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BOLETÍN DE RECOMENDACIONES BIBLIOGRÁFICAS ---------------------------------------------------------------------------------------------------------------------

Tercer trimestre 2011 LIBROS SUGERIDOS Selección de libros sobre la CRISIS 2 SUMARIOS DE REVISTAS Sumarios digitalizados de las principales revistas recibidas 11

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LIBROS SUGERIDOS And Then the Roof Caved In How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees --------------------------------------------------------------------------------------------------------------------- David Faber

And Then the Roof Caved In lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Written by CNBC's David Faber, this book painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it. Page by page, Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all time lows. Faber also gives you an up-close look at where the crisis was incubated and unleashed upon the world-Wall Street-and introduces you to insiders from investment banks and mortgage lenders to ratings agencies, that unwittingly conspired to insure lending standards were abandoned in the head long rush for profits.

John Wiley, 2009 978-0-470-47423-5 Animal Spirits How Humans Psychology Drives the Economy, and Why It Matters for Global Capitalism --------------------------------------------------------------------------------------------------------------------- George A. Akerlof; Robert J. Shiller

The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess and reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today.

Princeton University Press, 2009 978-0-691-14233-3

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Barbarians of Wealth Protecting Yourself from Today's Financial Attilas --------------------------------------------------------------------------------------------------------------------- Sandy Franks, Sara Nunnally

Barbarians of Wealth draws comparisons between the plundering barbarians fo the Dark Ages and modern-day financial barbarians—the major Wall Street institutions such as Goldman Sachs, JP Morgan, CitiGroup, AIG, and a host of others, including credit rating agencies such as Moody’s Standard and Poor’s, and Fitch. With a keen historical perspective, the authors show how the reckess decisions of these firms along with individuals such as Alan Greenspan, Ben Bernanke, Chris Dodd, Tom Delay, and Jack Abramoff severely crippled the financial prosperity of the American public, and how, in many ways, their actions are no different than the uncivilized barbarians of the Dark Ages. Today’s barbarians of wealth are just as ruthless, and the stakes are just as high: the economic foundation of our society.

John Wiley, 2011 978-0-470-76814-3 Breve historia de la euforia financiera --------------------------------------------------------------------------------------------------------------------- John Kenneth Galbraith

¿Cuáles son las constantes en todas las crisis financieras? ¿Se aprende de los errores pasados? ¿Cómo mantener la armonía necesaria entre seguridad, riesgo y beneficio?. Éstos son algunos de los interrogantes que el profesor Galbraith intenta dilucidar en esta obra que, según sus palabras, quiere ser una exhortación a la prudencia y una invitación al sentido común. Un análisis sobre la irracionalidad de los mercados financieros. Apto para todos aquellos que creen que las burbujas inmobiliarias o bursátiles son producto de lo bien que funcionan los fundamentos de una economía.

Ariel, 2011 978-84-344-6952-5 Bubbles, Booms, and Busts The Rise and Fall of Financial Assets --------------------------------------------------------------------------------------------------------------------- Donald Rapp

This book provides a thorough explanation of the nature and history of booms, bubbles and busts in financial markets. The first part of the book deals with financial booms and bubbles and how they emerge, develop and collapse. It describes the distribution of wealth, inflation, rationality of bankers, monetary and fiscal policy, the role of central banks, tax policies, social security, US federal, state, municipal and personal debt, and valuation of common stocks.

Springuer, 2009 978-0-387-87629-0

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De crisis en crisis La modernización y la lucha por el poder en la banca --------------------------------------------------------------------------------------------------------------------- Salvador Arancibia

El sistema financiero español ha conocido momentos de crisis y ha salido de ellos normalmente favorecido y en mejores condiciones que con las que entró. En los últimos treinta años han sido numerosos los episodios de dificultades para bancos y cajas de ahorros (la crisis de Banesto o la expropiación de Rumasa son sólo algunos ejemplos). Pero al mismo tiempo que las sufrían, estos bancos y cajas se modernizaban bajo el impulso de la competencia y de los poderes públicos que apostaron decididamente por la liberalización y la plena integración en Europa. La lucha por el poder dentro de la banca ha sido una constante en estos años que ha dado como resultado una extraordinaria concentración del negocio en muy pocas manos.

Pirámide, 2011 978-84-368-2453-7 Euforia y Pánico Aprendiendo de las burbujas --------------------------------------------------------------------------------------------------------------------- Oriol Amat

Una obra con tres puntos fuertes: Una reflexión sobre las causas que han provocado la situación actual para entender las claves de la crisis inmobiliaria, financiera y económica. Previsiones a corto y a largo plazo. Estrategias racionales para aprovechar las oportunidades que ofrece la situación actual tanto para empresas como para particulares.

