LEADER 03945nam 2200517za 450 001 9910956601603321 005 20240527105602.0 010 $a9781400831722 (ebook) 010 $a9780691142166 (hbk.) 024 7 $a10.1515/9781400831722 035 $a(MiAaPQ)EBC766197 035 $a(MiAaPQ)EBC5406261 035 $a(DE-B1597)528066 035 $a(OCoLC)1129145872 035 $a(DE-B1597)9781400831722 035 $a(CKB)3710000001296731 035 $a(Perlego)734707 035 $a(FR-PaCSA)88803069 035 $a(FRCYB88803069)88803069 035 $a(EXLCZ)993710000001296731 100 $a20191126d2009 fg 0 101 0 $aeng 135 $aur|n|nnn||||n 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aThis time is different $eeight centuries of financial folly /$fCarmen M. Reinhart, Kenneth S. Rogoff 205 $a1st ed. 210 $aPrinceton, N.J. $cPrinceton Univ. P.$d2009 215 $a1 online resource (xlv, 463 p.) $cill 327 $aPREAMBLE: 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. 330 $aThroughout 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. 606 $aBusiness cycles$vCase studies 606 $aFiscal policy$vCase studies 606 $aFinancial crises$vCase studies 615 0$aBusiness cycles 615 0$aFiscal policy 615 0$aFinancial crises 676 $a338.542 700 $aReinhart$b Carmen M$0477496 701 $aRogoff$b Kenneth S$0324217 801 0$bDE-B1597 801 1$bDE-B1597 912 $a9910956601603321 996 $aThis time is different$91211498 997 $aUNINA