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This Time Is Different: Eight Centuries of Financial Folly by [Reinhart, Carmen M., Rogoff, Kenneth S.]
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This Time Is Different: Eight Centuries of Financial Folly Kindle Edition


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Length: 512 pages Word Wise: Enabled Enhanced Typesetting: Enabled
Page Flip: Enabled Language: English
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Review

Winner of the 2011 Gold Medal Arthur Ross Book Award, Council on Foreign Relations

Winner of the 2010 Paul A. Samuelson Award, TIAA-CREF

One of USA Today's "Year's Best Business Books To Make Sense of Financial Crisis"

Listed on Bloomberg.com by James Pressley as one of "our favorite financial-crisis books this year"

Shortlisted for the 2010 Spear's Book of the Year Award in Financial History

Finalist for the 2011 Estoril Global Issues Distinguished Book Prize

Runner-Up for the Book of the Year, The Atlantic

Finalist for the 2009 Business Book Award ("Best of the Rest") in Current Interest, 800-CEO-READ

One of Library Journal Best Business Books - Economics/U.S. Economy category

"Mr. Rogoff, a professor of economics at Harvard University, accurately predicted the eurozone debt crisis and for years has been telling anyone who would listen that China posed the next big threat to the global economy. He is starting to look right, again. . . . 'China is the classic "This time is different" story, ' Mr. Rogoff said."--Andrew Ross Sorkin, New York Times

"[E]ssential reading . . . both for its originality and for the sobering patterns of financial behaviour it reveals."--Economist

"Reinhart and Rogoff have compiled an impressive database, which covers eight centuries of government debt defaults from around the world. They have also collected statistics on inflation rates from every country where information is available and on banking crises and international capital flows over the past couple of centuries. This lengthy historical study gives what they call a 'panoramic view' of the unending cycle of boom and bust, showing how claims that 'this time is different' are invariably proven wrong. . . . This Time Is Different doesn't simply explain what went wrong in our most recent crisis. This book also provides a roadmap of how things are likely to pan out in the years to come. . . . This Time Is Different is an important addition to the literature of financial history."--Edward Chancellor, Wall Street Journal

"Everyone working on economic policy should own This Time is Different and open it for a bracing blast of sobriety when things seem to be going well."--Greg Ip, Washington Post

"[T]he most comprehensive study of financial crises and their aftermath."--Eduardo Porter, New York Times

"The authors use copious amounts of data . . . to make the compelling case that any well-informed person should have seen the Great Recession coming. The essence of their book is that while financial crises come in different varieties, they are not mysteriously born of undersea earthquakes, but frequently occurring events that can be spotted and even controlled if politicians and regulators know what to look for."--Devin Leonard, New York Times

"This Time is Different takes a Sergeant Friday, just-the-facts-ma'am approach: before we start theorizing, let's take a hard look at what history tells us. One side benefit of this approach is that the current book manages to be both extremely useful to professional economists and accessible to the intelligent lay reader. The Reinhart-Rogoff approach has already paid off handsomely in making sense of current events."--Robin Wells and Paul Krugman, New York Review of Books

"[A] terrific book."--Andrew Ross Sorkin, New York Times

"Among policy experts and economists, This Time is Different: Eight Centuries of Financial Folly . . . has become so influential that when somebody says, 'We live in a Reinhart-Rogoff world, ' everybody else in the room nods sagely."--Justin Lahart, Wall Street Journal

Product Description

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.


Product details

  • Format: Kindle Edition
  • File Size: 15729 KB
  • Print Length: 512 pages
  • Publisher: Princeton University Press (11 September 2009)
  • Sold by: Amazon Australia Services, Inc.
  • Language: English
  • ASIN: B004EYT932
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #103,572 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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