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 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. " 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. ![]() " terrific book."-Andrew Ross Sorkin, New York Times 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 to make the compelling case that any well-informed person should have seen the Great Recession coming. "The authors use copious amounts of data. ![]() "he most comprehensive study of financial crises and their aftermath."-Eduardo Porter, New York Times "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 This Time Is Different is an important addition to the literature of financial history."-Edward Chancellor, Wall Street Journal This book also provides a roadmap of how things are likely to pan out in the years to come. This Time Is Different doesn't simply explain what went wrong in our most recent crisis. 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. 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. "Reinhart and Rogoff have compiled an impressive database, which covers eight centuries of government debt defaults from around the world. both for its originality and for the sobering patterns of financial behaviour it reveals."- Economist Rogoff said."-Andrew Ross Sorkin, New York Times 'China is the classic "This time is different" story,' 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. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.Īn important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps. 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. 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. The authors draw important lessons from history to show us how much-or how little-we have learned. 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. 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. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. 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. ![]() Throughout history, rich and poor countries alike have been lending, borrowing, crashing-and recovering-their way through an extraordinary range of financial crises.
0 Comments
Leave a Reply. |