A constant recontracting model of sovereign debt, university of chicago george g. Rogoff this amazingly comprehensive book provides a lucid explanation of modern macroeconomic theory and applies the theory to a wide range of international issues. Prior to his time at harvard, kenneth rogoff taught at the. Jul 14, 20 jeremy is the debut book for author chris faille. They started their book around 2003, years before the economy began to. A constant recontracting model of sovereign debt kenneth. Multilateral negotiations for rescheduling developing country debt.
International monetary fund staff papers, 35, 644657. Rogoff curriculum vitae economics department, littauer center, harvard university, cambridge ma 0283001 6174954022, fax. Kenneth rogoff economic counsellor and director, research department from august 2001september 2003 biographical information october 28, 2005 mr. Lyrarc gist of a grecian formula for courting disaster. Rogoff served as economic counsellor and director, research department of the international monetary fund from august 2001 1 to september 2003.
View jeremy rogoffs profile on linkedin, the worlds largest professional community. Cabot professor of public policy and professor of economics at harvard university. They did their homework 800 years of it kenneth rogoff and carmen reinhart at ms. Emerging markets should go for the gold by kenneth rogoff. However, formatting rules can vary widely between applications and fields of interest or study. Stigler center for study of economy and state 43, chicago center for study of economy and state. His articles are brought to readers in cooperation with project syndicate.
Economists who did their homework 800 years of it the new. The combined loans of the world bank group and brethren regional entities. Eight centuries of financial folly 2009, investigates the history of financial crises over the last eight centuries and was awarded the paul a. He will rejoin the harvard faculty in the fall of 2003. Jeremy bulow and kenneth rogoff 1989a, 1989b challenged this view, arguing that, under very general conditions, reputation alone is not sufficient, so that some form of sanction might be necessary to induce repayment. Project muse first world governments and third world debt. Why not default the political economy of sovereign debt by. This resulted in him presenting together with jeremy bulow, 1988, 1989 the first formal model of the moral hazard which faced international creditors.
A guide for economists and practitioners, edited by s. Cleaning up thirdworld debt without getting taken to the cleaners. They started their book around 2003, years before the economy began to crumble. In this scenario, countries interested in borrowing large amounts from abroad would need to develop institutions that made the promise to repay credible. Kenneth rogoff is a professor of economics and public policy at harvard university. From 20012003, rogoff served as chief economist at the international monetary fund. Jeremy bulow, kenneth rogoff jeremy bulow, kenneth rogoff. Partial versus general reputations, international economic. Comment on crossborder emerging market lending by peter. The book he recently published jointly with carmen m. Based on a true story, children will love following jeremys development from a defenceless little featherless bird with eyes firmly closed, to a juvenile bird ready to return to his natural habitat. Kenneth rogoff, professor of economics and public policy at harvard university and recipient of the 2011 deutsche bank prize in financial economics, was the chief economist of the international monetary fund from 2001 to 2003. An important book that will affect policy discussions for a long time to come, this time is different exposes centuries of financial missteps. Kenneth rogoff professor of economics and thomas d.
This idea later become popularized in the 1999 meltzer commission report, and even more so after the. Cabot professor of public policy at harvard university and former chief economist of the international monetary fund, is the coauthor of the new york times bestseller this time is different. See the complete profile on linkedin and discover jeremys. Jeremy and i went to mit graduate school, john went to harvard, john had more fun. Jul 04, 2010 they did their homework 800 years of it kenneth rogoff and carmen reinhart at ms. Its free and easy to use create an account to personalize your feed of articles and receive a daily email summary on your topics. He was previously a professor in the department of. Karl brunner distinguished lecture series why is the first. May 03, 2016 kenneth rogoff, professor of economics and public policy at harvard university and recipient of the 2011 deutsche bank prize in financial economics, was the chief economist of the international monetary fund from 2001 to 2003. He was previously economic counsellor and director, research department of the international monetary fund, and the charles and marie robertson professor of international affairs at princeton university. My classmates included now stanford professor jeremy bulow who had a huge influence on my decision to go into economics, and now yale professor john geanakoplos, both of whom were later to be roommates of mine in graduate school. The countrys debt trauma shows that the global system for sovereigndebt workouts remains badly in need of repair. In my 1989 journal of political economy and related 1988 imf staff papers publications with jeremy bulow.
