Review of "This Time is Different : Eight Centuries of Financial Folly" by Carmen M. Reinhart and Kenneth S. Rogoff
This Time is Different : Eight Centuries of Financial Folly is an essential reading on the history of financial crises for anyone interested in economics and finance. Compiling an extensive new database of macroeconomics and financial time series for sixty-six countries in five continents for eight centuries, and conducting a detailed and meticulous analysis, the book presents a comprehensive survey of financial crises and reaches a simple yet powerful conclusion : we have been here before. In other words, times may change, locations may change, actors may change but human nature does not. Despite how different the latest financial crisis always appears, financial crises often exhibit more similarities than differences throughout history. Being aware of these similarities is an essential step towards improving the global financial system, both in order to reduce the risk of a future crisis and to better manage a crisis when it happens. This review presents a brief summary of the book and a discussion about its implications for the current and the future possible crises.
Volume (Year): 12 (2012)
Issue (Month): 1 ()
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