(London, 1910). P. 31.
37 Цитата взята из: James J. Sheehan, Where Have all the Soldiers Gone?
38 О. M. W Sprague, ‘The Crisis of 1914 in the United States’, American Economic Review, 5, 3 (1915). Pp. 505ff.
39 Brendan Brown, Monetary Chaos in Europe: The End of an Era (London/New York, 1988). Pp. 1-34.
40 John Maynard Keynes, ‘War and the Financial System’, Economic Journal, 24, 9j (1914). Pp. 460–486.
41 E. Victor Morgan, Studies in British Financial Policy, 1914–1915 (London, 1952). Pp. 3-11.
42 Ibid., p. 27. См. также: Teresa Seabourne, ‘The Summer of 1914’, in Forrest Capie and Geoffrey E. Wood (eds.), Financial Crises and the World Banking System (London, 1986). Pp. 78, 88.
43 Sprague, ‘Crisis of 1914’. P. 532.
44 Morgan, Studies. P. 19.
45 Seabourne, ‘Summer of 1914’. Pp. 8off.
46 См. (из последних работ): William L. Silber, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy (Princeton, 2007).
47 Morgan, Studies. Pp. 12–23.
48 David Kynaston, The City of London, vol. Ill: Illusions of Gold, 1914–1945 (London, 1999). P. 5.
49 Подсчитано на основе разрозненных упоминаний о ценах в газете The Times между августом и декабрем 1914 года.
50 Kynaston, City of London. P. 5.
51 Подробнее см.: Niall Ferguson, ‘Earning from History: Financial Markets and the Approach of World Wars’, Brookings Papers in Economic Activity (forthcoming).
52 Cm.: Lyndon Moore and Jakub Kaluzny, ‘Regime Change and Debt Default: The Case of Russia, Austro-Hungary, and the Ottoman Empire following World War One’, Explorations in Economic History, 42 (2005). Pp. 237–258.
53 Maurice Obstfeld and Alan M. Taylor, ‘The Great Depression as a Watershed: International Capital Mobility over the Long Run’, in Michael D. Bordo, Claudia Goldin and Eugene N. White (eds.), The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (Chicago, 1998). Pp. 353–402.
54 Rawi Abdelal, Capital Rules: The Construction of Global Finance (Cambridge, MA./London, 2007). P. 45.
55 Ibid., p. 46.
56 Greg Behrman, The Most Noble Adventure: The Marshall Plan and the Time when America Helped Save Europe (New York, 2007).
57 Obstfeld and Taylor, ‘Globalization and Capital Markets’. P. 129.
58 Cm.: William Easterly, The Elusive Quest for Growth: Economists Adventures and Misadventures in the Tropics (Cambridge, MA., 2002).
59 Michael Bordo, ‘The Bretton Woods International Monetary System: A Historical Overview’, in idem and Barry Eichengreen (eds.), A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform (Chicago / London, 1993). Pp. 3-98.
60 Christopher S. Chiwis, ‘Charles de Gaulle, Jacques Rueff and French International Monetary Policy under Bretton Woods’, Journal of Contemporary History, 41, 4 (2006). Pp. 701–720.
61 Интервью с Эми Гудмен: http://www.democracynow.org/article. plfsid=04/11/09/1526251.
62 John Perkins, Confessions of an Economic Hit Man (New York, 2004).P. xi.
63 Joseph E. Stiglitz, Globalization and Its Discontents (New York, 2002). Pp. 12, 14, 15, 17.
64 Abdelal, Capital Rules. Pp. 50, 57–75.
65 Paul Krugman, The Return of Depression Economics (London, 1999).
66 ‘The Fund Bites Back’, The Economist, 4.7.2002.
67 Kenneth Rogoff, ‘The Sisters at 60", The Economist, 22.7.2004. См. также: ‘Not Even a Cat to Rescue’, The Economist, 20.4.2006.
68 См. классический труд: Fritz Stern, Gold and Iron: Bismarck, Bleichroder and the Building of the German Empire (Harmondsworth, 1987).
69 George Soros, The Alchemy of Finance: Reading the Mind of the Market (New York, 1987). Pp. 27–30.
70 Robert Slater, Soros: The Life, Times and Trading Secrets of the World's Greatest Investor (New York, 1996). P. 48.
71 George Soros, The New Paradigm for Financial Markets: The Credit Crash of 2008 and What It Means (New York, 2008). P. x.
72 Slater, Soros. P. 78.
73 Ibid., pp. 105, i07ff.
74 Ibid., p. 172.
75 Ibid., pp. 177, 182, 188.
76 Ibid., p. 10.
77 Ibid., p. 159.
78 Nicholas Dunbar, Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It (New York, 2000). P. 92.
79 Dunbar, Inventing Money. Pp. 168–173.
80 Andre F. Perold, ‘Long-Term Capital Management, L.P. (A)’, Harvard Business School Case 9-200-007 (5.11.1999). P. 2.
81 Ibid., p. 13.
82 Ibid., p. 16.
83 История финансовых теорий, связанных с гипотезой эффективного рынка, рассказана в Peter Bernstein, Capital Ideas: The Improbable Origins of Modern Wall Street (New York, 1993).