His 2009 book with carmen reinhart, this time is different. Sachs harvard university comprehensive debt retirement. Foundations of international macroeconomics maurice. Reinhart and rogoff were wrong even without the spreadsheet. The next world bank president will confront a nearly impossible challenge. Eight centuries of financial folly and author of the curse of cash. It is not the people of greece who have benefited from bailout loans but the european and greek banks. Cleaning up thirdworld debt without getting taken to the.
Kenneth rogoff and carmen reinhart researched eight centuries of financial crises for this time is different. International trade and investment, international finance and macroeconomics international lending to a lessdeveloped country cannot be based on the debtors reputation for making repayments. Estimating the efficiency gains of debt restructuring book. It is not the people of greece who have benefited from bailout loans but the european and greek banks which recklessly lent money to the greek state. During his academic career and earlier stints with the imf and the federal reserves board of. Reinhart and rogoff 2004 suggest that the tendency of poor countries to default explains why such little capital flows to poor countries. They did their homework 800 years of it news the ledger. Rogoff present a thorough historical and statistical tour of financial hubris through the centuries, a postmortem that will make you wonder how anyone ever believed this time is. In my 1989 journal of political economy and related 1988 imf staff papers publications with jeremy bulow, we introduced the first formal model of the moral hazard faced by international lending institutions and, more broadly, their g7 sponsors. For reference and classroom use, it sets a new standard in open economy macroeconomics. Many of these subsequent empirical refutations were already foreshadowed in an influential theoretical paper by jeremy bulow and kenneth rogoff published at the end of the 1980s, in which the authors pointed out that countries actually have other ways of insuring themselves against adverse shocks on the economy. In those years, rogoff also developed a keen interest in sovereign debt.
Jeremy bulow and kenneth rogoff 1989, a constant recontracting model of sovereign debt, journal of political economy, 97 1, february, 15578 9. It was changed from an initial focus in 19 on financial stability, to fiscal financing in world war ii and its aftermath, to a strong antiinflation focus from the late 1970s, and then back to greater emphasis on financial stability since the great contraction. The bolivian example it is useful to warn, as jeremy bulow and kenneth rogoff do in another paper in this issue, that debt. Apr 23, 20 though kenneth rogoff has written some fairly obtuse opeds over the years, the book he coauthored with carmen reinhart, this time is different, was very much a worthwhile read. Eight centuries of financial folly has been very widely cited by academics, policymakers and journalists. Though kenneth rogoff has written some fairly obtuse opeds over the years, the book he coauthored with carmen reinhart, this time is different, was. Jeremy bulow and i made a proposal along these lines 25 years ago. As always when financial crises occur, questions arise about whether first world governments should change their role in the restructuring of third world debt, by restructuring the multilateral international financial institutions ifis, creating an international bankruptcy court, or adopting one of the many other.
Jeremy bulow and kenneth rogoff 1989a, 1989b maintain that debtor nations often fail to repay their debts and that sanctions, such as trade embargoes, are sometimes necessary to enforce creditors rights against sovereigns. One regularity that reinhart and rogoff illustrate is the remarkable. Official creditor seniority and burdensharing in the former soviet bloc, brookings papers on economic activity, economic studies program, the brookings institution, vol. Tavlas the sustainability and optimality of government debt by howell h. In august 2001, kenneth rogoff took a twoyear leave of absence from harvard university to become the chief economist at the imf. The federal reserves mandate has evolved considerably over the organizations hundredyear history. International institutions for reducing global financial.