Profit, 2009 978-84-96998-02-5 Financial Fiasco How America's infatuation with homeownership and easy money created the economic crisis --------------------------------------------------------------------------------------------------------------------- Johan Norberg

Financial Fiasco digs deep into the foundation of the economic meltdown, revealing how it was the product of conscious actions by decision makers in companies, government agencies, political institutions, and consumers. An easily accessible work written for general readers, Financial Fiasco tells the compelling story of how rate cutting by the Federal Reserve inflated the real estate market and fueled increased risk-taking in the financial markets; how new government policies to promote home ownership blasted air into the credit bubble; how new financial instruments, credit-rating requirements, and accounting rules intended to prevent cheating backfired; and much more. Financial Fiasco guides readers through a world of irresponsible behavior, warns that many of the solutions being implemented are repeating the mistakes that caused the crisis, and offers guidance on how to move forward.

Cato, 2009 978-1-935308-13-3

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Fixing global finance How to curb financial crises in the 21st century --------------------------------------------------------------------------------------------------------------------- Martin Wolf

'It is neither desirable nor feasible for the US to be the world's dominant borrower forever. Indeed it is absurd for the world economy's stability to depend on the willingness of the world's richest consumers to borrow ever more.'The globalisation of finance should have brought substantial benefits. In practice it brought a series of devastating currency and banking crises in the 1980s and 1990s, particularly in the developing world. The challenge ahead is to promote a financial system that makes fast-growing emerging economies comfortable as large-scale net importers of foreign capital. The key is to acknowledge that, in a world of adjustable currencies, international lending must be denominated in the currency of borrowers, not just in that of a few dominant advanced economies. Only by tackling imbalances in the international financial system is there a chance of global financial stability.

Yale University Press, 2010 978-0-300-16393-3 La primera gran crisis financiera del siglo XXI Orígenes, detonantes, efectos respuestas y remedios --------------------------------------------------------------------------------------------------------------------- Guillermo de la Dehesa

El autor considera que es la primera de este siglo porque la historia de las crisis financieras en la que existe constancia documentada se remonta a hace ochocientos años, pero explica que crisis de la gravedad de la actual son raras, habiendo pasado ochenta años desde la Gran Depresión a esta Gran Recesión. Guillermo de la Dehesa hace un análisis muy profundo y pormenorizado, pero instructivo y divulgativo a la vez, de la crisis actual, que dada la globalización financiera ha sido la más sincrónica y sistémica de la historia y que ha producido la primera recesión global. Profundiza en sus orígenes macroeconómicos, teóricos y político-económicos; aborda sus diversos detonantes y sus efectos devastadores sobre la mayoría de las familias y las empresas del mundo. Analiza las respuestas de política fiscal y monetaria de los gobiernos, que han sido mucho más rápidas y coordinadas que en la Gran Depresión, para concluir con una serie de propuestas y medidas que pasan por cambios necesarios en el marco en el que las entidades y mercados financieros se desenvuelven, y en una nueva regulación y una supervisión más eficiente y coordinada para evitar otra crisis sistémica.

Alianza Editorial, 2009 978-84-206-9383-5 La crisis de la economía española Análisis económico de la gran recesión --------------------------------------------------------------------------------------------------------------------- Samuel Bentolila, Michele Boldrin, Javier Díaz-Giménez, Juan J. Dolado

Este volumen está dedicado a las políticas económicas que podrían contribuir a que España escapase de una dramática crisis económica que dura ya tres años. Una crisis que había venido gestándose durante un periodo más prolongado y cuyos orígenes se remontan a un pasado lejano; a políticas económicas pretéritas que, desgraciadamente, aún siguen vigentes. Por tanto, y pese a su apariencia académica, éste es un volumen aplicado que discute políticas económicas reales, aun cuando éstas apenas reciban un tratamiento explícito en los ensayos aquí recogidos, al dedicarse primordialmente éstos a analizar hipótesis, hechos, modelos y mecanismos de causalidad.

