This Time is Different

Reference

Carmen M. Reinhart and Kenneth S. Rogoff
This Time is Different: Eight Centuries of Financial Folly
Princeton: Princeton University Press, 2009
List of Figures and Tables by Chapter with the Corresponding Data

Chapter 4

Theoretical

Chapter 7

Figure 7.1 Domestic public debt as a share of total debt: All countries, 1900-2007

Figure 7.2 Domestic public debt as a share of total debt: Advanced economies, 1900-2007

Figure 7.3 Domestic public debt as a share of total debt: Emerging market economies, 1900-2007

Figure 7.4 Share of domestic debt that is long term: All countries and Latin America, 1914-1959

Figure 7.5 Sovereign domestic debt, percent of countries in default or restructuring, 1900-2008

Table 7.1 Interest rates on domestic and external debt, 1928-1946

Table 7.2 Episodes of domestic debt default or restructuring , 1750-1921

Table 7.3 Selected episodes of domestic debt default or restructuring, late 1920s-1950s

Table 7.4 Selected episodes of domestic debt default or restructuring, 1970-2008

Chapter 8

Figure 8.1 Ratios of public debt to revenue during external default: Eighty-nine episodes, 1827-2003

Figure 8.2 Ratios of public debt to revenue during external default: Frequency of occurrence, 1827-2003

Figure 8.3 Ratios of public debt to revenue during external default: Cumulative frequency of occurrence, 1827-2003

Figure 8.4 the run-up in domestic and external debt on the eve of external default: Eighty-nine episodes, 1827-2003

Figure 8.5 Domestic public debt outstanding: China, 1895-1949

Table 8.1 Debt ratios at the time of default: Selected episodes

Table 8.2 Inflation and domestic debt: Selected episodes, 1917-1994

Chapter 9

Figure 9.1 Real GDP before, during, and after domestic and external debt crises, 1800-2008

Figure 9.2 Domestic and external debt crises and GDP, 1800-2008

Figure 9.3 Consumer prices before, during, and after domestic and external debt crises, 1800-2008

Figure 9.4 Domestic and external debt crises and inflation, 1800-2008

Figure 9.5 Who is expropriated, residents or foreigners? The probability of domestic and external default, 1800-2008

Figure 9.6 The composite probability of domestic default as a share of the total probability of default, 1800-2008

Table 9.1 Output and inflation around and during debt crises

Table 9.2 Who gets expropriated, residents or foreigners?
Preliminary tests for the equality of two proportions (Binomial distribution), 1800-2006

Chapter 10

Figure 10.1 Capital mobility and the incidence of banking crises: All countries, 1800-2008

Figure 10.2 Equity prices and banking crises: Forty episodes in emerging markets, 1920-2007

Figure 10.3 The number of banks in the United States, 1900-1945

Figure 10.4 Real GDP growth per capita (PPP basis) and banking crises: Advanced economies

Figure 10.5 Real GDP growth per capita (PPP basis) and banking crises: Emerging market economies (112 episodes)

Figure 10.6 Real central government revenue growth and banking crises: All countries, 1800-1944

Figure 10.7 Real central government revenue growth and banking crises: All countries, 1945-2007

Figure 10.8 Real central government revenue growth and banking crises: Advanced economies, 1815-2007

Figure 10.9 Real central government revenue growth and banking crises: Emerging market economies, 1873-2007

Figure 10.10 The evolution of debt following major postwar crises: Advanced and emerging markets

Table 10.1 Debt and banking crises: Africa and Asia, year of independence to 2008

Table 10.2 Debt and banking crises: Europe, Latin America, North America, and Oceania, year of independence to 2008

Table 10.3 Frequency of banking crises: Africa and Asia, through 2008

Table 10.4 Frequency of banking crises: Europe, Latin America, North America, and Oceania, through 2008

Table 10.5 Summary of the incidence and frequency of banking crises, 1800 (or year of independence) to 2008

Table 10.6 Summary of the incidence and frequency of banking crises, 1945 (or year of independence) to 2008

Table 10.7 The effect of a capital flow bonanza on the probability of a banking crisis in a sixty-six country sample, 1960-2007

Table 10.8 Cycles of real housing prices and banking crises

Table 10.9 Creative accounting? Bailout costs of banking crises

Chapter 11

Figure 11.1 Changes in the silver content of the currency: Austria and Russia during the Napoleonic Wars, 1799-1815

