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.
Adam Paul
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-5852
E-mail:
adam.paul@aei.org
Véronique Rodman
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-4871
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