Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Princeton University Press; Reprint edition (August 7, 2011), Reviewed in the United States on December 7, 2018, At first I thought this book was excellent. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. Much of this would have been much better off in an appendix or three. 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. This book looks at 5 aspects of financial crisis, external and internal debt, inflation, banking crisis and currency collapse, and reveals some interesting insights into as to why they matter, and to what extent they matter. This one belongs on everyones shelf." 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. This Time Is Different: Eight Centuries of Financial Folly Paperback – 18 July 2011 by Carmen M. Reinhart (Author), Kenneth S. Rogoff (Author) 4.0 out of 5 stars 300 ratings Contrary. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. --Barry Eichengreen, author of The European Economy since 1945, "This is quite simply the best empirical investigation of financial crises ever published. ---Greg Ip, Washington Post However, they actually managed to really convince me that, the 2008 financial crisis really *was* different. Only time will tell whether the authors' fears are to be realized... Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. 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. Despite the conclusions being discredited by a US student who found an error in the data analysis this book still provides an invaluable insight into the workings of the global economic cycle. Wall Street Journal - Justin Lahart This, I suspect, is one of those books, like Stephen Hawking's A Brief History Of Time, which far fewer people read than own. The dry academic style was difficult to keep plowing through. The book is full of graphs, boxes, tables, albeit with quite detailed descriptions and brief. To see what your friends thought of this book, It also analyzes reviews to verify trustworthiness. Another reviewer pointed out that some of the analysis in the book is based on faulty data. I hope there are other scholars and economists who are looking at finding a financial model that is homeostatic and not geared toward continuous growth. This Time is Different: A Panoramic View of Eight Centuries of Financial Crises Carmen M. Reinhart and Kenneth S. Rogoff NBER Working Paper No. If you are looking for substance, this is very good starting (and ending) point. 8 9 8 6 This Time Is Different Eight Centuries of Financial Folly by Carmen M ... buffs, investors, managers and policy makers who seek perspective on “financial folly. Lucid, thorough, essential reading for policy makers, Reviewed in the United Kingdom on September 20, 2013. A comprehensive look at international financial crises that puts more recent economic meltdowns into perspective. Ken Reinhart, former chief economist for the International Monetary Fund, is a top international macroeconomist. People can't expect to understand the current crisis without some in-depth look at past crises. The analysis, narrative, and illustrations in Reinhart and Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, were primarily organized around themes (serial default, inflation, etc. Massing large amounts of debt occurred in the Renaissance period and up into today but we only have good statistics about recent debt. Contrary to what the Fed continuously repeats, it is possible to predict financial cycles and this book proves it by examining how bubbles have burst since the invention of money. In the same way we now have software to decode DNA, we can apply similar computational tricks to financial data. 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. I gave this 2 stars, in spite of the fact that the authors played fast and lose with their data. --Federal Reserve Chairman Ben Bernanke, speaking before the House Budget Committee (6/9/2010), "The most important authorities probably in the world now on financial crashes are Kenneth Rogoff and Carmen Reinhart. However, it should be noted that after publishing, a PhD student found that there was a spreadsheet error in this book that changes the author's conclusion and thus the entire point of the book. 13882 March 2008 JEL No. I was jazzed to find this at the library, but let down. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press. This Time Is Different: Eight Centuries of Financial Folly Carmen M. Reinhart , Kenneth S. Rogoff Princeton University Press , Sep 11, 2009 - Business & Economics - 512 pages Covering hundreds of years and bringing together a dizzying array of data, Reinhart and Rogoff have made a truly heroic contribution to financial history. ---Bob Lenzner, Forbes.com "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." There was a problem loading your book clubs. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. One of these items ships sooner than the other. The book is full of graphs, boxes, tables, albeit with quite detailed descriptions and brief explanations. The level of historical analysis is quite high and the amount of detail is immense. Reinhart and Rogoff's superb book is a must-read for anyone looking to understand past and present crises, as well as navigate those of tomorrow." It is, however, a book of extraordinary significance to our times, and of more immediate importance, I'd venture, than Professor Hawking's opus. That’s a rare feat. As almost everyone who reviews this book mentions, this is truly an impressive piece of work. has become so influential that when somebody says, 'We live in a Reinhart-Rogoff world,' everybody else in the room nods sagely. This book really opened my eyes to the foolishness of banks, businesses, investors and governments with respect to their borrowing. I was about to say unratable. My rating is subjective. Princeton, New Jersey: Princeton University Press. Highly recommended read for those seeking more in depth knowledge after watching The Big Short. This book is the current darling of the financial set, and I understand it has become required reading by economists, bankers, policy-makers and the more thoughtful financial pundits alike. I was jazzed to find this at the library, but let. This shopping feature will continue to load items when the Enter key is pressed. please sign up Unfortunately it’s written as blandly as Ben Stein speaks. 4.0 out of 5 stars 302 ratings. ""This Time Is Different" is a tremendously exciting, topical, and controversial book on the history of debt and default. 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. The central premise of the book is that people always go 'this time is different yadda yadda' about an economic boom but they are wrong and there are common features to all the financial crises over the last 8 centuries. 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. This one belongs on everyone's shelf." 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. Each time, the experts have chimed," this time is different"--claiming Reviewed for EH.NET by Richard Sylla, Department of Economics, Stern School of Business, New York University. Covering sixty-six countries across five continents. You're listening to a sample of the Audible audio edition. 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