WorldCat Identities

Reinhart, Carmen M.

Overview
Works: 309 works in 986 publications in 4 languages and 11,694 library holdings
Genres: Case studies  Conference papers and proceedings 
Roles: Author, Editor, Redactor, Honoree, Thesis advisor, Other, Compiler
Classifications: HB3722, 338.542
Publication Timeline
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Most widely held works about Carmen M Reinhart
 
Most widely held works by Carmen M Reinhart
This time is different : eight centuries of financial folly by Carmen M Reinhart( Book )

7 editions published between 2009 and 2011 in English and held by 2,142 WorldCat member libraries worldwide

An empirical investigation of financial crises during the last 800 years
A decade of debt by Carmen M Reinhart( Book )

21 editions published in 2011 in English and held by 492 WorldCat member libraries worldwide

This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of financial repression (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread official aversion to explicit restructuring) are leading to a revival of financial repression, including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements
Capital flows in the APEC region by International Monetary Fund( Book )

12 editions published in 1995 in English and held by 398 WorldCat member libraries worldwide

Assessing financial vulnerability : an early warning system for emerging markets by Morris Goldstein( Book )

10 editions published in 2000 in English and held by 296 WorldCat member libraries worldwide

The study identifies crisis-threshold values for early-warning indicators that differ both by country and by indicator. This allows the authors to make historical comparisons among banking or currency crises, as well as to draw conclusions about which specific indicators have, over time, sent the most reliable early-warning signals of future currency or banking crises in emerging markets
Money, crises, and transition : essays in honor of Guillermo A. Calvo by Carmen M Reinhart( Book )

16 editions published between 2007 and 2008 in English and Undetermined and held by 209 WorldCat member libraries worldwide

Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years discussing the themes behind his work
Ratings, rating agencies and the global financial system by Richard M Levich( Book )

8 editions published in 2002 in English and held by 170 WorldCat member libraries worldwide

The title brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. It begins by focusing on the historical origins of the credit rating business and its contemporary industrial organization structure, then presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine: the relationship between ratings and the default and recovery experience of corporate borrowers; the comparability of credit ratings made by domestic and foreign rating agencies; and the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues facing regulators and credit rating agencies
This time is different eight centuries of financial folly by Carmen M Reinhart( Recording )

10 editions published between 2009 and 2011 in English and held by 165 WorldCat member libraries worldwide

This work examines financial crises of the past and discusses similarities between these events and the current crisis, presenting and comparing historical patterns in bank failures, inflation, debt, currency, housing, employment, and government spending
Accounting for saving : financial liberalization, capital flows, and growth in Latin America and Europe by Carmen M Reinhart( Book )

9 editions published in 1999 in English and Spanish and held by 152 WorldCat member libraries worldwide

Which comes first, saving or growth? Does financial liberalization help or hinder saving? How do terms of trade shocks affect saving? This book looks beyond the traditional determinants of saving.--Publisher's description
Dieses Mal ist alles anders : acht Jahrhunderte Finanzkrisen by Carmen M Reinhart( Book )

9 editions published between 2010 and 2013 in German and held by 123 WorldCat member libraries worldwide

Dieses Mal ist alles anders. Die derzeitige Krise ist überhaupt nicht vergleichbar mit vergangenen Situationen - darin sind sich die Experten einig, wann immer ein Wirtschaftssystem oder ein Staat zusammenbricht. Carmen Reinhart und Kenneth Rogoff haben die Crashs der letzten 800 Jahre analysiert. Ihr erstaunliches Ergebnis: In Wahrheit sind es doch immer die gleichen Fehler, die zum Kollaps geführt haben
Cette fois, c'est différent : huit siècles de folie financière by Carmen M Reinhart( Book )

5 editions published in 2010 in French and held by 90 WorldCat member libraries worldwide

