de los mercados financieros y la economía mundial: decálogo de reformas para responder a una crisis sistémica. Ideas Foundation. December, 2008

South Centre calls for Revamping the Global Financial Architecture. 29 October 2008

Missing the Target With $700 Billion. Alan S. Blinder. December 21, 2008

Solvency, systemic risk and moral hazard: where does the central bank's role begin and where does it end? Lorenzo Bini Smaghi. ECB 5 September 2008

The role of information and communication in Central Bank Policy: the experience of the recent financial turmoil. José Manuel González Páramo. ECB December 3, 2007

Bank nationalization: what is it? Should we do it? Douglas J. Elliot. Business and Public Policy at Brookings

The financial turmoil of 2007-?: a preliminary assessment and some policy considerations. Claudio Borio. BIS Working paper nº 251. March 2008

Propuestas crisis. Ministerio Industria, Turismo y Comercio, Gabinete del Secretario de Estado. Noviembre 2008

Central banks step in over credit crisis. FT. December 13 2007

The financial crisis and the policy responses: an empirical analysis of what went wrong. John B. Taylor. NBER Working paper 14631. January 2009

Managing in the fog. The Economist. February 26, 2009

Current account patterns and national real estate markets. Joshua Aizenman, Yothin Jinjarak. NBER Working paper 13921. April 2008

Alternatives for distressed banks and the panics of the great depression. Mark Carlson. FRB, 2008-07

The financial crisis: bad and getting worse, but put away that D-word. Wharton School of University of Pennsylvania. January 21, 2009

If you are so smart, why aren't you rich? The effects of education, financial literacy and cognitive ability on financial market participation. Shawn Cole, Gauri Kartini Shastry, Harvard Business Scholl Working paper 09-071

Is monetary policy effective during financial crises? Frederic S. Mishkin. NBER Working paper 14678. January 2009

Financial turbulence: some lessons regarding deposit insurance. Sebastian Schich. FMT 2008

Cross-border coordination of prudential supervision and deposit guarantees. Daniel C. Hardy and Maria J. Nieto. IMF Working paper WP/08/283

Bailouts. Mauro F. Guillén. The Lauder Institute

La supervisión financiera: situación actual y temas para debate. Gonzalo Gil y Julio Segura.

Monetary policy frameworks and central bank market operations. Markets Committee. BIS December 2007

Hacia un nuevo mapa de la Supervisión Financiera en Europa: publicación del informe del grupo de alto nivel sobre Supervisión Financiera en la Unión Europea. Analistas Financieros Internacionales, 26 febrero 2009

Markets responses to the panic of 2008. Casey Mulligan y Luke Threinen. NBER Working paper 14446. October 2008

After the money's gone. Paul Krugman. December 14, 2007

Blindly into the bubble. Paul Krugman. December 21, 2007

Polémicas terapias. Emilio Ontiveros El País Domingo, 23 marzo 2008

Two systemic problems. Axel Leijonhufvud. CEPR Policy Insight nº 29, January 2009

El impacto de la globalización sobre la política monetaria y la estabilidad financiera. José Viñals. Banco de España. 20 diciembre 2007

A framework for financial stability.

Reinventing Bretton Woods Committee. RBWC

Crisis and responses: the Federal Reserve and the financial crisis of 2007-2008. Stephen G. Cecchetti. NBER Working paper 14134. June 2008

Rethinking the role of fiscal policy. Martin S. Feldstein. NBER Working paper 14684. January 2009

Radical Financial innovation. Robert J. Shiller

Treasury white paper. The capital assistance program and its role in the financial stability plan.

The art of crisis management: auctions and swaps. Stephen Cecchetti. 16 December 2007

The Federal Reserve must prolong the party. Martin Wolf. August 21, 2007

The Minsky Moment. John Cassidy. The New Yorker. February 4, 2008

Hacia un nuevo enfoque de manejo y control de riesgos a la luz del nuevo acuerdo de capital. Patricia Armendáriz. Financial Stability Institute

Yes we can, Secretary Geithner. Luigi Zingales. February 2009

Towards more symmetric and anti-cyclical monetary and financial policies. Santiago Fernández de Lis y Emilio Ontiveros. Marzo 2009

Sesión 9: Lecciones y futuro de los sistemas financieros

The financial crisis and the policy responses: an empirical analysis of what went wrong. John B. Taylor. NBER Working paper nº 14631. January 2009

Lecciones de la crisis financiera internacional y Asia como soporte para América Latina. Alicia García Herrero. Noviembre 2008

The aftermath of financial crises. Carmen M. Reinhart y Kenneth S. Rogoff. NBER Working paper 14656. January 2009

¿Qué será el 2009? Emilio Ontiveros. Diciembre 2008

The end of lightly regulated finance has come far closer. Martin Wolf. September 2008

