The Hyman P Minsky Hypothesis An Analysis And The Effect On The Subprime Crisis 2007
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The Hyman P Minsky Hypothesis An Analysis And The Effect On The Subprime Crisis 2007
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Author : Thomas Hillen
language : en
Publisher: GRIN Verlag
Release Date : 2014-06-24
The Hyman P Minsky Hypothesis An Analysis And The Effect On The Subprime Crisis 2007 written by Thomas Hillen and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-24 with Business & Economics categories.
Seminar paper from the year 2012 in the subject Business economics - Operations Research, grade: 1,3, University of Applied Sciences Bielefeld, course: Multinational Business Finance, language: English, abstract: Financial crisis, a phenomena or a part of an economic and financial cycle which occurs when “...bankers, traders, and other financiers periodically played the role of arsonists, setting the entire economy ablaze.” (Cassidy, 2008) In the following we will take a closer look on the “Financial Instability Hypothesis” (FIH), it will be examined in what extent Hyman Philip Minsky (H.P.M.) predicted the financial crises in his theories and whether it can be proved or not by setting his theoretical aspects in comparison to the late occurrences of the Sub-prime crises. After giving the most important facts about H.P.M., his Financial Instability Hypothesis will be summarized and illuminated with its main aspects. Subsequently this hypothesis will be analyzed concerning essential theories that had much impact on his instability thesis, for instance “The General Theory” (TGT) of the economist John Maynard Keynes. Additionally the formation of financial crises will be illustrated with regard to Minsky’s assumption of three different types of asset holders. The Hedge-, the Speculative- and the Ponzi-debtor will be defined and explained concerning how they influence the business-cycle and could lead to a destabilized financial market. With hindsight the Sub-prime crises of 2007, which can also be defined as a financial crisis, main aspects of the development on the financial market and within the economy will be indicated to illustrate the so called “Minsky Moment”. In the end the conclusion implies not only Hyman Minsky’s advice and solution to avoid another financial crisis in the future but also our opinion upon Minsky’s Instability Hypothesis and its significance with regard to the overall question of: How far does Hyman P. Minsky’s Instability Hypothesis elucidate a financial crisis.
The Hyman P Minsky Hypothesis
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Author : Marlene Klussmann
language : en
Publisher:
Release Date : 2012
The Hyman P Minsky Hypothesis written by Marlene Klussmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The Financial Crisis A Crititcal Analysis Of Its Causes And Consequences
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Author : Tim Borneck
language : en
Publisher: GRIN Verlag
Release Date : 2016-04-15
The Financial Crisis A Crititcal Analysis Of Its Causes And Consequences written by Tim Borneck and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-15 with Business & Economics categories.
Seminar paper from the year 2015 in the subject Economics - Finance, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: In 2007 the biggest financial crisis after the ‘Great Depression’ of 1939 took place. One theoretical framework explaining financial crises of that kind was envisioned by Hyman P. Minsky (1919-1996) in the latter half of the 20th century and was not considered in this context for a long time. The most prominent part of the theoretical framework, the financial instability hypothesis (FIH), emphasises that “modern capitalist system is prone to bouts of relative instability and financial collapse. When the storm in 2007 broke it was discovered again and the world began to talk about a ‘Minsky moment’. Prominent economics called the theory a required reading and championed it as visionary. Therefore it is no surprise that the book about his FIH was traded at prices over 2000 US$ right after the financial crisis. Until the year 2007 the economic world followed another school of thought. The so-called neoclassic described a world in which financial crises would only occur if ex-ogenous shocks would disturb the self-regulating power of the markets. In detail this is called the efficient market hypothesis (EMH). In addition means this that financial crises caused by systemically reason are not part of the theoretical model. On the contrary, Minsky described a cyclical model which tries to implement loan rela-tionships, financial institutions, financial innovations and uncertainty in the analysis of the modern capitalism. An emphasis lays on the financing structure of different eco-nomic players and the role of financial institutions regarding their influence on the real economy. Minsky’s theory is based on the whole economic cycle and really tries to explain how financial crises are actually caused. Additionally other authors see the thoughts of Minsky as an acknowledged theory regarding financial crises in the past. Although all these factors make the theory interesting for the recent crisis and different economics had called the financial crisis a Minsky moment a huge discussion if the theory is really applicable came up. Further if the theory is really applicable the next question would be which consequences have been drawn in order to prevent another crisis.
The Financial Instability Hypothesis
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Author : Hyman P. Minsky
language : en
Publisher:
Release Date : 1999
The Financial Instability Hypothesis written by Hyman P. Minsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
The Financial Instability Hypothesis (FIH) has both empirical and theoretical aspects that challenge the classic precepts of Smith and Walras, who implied that the economy can be best understood by assuming that it is constantly an equilibrium-seeking and sustaining system. The theoretical argument of the FIH emerges from the characterization of the economy as a capitalist economy with extensive capital assets and a sophisticated financial system.In spite of the complexity of financial relations, the key determinant of system behavior remains the level of profits: the FIH incorporates a view in which aggregate demand determines profits. Hence, aggregate profits equal aggregate investment plus the government deficit. The FIH, therefore, considers the impact of debt on system behavior and also includes the manner in which debt is validated.Minsky identifies hedge, speculative, and Ponzi finance as distinct income-debt relations for economic units. He asserts that if hedge financing dominates, then the economy may well be an equilibrium-seeking and containing system: conversely, the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a quot;deviation-amplifyingquot; system. Thus, the FIH suggests that over periods of prolonged prosperity, capitalist economies tend to move from a financial structure dominated by hedge finance (stable) to a structure that increasingly emphasizes speculative and Ponzi finance (unstable). The FIH is a model of a capitalist economy that does not rely on exogenous shocks to generate business cycles of varying severity: business cycles of history are compounded out of (i) the internal dynamics of capitalist economies, and (ii) the system of interventions and regulations that are designed to keep the economy operating within reasonable bounds.
Minsky S Moment
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Author : Piero Ferri
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Minsky S Moment written by Piero Ferri and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with BUSINESS & ECONOMICS categories.
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.
Why Minsky Matters
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Author : L. Randall Wray
language : en
Publisher: Princeton University Press
Release Date : 2017-10-17
Why Minsky Matters written by L. Randall Wray and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-17 with Business & Economics categories.
Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it. As Wray explains, Minsky’s most important idea is that "stability is destabilizing": to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky’s insight. Wray also introduces Minsky’s significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability. A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe—and what we can do about it.
Stabilizing An Unstable Economy
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Author : Hyman Minsky
language : en
Publisher: McGraw Hill Professional
Release Date : 2008-05-01
Stabilizing An Unstable Economy written by Hyman Minsky and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-01 with Business & Economics categories.
“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
The Elgar Companion To Hyman Minsky
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Author : Dimitri B. Papadimitriou
language : en
Publisher: Edward Elgar Pub
Release Date : 2010
The Elgar Companion To Hyman Minsky written by Dimitri B. Papadimitriou and has been published by Edward Elgar Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
This book provides a timely and engaging treatment of Hyman Minsky's approach to economics, which is enjoying a renewed appreciation because of its prescient analysis of the slow but sure transformation of the capitalist economy in the post-war period.
Money And Finance After The Crisis
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Author : Brett Christophers
language : en
Publisher: John Wiley & Sons
Release Date : 2017-09-05
Money And Finance After The Crisis written by Brett Christophers and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-05 with Science categories.
Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies
The End Of Finance
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Author : Jan Toporowski
language : en
Publisher: Routledge
Release Date : 2002-03-11
The End Of Finance written by Jan Toporowski and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03-11 with Business & Economics categories.
This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.