#  This Time Is Different—Data 

 



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This page contains links to data for all figures and tables in *This Time Is Different: Eight Centuries of Financial Folly,* Princeton University Press, 2009. This data is also located on [Carmen Reinhart's website.](https://www.carmenreinhart.com/this-time-is-different)

The reader will note that the data set is quite massive and can be used to study a huge range of issues. It includes the first long-dated cross-country historical data on domestic debt. (Since our book was published, other researchers, notably at the International Monetary Fund, have followed our detailed source notes to extend these series, an effort we welcome.) We also provide data for banking crises, sovereign defaults to foreign creditors, sovereign defaults on domestic debt, inflation crises and exchange rate crises, etc. It should be noted that although the appendix to our book on banking crisis dates does not separate out systemic and non-systemic banking crises, the spreadsheets posted here and used in the second half of the book definitely draw this distinction, as should be apparent from the text. This implies that for systemic banking crises, the reader should refer to the dates in these spreadsheets. The data set also includes the first long-dated cross-country data set for housing prices.

**Preface**

[*Figure P.1*](/file_url/659) *Sovereign external debt, 1800-2008: Percentage of countries in external default or restructuring weighted by their share of world income*

**Chapter 1**

[*Table 1.1*](/file_url/658) *Defining crises: A Summary of quantitative thresholds*

[*Table 1.2*](/file_url/544) *Defining crises by events: A summary*

**Chapter 2**

[*Figure 2.1* ](/file_url/545)*Ratios of external debt to GDP: Defaulters and nondefaulters, 1970-2001*

[*Figure 2.2*](/file_url/546) *Definition of debtors' clubs and external debt intolerance regions*

[*Table 2.1*](/file_url/547) *External debt at the time of default: Middle-income countries, 1970-2008*

[*Table 2.2*](/file_url/548) *External debt at the time of default: Frequency distribution, 1970-2008*

[*Table 2.3*](/file_url/549) *Risk and debt: Panel pairwise correlations, 1979-2001*

**Chapter 3**

[*Table 3.1*](/file_url/657) *Countries' share of world GDP, 1913 and 1990*

**Chapter 4 (Theoretical)**

**Chapter 5**

[*Figure 5.1*](/file_url/650) *Sovereign external debt, unweighted, 1800-2008*

[*Figure 5.2*](/file_url/651) *Sovereign external debt, weighted by share of world income, 1800-2008*

[*Figure 5.3*](/file_url/652) *Countries with banking and external debt crises, weighted by their share of world income, 1900-2008*

[*Figure 5.4*](/file_url/653) *Inflation crises and external default, 1900-2008*

[*Figure 5.5*](/file_url/654) *Commodity prices and new external defaults, 1800-2008*

[*Figure 5.6*](/file_url/655) *Net capital flows from financial centers and external defaults, 1818-1968*

[*Figure 5.7*](/file_url/656) *Duration of external default episodes, 1800-2008*

**Chapter 6**

[*Figure 6.1*](/file_url/643) *Spain: Defaults and loans to the Crown, 1601-1679*

[*Table 6.1*](/file_url/644) *The early external defaults: Europe, 1300-1799*

[*Table 6.2*](/file_url/645) *External default and rescheduling: Africa, Europe, and Latin America, nineteenth century*

[*Table 6.3*](/file_url/646) *Default and rescheduling: Africa and Asia, twentieth century to 2008*

[*Table 6.4*](/file_url/647) *Default and rescheduling: Europe and Latin America, twentieth century to 2008*

[*Table 6.5*](/file_url/648) *The cumulative tally of default and rescheduling: Africa and Asia, year of independence to 2008*

**Chapter 7**

[*Figure 7.1*](/file_url/634) *Domestic public debt as a share of total debt: All countries, 1900-2007*

[*Figure 7.2*](/file_url/635) *Domestic public debt as a share of total debt: Advanced economies, 1900-2007*

[*Figure 7.3*](/file_url/636) *Domestic public debt as a share of total debt: Emerging market economies, 1900-2007*

[*Figure 7.4*](/file_url/637) *Share of domestic debt that is long term: All countries and Latin America, 1914-1959*

[*Figure 7.5*](/file_url/638) *Sovereign domestic debt, percent of countries in default or restructuring, 1900-2008*

[*Table 7.1*](/file_url/639) *Interest rates on domestic and external debt, 1928-1946*

[*Table 7.2*](/file_url/640) *Episodes of domestic debt default or restructuring , 1750-1921*

[*Table 7.3*](/file_url/641) *Selected episodes of domestic debt default or restructuring, late 1920s-1950s*

[*Table 7.4*](/file_url/642) *Selected episodes of domestic debt default or restructuring, 1970-2008*

**Chapter 8**

[*Figure 8.1*](/file_url/627) *Ratios of public debt to revenue during external default: Eighty-nine episodes, 1827-2003*

[*Figure 8.2*](/file_url/628) *Ratios of public debt to revenue during external default: Frequency of occurrence, 1827-2003*

[*Figure 8.3*](/file_url/629) *Ratios of public debt to revenue during external default: Cumulative frequency of occurrence, 1827-2003*

