Last month, the Council on Foreign Relations announced finalists for its annual Arthur Ross book award for outstanding books published on international affairs.

Today, CFR has announced that This Time is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart of the Peterson Institute for International Economics, and Kenneth S. Rogoff of Harvard University has won the award.

“Based on deep historical study, Carmen Reinhart and Kenneth Rogoff have constructed the definitive analysis of what causes financial crises, why they reoccur and how they trigger ongoing financial and economic downturns. This landmark analysis, completed just before the 2008 recession, offers some remedies but also a warning: Be skeptical of those who claim that recurring crises can be avoided and therefore ‘this time is different,’” said CFR Counselor James F. Hoge Jr., in a released statement. Hoge chaired the selection committee.

The award includes a $15,000 prize.

The second prize and $7,500 have been awarded to Thomas Hegghammer for Jihad in Saudi Arabia: Violence and Pan-Islamism since 1979.

The jury also awarded an honorable mention and $2,500 to CFR Whitney Shepardson Senior Fellow Charles A. Kupchan for How Enemies Become Friends: The Sources of Stable Peace.