by Nomi Prins
43. Chris Isidore, “Fed: Emergency Cut,” CNN, October 8, 2008, http://money.cnn.com/2008/10/08/news/economy/fed_move/index.htm?postversion=2008100811.
44. Robert Kuttner, “Alan Greenspan and the Temple of Boom,” review of Maestro: Greenspan’s Fed and the American Boom, by Bob Woodward, and Greenspan: The Man Behind Money, by Justin Martin, New York Times on the Web, www.nytimes.com/books/00/12/17/reviews/001217.17kuttnet.html.
45. Banxico uses the term minister of finance on its English-language site, but the direct translation is secretary. “Agustín Guillermo Carstens Carstens,” Banco de México, www.banxico.org.mx/acerca-del-banco-de-mexico/junta-de-gobierno/%7BD51F01E6-E0AE-681D-233A-C369CAD3103E%7D.pdf.
46. “Governor of the Central Bank of Mexico” (photo), Getty Images, www.gettyimages.com/detail/news-photo/governor-of-the-central-bank-of-mexico-guillermo-ortiz-and-news-photo/83180485.
47. “October 2008—Extraordinary Auctions of US Dollars,” Banco de México, www.banxico.org.mx/sistema-financiero/estadisticas/mercado-cambiario/operaciones-vigentes-del-banco-de-mexico-en-el-mer/mecanismos/october-2008---extraordinary-.html.
48. José Sidaoui, Manuel Ramos-Francia, and Gabriel Cuadra, “The Global Financial Crisis and Policy Response in Mexico” (BIS Papers No. 54, Bank for International Settlements, Basel, Switzerland, n.d.), 279–298, www.bis.org/publ/bppdf/bispap54q.pdf.
49. Rubén Aguilar Valenzuela, “Los afectados, 22.3 millones en el 2009,” El Economista, March 5, 2010, http://eleconomista.com.mx/sociedad/2010/03/05/pobreza-extrema-mexico.
50. “Mexico’s Response to the Crisis” (paper in the G20 Country Briefs series, International Labour Office, for the G20 Meeting of Labour and Employment Ministers, Washington, DC, April 20–21, 2010), www.dol.gov/ilab/diplomacy/G20_ministersmeeting/G20-Mexico-brief.pdf.
51. Robert Campbell, “Mexico Spends Tenth of Foreign Reserves to Aid Peso,” Reuters, October 10, 2008, www.reuters.com/article/markets-mexico-idUSN1036858020081010.
52. Sidaoui, Ramos-Francia, and Cuadra, “The Global Financial Crisis and Policy Response in Mexico,” www.bis.org/publ/bppdf/bispap54q.pdf.
53. Chairman Ben Bernanke’s schedule, January 2008, Fraser, https://fraser.stlouisfed.org/scribd/?item_id=529144&filepath=/docs/historical/bernanke/bernanke_calendar_2008.pdf.
54. Luhnow, “Mexican Crisis Holds Lessons for US.”
55. Ben S. Bernanke, The Courage to Act: A Memoir of a Crisis and Its Aftermath (New York: W. W. Norton Books, 2017), 118.
56. “Mexico Unveils Emergency Spending,” BBC News, October 9, 2008, http://news.bbc.co.uk/2/hi/7660582.stm.
57. “Mexico Spends Tenth of Foreign Reserves to Aid Peso,” Reuters, October 10, 2009, www.reuters.com/article/markets-mexico-idUSN1036858020081010.
58. “2008 International Council Meeting” recap, Bretton Woods Committee, October 10, 2008, www.brettonwoods.org/event/2008-10-10-0000/2008-international-council-meeting.
59. Ibid.
60. Alexandra Twin, “Wall Street’s 8 Brutal Days,” CNN, October 12, 2008, http://money.cnn.com/2008/10/12/markets/markets_sunday/index.htm?postversion=2008101209.
61. Ian Swanson and Manu Raju, “Bush: World Coming Together,” The Hill, October 11, 2008, http://thehill.com/homenews/news/16687-bush-world-coming-together.
62. “Diary: G7, IMF and World Bank Meetings in Washington,” Reuters, October 11, 2008, www.reuters.com/article/us-imf-diary-idUSTRE49B08220081012.
