Глава 11. Упадок и разрушение капитализма связей

1. Эти, а также прочие данные в этом разделе взяты (если не указано обратного) из следующей работы: Stephen Prowse, “Alternative Models of Financial System Development”, Federal Reserve Bank of Australia, 1996.
2. Эти данные взяты из следующей работы: Rafael La Porta, Flor- encio Lopez-de-Silanes, Andrei Shleifer, and Robert W.Vishny, “Legal Determinants of External Finance”, Journal of Finance 52, no.
   3 (1997): 1131-1150.
3. Cm.: Julian Franks and Colin Mayer, “Bank Control, Takeovers and Corporate Governance in Germany”, Journal of Banking amp; Finance 22 (1998): 1231-1480.
4. См., например: Christoph von Greyerz, “Accounting in Swiss Company Law”, Der Schweizer Treuhander (March 1984): 85 — 88.
5. Исследование ОЭСР 1989 г., цит. по: Prowse, “Alternative Models of Financial System Development”, 122.
6. Cm.: Utpal Bhattacharya, Hazen Daouk, and Michael Welker, “The World Price of Earnings Opacity”.
7. Graham Searjent, “Why Daimler Went Red over a Share Quote in New York”, Times (London), October 7, 1993.
8. Цит. no: Martin Hellwig in “Economics and Politics of Corporate Finance and Control”, in: Corporate Governance: Theoretical and Empirical Perspectives, ed. Xavier Vives. Cambridge: Cambridge University Press, 2000. P. 109.
9. Cm.: Steven N. Kaplan, “Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States”, Journal of Political Economy 102, no. 3 (June 1994): 510 — 546.
10. См.: C. Kester and T. Lueherman, “The Myth of Japan's Low Cost of Capital”, Harvard Business Review 70, no. 3 (May 1,1992): 130-140.
11. Данная аналогия основана на следующей работе: Raaj Sah and Joseph Stiglitz, “The Architecture of Economic Systems: Hierarchies and Polyarchies”, American Economic Review 76, no. 4 (September 1986). Другое применение данной идеи см.
    в: Franklin Allen, “Stock Markets and Resource Allocation”, in: Capital Markets and Financial Intermediation, ed. Colin Mayer and Xavier Vives. Cambridge, U.K.: Cambridge University Press, 1993.
12. B. Black and R. Gilson, “Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets”, Journal of Financial Economics, 47 (1998). Jurg Kukies, “Stock Markets for High- Technology Firms and Venture Capital Financing: Evidence from Europe” (University of Chicago, Ph.D. diss., 2001).
13. Kukies, “Stock Markets for High-Technology Firms and Venture Capital Financing”.
14. Cm.: Paul Carroll. Big Blues: The Unmaking of IBM. New York: Crown, 1993. P. 76.
15. Kristian Rydqvist and Kenneth Hogholm, “Going Public in the 19805: Evidence from Sweden”, European Financial Management 1, no. 3 (1995): 287-315.
16. Sandra Black and Philip Strahan, “Entrepreneurship and Bank Credit Availability” (MIT, March 2001, mimeo).
17. Описание данной ситуации основано на следующих работах: Richard Pascale and Thomas P. Rohlen, “The Mazda Turnaround”, Jour- паї of Japanese Studies 9, no. 2 (1983): 219 — 263; Hoshi and Kashyap (1994). Все данные, если не указано обратного, взяты из этих работ.
18. Расчеты авторов на основе данных «Репп World Tables».
19. Сравнение преимуществ систем, основанных на рыночных отношениях и на личных связях, см.: R. Rajan and L. Zingales, “Which Capitalism? Lessons from the East Asian Crisis”, Journal of Applied Corporate Finance 11, no. 3 (fall 1998): 40 — 48.
20. Vito Tanzi and Ludger Schuknecht. Public Spending in the 20Ul Century: A Global Perspective (Cambridge, U.K.: Cambridge University Press, 2000).
21. У тезиса о том, что инфляция является политическим феноменом, долгая и несколько смутная история. Ранний вариант см.: Е. М. Bernstein and I. G. Patel, “Inflation and Economic Development”, IMF Staff Papers, 1953. См. также: Lester Thurow. The Zero-Sum Society: Distribution and the Possibilities for Economic Change.
    New York: Basic Books, 1980.
22. Helleiner. States and the Reemergence of Global Finance: From Bretton Woods to the 1990's. P. 85.
23. Barry J. Eichengreen. Globalizing Capital: A History of the International Monetary System. Princeton, N. J.: Princeton University Press, 1996. P. 129.
24. U.S. government (1973), 128. Цит. no: Helleiner. States and the Reemergence of Global Finance. P. 106.
25. Helleiner. States and the Reemergence of Global Finance. P.

114.

26. Graciela Kaminsky and Sergio Schmukler, “Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization”, working paper, World Bank, 2002.
27. См., например: Daniel Yergin and Joseph Stanislaw. The Commanding Heights: The Battle between Government and the Marketplace That Is Remaking the Modern World. New York: Touchstone, 1999.
28. Один из выдающихся критиков прошлого: Karl Polanyi. The Great Transformation. Boston: Beacon Hill, 1944. Один из нынешних критиков: Dani Rodrik. Has Globalization Gone Too Far? Washington,

4. C.: Institute for International Economics, 1997.

29 Классический вариант данной теории см.: Pol any i. Great Transformation.