Just another blip on the map? Episodic waves of financial crises over the past 200+ years

Attached is a diagram depicting the number of countries (unweighted) that have defaulted on external debt over the past 200+ years. This is taken from a book by Carmen Reinhart and Ken Rogoff, This Time is Different: Eight Centuries of Financial Folly.

Default_countries_last_200_yea

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