經濟金融領域,都有哪些值得引進到國內但尚未引進的外文書籍? | 知乎問答精選

 

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經濟金融領域,都有哪些值得引進到國內但尚未引進的外文書籍?

2019年03月23日 知乎問答精選 暫無評論 閱讀 4 ℃ 次

【LiuCao的回答(71票)】:

謝韋爺邀... 這個邀請提醒了我,這一年了倒是沒正兒八經讀多少書,好慚愧。。。

新出的書我讀的更少,就推薦一本吧,這本書偏學術(註釋部分來源部分佔了整本書1/3),應該還沒被引進。(今年皮卡迪那本21世紀資本論太火了,好多書都被掩蓋了光芒,比如這本。)

( 剛去亞馬遜中國搜了下還沒有中文版 )

美國區地址:

House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again: Atif Mian, Amir Sufi: 9780226081946: Amazon.com: Books

這本書的作者,Atif Mian 是 Princeton 的經濟學教授,Amir Sufi 是 Chicago Booth 的教授,他們都畢業於MIT。

這本書的主要干了啥呢?

他們認為,奧巴馬和伯南克處理08年金融危機的方式錯了。

眾所周知,伯南克是研究大蕭條的專家,他研究了一輩子1933年大蕭條,伯南克研究了那麼久,得出的結論就是:金融危機之所以會演變成經濟危機,造成全國範圍內的大恐慌,是因為銀行出現危機之後,停止了向實體經濟借貸,實體經濟沒了貸款失了血,導致了更大範圍的危機。

在這本書出來之前,伯南克的觀點一直是學界業界的主流。08年危機的時候,也正是因為這種觀點,伯南克、蓋特納等才向銀行注資,購買銀行資產什麼的。

Atif Mian 和 Amir Sufi 的書出版之後,立即引起了不小的轟動:

Summers (前財政部長,前哈佛校長)是這麼說的:

Atif Mian and Amir Sufi』s House of Debt, despite some tough competition, looks likely to be the most important economics book of 2014; it could be the most important book to come out of the 2008 financial crisis and subsequent Great Recession. Its arguments deserve careful attention, and its publication provides an opportunity to reconsider policy choices made in 2009 and 2010 regarding mortgage debt.

源自:Lawrence Summers on 『House of Debt』

Paul Krugman 立即跟進了這本書寫了篇博客:

krugman.blogs.nytimes.com

三大主流財經媒體的報道:

nytimes.com/2014/05/18/

wsj.com/articles/book-r

Free exchange: The opposite of insurance

FT 把這本書列入了the 2014 shortlist:

Extracts from the 2014 shortlist

那 Atif Mian 和 Amir Sufi 做了什麼呢?

他們發現:

  1. 銀行的資產負債表受損不是經濟危機的主要原因。
  2. 美國家庭債台高築,槓桿率太高,以至於房地產作為一個資產,即使它的波動率不變,但美國家庭的net worth 的波動率卻隨著槓桿率的增高而變大,出現了危機時,人們被迫減少了消費,這種購買力的下降才是經濟危機的主要原因。
  3. Atif Mian 和 Amir Sufi 分析了不同國家的 Consumption, Employment, Home Equity( 房子的價錢減去房屋貸款 ) 和其他的資產負債,他們發現, Home Equity 才是導致消費變化的主要原因,而且,當Home Equity 下降的時候,就業率的顯著下降往往因為是大企業裁員,而不是小企業裁員。(但小企業往往會更依賴銀行貸款,大企業反而更多的會從Sales 裡面進行 Financing。)
  4. 08年末,銀行最困難的時候(銀行債與國債spread最高,達到250bps),他們的借貸卻一直在增長,反正是銀行接受Fed 援助,Spread 下降到十幾個基點的時候,他們發放的貸款居然隨著資金成本的下降而減少了。
  5. 作者認為,Debt 這種方式是錯誤的,窮人往往承受風險的能力最弱,卻負債最高,富人資產負債表很好,卻沒有債務。當金融危機發生的時候,窮人沒辦法維持自己的債務,只有賣掉房子,富人卻往往能撿便宜。但是當窮人破產,沒有消費能力的時候,企業的銷售大幅下降,經濟危機就發生了。
  6. Atif Mian 和 Amir Sufi 認為,應該更多的把房地產債務合約加上更多的股權因素,比如說讓借款的本金隨著房價變動而變動什麼的。再比如大學學費是以後收入的百分比什麼的(有沒有想起九鼎?這想法其實最早是弗裡德曼的),再比如讓國債利息和GDP聯繫起來什麼的。

