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This Time is Different, Eight Centuries of Financial Folly 这次与别不同:8个世纪的金融愚行 (纽约时报畅销书)

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This Time is Different, Eight Centuries of Financial Folly 这次与别不同:8个世纪的金融愚行 (纽约时报畅销书)

最 低 价:¥199.50

定 价:¥266.00

作 者:Carmen M. Reinhart  著

出 版 社:Princeton University Press

出版时间:2009-9-1

I S B N:9780691142166

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内容简介

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. This book proves that premise 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.

作者简介

目录

LIST OF TABLES
LIST OF FIGURES
LIST OF BOXES
PREFACE xxv
ACKNOWLEDGMENTS
PREAMBLE: SOME INITIAL INTUITIONS ON FINANCIAL FRAGILITY AND THE FICKLE NATURE OF CONFIDENCE
PART I: Financial Crises: An Operational Primer
 Chapter 1: Varieties of Crises and Their Dates
  Crises Defined by Quantitative Thresholds: Inflation, Currency Crashes, and Debasement
  Crises Defined by Events: Banking Crises and External and Domestic Default
  Other Key Concepts
 Chapter 2: Debt Intolerance: The Genesis of Serial Default
  Debt Thresholds
  Measuring Vulnerability
  Clubs and Regions
  Reflections on Debt Intolerance
 Chapter 3: A Global Database on Financial Crises with a Long-Term View
  Prices, Exchange Rates, Currency Debasement, and Real GDP
  Government Finances and National Accounts
  Public Debt and Its Composition
  Global Variables
  Country Coverage
PART II: Sovereign External Debt Crises
 Chapter 4: A Digression on the Theoretical Underpinnings of Debt Crises
  Sovereign Lending
  Illiquidity versus Insolvency
  Partial Default and Rescheduling
  Odious Debt 63
  Domestic Public Debt
  Conclusions
 Chapter 5: Cycles of Sovereign Default on External Debt
  Recurring Patterns
  Default and Banking Crises
  Default and Inflation
  Global Factors and Cycles of Global External Default
  The Duration of Default Episodes
 Chapter 6: External Default through History
  The Early History of Serial Default: Emerging Europe, 1300-1799
  Capital Inflows and Default: An "Old World" Story
  External Sovereign Default after 1800: A Global Picture
PART III: The Forgotten History of Domestic Debt and Default
 Chapter 7: The Stylized Facts of Domestic Debt and Default
  Domestic and External Debt
  Maturity, Rates of Return, and Currency Composition
  Episodes of Domestic Default
  Some Caveats Regarding Domestic Debt
 Chapter 8: Domestic Debt: The Missing Link Explaining External Default and High Inflation
  Understanding the Debt Intolerance Puzzle
  Domestic Debt on the Eve and in the Aftermath of External Default
  The Literature on Inflation and the "Inflation Tax"
  Defining the Tax Base: Domestic Debt or the Monetary Base?
  The "Temptation to Inflate" Revisited
 Chapter 9: Domestic and External Default: Which Is Worse? Who Is Senior?
  Real GDP in the Run-up to and the Aftermath of Debt Defaults
  Inflation in the Run-up to and the Aftermath of Debt Defaults
  The Incidence of Default on Debts Owed to External and Domestic Creditors
  Summary and Discussion of Selected Issues
PART IV: Banking Crises, Inflation, and Currency Crashes
 Chapter 10: Banking Crises
  A Preamble on the Theory of Banking Crises
  Banking Crises: An Equal-Opportunity Menace
  Banking Crises, Capital Mobility, and Financial Liberalization
  Capital Flow Bonanzas, Credit Cycles, and Asset Prices
  Overcapacity Bubbles in the Financial Industry?
  The Fiscal Legacy of Financial Crises Revisited
  Living with the Wreckage: Some Observations
 Chapter 11: Default through Debasement: An "Old World Favorite"
 Chapter 12: Inflation and Modern Currency Crashes
  An Early History of Inflation Crises
  Modern Inflation Crises: Regional Comparisons
  Currency Crashes
  The Aftermath of High Inflation and Currency Collapses
  Undoing Domestic Dollarization
PART V: The U.S. Subprime Meltdown and the Second Great Contraction
 Chapter 13: The U.S. Subprime Crisis: An International and Historical Comparison
  A Global Historical View of the Subprime Crisis and Its Aftermath
  The This-Time-Is-Different Syndrome and the Run-up to the Subprime Crisis
  Risks Posed by Sustained U.S. Borrowing from the Rest of the World: The Debate before the Crisis
  The Episodes of Postwar Bank-Centered Financial Crisis
  A Comparison of the Subprime Crisis with Past Crises in Advanced Economies
  Summary
 Chapter 14: The Aftermath of Financial Crises
  Historical Episodes Revisited
  The Downturn after a Crisis: Depth and Duration
  The Fiscal Legacy of Crises
  Sovereign Risk
  Comparisons with Experiences from the First Great Contraction in the 1930s
  Concluding Remarks
 Chapter 15: The International Dimensions of the Subprime Crisis:
  The Results of Contagion or Common Fundamentals?
  Concepts of Contagion
  Selected Earlier Episodes
  Common Fundamentals and the Second Great Contraction
  Are More Spillovers Under Way?
 Chapter 16: Composite Measures of Financial Turmoil
  Developing a Composite Index of Crises: The BCDI Index
  Defining a Global Financial Crisis
  The Sequencing of Crises: A Prototype
  Summary
PART VI: What Have We Learned?
 Chapter 17: Reflections on Early Warnings, Graduation, Policy Responses, and the Foibles of Human Nature
  On Early Warnings of Crises
  The Role of International Institutions
  Graduation
  Some Observations on Policy Responses
  The Latest Version of the This-Time-Is-Different Syndrome
DATA APPENDIXES
 A.1. Macroeconomic Time Series
 A.2. Public Debt
 A.3. Dates of Banking Crises
 A.4. Historical Summaries of Banking Crises
NOTES
REFERENCES
NAME INDEX
SUBJECT INDEX

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