This time is different : eight centuries of financial folly (eBook, 2011) [WorldCat.org]
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This time is different : eight centuries of financial folly

Author: Carmen M Reinhart; Kenneth S Rogoff
Publisher: Princeton, New Jersey : Princeton University Press, 2011. ©2009
Edition/Format:   eBook : Document : EnglishView all editions and formats
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Genre/Form: Case studies
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Carmen M Reinhart; Kenneth S Rogoff
ISBN: 0691152640 9780691152646 9781400831722 1400831725 9786612608179 661260817X 9786612935930 6612935936
OCLC Number: 990760310
Notes: Originally published: 2009.
Description: 1 online resource (463 pages)
Contents: 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
Responsibility: Carmen M. Reinhart, Kenneth S. Rogoff.

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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 Differentpresents 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 Differentexposes centuries of financial missteps

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