Figure 11.2 The march toward fiat money, Europe, 1400-1850: The average silver content of ten currencies

Table 11.1 Expropriation through currency debasement: Europe, 1258-1799

Table 11.2 Expropriation through currency debasement: Europe, nineteenth century

Chapter 12

Figure 12.1 The median inflation rate: Five-year moving average for all countries, 1500-2000

Figure 12.2 The incidence of annual inflation above 20 percent: Africa, Asia, Europe, and Latin America, 1800-2000

Figure 12.3 Currency crashes: The share of countries with annual depreciation rates greater than 15 percent,1800-2000

Figure 12.4 Median annual depreciation: Five-year moving average for all countries, 1800-2000

Figure 12.5 The persistence of dollarization top panel bottom panel

Figure 12.6 The de-dollarization of bank deposits: Israel, Poland, Mexico, and Pakistan, 1980-2002

Table 12.1 "Default" through inflation: Asia, Europe, and the "New World," 1500-1799

Table 12.2 "Default" through inflation: Africa and Asia, 1800-2008

Table 12.3 "Default" through inflation: Europe, Latin America, North America, and Oceania, 1800-2008

Chapter 13

Figure 13.1 The proportion of countries with banking crises, 1900-2008, weighted by their share of world income

Figure 13.2 Real housing prices: United States, 1891-2008

Figure 13.3 Real housing prices and postwar banking crises: Advanced economies

Figure 13.4 Real equity prices and postwar banking crises: Advanced economies

Figure 13.5 Ratio of current account balance to GDP on the eve of postwar banking crises: Advanced economies

Figure 13.6 Growth in real per capita GDP (PPP basis) and postwar banking crises: Advanced economies

Figure 13.7 Real central government debt and postwar banking crises: Advanced economies

Table 13.1 Post-World War II bank-centered financial crises in advanced economies

Chapter 14

Figure 14.1 Cycles of past and ongoing real house prices and banking crises

Figure 14.2 Cycles of past and ongoing real equity prices and banking crises

Figure 14.3 Cycles of past unemployment and banking crises

Figure 14.4 Cycles of past real per capita GDP and banking crises

Figure 14.5 The cumulative increase in real public debt in the three years following past banking crises

Figure 14.6 Cycles of Institutional Investor Sovereign ratings and past banking crises

Figure 14.7 The duration of major financial crises:
Fourteen Great Depression episodes versus fourteen post-World War II episodes
(Duration of the fall in output per capita)

Figure 14.8 The duration of major financial crises:
Fourteen Great Depression episodes versus fourteen post-World War II episodes
(number of years for output per capita toreturn to its pre-crisis level)

Figure 14.9 The cumulative increase in real public debt three and six years
following the onset of the Great Depression in 1929: Selected countries

Table 14.1 Fiscal deficits as a percentage of GDP

Chapter 15

Chapter 16

Figure 16.1 The proportion of countries with systemic banking crises (weighted by their share of world income)
and U.S. corporate speculative-grade default rates, 1919-2008

Figure 16.2 Varieties of crises: World aggregate, 1900-2008

Figure 16.3 Varieties of crises: Advanced economies aggregate, 1900-2008

Figure 16.4 Varieties of crises: Africa, 1900-2008

Figure 16.5 Varieties of crises: Asia, 1800-2008

Figure 16.6 Varieties of crises: Latin America, 1800-2008

Figure 16.7 Global stock markets during global crises: The composite real stock price index

Figure 16.8 Real per capita GDP during global financial crises: Multicountry aggregates (PPP weighted)

Figure 16.9 The contracting spiral of world trade month by month, January 1929-June 1933

Figure 16.10 World export growth, 1928-2009

Figure 16.11 The collapse of exports, 1929-1932
Figure 16.12 The sequencing of crises: A prototype
Table 16.1 Indexes of total building activity in selected countries
Table 16.2 Unemployment rates for selected countries, 1929-1932

Chapter 17

Figure 17.1 Change in Institutional Investor Credit Ratings of sixty-six countries, 1979-2008
Table 17.1 Early warning indicators of banking and currency crises:A summary
Table 17.2 Institutional Investor ratings of sixty-six countries: Upgrade or demotion, 1979-2008