El cambio del capitalismo. Emilio Ontiveros. Diciembre 2008

Financial Regime Change? Robert Wade. New Left Review 53. Sept. Oct. 2008

The end of prosperity? Niall Ferguson. October 2, 2008

How the credit crisis could forge a new financial order. Wharton School of the University of Pennsylvania. October 15, 2008

The future of Financial Regulation. Howard Davies. World Economics January-March 2008

The future of the global financial system. A near-term outlook and long-term scenarios. World Economic Forum

Adios al capitalismo de Friedman y Hayek. El País Domingo, 26 octubre 2008

Bancos vs. mercados. Emilio Ontiveros

Conflicts of interest in financial intermediation. UNIL. Université de Lausanne. Working paper 0514

Credit matters: empirical evidence on U.S. Macro-Financial Linkages. Tamin Bayoumi and Ola Melander. IMF Working paper WP/08/169

Democracy, Transparency, and the confidence crisis in international credit markets. Yong Kyun Kim. September 14, 2008

In time of tumult, obscure economist gains currency. Justin Lahart. August 28, 2007

Systemic vs. liquidity risk: discussion. Tobias Adrian. Federal Reserve Bank of New York, 25 April 2007

Lessons from the 2007 Financial Crisis. Willem H. Buiter. CEPR. Policy insight nº 18. December 2007

Lecciones de la crisis. Septiembre 2008

Lessons from the global credit crisis for social democrats. Willem H. Buiter. 22 December 2008

Lessons from the crisis. Viewpoints. Michael Spence. November 2008

Lessons from the North Atlantic financial crisis. Willem Buiter. 19 December 2007

Protecting financial markets: lessons from the subprime mortgage Meltdown. Steven L. Schwarcz. Duke Laww School Working paper 105. 2007

Centrality of Liquidity & Leverage in Diverse Intermediation Models. F. Montes-Negret. The World Bank

Initial Lessons of the crisis. Olivier Blanchard, Jaime Caruana y Reza Moghadam. IMF. February 6, 2009

Observations on risk management practices during the recent market turbulence. Banque de France. March 6, 2008

The end of the financial world as we know it. Michael Lewis and David Einhorn. January 4, 2009

Wages and human capital in the U.S. financial industry: 1909-2006. Thomas Philippon y Ariell Reshef. NBER Working Paper 14644. January 2009

Lessons from the financial crisis and regulatory reform. Xavier Vives. IESE Business School. February 2009

Sesión 10: La crisis en España.

La titulización en España: principales características. Banco de España. Diciembre 2007

Riesgo España. BBVA Research. Nota especial 18 febrero 2008

Santander Banif Inmobiliario. Agencia Efe. 16 febrero 2009

Principales rasgos de la crisis de los fondos de inversión en España en 2008: ¿qué se puede esperar para 2009? David Cano. Afi

La financiación del déficit exterior de la economía española.

La financiación estructurada y las turbulencias financieras de 2007-2008: introducción general. Sarai Criado y Adrian van  Rixtel. Documentos ocasionales Banco de España nº 0808

¿Por qué los bancos venden sus inmuebles? Ángel Berges y Emilio Ontiveros

Primer informe del Banco de España a la Comisión Ejecutiva del Fondo para la Adquisición de Activos Financieros relativo a la instrumentación de las operaciones. Banco de España.

Spanish banks. Testing an ERM crisis replay. Morgan Stanley. August 4, 2008

Subprime in Spain? Analistas Financieros Internacionales, July 2008

Sesión 11: Recapitulización

Sesión 12:

Sesión 13: Examen

Bibliografía adicional:

- BIS Quarterly Review, March 2008, 3 March 2008

- Fernández, Pablo (IESE) 100 preguntas sobre finanzas. 27 de febrero de 2008

- Informes de estabilidad financiera de los bancos centrales y del FMI:

Containing Systemic Risks and Restoring Financial Soundness - Global Financial Stability Report - World Economic and Financial Surveys - abril 2008 (Fondo Monetario Internacional)

http://acheson.wordpress.com/videos/

http://www.voxeu.com

http://www1.worldbank.org/economicpolicy/managing%20volatility/contagion/index.html

- Papers on Contagion by Topic (World Bank):

   Chronicle of Recent Contagious Episodes

   Theoretical Models of Contagion:

         Financial Contagion and Herding: The Theory

         Real Contagion: The Theory

         Political Contagion: The Theory

   Empirical Evidence of Contagion:

         General Evidence of Contagion:

               Strategies to Test Contagion

         Financial Contagion: Empirical Evidence

         Real Contagion: Empirical Evidence

         Country and Historical Evidence

   Managing Crises and Contagion: The Policy Options

Otras lecturas recomendadas para Doctorado UAM:

