作者：BarryEichengreen
出版社：OxfordUniversityPress
副标题：TheGreatDepression,TheGreatRecession,andtheUses-andMisuses-ofHistory
出版年：2015-1-2
页数：520
定价：USD29.95
装帧：Hardcover
ISBN：9780199392001
内容简介
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The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread.
The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.
Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the "lessons" of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.
作者简介
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Barry Eichengreen (born 1952) is an American economist who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987.[2] Eichengreen's mother is Lucille Eichengreen, a Holocaust survivor and author.
He has done research and published widely on the history and current operation of the international monetary and financial system. He received his BA from UC Santa Cruz and his Ph.D. from Yale University in 1979. He was a senior policy advisor to the International Monetary Fund in 1997 and 1998, although he has since been critical of the IMF.
His best known work is the book Golden Fetters: The Gold Standard and the Great Depression, 1919–1939, Oxford University Press, 1992.
评论 ······
艾氏最新力作，Golden Fetters后续，最新经济衰退和危机同1920-30年代大危机的历史进程、应对策略和政府经济思维对比。体例接近畅销书，理论意识和穿透力弱于前作，但学术性仍高，可鄙视鲁比尼等哗众取宠之辈，胜在材料和时政意识，挖掘出30年代大危机前夕美国房产泡沫从南向中再到东北的逐步蔓延，用目前可见材料重组08-13年间次贷危机蔓延到实体经济的进程及应对，并将两者作对比。深入探究欧盟建立…
怎么说呢，废话有点多
以历史为镜，聚焦于30年代大萧条于07-08年金融危机的比较经济金融史分析，思想上杂糅反金本位/固定汇率制、弗里德曼式货币政策分析与新凯恩斯主义。主要观点认为后金融危机的欧美政府有汲取历史教训而通过及时降低利率、救助银行
注资市场与增加公共财政支出来保障流动性与巩固投资者信心，但这些措施在避免了灾难性萧条的同时被过早终止从而导致恢复更缓慢，并使得危机背后金融制度的结构性问题没能得到完全的改革与监督…
作者总结08年应对危机的错误有：1. 人们将危机的起因归结为集体决策制度的缺陷，人们相信这些失误是可以被纠正的，而且已经为纠正，所以以后就不会再遇到金融危机。2.政府和央行对通货膨胀基于本能的恐惧，导致在经济没有进入新的常态之前，就已经回归常态政策。3.如果央行不能有效支持经济增长，其独立性会受到影响，权力可能会被剥夺。4.“清算主义”是普遍存在的人性，这种本性很难克服。
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