Единственная игра в городе: центральные банки, нестабильность и предотвращение следующего коллапса
Шрифт:
7. Mark Carney, “Inclusive Capitalism: Creating a Sense of the New Systemic,” speech at the Conference on Inclusive Capitalism, London, May 27, 2014, http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech731.pdf.
CHAPTER 6: CASCADING FAILURES
1. Michiyo Nakamoto and David Wighton, “Bullish Citigroup Is ‘Still Dancing’ to the Beat of the Buyout Boom,” Financial Times, July 10, 2007, http://www.ft.com/intl/cms/s/0/5cefc794-2e7d-11dc-821c-0000779fd2ac.html.
2. As late as September 2014, the popular media was still on this point. As an example, the money section of the September 18 edition of USA Today included the headline “Fed Sings Wall Street’s Tune.” And the drivers of the accusation, both real and perceived, went well beyond what former Treasury secretary Geithner noted in his memoir, Stress Test, that “the optics of the institution’s governance are awful. The Fed has always been vulnerable to perceptions of capture by the big banks.”
3. Robin Harding, “Transcripts Reveal Drama and Fear as Fed Confronted Lehman’s Implosion,” Financial Times, February 21, 2014, http://www.ft.com/intl/cms/s/0/ec1c3a5a-9b0f-11e3-946b-00144feab7de.html.
4. Sam Fleming and Shawn Donnan, “Fed Feared Japan-Scale Crisis in 2009,” Financial Times, March 5, 2015, http://www.ft.com/intl/cms/s/0/d77aff2c-c28d-11e4-ad89-00144feab7de.html.
5. Jeremie Cohen-Setton, “The 2008 FOMC Transcripts: Did the Committee Obsess over the Wrong Crisis and the Performance of Key Personalities,” Bruegel Blog Review, March 3, 2014, http://www.bruegel.org/nc/blog/detail/article/1258-blogs-review-the-2008-fomc-transcripts/.
6. “A Desperate Plea—Then the Race for a Deal Before ‘Sucker Goes Down,’ ” Guardian, September 26, 2008, http://www.theguardian.com/business/2008/sep/27/wallstreet.useconomy1.
7. Neal Collins, “Archaic BoE Was Ill-Equipped to Prevent Financial Crisis,” Financial Times, January 9, 2015, http://www.ft.com/intl/cms/s/0/d3db1f52-9752-11e4-845a-00144feabdc0.html.
8. Joshua Zumbrun and Alaa Shahine, “Retired Bernanke Harbors Regret on Main Street’s View of Bailout,” Bloomberg News, March 4, 2014, http://www.bloomberg.com/news/2014-03-04/bernanke-says-u-s-economy-seeing-progress.html.
9. Timothy F. Geithner, Stress Test: Reflections on Financial Crises (New York: Crown, 2014).
CHAPTER 7: CENTRAL BANK RESURRECTION
1. Mario Draghi, speech to the Global Investment Council, European Central Bank, July 26, 2012, http://www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html.
2. Jack Ewing and Binyamin Appelbaum, “A Stress Test for Mario Draghi and the European Central Bank,” New York Times, January 3, 2015, http://www.nytimes.com/2015/01/04/business/stress-test-for-mario-draghi.html.
3. Philip Turner, “The Exit from Non-Conventional Monetary Policy: What Challenges?,” BIS Working Paper 448, 2014, May, http://www.bis.org/publ/work448.pdf.
4. “Monetary Policy Struggles to Normalize,” BIS Annual Report, June 29, 2014, Bank for International Settlements, http://www.bis.org/publ/arpdf/ar2014e5.htm.
5. Mohamed A. El-Erian, “Parsing Draghi’s QE Gambit,” Bloomberg View, January 23, 2015,See also Mohamed A. El-Erian, “The ECB Can Only Buy Time for Europe’s Politicians,” Financial Times, January 22, 2015, http://www.ft.com/intl/cms/s/0/957b9ddc-a241-11e4-bbb8-00144feab7de.html.
6. Tracy Alloway, “Markets’ Misplaced Faith in Central Banks,” Financial Times, January 23, 2015, http://www.ft.com/intl/cms/s/0/2ad516fa-a2d4-11e4-ac1c-00144feab7de.html.
7. Hyman Minsky, “The Financial Instability Hypothesis,” Working Paper No. 74, Levy Economics Institute of Bard College, 1992.
8. Mohamed A. El-Erian, “Beware of Calls for QE4,” Financial Times, October 17, 2014, http://blogs.ft.com/the-a-list/2014/10/17/beware-of-calls-for-qe4/.
9. Chris Giles, “Carney Warns on Low Interest Rates,” Financial Times, January 24, 2015, http://www.ft.com/intl/cms/s/0/c20266fe-a3fb-11e4-b90d-00144feab7de.html.
10. Timothy F. Geithner, Stress Test: Reflections on Financial Crises (New York: Crown, 2014).
CHAPTER 8: SETTING THE STAGE
1. Jim Grant, “Monetary Policy Is a Virus That Infects Politics,” Financial Times, January 5, 2015, http://www.ft.com/intl/cms/s/0/14078740-9277-11e4-a1fd-00144feabdc0.html.
2. “The World Economy: In Need of New Oomph,” Economist, May 24, 2014, http://www.economist.com/news/leaders/21602698-how-make-rich-worlds-recovery-stronger-and-safer-need-new-oomph.
3. “In Search of a New Compass,” Bank for International Settlements, June 29, 2014, http://www.bis.org/publ/arpdf/ar2014e1.htm.
4. E. S. Browning, “The ‘Investor’s Dilemma’: Everything Is Expensive,” Wall Street Journal, August 24, 2014, http://blogs.wsj.com/moneybeat/2014/08/24/the-investors-dilemma-everything-is-expensive/.
5. Lawrence H. Summers, “Reflection on the ‘New Secular Stagnation Hypotheses,’ ” in Coen Tuelings and Richard Baldwin, eds., Secular Stagnation: Facts, Causes, and Cures (London: CEPR Press, 2014), http://www.voxeu.org/sites/default/files/Vox_secular_stagnation.pdf.
CHAPTER 9: THE QUEST OF A GENERATION
1. Mohamed A. El-Erian, “The Global Growth Quest,” Project Syndicate, April 9, 2013, http://www.project-syndicate.org/commentary/the-worldwide-search-for-new-growth-models-by-mohamed-a--el-erian.
2. Matt O’Brien, “Greece’s Poor Are Back to Where They Were in 1980,” Washington Post, April 10, 2015,blog/wp/2015/04/10/greeces-poor-are-back-to-where-they-were-in-1980/.
3. “Mohamed A. El-Erian Discusses PIMCO’s Secular Outlook and Investment Implications,” Economic Outlook, PIMCO, May 2009, http://europe.pimco.com/EN/Insights/Pages/Secular%20Outlook%20Q%20and%20A%20May%202009%20El-Erian.aspx.