Fedea, 2010 978-84-86608-99-6 La crisis rompe las reglas Cómo afrontar las nuevas amenazas de la economía mundial

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--------------------------------------------------------------------------------------------------------------------- Max Otte con Thomas Helfrich

La economía mundial zozobra: estallido de la burbuja inmobiliaria, colapso de Lehman Brothers, quiebras bancarias, crisis de la deuda griega, pérdida de valor del euro… Los medios hablan de la peor crisis desde el gran crack de 1929. Políticos, directivos de empresa, analistas y también ahorradores y pequeños inversores se sienten totalmente inseguros y se preguntan si la relación entre los mercados y la política encontrará un nuevo equilibrio. ¿Cómo se pueden impedir las especulaciones nocivas sin perjudicar a la economía real? ¿Debemos consolidar nuestro presupuesto del Estado? ¿Quién deberá pagar? ¿Resistirá nuestra moneda común estas dificultades o nos espera una inflación? Si es así, ¿dónde se puede invertir el dinero de modo que esté seguro? Al conversar con Thomas Helfrich, Max Otte formula las respuestas: este libro trata del presente y del futuro de la economía mundial, de la necesidad de una política firme y de las estrategias de inversión en tiempos de crisis.

Ariel, 2011 978-84-344-6972-3 La torre de la arrogancia Políticas y mercados después de la tormenta --------------------------------------------------------------------------------------------------------------------- Xosé Carlos Arias y Antón Costas

¿Qué ha fallado? Esta la pregunta que la crisis del año 2008 todavía suscita. Después de décadas de crecimiento económico, se había dado por sentado que éste sería ilimitado: los mercados dictaban sus propias normas, y los políticos se hacían a un lado. Sin embargo, el estallido de la crisis ha obligado a redefinir la relación entre política y mercados. ¿En qué términos se hará? Para superar esta crisis, pues, será necesario retornar al arte de la política. España, y los gobiernos de todo el mundo, deben establecer una estrategia que combine las políticas a corto plazo con las reformas a largo plazo. Sólo así, más allá de las exigencias del mercado, podremos volver a tomar el pulso de nuestra economía.

Ariel, 2011 978-84-344-1391-7 Los señores de las finanzas Los cuatro hombres que arruinaron el mundo --------------------------------------------------------------------------------------------------------------------- Liaquat Ahmet

En el año 29 se produjo una de las peores crisis financieras de la historia. Mucho se ha escrito sobre las consecuencias que tuvo pero poco sobre sus causas. Durante años se ha considerado que ésta se produjo por una confluencia de factores no regidos por poder político alguno. Pero según el autor, fueron las decisiones tomadas por un reducido grupo de gobernadores de Bancos Centrales las que condujeron a esa grave crisis.

Deusto, 2011 978-84-234-2787-1

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Reinventing Financial Services What consumers expect from future banks and insurers --------------------------------------------------------------------------------------------------------------------- Roger Peverelli, Reggi de Fenkis

The financial crisis and the subsequent economic melt-down have forever changed the relationship between consumers and financial service firms. Roger Peverelli and Reggy de Feniks, both experts in financial services, present a thoughtprovoking and insightful vision on the future of banks and insurance companies. Reinventing Financial Services puts the customer centre stage. It uncovers the radical shift in consumer perception and identifies the six key consumer trends that financial institutions must heed. These trends set the stage for the future of finance and are inevitably connected with the way banks and insurance companies must change to hit the perfect note. A shopping list that will help financial service providers find the right answers to the challenges of the new financial reality: • How to restore consumer trust • How to differentiate when transparency rules • How to become close to consumers across channels • How to leverage social media and mobile services • How to align customer centricity and profitable growth • And last but not least, where to start to create a new future

Prentice Hall, 2010 978-90-430-2041-1 Saving capitalism from the capitalists Unleashing the power of financial markets to create wealth and spread opportunity --------------------------------------------------------------------------------------------------------------------- Raghuram G. Rajan, Luigi Zingales

The authors, both professors of finance at the University of Chicago's graduate school of business, take an in-depth look at the advantages and shortcomings of free financial systems in a historical context. They argue that although free markets are often reviled, especially during economic downturns, the inherent risks involved and the propensity for some individuals and corporations to corrupt the system can be overcome somewhat. When markets are suppressed, as happened after the Great Depression, competition is stifled, and trade tariffs that are intended to benefit individual nations ultimately harm worldwide economic health. What role, then, should governments play in overseeing financial markets? Historically, so the authors show, respect for individual property rights is the essential first step, and when property is available to the widest classes of people who can actively manage it, the groundwork for free financial trading is laid. For advanced financial systems such as that found in the U.S., the authors propose a balanced approach of government participation, including both measures to provide incentives for free markets and insurance for safety during times of crisis.

