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The Second Great Contraction by Kenneth S. Rogoff, Carmen M. Reinhart

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THE U.S. SUBPRIME CRISIS:AN INTERNATIONAL ANDHISTORICAL COMPARISON

This chapter begins with a broad-brush “pictorial” overview of the global incidence of banking crises through the past century, taking advantage of the expansive amount of data collected for this book. Our aim is to place the international situation of the late 2000s, the “Second Great Contraction,” in a broader historical context.1 We will then go on, in this chapter and the next, to look at how the late vintage U.S. subprime financial crisis compares with past financial crises. Broadly speaking, we will show that both in the run-up to the recent crisis and in its aftermath (as of the writing of this book), the United States has driven straight down the quantitative tracks ...

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