An Insider’s View on the Economics of Hyman Minsky
Chapter 2: The Minsky moment and the economics of Minsky
This chapter relates the so-called Minsky moment, that is, a period of financial turbulence characterized by high debt leverage, falling growth and increasing inequalities, to his financial instability hypothesis that had the Great Depression as its source of inspiration. The financial instability hypothesis has been formalized in different ways that have increased enormously during the Great Recession and its aftermath. In this chapter, its relationship with the economics of Minsky will be developed. In particular, the chapter shows how the financial instability hypothesis can be derived from so-called financial Keynesianism.
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