Crown Business, 2004 0-691-12128-1

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The future of finance Megatrends beyond the crisis --------------------------------------------------------------------------------------------------------------------- Adjiedj Bakas, Roger Peverelli

The financial sector currently faces unprecedented challenges. First, it must find a way to overcome the credit crisis and, once the tempest has subsided, banks, insurance companies and pension funds will have to undergo a number of far-reaching structural changes. Globalization will give rise to an entirely new realm of competition. New emerging markets such as China, India, Russia and Brazil are gaining a strong foothold on the financial economic world stage. Government securities from the Middle East and Asia will become large shareholders of established Western banks and insurance companies. Corporations which are not part of the sector, such as search engine Google, will apply for banking licenses; Virgin and EasyJet will launch financial products; and, Sony and Aegon will start marketing insurances in Japan. The Western world will face an aging population.At the same time there will be a religious, spiritual and ethical revival. Technology will radically change our life. The power is now definitely in the hands of the consumer. In Africa consumers pay each other small amounts by means of phone credit.The credit is transferred via mobile phones. "The Future of Finance" takes megatrends from different realms and looks at the whole picture, illustrating it with inspiring examples from all over the world.

Infinite Ideas, 2009 978-1-906821-01-2 This Time is Diferent Eight Centuries of Financial Folly --------------------------------------------------------------------------------------------------------------------- Carmen M. Reinhart; Kenneth S. Rogoff

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. This book proves that premise wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

Princeton Univesity Press, 2009 978-0-691-14216-6

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Surviving and Thriving in Uncertainity Creating the Risk Intelligent Enterprise --------------------------------------------------------------------------------------------------------------------- Frederick Funston, Stephen Wagner

The ability of businesses to survive and thrive often requires unconventional thinking and calculated risk taking. The key is to make the right decisions—even under the most risky, uncertain, and turbulent conditions. In the new book, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, authors Rick Funston and Steve Wagner suggest that effective risk taking is needed in order to innovate, stay competitive, and drive value creation. Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, Funston and Wagner discuss the adoption of 10 essential and practical skills, which will improve agility, resilience, and realize benefits:

- Challenging basic business assumptions can help identify "Black Swans" and provide first-mover advantage. - Defining the corporate risk appetite and risk tolerances can help reduce the risk of ruin. - Anticipating potential causes of failure can improve chances of survival and success through improved preparedness. - Factoring in velocity and momentum can improve speed of response and recovery. - Verifying sources and the reliability of information can improve insights for decision making and thus decision quality. - Taking a longer-term perspective can aid in identifying the potential unintended consequences of short-term decisions.

John Wiley, 2010 978-0-470-24788-4 The Ethics of Banking Conclusions from the financial crisis --------------------------------------------------------------------------------------------------------------------- Peter Koslowski

This book analyzes the systemic and the ethical mistakes that have led to the financial crisis of 2008. It explores the middle ground between the argument that financial managers cannot be expected to take responsibility for a systemic crisis and the argument that moral failure is the one and only origin of the crisis. The book investigates the role of speculation in the formation of the crisis. It distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation, on the other. The book argues that hyper-speculation goes far beyond the degree of speculation that is necessary for the liquidity of financial markets in a developed economy, and has thus increased the risks of the financial system and will continue to do so. This book offers an ethics of banking and an ethical economy of the financial markets to counterbalance the financial industry’s purely economic approach.

Springer, 2011 978-84-007-0655-2

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The euro in the 21th century Economic crisis and financial uproar --------------------------------------------------------------------------------------------------------------------- María Lorca-Susino

Contents: Part I Historical and Theoretical Introduction to the Euro: Historical and theoretical considerations. Part II The Euro as a Common, International and Global Currency: an Empirical Study: The Euro as a common currency; Statistical analysis of the Euro as a stabilizer for the Eurozone; The Euro as an international and global currency. Part III The Euro and the Eurozone: Before, During, and After the First Economic Crisis of the 21st Century: The new monetary order of the 21st century; The Eurozone and its first economic crisis; The future of the Eurozone and the EU at a crossroads: coordination or breakup; The Euro in the 21st century: the need for a 'Euro index'. Part IV Conclusion: The Eurozone in the 21st century; Bibliography; Index

Ashgate, 2010 978-1-4094-0418-7 ¿Y después de la crisis, qué? Claves para un nuevo rumbo económico en España --------------------------------------------------------------------------------------------------------------------- Juan Rosell y Joaquín Trigo

¿Qué reformas son necesarias para salir de las crisis y cuándo? Las de siempre y cuanto más rápidamente posible. No hay tiempo que perder. La educación debe volver a funcionar, ser más creativa y práctica. La Justicia debe ser más rápida y adaptada a las nuevas tecnologías. La reforma de las Administraciones es fundamental. La simplificación no puede ahogar a la economía y menos a los ciudadanos. Infraestructuras de todo tipo y potenciación de la innovación como garantía de futuro. Una legislación laboral que cree empleo, la entrada y salida debe estar perfectamente organizada. La dependencia energética, el agua, el cambio climático son temas donde el pragmatismo debe imponerse. La reforma y viabilidad del Estado de Bienestar, y así otras tantas.

