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This Time Is Different: Eight Centuries of Financial Folly (9780691152646): Carmen M. Reinhart, Kenneth Rogoff: Books. I would say that her [Carmen Reinhart's] book with Ken Rogoff on debt crises and financial crises is an extraordinary piece of work. -- Federal Reserve Chairman Ben Bernanke, speaking before the House Budget Committee (6/9/2010)[E]ssential reading . . . both for its originality and for the sobering patterns of financial behaviour it reveals. -- EconomistReinhart 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 JournalEveryone 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[A] terrific book. -- Andrew Ross Sorkin, New York TimesThe 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 TimesThis 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 BooksAmong 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 JournalProfessor Rogoff and his longtime collaborator Carmen Reinhart . . . know more about the history of financial crises than anyone alive. The pair have just published their broad survey of financial crises, This Time is Different. In an era when most 'analysts' rely on maybe 30 or 40 years' worth of financial history--and then only that of the U.S.--the authors' knowledge of financial crises and government bond defaults going back to the Spanish empire and before offers a richer perspective. -- Brett Arends, Wall Street Journal[O]ne of the most important economic books of 2009. -- Jon Hilsenrath, Wall Street Journal[T]he definitive book on financial crises. -- Steven Pearlstein, Washington PostTwo top-notch economists provide a clear and interesting explanation of why economic crises keep occurring. Broadly speaking, downturns such as the one we are recovering from are historically associated with characteristics that should sound quite familiar to today's investors. -- David Schwartz, Financial Times[A] masterpiece. -- Martin Wolf, Financial TimesThe four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Ro[7110] A classic.--Nouriel RoubiniThis is quite simply the best empirical investigation of financial crises ever published. Covering hundreds of years and bringing together a dizzying array of data, Reinhart and Rogoff have made a truly heroic contribution to financial history. This single marvelous volume is worth a thousand mathematical models.--Niall Ferguson, author of The Ascent of Money: A Financial History of the WorldThis Time is Different is terrific, for it gives just the perspective we need on the current world economic crisis. People can't expect to understand the current crisis without some in-depth look at past crises. That is exactly what this excellent and timely book provides.--Robert J. Shiller, author of Irrational Exuberance and coauthor of Animal SpiritsYou will be hard-pressed to find a more comprehensive and insightful analysis of financial 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.--Mohamed El-Erian, author of When Markets CollideThis Time Is Different is a tremendously exciting, topical, and controversial book on the history of debt and default. This one belongs on everyone's shelf.--Barry Eichengreen, author of The European Economy since 1945
Shipping Weight: 2 pounds
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