This draft: December 19, 2008
The Aftermath of Financial Crises*
Carmen M. Reinhart
University of Maryland. NBER and CEPR
Kenneth S. Rogoff
Harvard University and NBER

* Paper prepared for presentation at the American Economic Association meetings in San
Francisco, Saturday, January 3, 2009 at 10:15 am. Session title: “International Aspects of
Financial Market Imperfections.”
REINHART (corresponding author): School of Public Policy and Department of
Economics, 4105 Van Munching Hall, University of Maryland, College Park, Maryland
20742; email: creinhar@umd.edu;
ROGOFF: Economics Department, 231 Littauer Center, Harvard University, Cambridge
MA 02138-3001; email: krogoff@harvard.edu.
The authors would like to thank Vincent R. Reinhart for helpful comments.