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This Time Is Different: Eight Centuries of Financial Folly | [Carmen Reinhart, Kenneth Rogoff]

This Time Is Different: Eight Centuries of Financial Folly

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.
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Publisher's Summary

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 66 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. This Time Is Different exposes centuries of financial missteps.

Download the accompanying reference guide.

©2009 Carmen M. Reinhart and Kenneth Rogoff; (P)2009 Gildan Media Corp

What the Critics Say

"This Time Is Different doesn't simply explain what went wrong in our most recent crisis. This book also provides a roadmap of how things are likely to pan out in the years to come....This Time Is Different is an important addition to the literature of financial history." (Wall Street Journal)

What Members Say

Average Customer Rating

3.4 (232 )
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3.5 (111 )
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Performance
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  •  
    Roger Smith Orlando, Florida United States 01-30-11
    Roger Smith Orlando, Florida United States 01-30-11 Member Since 2000

    Say something about yourself!

    HELPFUL VOTES
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    "Research Paper"

    This is really a research paper put into book form. It is filled with important information. But this is very difficult to present as an audio book.

    1 of 1 people found this review helpful
  •  
    Michael moncks corner, SC, United States 11-04-10
    Michael moncks corner, SC, United States 11-04-10
    HELPFUL VOTES
    12
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    "not a good audio book"

    I love the idea of this book. However, the charts and figures do not fit the format of an audio presentation. If you want to read this book I would highly recommend getting the physical entity.

    1 of 1 people found this review helpful
  •  
    Omar Houston, TX, United States 09-11-10
    Omar Houston, TX, United States 09-11-10
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    "Skip This Audiobook"

    Apart from the title and the refrain of "we have the most complete data in the world," the audio is not really much at all. Go to the hard copy and look at the charts, graphs, and references. Deciding on business titles should include a look at the hard copy first, which is a good learning for me and better advice to you.

    1 of 1 people found this review helpful
  •  
    Dan D. Dunlap, CFP® California 12-28-09
    Dan D. Dunlap, CFP® California 12-28-09 Member Since 2003

    I'm a freethinker with a never ending desire to learn! Born a Texan, a Californian by choice.

    HELPFUL VOTES
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    "This Time is Different"

    In this book, the authors take you through eight centuries of government defaults, banking panics, and inflationary spikes to today's financial crisis. They clearly illustrate why financial commentary stating that 'That This Time is Different' is a warning sign that things aren't different. In fact--they never are. Those interested in avoiding the next financial meltdown should take time to read this book.

    2 of 3 people found this review helpful
  •  
    D. LeVine 12-09-09
    D. LeVine 12-09-09 Member Since 2001
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    "Interesting - but a little dry."

    Although the information was interesting, it reads like text book.
    I almost gave up a few times because it was too dry.

    2 of 3 people found this review helpful
  •  
    David Denver, CO, United States 04-14-14
    David Denver, CO, United States 04-14-14 Member Since 2012
    HELPFUL VOTES
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    "Scholarly with many tables"
    What would have made This Time Is Different better?

    Less of an introduction; there seemed to be two chapters defining the terms of what the authors would present.


    What was most disappointing about Carmen Reinhart and Kenneth Rogoff ’s story?

    Perhaps most disappointing were the amount of tables referenced, much of this information was largely lost on the audio audience.


    What does Sean Pratt bring to the story that you wouldn’t experience if you just read the book?

    The reader had a pleasant tone.


    You didn’t love this book... but did it have any redeeming qualities?

    The overall information was appreciated, but it took much patience to get that. I started a road trip with this book loaded so I felt compelled to listen, but the early stages had me wanting to slit wrists with impatience. Stop defining terms and get to the facts!


    Any additional comments?

    I would not recommend this as an audio book.

    0 of 0 people found this review helpful
  •  
    Marc punta del este, Uruguay 03-19-13
    Marc punta del este, Uruguay 03-19-13
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    "The Audio Book it's great"
    What made the experience of listening to This Time Is Different the most enjoyable?

    I was a bit scare because of the bad reviews of the Audio book.... I have the Ebook version as well so I wanted the audio book just to complement my reading and I decided to took my chances ... I was really surprised , but the audio book is just Great , it does not review the tables or graphics in detail, just the important stuff that the written part of the book mention.... but thats the way an audio book should describe graphics or tables! The audio book is great, but it's even greater to complement your reading ... You cant read a book with this level of statistic just with an audio book ... that just wont fit any statistical book! Great Audio Piece!


    0 of 0 people found this review helpful
  •  
    anonymous MAPLEWOOD, MN, United States 02-17-13
    anonymous MAPLEWOOD, MN, United States 02-17-13 Member Since 2006
    HELPFUL VOTES
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    "It's Just a Long Series of Descriptions of Charts"

    I think writing on financial crisis can be interesting like Charles P. Kindleberger's Manias, Panics, and Crashes or Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds. But this requires setting of the historical scene and character development and a humanistic look at bygone times. This isn't at all what Reinhart and Rogoff are trying to do in This Time Is Different. They offer a 5000 mile view of what hundreds of these sorts of financial disasters have in common using a universalist perspective and all set in a dry pedestrian prose. They have some interesting insights but it doesn't make for fun listening. Most of the audiobook consists of just elaborating on the graphs. I can see the graphs but don't you have some interesting historical insights to add? They pointlessly cite past economists for having written some paper on obvious things that don't require any citations. They annoyingly repeat the book's title way too many times along with the trite idea rehashed from all the other financial crisis books about which they don't have anything more interesting to say. They keep calling the current crisis we're in as the Second Great Contraction and use their strange, newly coined phrase excessively. Like most economists they have too high an opinion of their own limited findings and their field of study in general. I could go on...the whole thing is excruciatingly painful to listen to.

    The careless reading by Sean Pratt didn't help. All his many small misreadings are too numerous to list. The most glaring was that he read the probability of x, P(x), as "P meaning that x."

    This isn't something to enjoy on your morning commute but something to help you through a difficult book if it were required reading in an economics class.

    0 of 0 people found this review helpful
  •  
    Ricardo San Diego, CA, United States 11-07-12
    Ricardo San Diego, CA, United States 11-07-12 Member Since 2011
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    4
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    "I need the charts!!!!"
    Any additional comments?

    Great book but have to have the charts and tables in hand to be able to follow.

    0 of 0 people found this review helpful
  •  
    elias mexico city, Mexico 10-17-12
    elias mexico city, Mexico 10-17-12
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    6
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    "Not a good audiobook experience"
    What disappointed you about This Time Is Different?

    This book is highly explicative of financial factors affecting crisis, but is not a good auidobook. Continual references to tables and graphs make it impossible to follow without the PDF (if I could carry along the charts i would just buy the book). In my case, heraing the book while commuting was a less than pleasurable experince, and i hold a undergraduate and graduate degree in finance and business.


    What could Carmen Reinhart and Kenneth Rogoff have done to make this a more enjoyable book for you?

    The book itself might be a fine read, i just completely disagree on the conversion (in this case) from book to audiobook since it is so visual and technical in nature.


    What three words best describe Sean Pratt’s performance?

    concise dry teacher-like


    You didn’t love this book... but did it have any redeeming qualities?

    not that i can think of right now


    Any additional comments?

    i gave it a shot, i heard almost five out of the eight hours trying to see if it "got better", i dont know if it is too late or maybe you dont have this policy but is there any way to get a refund?

    0 of 0 people found this review helpful
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