This Time Is Different

By Carmen M. Reinhart, Kenneth S. Rogoff,

Book cover of This Time Is Different: Eight Centuries of Financial Folly

Book description

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…

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1 author picked This Time Is Different as one of their favorite books. Why do they recommend it?

Co-author Ken Rogoff taught my PhD course in Global Economics while he was a visiting professor at NYU (from Princeton). We used Foundations of International Macroeconomics as our textbook; Ken was writing the book with Maurice Obstfeld. When I turned in a handful of pages to him with editorial corrections, he hired me to edit the rest of the book and a research paper for him! It caused quite a stir among my peers when Ken thanked me by name when the article was published (JEL, June 1996). This book traces eight hundred years of financial crises to demonstrate that…

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