Deusto, 2010 978-84-234-2758-1

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SUMARIOS DE REVISTAS Asesores financieros y tributarios, AEAFT. Mensual Asset Actualidad, ASSET. Trimestral Boletín informativo, Fundación de Estudios Bursátiles y Financieros. Mensual Boletín econòmico, Banco de España. Mensual Boletín mensual del Banco Central Europeo, Banco Central Europeo. Mensual Comentarios de coyuntura económica, IESE. Mensual Cuadernos de información econòmica, Fundación cajas de ahorros, Mensual Estrategia financiera, Grupo especial directivos. Mensual Estrategias de inversión, Publicaciones Tècnicas Profesionales. Mensual Financial Analysts Journal, CFA Institute, Bimestral Fomento de la producción, Mensual Funds people, Primer Decil, Consultores y Editores. Mensual Inflation Report, Bank of England. Trimestral Informe mensual, La Caixa. Mensual Ocu fondos, OCU. Mensual The Journal of Fixed Income, Institutional Investor. Trimestral The Journal of Portfolio Management, Institutional Investor. Trimestral The Journal of Wealth Management, Institutional Investor. Trimestral Quarterly Butlletin Bank of England. Trimestral

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Asesores financieros y tributarios ---------------------------------------------------------------------------------------- nº 204 / julio-agosto 2011 nº 205 / septiembre 2011

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Asset Actualidad ---------------------------------------------------------------------------------------- nº 59, julio 2011

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Boletín informativo de la Fundación de Estudios Bursátiles y Financieros ---------------------------------------------------------------------------------------- nº 205, julio-agosto 2011 nº 206, septiembre 2011

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Boletín económico del Banco de España ---------------------------------------------------------------------------------------- nº 07-08, julio-agosto 2011

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Boletín mensual del Banco Central Europeo ---------------------------------------------------------------------------------------- nº 7, julio 2011

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Boletín mensual del Banco Central Europeo ---------------------------------------------------------------------------------------- nº 8, agosto 2011

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Comentarios de coyuntura económica IESE ---------------------------------------------------------------------------------------- Año 24, nº 10 , julio 2011 1. Los "salvamentos" europeos: ¿quien tiene razon?. Juan José Toribio 5. La crisis de la deuda portuguesa: pasado, present e y futuro. Luis Cabral 6. ¿Nos puede salvar el modelo chino?. Pedro Videla

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Cuadernos de Información Econòmica ---------------------------------------------------------------------------------------- nº 223, julio/agosto 2011

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Estrategia financiera ---------------------------------------------------------------------------------------- nº 285, julio/agosto 2011

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Estrategia financiera ---------------------------------------------------------------------------------------- nº 286, septiembre 2011

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Estrategias de inversión ---------------------------------------------------------------------------------------- nº 64, julio-agosto 2011

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Estrategias de inversión ---------------------------------------------------------------------------------------- nº 65, septiembre 2011

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Financial Analysts Journal ---------------------------------------------------------------------------------------- vol 67 nº 4 july/august 2011

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Fomento de la producción ---------------------------------------- nº 1315, 1-15 julio 2011

Fomento de la producción ---------------------------------------- nº 1316, 1-15 septiembre 2011

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Funds people ---------------------------------------------------------------------------------------- nº 33/ julio-agosto 2011

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Funds people ---------------------------------------------------------------------------------------- nº 34/ septiembre 2011

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Inflation Report (Bank of England) ---------------------------------------------------------------------------------------- june 2011

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Informe mensual. La Caixa ----------------------------------------- nº 348, juliol-agost 2011

Informe mensual. La Caixa ----------------------------------------- nº 349, setembre 2011

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OCU fondos ------------------------------------------- nº 174/ julio 2011

OCU fondos ------------------------------------------ nº 175/ septiembre 2011

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The Journal of Fixed Income ---------------------------------------------------------------------------------------- Volume 21 Number 1/ Summer 2011

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The Journal of Portfolio Management ---------------------------------------------------------------------------------------- Vol. 37 nº 4/ summer 2011

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The Journal of Wealth Management ---------------------------------------------------------------------------------------- Volume 14 Number 2/ fall 2011

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Quarterly Bulletin (Bank of England) ---------------------------------------------------------------------------------------- 2011 Q3 Volume 51 Nº 3

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