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THÔNG TIN TÀI LIỆU
Cấu trúc
Half title
Title
Copyright
Dedication
Contents
List of Tables
List of Figures
List of Boxes
Preface
Acknowledgments
Preamble: Some Initial Intuitions on Financial Fragility and the Fickle Nature of Confidence
Part I Financial Crises: An Operational Primer
1 Varieties of Crises and Their Dates
Crises Defined by Quantitative Thresholds: Inflation, Currency Crashes, and Debasement
Crises Defined by Events: Banking Crises and External and Domestic Default
Other Key Concepts
2 Debt Intolerance: The Genesis of Serial Default
Debt Thresholds
Measuring Vulnerability
Clubs and Regions
Reflections on Debt Intolerance
3 A Global Database on Financial Crises with a Long-Term View
Prices, Exchange Rates, Currency Debasement, and Real GDP
Government Finances and National Accounts
Public Debt and Its Composition
Global Variables
Country Coverage
Part II Sovereign External Debt Crises
4 A Digression on the Theoretical Underpinnings of Debt Crises
Sovereign Lending
Illiquidity versus Insolvency
Partial Default and Rescheduling
Odious Debt
Domestic Public Debt
Conclusions
5 Cycles of Sovereign Default on External Debt
Recurring Patterns
Default and Banking Crises
Default and Inflation
Global Factors and Cycles of Global External Default
The Duration of Default Episodes
6 External Default through History
The Early History of Serial Default: Emerging Europe, 1300–1799
Capital Inflows and Default: An “Old World” Story
External Sovereign Default after 1800: A Global Picture
Part III The Forgotten History of Domestic Debt and Default
7 The Stylized Facts of Domestic Debt and Default
Domestic and External Debt
Maturity, Rates of Return, and Currency Composition
Episodes of Domestic Default
Some Caveats Regarding Domestic Debt
8 Domestic Debt: The Missing Link Explaining External Default and High Inflation
Understanding the Debt Intolerance Puzzle
Domestic Debt on the Eve and in the Aftermath of External Default
The Literature on Inflation and the “Inflation Tax”
Defining the Tax Base: Domestic Debt or the Monetary Base?
The “Temptation to Inflate” Revisited
9 Domestic and External Default: Which Is Worse? Who Is Senior?
Real GDP in the Run-up to and the Aftermath of Debt Defaults
Inflation in the Run-up to and the Aftermath of Debt Defaults
The Incidence of Default on Debts Owed to External and Domestic Creditors
Summary and Discussion of Selected Issues
Part IV Banking Crises, Inflation, and Currency Crashes
10 Banking Crises
A Preamble on the Theory of Banking Crises
Banking Crises: An Equal-Opportunity Menace
Banking Crises, Capital Mobility, and Financial Liberalization
Capital Flow Bonanzas, Credit Cycles, and Asset Prices
Overcapacity Bubbles in the Financial Industry?
The Fiscal Legacy of Financial Crises Revisited
Living with the Wreckage: Some Observations
11 Default through Debasement: An “Old World Favorite”
12 Inflation and Modern Currency Crashes
An Early History of Inflation Crises
Modern Inflation Crises: Regional Comparisons
Currency Crashes
The Aftermath of High Inflation and Currency Collapses
Undoing Domestic Dollarization
Part V The U.S. Subprime Meltdown and the Second Great Contraction
13 The U.S. Subprime Crisis: An International and Historical Comparison
A Global Historical View of the Subprime Crisis and Its Aftermath
The This-Time-Is-Different Syndrome and the Run-up to the Subprime Crisis
Risks Posed by Sustained U.S. Borrowing from the Rest of the World: The Debate before the Crisis
The Episodes of Postwar Bank-Centered Financial Crisis
A Comparison of the Subprime Crisis with Past Crises in Advanced Economies
Summary
14 The Aftermath of Financial Crises
Historical Episodes Revisited
The Downturn after a Crisis: Depth and Duration
The Fiscal Legacy of Crises
Sovereign Risk
Comparisons with Experiences from the First Great Contraction in the 1930s
Concluding Remarks
15 The International Dimensions of the Subprime Crisis: The Results of Contagion or Common Fundamentals?
Concepts of Contagion
Selected Earlier Episodes
Common Fundamentals and the Second Great Contraction
Are More Spillovers Under Way?
