IN THIS ISSUE
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 142 • Summer 2022 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham The George Washington University Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright American Institute for Economic Research Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services
Copyright © 2022 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
12 International Sanctions
Effective economic weapon or fundamentally flawed policy tool ?
▶ By Peter C . Earle
16 Two Decades of the Sarbanes-Oxley Laws
The unintended , yet predictable , outcomes of one of the biggest bipartisan legislations of the 21st century to date .
▶ By Simon Constable
20 Investing in the Era of Climate Change
Recent trends are prompting financial leaders to act and investors to commit capital as the world attempts to combat climate change .
▶ By Bruce Usher
24 High Yield Bond Market Origins
Dispelling the legends and uncovering the facts in the history of the high yield bond market .
▶ By Martin Fridson
28 Woman of Steel
Wilma Soss and America ’ s forgotten investor movement .
▶ By Janice M . Traflet and Robert E . Wright
32 The German Hyperinflation of the Early 1920s
A financial look at the hyperinflation that racked Germany , Austria and Hungary , with parallels to the United States today .
▶ By Daniel P . Munson
36 Lessons from Real Interest Rates Since the 14th Century
Financial History ’ s new series with contemporary historians begins with an interview with Paul Schmelzing on his groundbreaking research on historical interest rates .
▶ By Susie Pak
2 FINANCIAL HISTORY | Summer 2022 | www . MoAF . org