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.
Послесловие
Происхождение 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 (2nd edn., New York, 2005)
