I wish they would’ve taken one example from the beginning until the crisis was resolved and explain step-by-step what occurred and what triggered the crisis and then mention if that phenomena occurred in other countries or regions. Princeton, New Jersey: Princeton University Press. Guess what? With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. This Time Is Different: Eight Centuries of Financial Folly Carmen Reinhart and Kenneth Rogoff know financial crises. The book is full of graphs, boxes, tables, albeit with quite detailed descriptions and brief explanations. Not because this book is a classic, nor because it is too scholarly for me to apprehend. That is exactly what this excellent and timely book provides." People can't expect to understand the current crisis without some in-depth look at past crises. 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. --Barry Eichengreen, author of "The European Economy since 1945" "This is quite simply the best empirical investigation of financial crises ever published. This Time Is Different: Eight Centuries of Financial Folly. This was originally four stars. I was jazzed to find this at the library, but let. Be that as it may, the book still provides generic findings about the financial cycle that are still valid. . I gave this 2 stars, in spite of the fact that the authors played fast and lose with their data. Retire to a quiet spot with a copy of This Time Is Different: Eight Centuries of Financial Folly, by Carmen M. Reinhart and Kenneth Rogoff." . It will help to have some academic knowledge of statistical methods to make sense of much of the analysis, although you can easily bypass the analysis and read the conclusions. To get the free app, enter your mobile phone number. Our payment security system encrypts your information during transmission. Its a huge work, and I guess academics could not previously have conducted this without the computational tools which are now available. This, I suspect, is one of those books, like Stephen Hawking's A Brief History Of Time, which far fewer people read than own. . Hope triumphs over experience. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press. ---Greg Ip, Washington Post Find the steepest point in the uptrend and extrapolate to infinity. Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. --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. You're listening to a sample of the Audible audio edition. 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. 4.0 out of 5 stars 302 ratings. The book assembles a vast data set on financial crises, from many. E6,F3,N0 ABSTRACT This paper offers a "panoramic" analysis of the history of financial crises dating from England’s fourteenth-century default to the current United States sub-prime financial crisis. Removing this book will also remove your associated ratings, reviews, and reading sessions. 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. However, they actually managed to really convince me that, the 2008 financial crisis really *was* different. It is not a book of popular economics, and it does not have a straightforward story line. Highly recommended read for those seeking more in depth knowledge after watching The Big Short, Reviewed in the United Kingdom on May 13, 2016. It is, however, a book of extraordinary significance to our times, and of more immediate importance, I'd venture, than Professor Hawking's opus. 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. Please try again. As almost everyone who reviews this book mentions, this is truly an impressive piece of work. The authors brilliantly combine different economic schools of thought and apply it to real life economic crises. Therefore, most of the book discusses the recent phenomena of economic crises. It is a cogent analysis of hundreds of years of financials crises. 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." Wall Street Journal - Justin Lahart 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. That’s a rare feat. Something went wrong. Find all the books, read about the author, and more. Please try your request again later. 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 dry academic style was difficult to keep plowing through. 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. 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. 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. Buy This Time Is Different: Eight Centuries of Financial Folly Illustrated by Carmen M. Reinhart, Kenneth Rogoff (ISBN: 8601404555053) from Amazon's Book Store. What troubled me the most about what I discovered in this book is that fiat currency and "growth" are a given, namely, this is how the financial global system works and will continue to work. housing) and other financial instruments are "reset", which is shouldered by the tax payer. They didn't, understandably, compile a narrative of these hundreds of independent events, but coded them into a massive statistical database with which they could compare the relationship of all these financial panics with each other and with numerous other stats like GDP growth and total debt. When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany. Reinhart, Carmen M., and Kenneth S. Rogoff. It also analyzes reviews to verify trustworthiness. This book’s an A- graduate paper glorified into 400+ pages. This isn't the book I was looking for, and that isn't the authors' fault. Carmen M. Reinhart and Kenneth S. Rogoff together wrote This Time is Different: Eight Centuries of Financial Folly, and Princeton: Princeton University Press, 2009. But as I mentioned this book should be read by anyone that wants to understand basic foundations for an economic crisis and should definitely be read by our government and executive branch. has become so influential that when somebody says, 'We live in a Reinhart-Rogoff world,' everybody else in the room nods sagely. A comprehensive look at international financial crises that puts more recent economic meltdowns into perspective. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us … The book is trying to show that economic crises have commonalities regardless of the region but this gets unfocused as the book jumps from region to region and country to country. I'll mention three. . Was considering giving it 4 stars (or higher). The authors write as academics, not entertainers. Thank you Mr. Reinhart and Mr. Rogoff for making this subject clearer, Reviewed in the United States on January 22, 2016. Each time, the experts have chimed, "this time is different"--claiming that the. The book assembles a vast data set on financial crises, from many countries both developed and emerging, and reduces it to a mass of charts and graphs along with text. Initial impressions: well-explained book. Put in another way, I feel like it is a preliminary analysis, where you throw out all raw materials you have, graphs, summaries, descriptives, and only with a very rough idea of what you are going to say. 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. It is a cogent analysis of hundreds of years of financials crises. please sign up I was jazzed to find this at the library, but let down. --Barry Eichengreen, author of The European Economy since 1945, "This is quite simply the best empirical investigation of financial crises ever published. Top subscription boxes – right to your door, © 1996-2020, Amazon.com, Inc. or its affiliates. Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition, Devil Take the Hindmost: A History of Financial Speculation, Lords of Finance: The Bankers Who Broke the World, Irrational Exuberance: Revised and Expanded Third Edition, The Ascent of Money: A Financial History of the World: 10th Anniversary Edition, "Easily the most useful, and arguably the best, is this splendid piece of research and analysis on, as the subtitle says, 800 years' worth of booms and busts.". This is a dense, complex book. This is a truly stellar book that everyone interested in economics, Reviewed in the United States on July 28, 2016. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. In the preamble to their book, recommended by … It provides an excellent explanation of the predictability of the cycle, briefly stated, deregulation allowing looser lending, ballooning lending and leveraging causing a bubble that eventually bursts, and the economic chaos caused afterwards as asset prices (e.g. Another reviewer pointed out that some of the analysis in the book is based on faulty data. 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 This Time Is Different: Eight Centuries of Financial Folly Kindle Edition by Carmen M. Reinhart (Author), Kenneth S. Rogoff (Author) Format: Kindle Edition. It is well written and easy enough to read for non-financial readers with the stats and data included in the appendix, allowing the story to be told without getting bogged down in technical detail. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps. ""This Time Is Different" is a tremendously exciting, topical, and controversial book on the history of debt and default. This single marvelous volume is worth a thousand mathematical models." 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. Supported by data underlying the research this excellent and timely book provides., returnable shipped. 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