Professor Carmen M. Reinhart
Department of Economics
University of Maryland
4118D Tydings Hall
College Park, Maryland
20742
Tel: (301) 405-7006
Email: creinhar@umd.edu
Profiled in:
What the Woman Lived,
Economic Principals, David
Warsh, November 1, 2009
Carmen M. Reinhart is Professor
of Economics
and Director of the Center for International Economics at
the University of Maryland.
She received her Ph.D. from Columbia
University. Professor Reinhart held positions as Chief
Economist and Vice President at the investment bank Bear
Stearns in the 1980s, where she became interested in
financial crises, international contagion and commodity price
cycles. Subsequently, she spent several years at the
International Monetary Fund. She is a Research Associate at
the National Bureau of Economic
Research, a Research Fellow at the Centre
for Economic Policy Research and a member of the Council on
Foreign Relations. Reinhart has served on numerous editorial
boards, panels, and has testified before congress.
She has written and published on a variety of topics in
macroeconomics and international finance and trade including:
international capital flows, exchange rates, inflation and
commodity prices, banking and sovereign debt crises, currency
crashes, and contagion. Her papers have been published in
leading scholarly journals, including the American Economic
Review, the Journal of Political Economy, and the Quarterly
Journal of Economics.
Her work has helped to inform
the understanding of financial
crises for over a decade. In the early 1990s, she wrote
(with Guillermo Calvo) about the fickleness of capital flows to
emerging markets and the likelihood of abrupt reversals--before
the Mexican crisis of 1994-1995. Prior to the Asian crisis
(1997-1998), she documented (with Graciela Kaminsky) the
international historical links between asset price bubbles and
banking crises, and how the latter could lead to currency crashes
creating a "twin crisis." She identified (with Ken
Rogoff) the possibility of severe economic dislocations from the
sub-prime crisis in 2007. Her work is frequently featured in
the financial press around the world, including The Economist,
The Financial Times, The Washington Post, The New
York Times, and The Wall Street Journal. She has
appeared in CNN, CSPAN, BBC, and NPR, among others.
Her latest book
(with Kenneth
S. Rogoff) entitled This
Time is Different: Eight Centuries of Financial Folly
(Princeton Press) documents the striking similarities of the
recurring booms and busts that have characterized financial
history.
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New, October 28, 2009
Book Reviews and endorsements
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The four most dangerous words in finance are
'this time is different.' Thanks to this masterpiece by
Carmen Reinhart at the University of Maryland and Kenneth
Rogoff of Harvard, no one can doubt this again. . . . The
authors have put an immense amount of work into collecting
the data financial institutions needed if they were to have
any chance of making quantitative risk management work.
(Martin
Wolf
Financial Times, September 28, 2009)
"This
is quite simply the best empirical investigation of financial
crises ever published. Covering hundreds of years and bringing
together a dizzying array of data, Reinhart and Rogoff have made a
truly heroic contribution to financial history. This single
marvelous volume is worth a thousand mathematical models." Niall
Ferguson, author of The Ascent of
Money: A Financial History of the World
"This Time is Different is terrific,
for it gives just the perspective we need on the current world
economic crisis. People can't expect to understand the current
crisis without some in-depth look at past crises. That is exactly
what this excellent and timely book provides." Robert J.
Shiller, author of Irrational Exuberance and coauthor of Animal
Spirits
The research that went into this book has established
Reinhart and Rogoff as leading authorities on crises,
routinely cited by policymakers, academics and journalists
(including me). Everyone working on economic policy should
own "This Time is Different" and open it for a bracing blast
of sobriety when things seem to be going well. (Greg
Ip, Washington Post, October 25, 2009)
This Time Is Different is a splendid book.
One has to go back a long time to find another
book that
develops new data and that illuminates old problems in new
ways. Burns and Mitchell's work at the
National Bureau comes to mind.
,
Allan H. Meltzer, author of the two-volume History of the
Federal Reserve,
AEI Book Forum,
October 29, 2009
The list reminds one of Cole Porter. Moroccans do it and
Greeks do it, Thais do it and Koreans do it. Some Argentines
without means do it. Even Finns, Brits, Yanks and Swedes do
it.--No, I'm not talking about falling in love.
As "This Time Is Different: Eight Centuries of Financial
Folly," a valuable new book by Carmen Reinhart and Kenneth
Rogoff, makes clear, what these and dozens of other nations
do is produce financial crises that devastate their own
economies. Moreover, they explain, we are somewhere in the
middle of a big such crisis right now, and it is far from
clear how it will play out before it is all over.
Idaho Statesman, Edward Lotterman, November 2, 2009
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