Восхождение денег

66 Подробнее об этом см.: Gerardo della Paolera and Alan M. Taylor, Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 (Chicago, 2001).

67 ‘A Victory by Default’, Economist, 3/3/2005.

68 Недавно эта тема обсуждалась в работе: Michael Tomz, Reputation and International Cooperation: Sovereign Debt across Three Centuries (Princeton, 2007).

69 “Великая инфляция” обсуждается сразу в нескольких работах: Fabrice Collard and Harris Delias, ‘The Great Inflation of the 1970s’, Working Paper (1/10/2003); Edward Nelson, ‘The Great Inflation of the Seventies: What Really Happened?’, Federal Reserve Bank of St Louis Working Paper, 2004-001 (1/2004); Allan H. Meltzer, ‘Origins of the Great Inflation’, Federal Reserve Bank of St Louis Review, Part 2 (3–4/2005). Pp. 145-175-

70 Эти одиннадцать рынков – Австралия, Канада, Франция, Германия, Гонконг, Ирландия, Япония, Нидерланды, Швейцария, Великобритания и США. См. Watson Wyatt, ‘Global Pension Fund Assets Rise and Fall’: http://www.watsonwyatt.com/news/press. aspUD = 18579.

71 CNN, 9/7/2000.

72 Testimony of Chairman Alan Greenspan, Federal Reserve Board’s semiannual Monetary Policy Report to the Congress, before the Committee on Banking, Housing, and Urban Affairs, US Senate, 16/2/2005.

III. Пуская пузыри

1 Эта тема хорошо изучена, из недавних работ надо отметить Timothy Guinnane, Ron Harris, Naomi R. Lamoreaux, and Jean-Laurent Rosenthal, Putting the Corporation in its Place’, NBER Working Paper 13109 (5/2007).

2 См. особенно: Robert J. Shiller, Irrational Exuberance (2nd edn., Princeton, 2005).

3 Cm.: Charles P. Kindleberger, Manias, Panics and Crashes: A History of Financial Crises (3rd edn., New York / Chichester / Brisbane / Toronto / Singapore, 1996). Pp. 12–16. В своей работе Киндлебергер отдает должное революционным наработкам Хаймана Мински. Две ключевые работы последнего: Hyman Р. Minsky, ‘Longer Waves in Financial Relations: Financial Factors in the More Severe Depressions’, American Economic Review, 54, 3 (5/1964). Pp. 324–335; ‘Financial Instability Revisited: The Economics of Disaster’, in Hyman P. Minsky (ed.), Inflation, Recession and Economic Policy (Brighton, 1982). Pp. 117–161.

4 Kindleberger, Manias. P 14.

5 ‘The Death of Equities’, Business Week, 13/8/1979.

6 ‘Dow 36,000’, Business Week, 27/9/1999.

7 William N. Goetzmann and Philippe Jorion, ‘Global Stock Markets in the Twentieth Century’, Journal of Finance, 54, 3 (6/1999). Pp. 953–980.

8 Jeremy J. Siegel, Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies (New York, 2000).

9 Elroy Dimson, Paul Marsh and Mike Stanton, Triumph of the Optimists: loi Years of Global Investment Returns (Princeton, 2002).

10 Paul Frentrop, A History of Corporate Governance 1602–2002 (Brussels, 2003). Pp. 49–51.

11 Ronald Findlay and Kevin H. O’Rourke, Power and Plenty: Trade, War, and the World Economy in the Second Millennium (Princeton, 2007). P. 178.

12 Frentrop, Corporate Governance. P 59.

13 О противоречиях, которыми изобиловала Голландская республика в эпоху господства капитализма и кальвинизма, писал Саймон Шама в своей книге The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age (New York, 1997 [1987]).

14 John P. Shelton, The First Printed Share Certificate: An Important Link in Financial History’, Business History Review, 39, 3 (Autumn 1965). P 396.

15 Shelton, ‘First Printed Share Certificate’. P 400.

16 Engel Sluiter, ‘Dutch Maritime Power and the Colonial Status Quo, 1585–1641’, Pacific Historical Review, 11, 1 (March 1942). P 33.

17 Ibid., p. 34.

18 Frentrop, Corporate Governance. P 69.

19 Larry Neal, ‘Venture Shares of the Dutch East India Company’, in William N. Goetzmann and K. Geert Rouwenhorst (eds.), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford, 2005). P 167.

20 Neal, ‘Venture Shares’. P. 169.

21 Schama, Embarrassment of Riches. P 349.