63. Krishna Guha, “World Races to Limit Harm Before Recession Hits,” Financial Times, October 14, 2008, www.ft.com/intl/cms/s/0/b2560842-9989-11dd-9d48-000077b07658.html#axzz3tnb439uX.
64. Luhnow, “Mexican Crisis Holds Lessons for US.”
65. “Crisis Management in Mexico,” Economist, November 12, 2008, www.economist.com/node/12587590.
66. John Lipsky, “Finance and Economic Growth, Remarks by First Deputy Managing Director John Lipsky,” International Monetary Fund, October 19, 2009, www.imf.org/en/News/Articles/2015/09/28/04/53/sp101909.
67. Ben S. Bernanke, “Economic Outlook and Financial Markets” (testimony before the Committee on the Budget, US House of Representatives), Board of Governors of the Federal Reserve System, October 20, 2008, www.federalreserve.gov/newsevents/testimony/bernanke20081020a.htm.
68. Alexandra Twin, “Dow’s 2nd Best Day Ever,” CNN, October 28, 2008, http://money.cnn.com/2008/10/28/markets/markets_newyork/index.htm.
69. “October 2008—Extraordinary Auctions of US Dollars,” Banco de México, October 8, 2008, www.banxico.org.mx/sistema-financiero/estadisticas/mercado-cambiario/operaciones-vigentes-del-banco-de-mexico-en-el-mer/mecanismos/october-2008---extraordinary-.html.
70. “Timothy F. Geithner Confirmed as Assistant Secretary for International Affairs” (press release), US Department of the Treasury, September 19, 1997, www.treasury.gov/press-center/press-releases/Pages/rr1940.aspx.
71. “Meeting of the Federal Open Market Committee on October 28–29, 2008” (transcript), www.federalreserve.gov/monetarypolicy/files/FOMC20081029meeting.pdf.
72. Ibid., 30–33.
73. Citi Annual Report (New York: Citigroup, 2009), www.citigroup.com/citi/investor/quarterly/2009/ar08c_en.pdf.
74. Neil Irwin, “Federal Reserve to Lend Cash to Emerging Nations,” Washington Post, October 29, 2008, www.washingtonpost.com/wp-dyn/content/article/2008/10/29/AR2008102902606.html.
75. “Federal Reserve, Banco Central do Brasil, Banco de Mexico, Bank of Korea, and Monetary Authority of Singapore Announce the Establishment of Temporary Reciprocal Currency Arrangements” (press release), Board of Governors of the Federal Reserve System, October 29, 2008, www.federalreserve.gov/newsevents/press/monetary/20081029b.htm.
76. Sidaoui, Ramos-Francia, and Cuadra, “The Global Financial Crisis and Policy Response in Mexico.”
77. “Federal Reserve, Banco Central do Brasil, Banco de Mexico, Bank of Korea, and Monetary Authority of Singapore Announce the Establishment of Temporary Reciprocal Currency Arrangements” (press release).
78. “IMF Creates Short-Term Liquidity Facility for Market-Access Countries” (press release), International Monetary Fund, October 29, 2008, www.imf.org/external/np/sec/pr/2008/pr08262.htm.
79. Ban Ki-moon, “Secretary-General’s Address to the General Assembly,” United Nations Secretary-General, September 23, 2008, www.un.org/sg/en/content/sg/statement/2008-09-23/secretary-generals-address-general-assembly-englishfrench-version.
80. “Exhibit 1: Recent Developments” (supplement to Mexico’s annual report on Form 18-K for the fiscal year ended December 31, 2007), www.sec.gov/Archives/edgar/data/101368/000090342308001047/ums-18ka1ex1_1218.htm.
81. Ibid.
82. Annual Report: 2008 (Mexico City: Banco de México, April 2009), www.banxico.org.mx/publicaciones-y-discursos/publicaciones/informes-periodicos/anual/%7B837CB8F9-E67C-14BF-1452-FEE2E1A6FD11%7D.pdf.
83. Ibid.
84. James R. Kraus, “Clinton’s Executive Order to Back Peso Raises New Worries on Bank Exposure,” American Banker, February 1, 1995.
85. Juanita Darling and Chris Kraul, “US Banks Anxious to Enter Mexico: Finance: Banking Is among the First Sectors to Be Opened Up by NAFTA. Mexican Companies and Consumers Can Expect Better Services, Lower Rates,” Los Angeles Times, December 13, 1993, http://articles.latimes.com/1993-12-13/business/fi-1560_1_retail-banking.
