This Time Is Different

  • by Carmen Reinhart, Kenneth Rogoff
  • Narrated by Sean Pratt
  • 8 hrs and 59 mins
  • Unabridged Audiobook

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.

More

What the Critics Say

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

More

See More Like This

Customer Reviews

Most Helpful

Not for the general reader

Be warned: this is a good book but very clearly an academic text not intended for the general reader. I get the feeling that the publishers may have rushed this out to cash in on all the post financial crisis books. It is a shame as it has a really interesting story to tell and would have benefited from a different edition - indeed book - aimed at the general reader with far less emphasis on data and statistics. (Underemployed journalists take note!). Another problem is that the book relies on sets of charts and data that can't be read out loud as they would be a nonsense. I do think the audible / publishers need to think about this a bit more, perhaps at least provide a PDF to download of the charts maybe?

However it is a good book and if I were reading the paper version it would have got a better rating!
Read full review

- James

This is not an audiobook

If you compare table 1.2a with 1.2b you will see that the period spent in crisis by developing countries after a sovereign default is comparable to... on the other hand, if you want an audiobook that whiles away the hours of gardening you probably want something more like Malcolm Gladwell.
Read full review

- Judy Corstjens

Book Details

  • Release Date: 09-11-2009
  • Publisher: Gildan Media, LLC