Восхождение денег

Фергюсон Ниал

37 Eichler, ‘Homebuilding’. P. 40. См. также: Henry N. Pontell and Kitty Calavita, ‘White-Collar Crime in the Savings and Loan Scandal’, Annals of the American Academy of Political and Social Science, 525 (January 1993). P. 31–45; Marcia Millon Cornett and Hassan Teh-ranian, ‘An Examination of the Impact of the Garn-St Germain Depository Institutions Act of 1982 on Commercial Banks and Savings and Loans', Journal of Linance, 45,1 (March 1990). Pp. 95-111.

38 Henry N. Pontell and Kitty Calavita, ‘The Savings and Loan Industry’, Crime and Justice, 18 (1993). P. 211.

39 Ibid., p. 208.

40 F. Stevens Redburn, ‘The Deeper Structure of the Savings and Loan Disaster’, Political Science and Politics, 24, 3 (September 1991). P. 439.

41 Pontell and Calavita, ‘White-Collar Crime’. P. 37.

42 Allen Pusey, ‘Fast Money and Fraud’, New York Times, 23.4.1989.

43 K. Calavita, R. Tillman, and H. N. Pontell, ‘The Savings and Loan Debacle, Financial Crime and the State’, Annual Review of Sociology, 23 (1997). P. 23.

44 Pontell and Calavita, ‘Savings and Loans Industry’. P. 215.

45 Calavita, Tillman and Pontell, ‘Savings and Loan Debacle’. P. 24.

46 Allen Pusey and Christi Harlan, ‘Bankers Shared in Profits from I-30 Deals’, Dallas Morning News, 29.1.1986.

47 Allen Pusey and Christi Harlan, T-30 Real Estate Deals: A “Virtual Money Machine”, Dallas Morning News, 26.1.1986.

48 Pusey, ‘Fast Money and Fraud’.

49 Pontell and Calavita, ‘White-Collar Crime’. P. 43.

См. также: Kitty Calavita and Henry N. Pontell, ‘The State and White-Collar Crime: Saving the Savings and Loans’, Law Society Review, 28, 2 (1994). Pp. 297–324.

50 Cначала были опасения, что потери окажутся больше. В 1990-м власти называли сумму вплоть до 500 миллиардов долларов. По другим оценкам речь шла о триллионе долларов и даже больше: Pontell and Calavita, ‘Savings and Loan Industry’. P. 203.

51 Весьма живописный рассказ об этом см.: Michael Lewis, Liar's Poker (London, 1989). Pp. 78-124.

52 Bernanke, ‘Housing, Housing Finance, and Monetary Policy’.

53 Значительную помощь в расчетах мне оказал Джозеф Бариллари. Morris A. Davisa, Andreas Lehnert and Robert F. Martin, ‘The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing’, Working paper (December 2007).

54 Shiller, ‘Recent Trends in House Prices’.

55 Carmen M. Reinhart and Kenneth S. Rogoff, ‘Is the 2007 Sub-Prime Financial Crisis So Different? An International Historical Comparison’, Draft Working Paper (14.1.2008).

56 Mark Whitehouse, ‘Debt Bomb: Inside the “Subprime” Mortgage Debacle’, Wall Street Journal, 30.5.2007. P. Ai.

57 Cm. Kimberly Blanton, ‘A “Smoking Gun” on Race, Subprime Loans’, Boston Globe, 16.3.2007.

58 ‘U.S. Housing Bust Fuels Blame Game’, Wall Street Journal, 19.3.2008. См. также: David Wessel, ‘Housing Bust Offers Insights’, Wall Street Journal, 10.4.2008.

59 Henry Louis Gates Jr., ‘Forty Acres and a Gap in Wealth’, New York Times, 18.11.2007.

60 Andy Meek, ‘Frayser Foreclosures Revealed’, Daily News, 21.9.2006.

61 http://www. responsiblelending. org/page.jsp? itemID =32 032 op.

62 Credit Suisse, ‘Foreclosure Trends – A Sobering Reality’, Fixed Income Research (23.4.2008).

63 Cm.: Prabha Natarajan, ‘Fannie, Freddie Could Hurt U.S. Credit’, Wall Street Journal, 15.4.2008.

64 Economic Report of the President 200/, tables

В-77 и B-76: http:// www.gpoaccess.gov/eop/

65 George Magnus, ‘Managing Minsky’, UBS research paper, 27.3.2008.

66 Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (London, 2001).

67 Idem, ‘Interview: Land and Freedom’, New Scientist, 27.4.2002.

68 Idem, The Other Path (New York, 1989).

69 Rafael Di Telia, Sebastian Galiani and Ernesto Schargrodsky, ‘The Formation of Beliefs: Evidence from the Allocation of Land Titles to Squatters’, Quarterly Journal of Economics, 122,1 (February 2007). Pp. 209–241.

70 The Mystery of Capital Deepens’, The Economist, 26.8.2006.

71 Cm.: John Gravois, ‘The De Soto Delusion’, Slate, 29.1.2005: http: //state, msn. com/id/2112/ 92/

72 Вся прибыль банка переводится в Фонд реабилитации, созданный для борьбы с чрезвычайными ситуациями, – благодаря этому Grameen избавляется от налога на прибыль корпораций.

73 Connie Black, ‘Millions for Millions’, New Yorker, 30.10.2006. Pp. 62–73.

74 Shiller, ‘Recent Trends in House Prices’.

75 Edward L. Glaeser and Joseph Gyourko, ‘Housing Dynamics’, NBER Working Paper 12787 (обновленная версия, 31.3.2007).

76 Robert J. Shiller, The New Financial Order: Risk in the 21st Century (Princeton, 2003).

VI. От империи к Кимерике

i Dominic Wilson and Roopa Purushothaman, ‘Dreaming with the BRICs: The Path to 2050’, Goldman Sachs Global Economics Paper, 99 (1.10.2003). См. также: Jim O’Neill, ‘Building Better Global Economic BRICs’, Goldman Sachs Global Economics Paper, 66 (30.11.2001); Jim O’Neill, Dominic Wilson, Roopa Purushothaman and Anna Stupnytska, ‘How Solid are the BRICs?’, Goldman Sachs Global Economics Paper, 134 (1.12.2005).

2 Dominic Wilson and Anna Stupnytska, ‘The N-n: More than an Acronym’, Goldman Sachs Global Economics Paper, 153 (28.3.2007).

3 Goldman Sachs Global Economics Group, BRICs and Beyond (London, 2007), особенно стр. 45–72, 103–108.

4 Этот аргумент приводится Кеннетом Померанцем, см.: Kenneth Pomeranz, The Great Divergence: China, Europe and the Making of the Modern World Economy (Princeton/Oxford, 2000). Некоторые ученые оценивают положение Китая в 1700 году более сдержанно, см. например: Angus Maddison, The World Economy: A Millennial Perspective (Paris, 2001).