[*Figure 8.4*](/file_url/630) *the run-up in domestic and external debt on the eve of external default: Eighty-nine episodes, 1827-2003*

[*Figure 8.5*](/file_url/631) *Domestic public debt outstanding: China, 1895-1949*

[*Table 8.1*](/file_url/632) *Debt ratios at the time of default: Selected episodes*

[*Table 8.2*](/file_url/633) *Inflation and domestic debt: Selected episodes, 1917-1994*

**Chapter 9**

[*Figure 9.1*](/file_url/619) *Real GDP before, during, and after domestic and external debt crises, 1800-2008*

[*Figure 9.2*](/file_url/620) *Domestic and external debt crises and GDP, 1800-2008*

[*Figure 9.3*](/file_url/621) *Consumer prices before, during, and after domestic and external debt crises, 1800-2008*

[*Figure 9.4*](/file_url/622) *Domestic and external debt crises and inflation, 1800-2008*

[*Figure 9.5*](/file_url/623) *Who is expropriated, residents or foreigners? The probability of domestic and external default, 1800-2008*

[*Figure 9.6*](/file_url/624) *The composite probability of domestic default as a share of the total probability of default, 1800-2008*

[*Table 9.1*](/file_url/625) *Output and inflation around and during debt crises*

[*Table 9.2* ](/file_url/626)*Who gets expropriated, residents or foreigners? Preliminary tests for the equality of two proportions (Binomial distribution), 1800-2006*

**Chapter 10**

[*Figure 10.1*](/file_url/600) *Capital mobility and the incidence of banking crises: All countries, 1800-2008*

[*Figure 10.2*](/file_url/601) *Equity prices and banking crises: Forty episodes in emerging markets, 1920-2007*

[*Figure 10.3* ](/file_url/602)*The number of banks in the Unites States, 1900-1945*

[*Figure 10.4*](/file_url/603) *Real GDP growth per capita (PPP basis) and banking crises: Advanced economies*

[*Figure 10.5*](/file_url/604) *Real GDP growth per capita (PPP basis) and banking crises: Emerging market economies (112 episodes)*

[*Figure 10.6*](/file_url/605) *Real central government revenue growth and banking crises: All countries, 1800-1944*

[*Figure 10.7*](/file_url/606) *Real central government revenue growth and banking crises: All countries, 1945-2007*

[*Figure 10.8*](/file_url/607) *Real central government revenue growth and banking crises: Advanced economies, 1815-2007*

[*Figure 10.9*](/file_url/608) *Real central government revenue growth and banking crises: Emerging market economies, 1873-2007*

[*Figure 10.10*](/file_url/609) *The evolution of debt following major postwar crises: Advanced and emerging markets*

[*Table 10.1* ](/file_url/610)*Debt and banking crises: Africa and Asia, year of independence to 2008*

[*Table 10.2* ](/file_url/611)*Debt and banking crises: Europe, Latin America, North America, and Oceania, year of independence to 2008*

[*Table 10.3*](/file_url/612) *Frequency of banking crises: Africa and Asia, through 2008*

[*Table 10.4*](/file_url/613) *Frequency of banking crises: Europe, Latin America, North America, and Oceania, through 2008*

[*Table 10.5* ](/file_url/614)*Summary of the incidence and frequency of banking crises, 1800 (or year of independence) to 2008*

[*Table 10.6* ](/file_url/615)*Summary of the incidence and frequency of banking crises, 1945 (or year of independence) to 2008*

[*Table 10.7*](/file_url/616) *The effect of a capital flow bonanza on the probability of a banking crisis in a sixty-six country sample, 1960-2007*

[*Table 10.8* ](/file_url/617)*Cycles of real housing prices and banking crises*

[*Table 10.9*](/file_url/618) *Creative accounting? Bailout costs of banking crises*

**Chapter 11**

[*Figure 11.1* ](/file_url/596)*Changes in the silver content of the currency: Austria and Russia during the Napoleonic Wars, 1799-1815*

[*Figure 11.2* ](/file_url/597)*The march toward fiat money, Europe, 1400-1850: The average silver content of ten currencies*

[*Table 11.1*](/file_url/598) *Expropriation through currency debasement: Europe, 1258-1799*

[*Table 11.2*](/file_url/599) *Expropriation through currency debasement: Europe, nineteenth century*

**Chapter 12**

[*Figure 12.1*](/file_url/587) *The median inflation rate: Five-year moving average for all countries, 1500-2000*

[*Figure 12.2*](/file_url/588) *The incidence of annual inflation above 20 percent: Africa, Asia, Europe, and Latin America, 1800-2000*

[*Figure 12.3*](/file_url/589) *Currency crashes: The share of countries with annual depreciation rates greater than 15 percent,1800-2000*

[*Figure 12.4*](/file_url/590) *Median annual depreciation: Five-year moving average for all countries, 1800-2000*

*Figure 12.5 The persistence of dollarization* [*top pane*](/file_url/592)*l* [*bottom panel*](/file_url/591)

