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Minsky’s Moment

An Insider’s View on the Economics of Hyman Minsky

Piero Ferri

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
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Chapter 16: Final considerations and challenges

Piero Ferri

Extract

This chapter, which concludes the book, reaffirms why Minsky matters, above all in an economic context where the processes of financialization and financial innovation seem to be inexorable. It insists on the necessity of linking Minsky’s financial instability hypothesis to the economics of Minsky. In particular, it stresses the necessity of bridging his contributions centered on the financial instability hypothesis with his earlier work on endogenous dynamics. Finally, it considers the challenges deriving from the presence of different stylized facts, the evolution of the discipline and the search for new thwarting devices.

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