This Time Is Different : Eight Centuries of Financial Folly
Reinhart, Carmen M.;Rogoff, Kenneth S.
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.
Kustantaja: UKBooks
Sidosasu: Pehmeäkantinen
ean: 9780691152646
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