AUDIO
This Time Is Different: Eight Centuries of Financial Folly
October 29, 2009
10:00 AM — 12:00 PM
At this AEI event, Carmen M. Reinhart and Kenneth Rogoff discuss their new book, which probes an array of crises to show why the four most dangerous words in finance are "this time is different."
The four most dangerous words in finance are "this time is different." Market participants always manage to believe that some new innovation, such as decoupling or credit default swaps, has made the next crisis impossible. In their new book just released in September, This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009), Carmen M. Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University probe an array of crises to show why these beliefs eventually prove to be false. In short, it is never truly different.
At this AEI event, Ms. Reinhart and Mr. Rogoff will discuss their book, and Stijn Claessens of the International Monetary Fund, Alex J. Pollock of AEI, and Allan H. Meltzer of AEI and Carnegie Mellon University will discuss the authors' findings.
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