Écrit par deux économistes de notoriété internationale, Carmen Reinhart et Kenneth Rogoff, ce livre répond à une question lancinante : comment pouvons-nous enfin nous protéger des turbulences financières? Aussi loin que l'on remonte dans le temps, des dépréciations monétaires du Moyen Age à l'effondrement des titres subprime de 2007, on s'aperçoit que les crises financières et les bulles spéculatives viennent régulièrement perturber l'économie. Or ces crises présentent de nombreux traits communs, soulignent les auteurs en s'appuyant sur l'énorme base de données internationale qu'ils ont constituée pour ce livre. Et la plus paradoxale de ces ressemblances est celle-ci : avant chaque désastre, de bons esprits affirment que " cette fois, c'est différent ". Qu'on se souvienne d'Alan Greenspan, l'ancien président de la Fed, qui a multiplié les déclarations en ce sens. Carmen Reinhart et Kenneth Rogoff dressent une typologie des crises - paniques bancaires, crises inflationnistes, défauts souverains ... - et exposent les mécanismes de contagion d'un type à l'autre. Ils montrent également que ces crises partagent des traits similaires dans leurs conséquences : durée, taux de chômage et d'inflation élevés, aggravation de l'endettement public, etc. D'une lecture aisée, cet ouvrage de référence fait largement appel à des tableaux et graphiques particulièrement éclairants. Depuis des mois, il caracole en tête des ventes de livres d'économie aux Etats-Unis. A quoi tient ce succès hors normes d'un livre consacré à un sujet a priori austère? Sans doute à son caractère très actuel : les difficultés récentes de pays comme la Grèce ou l'Irlande lui donnent même des accents quasi prophétiques. Et ses constats obligent le lecteur à se poser quelques questions sans concession, voire angoissantes, sur la situation financière actuelle de certains pays développés
Dealing with capital inflows : are there any lessons? by Carmen M Reinhart( Book )

9 editions published in 1996 in English and held by 82 WorldCat member libraries worldwide

Capital flows to Latin America is there evidence of contagion effects? by Sara Calvo( )

9 editions published in 1996 in English and held by 68 WorldCat member libraries worldwide

May 1996 Mexico's economic crisis in December 1994 gave renewed importance to the issue of spillover or contagion effects in other emerging market economies (and their sensitivity to events in larger countries in the region.) They focus on how small open economies are affected by their neighbors' ecomomic developments and what role financial markets play in the transmission of disturbances. They find that: (1) There was evidence of increased comovement across weekly equity and Brady bond returns for emerging markets in Latin America after the Mexican crisis. Such comovement could be seen as evidence of herding behavior among investors, or as a result of the effect on stock prices in other markets when a few large investors in one market sell off equities to raise cash. (2) Contagion may be more regional than global--the degree of comovement after the crisis increased in both Asia and Latin America, but regional patterns differed. (3) International capital movements are all significantly affected by swings in interest rates in the United States. Other things being equal, increases in U.S. interest rates are associated with capital outflows from Latin America. Large and small countries are equally vulnerable. (4) Developments in large countries influence the capital account balance of all countries in the region through a more persistent form of contagion than that associated with a crisis. Other things being equal, capital flows in and out of large countries in a region tend to encourage flows affecting the smaller countries, although capital developments in small countries appear to have no systematic impact on larger countries. (5) Smaller Latin American countries appear to be affected more by developments in a core set of countries in a region than by developments in a single country
Leading indicators of currency crises by Graciela Laura Kaminsky( Book )

17 editions published between 1997 and 1998 in English and held by 59 WorldCat member libraries worldwide

The turbulence and collapse of the European Exchange Rate Mechanism in 1992-93 and the onset of the Mexican crisis in December 1994 have rekindled interest in both academic and policy circles in the potential causes and the symptoms of currency crises. In particular, there is a question as to whether those symptoms can be detected with sufficient advance so as to allow governments to adopt pre-emptive measures. While accurately forecasting the timing of currency crises is likely to remain an elusive goal for academics and policymakers alike, there is no question about the need to develop and improve upon a warning system that helps monitor whether a country may be slipping into a situation that is bound to end up in a crisis
When in peril, retrench : testing the portfolio channel of contagion by Fernando Broner( Book )

17 editions published between 2004 and 2005 in English and held by 53 WorldCat member libraries worldwide

One plausible mechanism through which financial market shocks may propagate across countries is through the effect of past gains and losses on investors' risk aversion. The paper first presents a simple model examining how heterogeneous changes in investors' risk aversion affects portfolio decisions and stock prices. Second, the paper shows empirically that, when funds' returns are below average, they adjust their holdings toward the average (or benchmark) portfolio. In other words, they tend to sell the assets of countries in which they were "overweight", increasing their exposure to countries in which they were "underweight." Based on this insight, the paper discusses a matrix of financial interdependence reflecting the extent to which countries share overexposed funds. Comparing this measure to indices of trade or bank linkages indicates that our index can improve predictions about which countries are likely to be affected by contagion from crisis centers
Financial markets in times of stress by Graciela Laura Kaminsky( Book )

14 editions published in 2001 in English and held by 51 WorldCat member libraries worldwide

