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[31]关于债券委员会的详细论述,参见Mark Ramseyer, “Explicit Reasons for Implicit Contracts: The Legal Logic to the Japanese Main Bank System,” in The Japanese Main Bank System, ed. M. Aoki and H. Patrick (New York: Oxford University Press, 1994), 238-239, and Rosenbluth, Financial Politics in Contemporary Japan。
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[32]Rosenbluth, Financial Politics in Contemporary Japan, 146.
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[33]同上,第149页。
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[34]同上,第56页。
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[35]同上,第163页。
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[36]具体来说,是上市公司的股票发行金额与毛固定资产投资的比例,固定资产投资包括全国的投资,而不只是公司投资。
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[37]参见R. Rajan and L. Zingales, “The Great Reversals: The Politics of Financial Development in the 20th Century,” Journal of Financial Economics (forthcoming,2002)。贸易开放度的计算办法是进出口总额除以GDP。在制作本图时,考虑到工业化程度更高的国家应该有更大的股票市场,我们进行了调整。然后以调整结果(通过对这些国家的股票市场市值与GDP的比值按照一个常数和1913年时的工业化指标进行回归)为纵坐标,以工业化水平和开放度的乘积为横坐标来制图。开放度乘以工业化水平的意思是,开放会削弱利益集团反对金融发展的阻力,而不会无中生有地创造金融需求。
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[38]我们在分析开放与金融发展的相关关系时,用外生的贸易变量来描述开放,比如一个国家的人口。参见H. Svaleryd and J. Vlachos, “Market for Risk and Openness to Trade: How Are They Related?” Journal of Public Economics 57, no. 2 (2002), 364-395。他们发现,开放引起了金融发展,而没有金融发展引起开放的证据。
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[39]Randall Morck, David Strangeland, and Bernard Young, “Inherited Wealth, Corporate Control, and Economic Growth: The Canadian Disease?” in Concentrated Capital Ownership, ed. R. K. Morck (Chicago: University of Chieago Press, 2000).
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[40]同上。
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第9章
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[1]Barry J. Eichengreen, Globalizing Capital: A History of the International Monetary System (Princeton, N.J.: Princeton University Press, 1996), and Peter Temin, Lessons from the Great Depression (Cambridge, Mass.: MIT Press, 1989).
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[2]Eichengreen, Globalizing Capital, 31.
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[3]William H. McNeill, The Pursuit of Power: Technology, Armed Force and Society since AD 1000 (Chicago: University of Chicago Press, 1982), 339.
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[4]Eichengreen, Globalizing Capital, 4.
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[5]Temin, Lessons from the Great Depression, 11. Charles Feinstein, Peter Temin, and Gianni Toniolo, The European Economy between the Wars (Oxford: Oxford University Press, 1997).
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[6]Charles Maier, In Search of Stability: Explorations in Historical Political Economy (Cambridge, U.K.: Cambridge University Press, 1987), 87.
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[7]Maier, In Search of Stability, 84.
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[8]Franklin D. Roosevelt, Public Papers and Addresses, vol. 2 (New York: Russel & Russel, 1933), 11-12.
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[9]Franklin D. Roosevelt, Public Papers and Addresses, vol. 3 (New York: Russel & Russel, 1934), 414.
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[10]Franklin D. Roosevelt, Public Papers and Addresses, vol. 5 (New York: Russel & Russel, 1936), 232-233.
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[11]Roosevelt, Public Papers and Addresses, vol. 2, 264-265.
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[12]近期的出色调查,参见Kevin H. O’Rourke and Jeffery G. Williamson, Globalization and History: The Evolution of the Nineteenth-Century Atlantic Economy (Cambridge, Mass.: MIT Press, 1999)。
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[13]David M. Kennedy, Freedom from Fear: The American People in Depression and War, 1929-45 (New York: Oxford University Press, 1999), 179.
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[14]Roosevelt, Public Papers and Addresses, vol. 2, 202.
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