RG

IN CONTEXT

FOCUS

Global economy

KEY THINKER

Paul Krugman (1953–)

BEFORE

1944 Greece experiences the largest currency crash in history.

1978 US economic historian Charles Kindleberger stresses the role of irrational behavior in crises.

AFTER

2009 US economists Carmen Reinhart and Kenneth Rogoff publish This Time is Different: Eight Centuries of Financial Folly, in which they draw similarities between crises over the centuries.

2010–12 Divergent national priorities, serious policy errors, and huge speculative pressures threaten the breakup of the euro.

A currency crisis is a large and sudden collapse in the value of one nation’s currency relative to other ...

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