86. Bureau of Economic and Business Affairs, “2015 Investment Climate Statement—Mexico,” US Department of State, May 2015, www.state.gov/e/eb/rls/othr/ics/2015/241661.htm.
87. Mexico: Financial Sector Assessment (Washington, DC: World Bank, December 2006), http://documents.worldbank.org/curated/en/424941468278736155/pdf/38310.pdf.
88. “Citi Board Nominates Ernesto Zedillo to Board of Directors” (press release), Citigroup, Bank Press Room, February 26, 2010, www.citigroup.com/citi/press/2010/100226a.htm.
89. Nomi Prins, “Mexico and the US: Rising Volatility, Economic, Finance, and Bank Risk” (presentation to the Annual Financial Investigation Cong
ress, Mexico City, August 28, 2015), www.slideshare.net/nomiprins/mexico-and-the-us-rising-volatility-economic-finance-and-bank-risk.
90. Dick K. Nanto, The Global Financial Crisis: Analysis and Policy Implications (Washington, DC: Congressional Research Service, October 2, 2009), https://fas.org/sgp/crs/misc/RL34742.pdf.
91. “G20 Finance Conclusions on Financial Crises, 1999–2009,” G20 Information Centre, August 2009, www.g20.utoronto.ca/analysis/conclusions/financialcrisis.html.
92. “Communiqué” (document from Finance Ministers and Central Bank Governors Meeting, Berlin, Germany, December 15–16, 1999), G20 Information Centre, www.g20.utoronto.ca/1999/1999communique.htm.
93. “G20 Finance Conclusions on Financial Crises, 1999–2009.”
94. “G20 Summit: In Quotes,” BBC News, November 16, 2008, http://news.bbc.co.uk/2/hi/business/7731735.stm.
95. “ECB Publishes the Proceedings of the Fifth ECB Central Banking Conference” (press release), European Central Bank, February 5, 2010, www.ecb.europa.eu/press/pr/date/2010/html/pr100205.en.html.
96. Bartosz Maćkowiak, Francesco Paolo Mongelli, Gilles Noblet, and Frank Smets, eds., The Euro at Ten: Lessons and Challenges (Frankfurt: European Central Bank, 2009), www.ecb.europa.eu/pub/pdf/other/euroattenen2009en.pdf.
97. Elisabeth Malkin, “When the US Sneezes, Mexico Catches Cold,” New York Times, December 30, 2008, www.nytimes.com/2008/12/30/business/worldbusiness/30iht-30peso.18988868.html?pagewanted=all%20.
98. Inflation Report: October–December 2008 (Mexico City: Banco de México, 2009), www.banxico.org.mx/dyn/publicaciones-y-discursos/publicaciones/informes-periodicos/trimestral-inflacion/%7B0241C75D-AC03-3656-E79E-8DB376BAE2EE%7D.pdf.
99. “Exhibit 1: Recent Developments” (supplement to Mexico’s annual report on Form 18-K for the fiscal year ended December 31, 2007), www.sec.gov/Archives/edgar/data/101368/000090342308001047/ums-18ka1ex1_1218.htm.
100. Guillermo Ortiz, “QE Exit and the Emerging Market Challenge,” in Think Tank 20: The G-20 and Central Banks in the New World of Unconventional Monetary Policy (Washington, DC: Brookings Institution, August 2013), 65–72, www.brookings.edu/wp-content/uploads/2016/07/TT20-mexico_ortiz-2.pdf
101. “GDP Growth (Annual %): 2007–2009,” World Bank, https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2009&locations=MX&start=2007.
102. Chris Isidore, “Economy: Sharpest Decline in 26 Years,” CNN, January 30, 2009, http://money.cnn.com/2009/01/30/news/economy/gdp/.
103. “Mexico’s Ortiz Sees Risk in Overregulating,” Davos Live (blog), Wall Street Journal, January 26, 2008, http://blogs.wsj.com/davos/2008/01/26/mexicos-ortiz-sees-risk-in-overregulating/.
104. “Securities Market (Interest Rates),” Banco de México, www.banxico.org.mx/portal-mercado-valores/securities-market--interest-r.html.
105. David Jolly, “Global Financial Crisis Has One Beneficiary: The Dollar,” New York Times, October 22, 2008, www.nytimes.com/2008/10/22/business/worldbusiness/22iht-dollar.4.17174760.html.