[*Figure 12.6*](https://www.carmenreinhart.com/user_uploads/data/117_data.xls) *The de-dollarization of bank deposits: Israel, Poland, Mexico, and Pakistan, 1980-2002*

[*Table 12.1*](/file_url/593) *"Default" through inflation: Asia, Europe, and the "New World," 1500-1799*

[*Table 12.2* ](/file_url/594)*"Default" through inflation: Africa and Asia, 1800-2008*

[*Table 12.3* ](/file_url/595)*"Default" through inflation: Europe, Latin America, North America, and Oceania, 1800-2008*

**Chapter 13**

[*Figure 13.1*](/file_url/579) *The proportion of countries with banking crises, 1900-2008, weighted by their share of world income*

[*Figure 13.2*](/file_url/580) *Real housing prices: United States, 1891-2008*

[*Figure 13.3*](/file_url/581) *Real housing prices and postwar banking crises: Advanced economies*

[*Figure 13.4*](/file_url/582) *Real equity prices and postwar banking crises: Advanced economies*

[*F*](/file_url/583)[*igure 13.5*](http://www.carmenreinhart.com/user_uploads/data/109_data.xls) *Ratio of current account balance to GDP on the eve of postwar banking crises: Advanced economies*

[*Figure 13.6*](/file_url/584) *Growth in real per capita GDP (PPP basis) and postwar banking crises: Advanced economies*

[*Figure 13.7*](/file_url/585) *Real central government debt and postwar banking crises: Advanced economies*

[*Table 13.1*](/file_url/586) *Post-World War II bank-centered financial crises in advanced economies*

**Chapter 14**

[*Figure 14.1*](/file_url/569) *Cycles of past and ongoing real house prices and banking crises*

[*Figure 14.2*](/file_url/570) *Cycles of past and ongoing real equity prices and banking crises*

[*Figure 14.3*](/file_url/571) *Cycles of past unemployment and banking crises*

[*Figure 14.4*](/file_url/572) *Cycles of past real per capita GDP and banking crises*

[*Figure 14.5*](/file_url/573) *The cumulative increase in real public debt in the three years following past banking crises*

[*Figure 14.6*](/file_url/574) *Cycles of Institutional Investor Sovereign ratings and past banking crises*

[*Figure 14.7*](/file_url/575) *The duration of major financial crises: Fourteen Great Depression episodes versus fourteen post-World War II episodes (Duration of the fall in output per capita*[*)*](http://www.carmenreinhart.com/user_uploads/data/152_data.xls)

[*Figure 14.8*](/file_url/576) *The duration of major financial crises: Fourteen Great Depression episodes versus fourteen post-World War II episodes (number of years for output per capita to return to its pre-crisis level)*

[*Figure 14.9*](/file_url/577) *The cumulative increase in real public debt three and six years following the onset of the Great Depression in 1929: Selected countries*

[*Table 14.1*](/file_url/578) *Fiscal deficits as a percentage of GDP*

**Chapter 15**

[*Figure 15.1*](/file_url/567) *Percentage change in real housing prices, 2002-2006*

[*Table 15.1*](/file_url/568) *Global banking crises, 1890-2008: Contagion or common fundamentals?*

**Chapter 16**

[*Figure 16.1*](/file_url/553) *The proportion of countries with systemic banking crises (weighted by their share of world income) and U.S. corporate speculative-grade default rates, 1919-2008*

[*Figure 16.2*](/file_url/554) *Varieties of crises: World aggregate, 1900-2008*

[*Figure 16.3*](/file_url/555) *Varieties of crises: Advanced economies aggregate, 1900-2008*

[*Figure 16.4*](/file_url/556) *Varieties of crises: Africa, 1900-2008*

[*Figure 16.5*](/file_url/557) *Varieties of crises: Asia, 1800-2008*

[*Figure 16.6*](/file_url/558) *Varieties of crises: Latin America, 1800-2008*

[*Figure 16.7*](/file_url/559) *Global stock markets during global crises: The composite real stock price index*

[*Figure 16.8*](/file_url/560) *Real per capita GDP during global financial crises: Multicountry aggregates (PPP weighted)*

[*Figure 16.9*](/file_url/561) *The contracting spiral of world trade month by month, January 1929-June 1933*

[*Figure 16.10*](/file_url/562) *World export growth, 1928-2009*

[*Figure 16.11*](/file_url/563) *The collapse of exports, 1929-1932*[ ](/file_url/564)  
[*Figure 16.12*](/file_url/564) *The sequencing of crises: A prototype*

[*Table 16.1*](/file_url/565) *Indexes of total building activity in selected countries*

[*Table 16.2* ](/file_url/566)*Unemployment rates for selected countries, 1929-1932*

**Chapter 17**

[*Figure 17.1*](/file_url/550) *Change in Institutional Investor Credit Ratings of Sixty-Six Countries, 1979-2008*

[*Table 17.1*](/file_url/551) *Early warning indicators of banking and currency crises: A summary*

[*Table 17.2*](/file_url/552) *Institutional Investor ratings of sixty-six countries: Upgrade or demotion, 1979-2008*