This Time Is Different covers sixty-six countries across five continents in presenting a comprehensive look at the varieties of financial crises. It guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes―from medieval currency debasements to today's subprime catastrophe. It examines 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.
Praise for This Time Is Different
"This 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."
"This 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."
"You 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."