16 Composite Measures of Financial Turmoil
Developing a Composite Index of Crises: The BCDI Index
Defining a Global Financial Crisis
The Sequencing of Crises: A Prototype
Summary
Part VI What Have We Learned?
17 Reflections on Early Warnings, Graduation, Policy Responses, and the Foibles of Human Nature
On Early Warnings of Crises
The Role of International Institutions
Graduation
Some Observations on Policy Responses
The Latest Version of the This-Time-Is-Different Syndrome
Data Appendixes
A.1. Macroeconomic Time Series
A.2. Public Debt
A.3. Dates of Banking Crises
A.4. Historical Summaries of Banking Crises
Notes
References
Name Index
Subject Index
Nội dung
[...]... economy 7 We hope some of the facts laid out in this book will be helpful in framing the problems that the new theories need to explain, not just for the recent crisis but for the multitude of crises that have occurred in the past, not to mention the many that have yet to unfold THIS TIME IS DIFFERENT - PART I FINANCIAL CRISES: AN OPERATIONAL PRIMER The essence of the this- time- is- different syndrome is. .. their share of world income Our immersion in the details of crises that have arisen over the past eight centuries and in data on them has led us to conclude that the most commonly repeated and most expensive investment advice ever given in the boom just before a financial crisis stems from the perception that this time is different. ” That advice, that the old rules of valuation no longer apply, is usually... note that the crisis markers discussed in this chapter refer to the measurement of crises within individual countries Later on, we discuss a number of ways to think about the international dimensions of crises and their intensity and transmission, culminating in our definition of a global crisis in chapter 16 In addition to reporting on one country at a time, our root measures of crisis thresholds report... period of the successful fix, there is always plenty of this- time- is- different commentary But then, as in the case of Argentina in December 2001, all the confidence can collapse in a puff of smoke There is a fundamental link to debt, however As Krugman famously showed, exchange rate crises often have their roots in a government’s unwillingness to adopt fiscal and monetary policies consistent with maintaining... instruments of financial gain and loss have varied over the ages, as have the types of institutions that have expanded mightily only to fail massively But financial crises follow a rhythm of boom and bust through the ages Countries, institutions, and financial instruments may change across time, but human nature does not As we will discuss in the final chapters of this book, the financial crisis of the... and his colleagues at Princeton Editorial Associates for skillfully negotiating all the technical details of producing this volume PREAMBLE: SOME INITIAL INTUITIONS ON FINANCIAL FRAGILITY AND THE FICKLE NATURE OF CONFIDENCE This book summarizes the long history of financial crises in their many guises across many countries Before heading into the deep waters of experience, this chapter will attempt... II, or on modern-day experiences in emerging markets This dichotomy has perhaps been shaped by the belief that for advanced economies, destabilizing, systemic, multicountry financial crises are a relic of the past Of course, the recent global financial crisis emanating out of the United States and Europe has dashed this misconception, albeit at great social cost The fact is that banking crises have... to the recent global financial crises that began with the U.S subprime crisis of 2007 Our aim here is to be expansive, systematic, and quantitative: our empirical analysis covers sixty-six countries over nearly eight centuries Many important books have been written about the history of international financial crises,1 perhaps the most famous of which is Kindleberger’s 1989 book Manias, Panics and Crashes.2... for almost a quarter century Back around the time of the collapse of the hedge fund LongTerm Capital Management in 1998, which seemed like a major crisis then but seems less so given recent events, he attended a meeting of the board of governors with market practitioners A trader with an uncharacteristically long memory explained, “More money has been lost because of four words than at the point of a... off bank balance sheets, not to mention unfunded pension and medical liabilities Lack of transparency is endemic in government debt, but the difficulty of finding basic historical data on central government debt is almost comical Part III also offers a first attempt to catalog episodes of overt default on and rescheduling of domestic public debt across more than a century (Because so much of the history . 2011 Paperback ISBN 97 8-0 -6 9 1-1 526 4-6 The Library of Congress has cataloged the cloth edition of this book as follows Reinhart, Carmen M. This time is different : eight centuries of financial folly/ Carmen.