CENTRAL BANKS AND GOLD: HOW TOKYO, LONDON, AND NEW YORK SHAPED THE MODERN WORLD
Book ID/图书代码: 17C00477
English Summary/英文概要: In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center.As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England’s secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I―the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world’s first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
Chinese Summary/中文概要: 近几十年来,东京、伦敦和纽约的信贷泡沫规模空前。各国央行行长享有几乎无与伦比的权力和自主权。他们合作构建和维护了高耸的债务结构,重塑了世界范围内的权力和所有权关系。在《央行与黄金》一书中,西蒙•詹姆斯•拜瑟韦和马克•梅茨勒探讨了这种全球化的金融化形式是如何在一个世纪前形成的,当时东京、伦敦和纽约已成为主要的金融中心。正如本文首次揭示的那样,各国央行之间的密切合作始于1900年前后伦敦和东京之间一个意想不到的轴心,英国央行秘密使用日本央行的大型基金干预伦敦市场。第一次世界大战期间,当日本第一次成为债权国时,中央银行的合作变成了多边合作。1919年和1920年,随着日本、英国和美国采取通货紧缩政策,合作的成果在世界上第一个全球协调的货币政策方案中得以实现。也是在1920年,华尔街的银行家开始与东京建立更紧密的联系。顺便说一句,梅茨勒讲述了央行权力和骄傲的第一个时代是如何在大萧条的灾难中结束的,当时对黄金的抢购导致了金融体系的崩溃。在所有这一切中,我们也看到了安静但令人惊讶的日本中心。我们今天再次看到,日本不情愿地引领世界进入后泡沫经济时代。(WYL)
Awards/获奖情况:“《央行和黄金》是游戏规则的改变者。西蒙•詹姆斯•拜瑟韦和马克•梅茨勒令人信服地颠覆了19世纪末20世纪初关于国际金融的许多问题的传统解释,他们的发现对近几十年的全球金融趋势有着深远的影响。”——史蒂文•埃里克森,达特茅斯学院,《哨声》 一书的作者
“我非常钦佩马克•梅茨勒,因为他不断地为现代日本经济史提供新的视角。此外,他还与西蒙•詹姆斯•拜茨韦一起制作了另一部轰动一时的作品,从历史档案中解读了日本在二战前全球金融秩序中扮演的重要角色。”——日本庆应义塾大学竹内树培(Shumpei Takemori)
"Central Banks and Gold is a game changer. Simon James Bytheway and Mark Metzler convincingly upset conventional interpretations of many issues concerning international finance in the late nineteenth and early twentieth centuries, with findings that have profound implications for global financial trends in recent decades."
--Steven J. Ericson, Dartmouth College, author of The Sound of the Whistle: Railroads and the State in Meiji Japan
"I greatly admire Mark Metzler for continuously shedding new light on modern Japanese economic history. Together with Simon James Bytheway, he has produced another smash hit, deciphering from historical archives the prominent role that Japan played in the pre-World War II global financial order."--Shumpei Takemori, Keio University
About the Author/作者介绍: 西蒙•詹姆斯•拜茨韦(东北学院大学博士)是日本大学金融史教授。他是《投资日本:外国资本、货币标准和经济发展》(1859-2011)一书的作者。
马克•梅茨勒(加州大学伯克利分校博士)是德克萨斯大学奥斯汀分校的历史学教授。他的书包括《意志资本》和《想象力》,也来自康奈尔大学
Simon James Bytheway (PhD, Tohoku Gakuin University) is Professor of Financial History at Nihon University. He is the author of Investing Japan: Foreign Capital, Monetary Standards, and Economic Development, 1859–2011.
Mark Metzler (PhD, University of California, Berkeley) is Professor of History at the University of Texas at Austin. His books
include Capital as Will and Imagination, also from Cornell.
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