Different Rules for the Same Financial Game

摘要

Many books and articles have been published in response to the recent financial crisis. Most argue that this crisis has characteristics different from those of previous crises,suggesting that different solutions are needed to survive. However,in This Time Is Different: Eight Centuries of Financial Folly,Carmen M. Reinhart and Kenneth S. Rogoff argue that all crises have the same features,even when differences exist in how each one occurs.The authors use quantitative historical analysis to discuss financial crises. Analyzing eight centuries,they present financial crisis behavior,over time,for 66 countries. The analysis explores such topics as currency issues,external and internal debt,and bank crises. The authors gather data from the International Monetary Fund (IMF),World Bank,United Nations,and national statistics agencies. At the book's conclusion,the authors introduce suggestions for improving the immunity of financial systems.