84 Dunbar, Inventing Money. P. 178.
85 Roger Lowenstein, When Genius Failed: The Rise and Fall of Long-Term Capital Management (New York, 2000). P. 126.
86 Perold, ‘Long-Term Capital Management. P. (A)’. Pp. 11, 17.
87 Lowenstein, When Genius Failed. P. 127.
88 Andre F. Perold, ‘Long-Term Capital Management, L.R (B)’, Harvard Business School Case 9-200-08 (27.10.1999). P. 1.
89 Lowenstein, When Genius Failed. Pp. 133–138.
90 Ibid., p. 144.
91 Этим со мной поделился Андре Стерн, который также вкладывал деньги в IFF СМ.
92 Lowenstein, When Genius Failed. P. 147.
93 Andre F. Perold, ‘Long-Term Capital Management, L.P. (C)’, Harvard Business School Case 9–2.00–09 (5.11.1999). Pp. 1, 3.
94 Idem, ‘Long-Term Capital Management, L.P. (D)’, Harvard Business School Case 9-200-10 (4.10.2004). P. 1. Подготовленные Перо задания для студентов – образец для подражания.
95 Lowenstein, When Genius Failed. P. 149.
96 ‘All Bets Are Off: How the Salesmanship and Brainpower Failed at Long-Term Capital’, Wall Street Journal, 16.11.1998.
97 По этому поводу см.: Peter Bernstein, Capital Ideas Evolving (New York, 2007).
98 Donald MacKenzie, ‘Long-Term Capital Management and the Sociology of Arbitrage’, Economy and Society, 32, 3 (August 2003).P. 374-
99 Ibid., passim.
100 Ibid., p. 365.
101 Franklin R. Edwards, ‘Hedge Funds and the Collapse of Long-Term Capital Management’, Journal of Economic Perspectives, 13, 2 (Spring 1999). P. 192. См. также: Stephen J. Brown, William N. Goetzmann and Roger G. Ibbotson, ‘Offshore Hedge Funds: Survival and Performance, 1989–1995’, Journal of Business, 72, 1 (January 1999), Pp. 91-117.
102 Harry Markowitz, ‘New Frontiers of Risk: The 360 Degree Risk Manager for Pensions and Nonprofits’, The Bank of New York Thought Leadership White Paper (October 2005). P. 6.
103 ‘Hedge Podge’, The Economist, 16.2.2008.
104 ‘Rolling In It’, The Economist, 16.11.2006.
105 John Kay, ‘Just Think, the Fees You Could Charge Buffett’, Financial Times, 11.3.2008.
106 Stephanie Baum, Top 100 Hedge Funds have 75 % of Industry Assets’, Financial News, 21.5.2008.
107 Dean P. Foster and H. Peyton Young, ‘Hedge Fund Wizards’, Economists' Voice (февраль 2008). P. 2.
108 Niall Ferguson and Moritz Schularick, “Chimerica” and Global Asset Markets’, International Finance 10, 3 (2007). Pp. 215–239.
109 Michael Dooley, David Folkerts-Landau and Peter Garber, An Essay on the Revived Bretton-Woods System’, NBER Working Paper 9971 (September 2003).
110 Ben Bernanke, ‘The Global Saving Glut and the U.S. Current Account Deficit’, Homer Jones Lecture, St Louis, Missouri (15.4.2005).
111 ‘From Mao to the Mall’, The Economist, 16.2.2008.
112 О критике политики ФРС в последнее время см.: Paul A. Volcker, ‘Remarks at a Luncheon of the Economic Club of New York’ (8.4.2008). По мнению Волкера, ФРС предприняла меры, “находящиеся на самой грани ее компетенции, законной и неписаной”.
113 См., в частности: Jamil Anderlini, ‘Beijing Looks at Foreign Fields in Plan to Guarantee Food Supplies’, Financial Times, 9.5.2008.
114 Можно предположить, что, не случись Первой мировой войны, немецкая доля на мировом экспортном рынке превысила бы британскую к 1926 году: Hugh Neuburger and Houston H. Stokes, ‘The Anglo-German Trade Rivalry, 1887–1913: A Counterfactual Outcome and Its Implications’, Social Science History, 3, 2 (Winter 1979). Pp. 187–201.
115 Aaron L. Friedberg, The Future of U.S.-China Relations: Is Conflict Inevitable?’, International Security, 30, 2 (Fall 2005). Pp. 7-45.
116 В среднем сегодняшние исполнительные директоры Citigroup, Goldman Sachs, Merrill Lynch, Morgan Stanley и JP Morgan начали свою карьеру чуть меньше 25,5 года назад.
ПослесловиеПроисхождение денег
1 Увлекательное рассуждение о возможных опасностях глобализации содержится в книге: Pankaj Ghemawat, Redefining Global Strategy: Crossing Borders in a World Where Differences Still Matter (Boston, 2007).
2 Frederic Mishkin, Weissman Center Distinguished Lecture, Baruch College, New York (12.10.2006).
3 Larry Neal, ‘A Shocking View of Economic History’, Journal of Economic History, 60, 2 (2000). Pp. 317–334.
4 Robert J. Barro and Jose E Ursua, ‘Macroeconomic Crises since 1870’, Brookings Papers on Economic Activity (forthcoming). См. также: Robert J. Barro, ‘Rare Disasters and Asset Markets in the Twentieth Century’, Harvard University Working Paper (4.12.2005).
5 Nassim Nicholas Taleb, Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets