The Second Great Contraction: From This Time Is Different

Front Cover
Princeton University Press, Jul 18, 2011 - Business & Economics - 82 pages

We've been assured that the recession is over, but the country and the economy continue to feel the effects of the 2008 financial crisis, and people are still searching for answers about what caused it, what it has wrought, and how we can recover. This selection from the best-selling book This Time Is Different—the definitive history of financial crises, including the recent subprime meltdown—answers these questions and more.

Princeton Shorts are brief selections excerpted from influential Princeton University Press publications produced exclusively in eBook format. They are selected with the firm belief that while the original work remains an important and enduring product, sometimes we can all benefit from a quick take on a topic worthy of a longer book.

In a world where every second counts, how better to stay up-to speed on current events and digest the kernels of wisdom found in the great works of the past? Princeton Shorts enables you to be an instant expert in a world where information is everywhere but quality is at a premium. The Second Great Contraction does just that.

 

Contents

Authors Note
198
The US Subprime Meltdown and the Second Great Contraction
199
An International and Historical Comparison
202
14 The Aftermath of Financial Crises
223
The Results of Contagion or Common Fundamentals?
240
16 Composite Measures of Financial Turmoil
248
Notes
403
About the Authors
408
Copyright

Common terms and phrases

advanced economies aftermath appendix A.1 Argentina Asia asset price Austria banking crises banking crisis episodes benchmarks Big Five Brazil capita GDP capital inflows chapter Chile collapse Colombia comparison contagion countries country’s crises in advanced cross-country currency crashes cycle debt crisis declines duration emerging markets equity markets equity prices exchange rate figure financial crises financial turbulence Finland Germany global financial crisis government debt growth Hong Kong Iceland increase Indonesia interest rates International Monetary Fund Japan Kaminsky and Reinhart Korea Latin America Malaysia Mexico Monetary Fund various Nordic countries Norway Notes output peak Peak-to-Trough percent period Philippines policy makers post–World postwar crises real housing prices real per capita recent crisis recession regional run-up Second Great Contraction severe Sources sovereign default Spain stock market crash Subprime Crisis Sweden Thailand U.S. current account U.S. dollar U.S. financial crisis U.S. subprime unemployment United Kingdom Varieties of crises world aggregates World Economic Outlook

About the author (2011)

Carmen M. Reinhart is currently vice president and chief economist at the World Bank. She is the Minos A. Zombanakis Professor of the International Financial System at the Harvard Kennedy School. Kenneth S. Rogoff is the Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. He is a frequent commentator for NPR, the Wall Street Journal, and the Financial Times.

Bibliographic information

TitleThe Second Great Contraction: From This Time Is Different
Volume 6 of Princeton Shorts
AuthorsCarmen M. Reinhart, Kenneth S. Rogoff
PublisherPrinceton University Press, 2011
ISBN1400841127, 9781400841127
Length82 pages
Subjects ›  › 

Business & Economics / Economic History
Business & Economics / Finance / General
  
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