106. Dickerson, “Sell-Off Drives Mexican Peso Above 13-per-Dollar Mark.”
107. Inflation Report: October–December 2008 (Banco de México).
108. M. Angeles Villarreal, The Mexican Economy After the Global Financial Crisis (Washington, DC: Congressional Research Service, September 2010), www.fas.org/sgp/crs/row/R41402.pdf; Eastern Illinois University, “Mexico Economy: Pseudo Recovery,” ViewsWire, December 4, 2009.
109. Associated Press, “Geithner Sworn in As Treasury Secretary,” NBC News, January 26, 2009, www.nbcnews.com/id/28862809/ns/politics-white_house/t/geithner-sworn-treasury-secretary/#.WdLzwjOZP0E.
110. “Federal Reserve Will Offer $150 Billion in 84-Day Credit through Its Term Auction Facility Today” (press release), Board of Governors of the Federal Reserve System, January 26, 2009, www.federalreserve.gov/newsevents/press/monetary/20090126a.htm.
111. “Federal Reserve Announces Results of Auction of $150 Billion in 28-Day Credit Held on February 9, 2009” (press release), Board of Governors of the Federal Reserve System, February 10, 2009, www.federalreserve.gov/newsevents/press/monetary/20090210a.htm.
112. “Mexican Central Bank Predicts Economic Contraction This Year,” Los Angeles Times, January 28, 2009, http://articles.latimes.com/2009/jan/28/business/fi-mexgdp28.
113. Annual Report: 2009 (Mexico City: Banco de México, April 2010), graph 33, www.banxico.org.mx/publicaciones-y-discursos/publicaciones/informes-periodicos/anual/%7B540EDE66-3E95-C943-C1D8-3C929F1BDDA3%7D.pdf.
114. “BIS Board Elects New Chairman” (press release), Bank for International Settlements, January 12, 2009, www.bis.org/press/p090112.htm.
115. Ibid.
116. Ben S. Bernanke, “Semiannual Monetary Policy Report to the Congress,” Board of Governors of the Federal Reserve System, February 24, 2009, www.federalreserve.gov/newsevents/testimony/bernanke20090224a.htm.
117. Sidaoui, Ramos-Francia, and Cuadra, “The Global Financial Crisis and Policy Response in Mexico.”
118. Gerardo Reyes Guzmán and Carlos Moslares García, “The Mexican Economic Crisis (2007–2009),” Annales Universitatis Mariae Curie-Skłodowska, Lublin–Polonia XVI, no. 2 Section K (2009), http://annales.umcs.lublin.pl/tt_p.php?rok=2009&tom=16§io=K&numer_artykulu=06&zeszyt=2.
119. “US Dollar Sales,” Banco de México, www.banxico.org.mx/sistema-financiero/estadisticas/mercado-cambiario/operaciones-vigentes-del-banco-de-mexico-en-el-mer/operaciones/us-dollar-sales.html; International Monetary Fund, Monetary and Capital Markets Department, Annual Report on Exchange Arrangements and Exchange Restrictions 2009 (Washington, DC: International Monetary Fund, November 30, 2009).
120. Guzmán and García, “The Mexican Economic Crisis (2007–2009).”
121. “Dólar mantiene escalada; tipo de cambio, en $15.45,” El Economista, March 2, 2009, http://eleconomista.com.mx/notas-online/finanzas/2009/03/02/dolar-mantiene-escalada-tipo-cambio-1545.
122. Mary Anastasia O’Grady, “The Financial Storm Hits Mexico,” Wall Street Journal, March 9, 2009, www.wsj.com/articles/SB123655372162565665.
123. Jason Lange and Alistair Bell, “Global Crisis May Be Past Worst: Mexico,” Reuters, May 8, 2009, www.reuters.com/article/us-latam-summit-ortiz-idUSTRE5475SI20090508.
124. Andrew Selee and Katie Putnam, Mexico’s 2009 Midterm Elections: Winners and Losers (Washington, DC: Mexico Institute, Woodrow Wilson International Center for Scholars, July 2009), www.wilsoncenter.org/sites/default/files/Mexico%2527s%20Midterm%20Elections%20F2.pdf.
125. Gustavo Flores-Macías, “Mexico’s 2012 Elections: The Return of the PRI,” Journal of Democracy 24, no. 1 (January 2013): 128–141, https://muse.jhu.edu/article/495760.