  7. 總之,Atif Mian 和 Amir Sufi 認為,處理經濟危機應當把重心放到消費上,而不是銀行信貸上。

我對這本書也就是囫圇吞棗的讀了讀,以上的 Summary 是我個人的粗淺的理解,也參考了一點各大媒體的報道,各位同學還是去讀讀原著唄。kindle 版 大概 9 美金。

話說這本書的作者還分析了下中國的債務情況,有興趣的同學可以去看看:

China and the Dangers of Debt

再說幾本舊一點的書吧,方便說明,截取一張iPad 上kindle的圖好了。

在我非常有限的閱讀量下,我覺得上圖中的前兩本都值得讀讀:

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance: Ron Chernow: 9780802144652: Amazon.com: Books

Morgan: American Financier: Jean Strouse: 9780812987041: Amazon.com: Books

想起來讀這兩本書,還是因為以前讀過的一片流傳甚廣的文章:

Chinese Students Want To Know: How Do I Get Rich?

I then explained that there are really only three ways for an individual to earn tens of millions of dollars a year:

–Create a company that creates real wealth and keep a piece of the company. Bill Gates did that at Microsoft , and he is, probably, still one of the five wealthiest men in America. Vanderbilt (railroads and shipping), Carnegie (U.S. Steel ) and Rockefeller (Standard Oil) did it, too. These men played hardball, seeking to crush commercial competitors, but they did successfully transform America and the world.

–Facilitate the creation of real wealth by others and keep a piece of each transaction. J. P. Morgan convinced European investors that they would earn far more investing in the fastest-growing industries in the United States than they would investing in their more developed, more mature and more slowly growing domestic markets. He directed the capital that led to the industrialization of the United States. American industrialists got rich. European investors got rich. America was transformed, and his share of each transaction ensured that Morgan became wealthy as well.

Venture capitalists, early round investors in new companies and firms that underwrite their initial public offerings all facilitate the creation of new companies and the creation of jobs and wealth, and profit from it. Early investors in Microsoft, Google , Oracle and Apple all profited quite handsomely from it.

This used to be the principal function of Wall Street firms other than those principally in retail brokerage. But it produces individual Wall Street executive wealth only slowly, and only when Wall Street produces increases in national wealth. Patient men like Warren Buffett still facilitate wealth creation, and Buffett may be richer even than Gates.

–Steal it. Stealing money is much more reliable than earning it. You can steal wealth slowly, the old-fashioned way, buried within the operations of trading for the house account. Or you can steal it quickly, by using obscure and poorly understood financial artifacts to produce the illusion of wealth creation. Then you take a piece of the illusionary wealth, as personal cash, now. Then you exit and duck for cover before the entire game blows up. Better yet, you can sell your private equity firm to na?ve investors for one final twist of the knife into the carcass of your nation. (Deliberate fraud, like those allegedly committed by Bernie Madoff or Robert Allen Stanford, is too crude to be of interest to young financial engineers, and too likely to result in extreme punishment.)

I then suggested that if students were not interested in earning their money through entrepreneurship (too risky), then investment banking in China offered the next best alternative for personal wealth creation. Facilitating investment in, and growth of, companies catering to the wants, needs, cravings and longings of China』s growing middle class, offers Chinese investment bankers a path toward personal wealth by creating national wealth, much as J. P. Morgan did for America.

The students, though, were uninterested in banking in China. After the students left, it took my colleagues and me a couple of hours to figure out why this was so. I-banking in China is about improving China. The students saw i-banking in America as being about improving their own personal wealth, first and foremost; if the client could be assisted without too much personal inconvenience then and only then did they see American i-banking as also being about value creation.

