National bureau of economic research working paper 13882

We find that serial default is a nearly universal phenomenon as countries struggle to transform themselves from emerging markets to advanced economies.

We also confirm that crises frequently emanate from the financial centers with transmission through interest rate shocks and commodity price collapses.

Major default episodes are typically spaced some years or decades apart, creating an illusion that "this time is different" among policymakers and investors.

Our data also documents other crises that often accompany default: Suggested Citation Carmen M. It incorporates a number of important credit episodes seldom covered in the literature, including for example, defaults and restructurings in India and China.

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises

Our study is based on a new dataset that spans all regions. Major default episodes are typically spaced some years or decades apart, creating an illusion that "this time is different" among policymakers and investors.

We find that serial default is a nearly universal phenomenon as countries struggle to transform themselves from emerging markets to advanced economies.

A recent example of the "this time is different" syndrome is the false belief that domestic debt is a novel feature of the modern financial landscape. As the first paper employing this data, our aim is to illustrate some of the broad insights that can be gleaned from such a sweeping historical database.

Thus, the recent US sub-prime financial crisis is hardly unique. It incorporates a number of important credit episodes seldom covered in the literature, including for example, defaults and restructurings in India and China.

As the first paper employing this data, our aim is to illustrate some of the broad insights that can be gleaned from such a sweeping historical database. Our study is based on a new dataset that spans all regions. Thus, the recent US sub-prime financial crisis is hardly unique.

Our data also documents other crises that often accompany default: A recent example of the "this time is different" syndrome is the false belief that domestic debt is a novel feature of the modern financial landscape.

We also confirm that crises frequently emanate from the financial centers with transmission through interest rate shocks and commodity price collapses.Carmen M.

Reinhart & Kenneth S. Rogoff, "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," NBER Working PapersNational Bureau of Economic Research, Inc. Handle: RePEc:nbr:nberwo Note: IFM.

Oct 17,  · This is a short tutorial on how to find National Bureau of Economic Research working papers online and in the Libraries' catalog. TRACING VALUE ADDED IN GLOBAL PRODUCTION CHAINS Robert Koopman Working Paper NATIONAL BUREAU OF ECONOMIC RESEARCH Massachusetts Avenue Cambridge, MA September The views in the paper are solely those of the authors and may not reflect the views of the USITC.

BibTeX @INPROCEEDINGS{Reinhart08thistime, author = {Carmen M. Reinhart and Kenneth S. Rogoff}, title = {This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises.

NBER Working Paper }, booktitle = {National Bureau of Economic Research}, year = {}}. This Time is Different: A Panoramic View of Eight Centuries of Financial Crises NBER Working Paper No.

Issued in March NBER Program(s):International Finance and Macroeconomics. James Poterba is President of the National Bureau of Economic Research. He is also the Mitsui Professor of Economics at M.I.T. NBER Researchers.

Revisiting the Minimum Wage-Employment Debate: Throwing Out the Baby with the Bathwater? David Neumark, J.M. Ian Salas, and William Wascher NBER Working Paper No.

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National bureau of economic research working paper 13882
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