Microsoft Word - This_Time_Is_Different_04_16_2008 REISSUE.doc

http://www.economics.harvard.edu/files/faculty/51_This_Time_Is_Different.pdf

one fact that jumps out from the figure are the long periods where a high percentage of all countries are in a state of default or restructuring. Indeed, there are five pronounced peaks or default cycles in the fig 

---SPSmith