現在看看這篇文章略有點偏見,但是 Facilitate the creation of real wealth by others. 這句話還是促使我去讀了前兩本書,這兩本書大概都是2000年左右出的,不知道有沒有中譯本。

下面兩本China 3.0 和 Red Capitalism 貌似都有中譯了。不過也值得推薦。

【韓非的回答(2票)】:

The Bankers' New Clothes: What's Wrong with Banking and What to Do about It

by Anat Admati (Stanford GSB) and Martin Hellwig

作者Anat Admati現為斯坦福大學商學院金融經濟學講席教授。本書可以作為House of debt的準備讀物。主旨很明確,開篇便反駁一個觀點:對銀行業加以限制會導致經濟放緩。之後作者從最簡單的銀行系統工作原理展開,一步一步解釋銀行equity過低會帶來怎樣的風險。

推薦這本書的一個主要原因是Anat Admati文筆非常好,並不是那種文學作品中的文采,而是簡潔與通俗易懂。當時能接觸到這本書也是因為讀她的學術論文實在寫得太清晰,非常好奇她寫書會是什麼樣。書中用了大量的例子以減少專業術語帶來的難度,所以非常適合沒有金融經濟背景的人。

當然對於有相關背景的人來說其中的例子會讓人覺得有點囉嗦,但例子基本會以單獨的段落呈現所以非常方便跳過。另外書中有大量詳實的註解,包含相關學術文獻,所以對於研究人員也有一定參考價值,是培養直覺的好讀物。個人覺得,經濟學專業學生必讀之一,尤其在當下培養模式越來越數理與理論的情況下。

相關評論與推薦太多了不一一列舉,其中芝加哥大學的Roger Myerson(博弈論大牛,07年諾獎)專門寫了一個review,大家有興趣可以看一下

home.uchicago.edu/~rmye

【劉萃的回答(2票)】:

其實關於問題中金融經濟領域的書籍,個人覺得是有些廣,還要看讀者希望學習瞭解的方向:想或把握當前國際經濟形勢,或學習某個細化的專業金融知識, 亦或是學習某段金融歷史或事件或人物從而以史明鑒。以下個人經驗與大家分享,希望拋磚引玉。

我一直保持逛書店的習慣,在倫敦Waterstones或Foyles兩大書店名目繁多的金融書籍中挑選非細化專業學習的金融書籍也是頭痛的事,我一般會以Financial Times and McKinsey Business Book of the Year Award 為參考。這個獎每年由Financial Times和麥肯錫聯合評選得出, 其評選標準是選出「the most compelling and enjoyable insight into modern business issues.」 (來源:FT官方網站)。這很符合我們學習工作之餘看書的目的,要有所學所悟同時也很愉悅而不覺如教科書般枯燥。

由於沒法上載圖片只能列出最近這個獎項中的一些好書:

2014 Winner and short listed books:

  • Thomas Piketty, Capital in the Twenty-First Century (winner)
  • Julia Angwin, Dragnet Nation: A Quest for Privacy, Security, and Freedom in a World of Relentless Surveillance
  • Erik Brynjolfsson and Andrew McAfee, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies
  • Ed Catmull, Creativity, Inc. Overcoming the Unseen Forces that Stand in the Way of True Inspiration
  • Nick Davies, Hack Attack: How the Truth Caught Up with Rupert Murdoch
  • Atif Mian and Amir Sufi, House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

(以上內容均來自FT官方網站)

最近確實讀到了2014年的獲獎作:Capital in the Twenty-First Century. 關於這本書的書評已經有很多了,該書作者法國經濟學家Thomas Piketty從18世紀開始分析美國和歐洲的收入財富分配不平等問題來論述從長期來看當資本收益大於經濟增長率時,財富集中就是其必然結果。而財富和收入分配不平衡也會對社會造成影響。作者也提出了如何用稅收調整或減少這種不平衡。對歷史和分配問題感興趣的朋友可以讀讀看。

另外前面有回答提到的House of Debt也相當不錯,前面已經介紹的特別詳細了,這裡就不贅述。其實我一直覺得歷史是有很多相似性的,金融歷史也不例外,以史明鑒也會讓我們看問題更加通透一分。

有時間讀到其他好書時,我會繼續介紹推薦,與大家分享更多好書,共同進步。:)

【focout的回答(1票)】:

【謝凱南的回答(1票)】:

Why nations fail

【jiabinwu的回答(0票)】:

安全邊際

【勞坤的回答(0票)】:

Ray Dalio的Principles和Deleveraging理論

【judith-wong的回答(0票)】:

標籤:-財經書籍


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