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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.

22 Ibid., p. 339.

23 Neal, ‘Venture Shares’ P 169.

24 Frentrop, Corporate Governance. P 85.

25 Ibid., p. 95.

26 Ibid., p.103. См. также Neal, ‘Venture Shares’. P 171.

27 Neal, ‘Venture Shares’. P. 166.

28 Findlay and O’Rourke, Power and Plenty. P. 178.

29 Ibid., p. 179–183. См также: Sluiter, ‘Dutch Maritime Power’. P. 32.

30 Findlay and O’Rourke, Power and Plenty. P. 208.

31 Femme S. Gaastra, ‘War, Competition and Collaboration: Relations between the English and Dutch East India Company in the Seventeenth and Eighteenth Centuries’, in H. V Bowen, Margarette Lincoln and Nigel Ribgy (eds.), The Worlds of the East India Company (Leicester, 2002). P. 51.

32 Gaastra, ‘War, Competition and Collaboration’. P. 58.

33 Ann M. Carlos and Stephen Nicholas, ‘«Giants of an Earlier Capitalism»: The Chartered Trading Companies as Modern Multinationals’, Business History Review, 62, 3 (Autumn 1988). Pp. 398–419.

34 Gaastra, ‘War, Competition and Collaboration’. P. 51.

35 Findlay and O’Rourke, Power and Plenty. P. 183.

36 Ibid., p. 185, figure 4.5.

37 Gaastra, ‘War, Competition and Collaboration’. P. 55.

38 Jan de Vries and A. van der Woude, The First Modern Economy: Success, Failure and Perseverance of the Dutch Economy, 1500–1815 (Cambridge, 1997). P. 396.

39 Andrew McFarland Davis, ‘An Historical Study of Taw’s System’, Quarterly Journal of Economics, 1, 3 (April 1887). P. 292.