Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

New Book Examines History of Financial Crises Globally

Posted by Hopeton on January 4, 2010

“The financial sector had been liberalized within the preceding 5 years” in 18 of 26 banking crises after 1970 studied by Kaminsky and  Reinhart write economic professors Carmen Reinhart and Kenneth Rogoff in their new book This Time Is Different: Eight Centuries of Financial Folly.

In this book Reinhart and Rogoff look not only at our current financial crises, but they look at the history of financial crises of 66 nations going back to medieval times.  Not surprisingly Reinhart and Rogoff find that excessive debt, a booming economy, lax regulation, and overconfidence in the financial sector often precedes a financial crisis, but our policymakers and financial executives seemed to have thought those history lessons did not apply to the U.S.

I’m hoping to interview Reinhart either on Economic Perspectives or KAZI Book Review sometime in January.

Reinhart is a professor of economics at the University of Maryland and Rogoff is a professor of public policy and economics at Harvard University.


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