This Time is Different

Today’s “Must Read” assignment:

A working paper by professors Carmen Reinhart (University of Maryland) and Ken Rogoff (Harvard) called “This Time is Different: A Panoramic View of Eight Centuries of Financial Crises,” (below) advises that major default episodes are typically spaced some years (or decades) apart, creating an illusion that ‘this time is different’ among policymakers and investors.

The authors also point out that there’s been far too little attention to how much domestic debt (as opposed to foreign debt that’s owned by offshore investors) influences the general trend in defaults and restructurings.

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This Time is Different

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