英語(yǔ)翻譯
The significance of these developments is underscored by a comparison with England.
Everyone knows as a stylized fact that England was the financial leader of the nineteenth century,withthe pound sterling the world's leading currency,London and the Bank of England the center of theworld's finances,and the London capital market intermediating the international flow of capital.What everyone does not know is that as early as 1825,the United States,with a population still smaller than that of England and Wales (11.1 versus 12.9 million),had roughly 2.4 times the banking capital of the latter (Sylla 1998,p.93).4 This was not entirely the result of the financial revolution in the United States.English policy,and in particular the monopoly privileges of the Bank of England and the restriction of all other banks to unlimited-liability partnerships of six or fewer people,retarded banking development in that country until 1825,when the policy was altered to allow joint-stock banking with unlimited liability.