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Carmen Reinhart on Financial Crises

EconTalk

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Default and the 'This Time is Different' Mentality

This chapter explores the issue of default during financial crises, focusing on the impact on domestic and external creditors and the concept of default through inflation. It also discusses the ironic meaning behind the book's title 'This Time is Different' and the psychological frame of mind that leads people to believe they are exempt from financial crises.

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