Working Paper: NBER ID: w15815
Authors: Carmen M. Reinhart
Abstract: This Chartbook provides a pictorial history, on a country-by-country basis, of public debt and economic crises of various forms. It is a timeline of a country's creditworthiness and financial turmoil. The analysis, narrative, and illustrations in Reinhart and Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, were primarily organized around themes (serial default, inflation, etc.), although detailed tables in the book chronicled country-specific information on the dating, frequency, incidence, etc. of specific crises episodes by country. The Chartbook compliments the thematic analysis with individual country histories, and provides the grounds for a systematic analysis of the temporal patterns of debt cycles, banking and sovereign debt crises, hyperinflation, and, for the post World War II period, the reliance on IMF programs.
Keywords: Debt; Financial Crises; Sovereign Default; Banking Crises
JEL Codes: F3; H6; N50
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| serial default (Y20) | financial crises (G01) |
| banking crises (G01) | government debt (due to bailouts) (H63) |
| banking crises (G01) | sovereign debt crises (F34) |
| private debts (H63) | banking crises (G01) |
| banking crises (G01) | public debt crises (H63) |