This Time Is Different

Full Name
This Time Is Different: Eight Centuries of Financial Folly

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 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

"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."

Niall Ferguson, author of The Ascent of Money: A Financial History of the World

"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."

Robert J. Shiller, author of Irrational Exuberance and coauthor of Animal Spirits

"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."

Mohamed El-Erian, author of When Markets Collide

"I would say that her [Carmen Reinhart's] book with Ken Rogoff on debt crises and financial crises is an extraordinary piece of work."

Ben Bernanke, Federal Reserve Chairman, 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. And I read it [This Time is Different]."

Former President Bill Clinton, speech at Youngstown, OH, October 31, 2012

"A classic."

Nouriel Roubini