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Carmen M. Reinhart & Kenneth S. Rogoff

Subtitle: Eight Centuries of Financial Folly, Princeton Univ. Press, Princeton, 2009, 463 pgs., index, references, notes, tables, charts


Reviewer comment




Part I - Financial Crises: An Operational Primer


Chapter 1 - Varieties of Crises and Their Dates


Chapter 2 - Debt Intolerance: The Genesis of Serial Default


Chapter 3 - A Global Database and Financial Crises with a Long Term View


Part II - Sovereign External Debt Crises


Chapter 4 - A Digression on the Theoretical Underpinnings of Debt Crises


Chapter 5 - Cycles of Sovereign Default on External Debt


Chapter 6 - External Default through History


Part III - The Forgotten History of Domestic Debt and Default


Chapter 7 - The Stylized Facts of Domestic Debt and Default


Chapter 8 - Domestic Debt: The Missing Link Explaining External Default and High Inflation


Chapter 9 - Domestic and External Default: Which Is Worse? Who is Senior?


Part IV - Banking Crises, Inflation, and Currency Crashes


Chapter 10 - Banking Crises


Chapter 11 - Default through Debasement: An "Old World Favorite"


Chapter 12 - Inflation and Modern Currency Crashes


Part V - The U.S. Subprime Meltdown and the Second Great Contraction


Chapter 13 - The U. S. Subprime Crisis: An International and Historical Comparison


Chapter 14 - The Aftermath of Financial Crises


Chapter 15 - The International Dimensions of the Subprime Crisis: The Results of Contagion and Common Fundamentals?


Chapter 16 - Composite Measures of Financial Turmoil


Part VI - What Have We Learned?


Chapter 17 - Reflections on Early Warnings, Graduation, Policy Responses, and Foibles of Human Nature


Data Appendixes


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