126. Edward C. Skelton and Erwan Quintin, “Mexico’s Año Horrible: Global Crisis Stings Economy,” Southwest Economy (Federal Reserve Bank of Dallas), third quarter 2009, 3–7, http://dallasfed.org/assets/documents/research/swe/2009/swe0903b.pdf.
127. Committee on IMF Governance: Final Report (Washington, DC: International Monetary Fund, March 24, 2009), www.imf.org/external/np/omd/2009/govref/032409.pdf.
128. “IMF Executive Board Approves US$47 Billion Arrangement for Mexico Under the Flexible Credit Line” (press release), International Monetary Fund, April 17, 2009, www.imf.org/external/np/sec/pr/2009/pr09130.htm.
129. Angeles Villarreal, Mexican Economy After the Global Financial Crisis, https://www.fas.org/sgp/crs/row/R41402.pdf.
130. “Pese a costos, es necesario el plan fiscal: Ortiz,” El Economista, September 9, 2009, http://eleconomista.com.mx/finanzas/2009/09/09/pese-costos-necesario-plan-fiscal-ortiz.
131. Skelton and Quintin, “Mexico’s Año Horrible: Global Crisis Stings Economy.”
132. Cynthia Haven, “Innovation Will Deliver US from Recession, Experts Predict at Stanford’s 2009 Roundtable,” Stanford News, October 24, 2009, http://news.stanford.edu/news/2009/october26/stanford-2009-roundtable-102409.html.
133. Inflation Report: July–September 2009 (Mexico City: Banco de Méxi
co, 2009), www.banxico.org.mx/dyn/publicaciones-y-discursos/publicaciones/informes-periodicos/trimestral-inflacion/%7B896E6AEE-3613-751A-112C-FE1ABB21FA3A%7D.pdf.
134. Addendum to the Inflation Report: July–September 2009 (Mexico City: Banco de México, 2009), www.banxico.org.mx/dyn/publicaciones-y-discursos/publicaciones/informes-periodicos/trimestral-inflacion/%7BF6EFBA44-DFD3-E1CF-0F6F-DC1602A4A 913%7D.pdf.
135. Guillermo Ortiz, “The Global Financial Crisis—a Latin American Perspective” (speech given at Financial Globalization: Culprit, Survivor or Casualty of the Great Crisis? conference, Yale University, New Haven, CT, November 13, 2009), www.bis.org/review/r091207a.pdf.
136. Ibid.
137. Elisabeth Malkin, “New Chief Nominated for Mexico’s Central Bank,” New York Times, December 9, 2009, www.nytimes.com/2009/12/10/business/global/10peso.html.
138. Tracy Wilkinson, “Calderon Taps New Mexico Central Bank Chief,” Los Angeles Times, December 10, 2009, http://articles.latimes.com/2009/dec/10/world/la-fg-mexico-central-bank10-2009dec10.
139. Howard Schneider, “‘Groupthink’ Blocked IMF’s Foresight of Crisis,” Washington Post, February 10, 2011, www.washingtonpost.com/wp-dyn/content/article/2011/02/09/AR2011020906222.html.
140. “Mexico Economic Growth Hits 10-Year High,” BBC News, February 22, 2011, www.bbc.com/news/business-12538168.
141. OECD Perspectives: Mexico Key Policies for Sustainable Development (OECD, October 2010), www.oecd.org/mexico/45570125.pdf.
142. “Update 5—Mexico’s Economy Stumbles at End of 2011,” Reuters, February 16, 2012, www.reuters.com/article/mexico-economy-idUSL4E8DG45020120216; Adam Thompson, “Mexico: Don’t Leave Us Out of the Currency War,” BeyondBrics (blog), Financial Times, October 25, 2010, http://blogs.ft.com/beyond-brics/2010/10/25/mexico-dont-leave-us-out-of-currency-war/.
143. Thompson, “Mexico: Don’t Leave Us Out of the Currency War,” BeyondBrics (blog).
144. Jens Erik Gould and Andres R. Martinez, “Currency War Hits Mexico as Carstens Signals Rate Cuts,” Bloomberg, November 10, 2010, www.bloomberg.com/news/articles/2010-11-10/currency-war-spreading-to-mexico-as-carstens-signals-lower-rates-next-year.