In this paper, we examine which markets are most synchronized internationally and exhibit the greater extent of comovement. We focus on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. Our sample covers thirty-five developed and emerging market countries during 1997-1999. The extent of comovement and responsiveness to external shocks is examined in different ways. To measure the response of these markets to adverse external shocks, we date the peaks in domestic interest rates and bond spreads and the largest daily declines in equity prices and assess the extent of clustering around the same period. We also analyze which markets show evidence of greatest comovement in general, irrespective of whether there are adverse shocks or not
Default, currency crises and sovereign credit ratings by Carmen M Reinhart( Book )

12 editions published in 2002 in English and held by 50 WorldCat member libraries worldwide

Sovereign credit ratings play an important role in determining the terms and the extent to which countries have access to international capital markets. In principle, there is no reason why changes in sovereign credit ratings should be expected to systematically predict a currency crisis. In practice, however, in developing countries there is a strong link between currency crises and default. About 85 percent of all the defaults in the sample are linked with currency crises. The results presented here suggest that sovereign credit ratings systematically fail to anticipate currency crises--but do considerably better predicting defaults. Downgrades usually follow the currency crisis--possibly highlighting how currency instability increases default risk
Temporary controls on capital inflows by Carmen M Reinhart( Book )

12 editions published in 2001 in English and held by 50 WorldCat member libraries worldwide

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls
What hurts most? : G-3 exchange rate or interest rate volatility by Carmen M Reinhart( Book )

14 editions published in 2001 in English and held by 49 WorldCat member libraries worldwide

With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries have the potential to influence the competitive position of many developing countries. According to some analysts, establishing target bands to reduce the variability of the G-3 currencies would limit those destabilizing shocks emanating from abroad. This paper examines the argument for such a target zone strictly from an emerging market perspective. Given that sterilized intervention by industrial economies tends to be ineffective and that policy makers show no appetite to return to the controls on international capital flows that helped keep exchange rates stable over the Bretton Woods era, a commitment to damping G-3 exchange rate fluctuations requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting consequences for welfare are ambiguous. Our empirical work supplements the traditional literature on North-South links by examining the importance of the volatilities of G-3 exchange-rates, and U.S. interest rate and consumption on capital flows and economic growth in developing countries over the past thirty years
The liquidation of government debt by Carmen M Reinhart( Book )

21 editions published between 2011 and 2015 in English and held by 23 WorldCat member libraries worldwide

Abstract: Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of â??financial repression.â?? Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. Low nominal interest rates help reduce debt servicing costs while a high incidence of negative real interest rates liquidates or erodes the real value of government debt. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historic standards). For the advanced economies in our sample, real interest rates were negative roughly Â? of the time during 1945-1980. For the United States and the United Kingdom our estimates of the annual liquidation of debt via negative real interest rates amounted on average from 3 to 4 percent of GDP a year. For Australia and Italy, which recorded higher inflation rates, the liquidation effect was larger (around 5 percent per annum). We describe some of the regulatory measures and policy actions that characterized the heyday of the financial repression era
Second Great Contraction: From "This Time Is Different" by Carmen M Reinhart( Book )

7 editions published between 2009 and 2011 in English and held by 1 WorldCat member library worldwide

We've been assured that the recession is over, but the country and the economy continue to feel the effects of the 2008 financial crisis, and people are still searching for answers about what caused it, what it has wrought, and how we can recover. This selection from the best-selling book This Time Is Different--the definitive history of financial crises, including the recent subprime meltdown--answers these questions and more. Princeton Shorts are brief selections excerpted from influential Princeton University Press publications produced exclusively in eBook format. They are selected with the
 
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This time is different : eight centuries of financial folly
Alternative Names
Carmen Reinhart Amerikaans econome

Carmen Reinhart amerikansk ekonom

Carmen Reinhart amerikansk økonom

Carmen Reinhart économiste américaine

Carmen Reinhart US-amerikanische Wirtschaftswissenschaftlerin

Reinhart, C.

Reinhart, C. 1955-

Reinhart, C. (Carmen)

Reinhart, C. (Carmen), 1955-

Reinhart, Carmen.

Reinhart, Carmen 1955-

Reinhart, Carmen M.

Reinhart, Carmen Maria 1955-

Reinhart, Carment 1955-

کارمن راینارت اقتصاددان آمریکایی

カーメン・ラインハート

ラインハート, カーメン・M

Languages
English (224)

German (9)

French (5)

Spanish (1)

Covers
Capital flows in the APEC regionAssessing financial vulnerability : an early warning system for emerging marketsMoney, crises, and transition : essays in honor of Guillermo A. CalvoRatings, rating agencies and the global financial systemThis time is different eight centuries of financial follyAccounting for saving : financial liberalization, capital flows, and growth in Latin America and EuropeDieses Mal ist alles anders : acht Jahrhunderte Finanzkrisen