... process from severe financial crisis is more protracted than from a normal recession or from milder forms of financial distress. There is certainly little evidence to suggest that this time was ... No. 2, May 2008, 339-344. Reinhart, Carmen M. and Kenneth S. Rogoff, “The Aftermath of Financial Crises,” American Economic Review, Vol. 99 No. 2, May 2009, 466-472. Reinhart, Carmen M. and ... Kenneth S. Rogoff, This Time It’s Different: Eight Centuries of Financial Folly (Princeton: Princeton University Press, September 2009). 2 first systemic financial crisis the United...