TY - BOOK AU - Reinhart,Carmen M. AU - Rogoff,Kenneth S. TI - This Time Is Different: Eight Centuries of Financial Folly SN - 9780691152646 AV - HB3722 .R45 2011 U1 - 338.5/42 22 PY - 2009///] CY - Princeton, NJ : PB - Princeton University Press, KW - Business cycles KW - Case studies KW - Financial crises KW - Fiscal policy KW - BUSINESS & ECONOMICS / Economic History KW - bisacsh KW - Ben Bernanke KW - Big Five Crises KW - Big Six Crises KW - Charles Kindleberger KW - GDF KW - GDP growth KW - GFD KW - IMF KW - Inside Job KW - International Monetary Fund KW - League of Nations KW - Manias, Panics and Crashes KW - Margin Call KW - Second Great Contraction KW - The Big Short KW - Too Big to Fail KW - World Bank KW - bailouts KW - baking crises KW - banking panic KW - banking reforms KW - capital mobility KW - central banks KW - contagion KW - credit cycles KW - currency crashes KW - currency debasements KW - debt crises KW - debt cycles KW - debt defaults KW - debt intolerance KW - debt KW - defaults KW - deflation KW - domestic creditors KW - domestic debt KW - domestic default KW - economic downturn KW - equity KW - exchange rate crises KW - external default KW - financial combustion KW - financial crisis KW - great contraction of the 1930s KW - high inflation KW - inflation crises KW - inflation tax KW - medieval currency crisis KW - medieval currency debasements KW - multilateral lending KW - public debt KW - sovereign default KW - sovereign external debt crises KW - sovereign lending KW - sovereign risk KW - stock markets KW - subprime crisis KW - subprime mortgage N1 - Frontmatter --; CONTENTS --; LIST OF TABLES --; LIST OF FIGURES --; LIST OF BOXES --; PREFACE --; ACKNOWLEDGMENTS --; PREAMBLE: SOME INITIAL INTUITIONS ON FINANCIAL FRAGILITY AND THE FICKLE NATURE OF CONFIDENCE --; PART I. Financial Crises: An Operational Primer --; PART II. Sovereign External Debt Crises --; PART III. The Forgotten History of Domestic Debt and Default --; PART IV. Banking Crises, Inflation, and Currency Crashes --; PART V. The U.S. Subprime Meltdown and the Second Great Contraction --; PART VI. What Have We Learned? --; DATA APPENDIXES --; NOTES --; REFERENCES --; NAME INDEX --; SUBJECT INDEX; restricted access; Issued also in print N2 - Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps UR - https://doi.org/10.1515/9781400831722?locatt=mode:legacy UR - https://www.degruyter.com/isbn/9781400831722 UR - https://www.degruyter.com/cover/covers/9781400831722.jpg ER -