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Hyman
P. Minsky's financial fragility hypothesis
appears highly relevant in understanding
the current crisis in the financial systems
of developed countries. His most important
contribution to our understanding of the
logic of repeated financial crises under
capitalism is that of endogenous instability,
expressed in terms of a declining 'margin'
or 'cushion' of safety in financial transactions
and
an increase in financial leverage that
he called 'layering.' However, the paper
also argues that the current crisis differs
in important respects from the traditional
analysis of a Minsky crisis. These differences
have had a significant impact on the way
the crisis has evolved.
June 18, 2008. |
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