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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.

Financial crises --- Fiscal policy --- Business cycles --- 338.12 --- 338 <09> --- -Fiscal policy --- -Business cycles --- -Economic cycles --- Economic fluctuations --- Cycles --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- Economische geschiedenis --- Government policy --- -Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- 338 <09> Economische geschiedenis --- 338.12 Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- -338 <09> Economische geschiedenis --- Economic cycles --- #SBIB:33H15 --- 333.613 --- 333.645 --- monetaire crisis --- 336.7 <09> --- bankwezen --- sectoriële analyse --- -338.542 --- Economie: geld en krediet --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Speculatie op de beurs. --- crise monetaire --- Geschiedenis van het bankwezen --- Financiële crisis --- 336.7 <09> Geschiedenis van het bankwezen --- #SBIB:33H072 --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.162.1 --- 333.481 --- 333.17 --- histoire economique --- marches financiers --- crise financiere --- economische geschiedenis --- Wereldmarkten --- Geschiedenis van de financiële markten. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Crises, saneringen en hervormingen van het bankwezen. --- financiele markten --- financiele crisis --- -Tax policy --- 338.542 --- Geschiedenis van de financiële markten --- Crises, saneringen en hervormingen van het bankwezen --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Speculatie op de beurs --- Money. Monetary policy --- Financial crises - Case studies --- Fiscal policy - Case studies --- Business cycles - Case studies --- Ben Bernanke. --- Big Five Crises. --- Big Six Crises. --- Charles Kindleberger. --- GDF. --- GDP growth. --- GFD. --- IMF. --- Inside Job. --- International Monetary Fund. --- League of Nations. --- Manias, Panics and Crashes. --- Margin Call. --- Second Great Contraction. --- The Big Short. --- Too Big to Fail. --- World Bank. --- bailouts. --- baking crises. --- banking panic. --- banking reforms. --- capital mobility. --- central banks. --- contagion. --- credit cycles. --- currency crashes. --- currency debasements. --- debt crises. --- debt cycles. --- debt defaults. --- debt intolerance. --- debt. --- defaults. --- deflation. --- domestic creditors. --- domestic debt. --- domestic default. --- economic downturn. --- equity. --- exchange rate crises. --- external default. --- financial combustion. --- financial crisis. --- great contraction of the 1930s. --- high inflation. --- inflation crises. --- inflation tax. --- medieval currency crisis. --- medieval currency debasements. --- multilateral lending. --- public debt. --- sovereign default. --- sovereign external debt crises. --- sovereign lending. --- sovereign risk. --- stock markets. --- subprime crisis. --- subprime mortgage. --- Crises financières --- Politique fiscale --- Cycles économiques --- études de cas --- Crises financières --- Cycles économiques --- études de cas