Carmen M. Reinhart: Eight Hundred Years of Financial Folly

Original source: SimoleonSense.com .

I’m a big fan of Reinhart & Rogoff you can find their famous paper here(link).

H/T Joe Koster @ Value Investing World For Finding This Article

Introduction

The economics profession has an unfortunate tendency to view recent experience in the narrow window provided by standard datasets. With a few notable exceptions, cross-country empirical studies of financial crises typically begin in 1980 and are limited in other important respects.2 Yet an event that is rare in a three-decade span may not be all that rare when placed in a broader context.

In a recent paper co-authored with Kenneth Rogoff, we introduce a comprehensive new historical database for studying debt and banking crises, inflation, currency crashes and debasements.3 The database covers sixty-six countries across all regions. The range of variables encompasses external and domestic debt, trade, GNP, inflation, exchange rates, interest rates, and commodity prices. The coverage spans eight centuries, going back to the date of independence or well into the colonial period for some countries.

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