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News Release

Senior Fellow Carmen M. Reinhart Wins Council on Foreign Relations' Arthur Ross Book Award

September 9, 2011

WASHINGTON—The Peterson Institute for International Economics is pleased to announce that Senior Fellow Carmen M. Reinhart, along with her coauthor Kenneth S. Rogoff, have won the Council on Foreign Relations' tenth annual Arthur Ross Book Award for their trailblazing study, This Time is Different: Eight Centuries of Financial Folly. Their provocative study is widely quoted and has increasingly informed the policy discussion surrounding the current financial and economic crisis.

"We at the Institute are enormously proud of Carmen's contribution to the understanding of one of the most critical issues facing the world today and its potential to help guide us out of the crisis," said C. Fred Bergsten, director of the Peterson Institute. Reinhart has been Dennis Weatherstone Senior Fellow since joining the Peterson Institute from the University of Maryland in November 2010.

This Time is Different provides a comprehensive analysis of financial crises of the last 800 years. In each instance, contemporary observers asserted that their particular circumstances were unique, bearing little resemblance to past experiences and therefore suggesting that the old rules no longer applied. Reinhart and Rogoff, who is a professor of economics at Harvard, present evidence to the contrary and powerfully demonstrate remarkable similarities in sovereign defaults, bank failures and other financial disruptions over many centuries. They find the frequency, duration and severity of financial crises to be strikingly consistent. However, they say, a sort of amnesia occurs among policy makers that contributes to their complacency and to the recurrence of crises.

The Arthur Ross Book Award is a prestigious prize for a book on international affairs. It was endowed by Arthur Ross in 2001 to honor nonfiction works, in English or translation, that merit special attention for bringing forth new information that changes the world's understanding of events or problems and leads to new insights that help resolve foreign and economic policy problems. The winner receives $15,000. An award ceremony took place on September 8 in New York.

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About the Peterson Institute

The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, its research staff is cited by the quality media more than that of any other such institution. Support is provided by a wide range of charitable foundations, private corporations and individual donors, and from earnings on the Institute's publications and capital fund. It moved into its award-winning new building in 2001, and celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.