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IE Masters in Finance: Against all odds

Beginning of this year 2009, IE has inaugurated its second Finance Master program in just only a couple of months: Master in Advanced Finance. All initial projections about the influence of the biggest financial turmoil in history which we are currently experiencing and the down sliding interest in Finance careers were proven wrong. The Master…

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IE University innovates connecting the traditional world of note-taking with new digital technologies

IE University, the extension of the IE Business School educational model to graduate and postgraduate training, and Fujitsu Siemens Computers, have implemented a pilot project during the first year of the University’s new Segovia-based degree courses so that its students can convert the notes they take into digital files in real time without the need…

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Financial and economic crisis and crisis of values

1652.jpgDecember 2009 | By Manuel Bermejo, Professor at IE Business School

The explanations offered by economists for the financial crisis only serve to understand how the whole house of cards fell down… but the earthquake that caused the collapse is a crisis of values that affects us all.

In the last quarter and for the first time in 15 years, Spainâ??s GDP has fallen. Numbers are never wrong. Political debates more concerned with words and appearance than the actual situation have come to an end.

We have reached this situation thanks to a chain of different factors. A financial crisis that arises from the appearance on the market of the so-called ´toxic assets´, which generates a loss in confidence, deterioration of bank balances (to the point of bankruptcy in some cases) and a loss in liquidity.

This situation permeates the real economy. Even with business models of proven success, many companies are asphyxiated by the lack of credit they need to balance their cash flows and, in the best of cases, they decide to adapt their costs or even close down, leading to more unemployment and less business activity, which affects suppliers. On the other hand, we have individuals with less purchasing power due to a lack of confidence or the effect of the increase in the price of money or less capacity for generating revenue. A vicious circle. The Spanish economic model, so dependent on construction, which has fallen to the deepest depths, domestic demand and tourism, both affected by the consumer crisis, has inevitably fallen into a recession.

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