history Archives - IREF Europe https://en.irefeurope.org/tag/history/ Independent research and policy analysis on fiscal, monetary, and regulatory issues in Europe Mon, 23 Nov 2009 11:45:50 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.1 https://en.irefeurope.org/wp-content/uploads/sites/3/2026/04/IREF-LinkedIn-Profile-DarkBlue-scaled.png history Archives - IREF Europe https://en.irefeurope.org/tag/history/ 32 32 Eight hundred years of financial folly https://en.irefeurope.org/news/article/eight-hundred-years-of-financial-folly/?utm_source=rss&utm_medium=rss&utm_campaign=eight-hundred-years-of-financial-folly https://en.irefeurope.org/news/article/eight-hundred-years-of-financial-folly/#respond Mon, 23 Nov 2009 11:45:50 +0000 https://en.irefeurope.org/publications/other-publications/news/eight-hundred-years-of-financial-folly/ A new historical database on debt and banking crisis is showing that we might be in a trivial, rather than exceptional economic situation regarding government debt. Kenneth Rogoff and Carmen Reinhart, the authors of the database and the connected study are showing that over the longer sweep of history governments regularly resorted to defaulting or at least restructuring their “uncomfortable” government debt. After the Great Depression, over 40% of the countries did so, and after the 1980-82 recession, 30% of the countries did it.

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