BIS Working Paper nº 251, The financial turmoil of 2007-?: a preliminary assessment and some policy considerations, by Claudio Borio. Monetary and Economic Department. March 2008

Lessons learned from Mortgage Market Turmoil. James B. Lockhart III, Director, OFHEO. 44th Annual Conference on Bank Structure and Competition. Chicago, IL, May 16, 2008

Mercados, solvencia del sistema financiero y posibilidades de actuación. G14. Nota 25 de febrero de 2008

Indicadores de seguimiento de la crisis. Afi, Analistas Financieros Internacionales, Nota 14 febrero 2008

Subprime crisis: second-best solutions. Charles Wyplosz, 20 September 2007

Radical Financial Innovation. Robert J. Shiller

El mercado sopesa el coste de una caída de las aseguradoras de bonos. Aline van Duyn y Gilla Tett. Expansión 22 febrero 2008

Mapping Global Caital Marktets. Fourth Annual Report. January 2008. McKinsey Global Institute

Liquidity constraints and imperfect information in subprime lending. William Adams, Liran Einav, Jonathan Levin, NBER, WP 13067. April 2007

Financial Integration, Financial Deepness and Global Imbalances. Enrique G. Mendoza, Vicenzo Quadrini, José-Víctor Ríos-Rull. NBER. WP 12909. February 2007

The drivers of financial globalization. Philip r. Lane, Gian Maria Milesi-Ferretti. December 2007

A Framework for assessing global imbalances. European Central BAnk, Occassional paper series n1 78, January 2008

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters. Joshua Aizenman, Yi Sun. NBER. WP13734. January 2008

Financial Stability Report, Bank of England. October 2007. Issue nº 22

On the welfare implications of financial globalization without financial development. Enrique G. Mendoza, Vicenzo Quadrini, José-Víctor Ríos-Rull. NBER. WP 13412. September 2007

Growing up to financial stability. Michael D. Bordo. NBER WP 12993. March 2007

CEIBS, Chinese business dilemmas

CEIBS, CEO interview

CEIBS, Getting and keeping top staff in China

CEIBS, Leadership in China

CEIBS, Marketing in China

Columbia, Costumer experience management

Columbia, Creating the customer experience

Columbia, Creating the experimental platform

Columbia, Implenting the costumer experience

Columbia, Using experience to drive botton-line growth

Chicago, GSB, Mind reading at work

Chicago, GSB, Motivating staff

Chicago, GSB, Unbiased decision-making

IESE, Crossing borders successfully

IESE, The age of semi-globalizsation

IMD, Leading across distances

IMD, Leading diverse teams

IMD, Leading people globally

IMD, Leading through networks

IMD, Leading with cultural intelligence

Insead, Moving out to pastures new

Insead, Moving up to a leadership role

ISB, India's mobile telephone market

ISB, Looking to the future

ISB, Marketing to the base of the pyramid

ISB, Microfinance

ISB, What is the base of the pyramid

LBS, Execution with commitments

LBS,  Fog of the future

LBS, Fourth further reading recommendation

LBS, Leading into the fog

LBS, Philosophy and real world

LBS, Reconnaisance into the future

LBS, Second further reading recommendation

LBS, The strategic Agility loop

LBS, Third further reading recommendation

NYU Stern, Lung run risk

NYU Stern, Global financial volatility

NYU Stern, Risk

NYU Stern, Time-varying volatility

NYU Stern, Volatility

Wharton, Managing job cuts

Wharton, A Global overview of the downturn

Wharton, Crisis and risk management

Wharton, Leading in hard times

Wharton, Marketing under pressure

- Rodrigo Rato: pág. 10: La globalización, senda hacia un desarrollo verdaderamente mundial

- José Antonio Alonso: pág. 36, El tortuoso camino de Doha: crónica de un revés anunciado

- Esther Gordo, pág. 48, El desafío de la competitividad

- Angel Martín Acebes: pág. 57, La competitividad de las empresas españolas y el sector exterior

- Rafael Fernández Sánchez: pág. 64, Estrategias de reespecialización comercial: los casos de Irlanda y Finlandia

- José Luis Curbelo, pág. 72, Inversión española en ALatina: empresas y Gobierno ante la gestión del riesgo-país

- Jorge Mataix, pág. 146, ¿Una nueva etapa para el capital riesgo?

- Alvaro Cuervo, pág. 259, Internacionalización de la empresa española: la deslocalización como oportunidad

- Eva Martín-Roda, pág. 265, Deslocalización empresarial mundial

- Francisco Blanco, pág. 325, Triple play: nuevos modelos de negocio para la era digital

- Arturo Rojas y Beatriz Serrano, pág. 334, Innovación y capacidad para emprender.

http://www.imf.org/external/np/exr/ib/2000/esl/062600s.htm

http://es.wikipedia.org/wiki/Reg%C3%ADmenes_cambiarios