Minsky, H. P. (1969) Private Sector Asset Management and the Effectiveness of Monetary Policy: Theory and Practice. Journal of Finance, 24, 223–38.
Minsky, H. P. (1972) Financial Instability Revisited: The Economics of Disaster. In: Reappraisal of the Federal Reserve Discount Mechanism. Washington, DC: Board of Governors of the Federal Reserve System.
Minsky, H. P. (1977a) A Theory of Systematic Fragility. In: Altman, E. I. and Sametz, A. W. (eds), Financial Crises, New York: Wiley-Interscience.
Minsky, H. P. (1977b) The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to ‘Standard’ Theory. Nebraska Journal of Economics and Business, 16, 5–16.
「負債が資本主義経済の本質的な性質だ」14頁
「受け継がれた負債は、経済の過去を投影する」15頁
1975年版
1977年別版
Minsky, H. P. (1978) The Financial Instability Hypothesis: A Restatement. Thames Papers in Political Economy, Autumn.
「安定は…不安定」キーン15頁
Minsky, H. P. (1982) Can ‘It’ Happen Again? Essays on Instability and Finance, Armonk, NY: M.E. Sharpe. Minsky, H. P. (1986) Stabilizing an Unstable Economy, New Haven: Yale University Press.
「新古典派総合を放棄しなければならない」12頁
不安定性はわれわれの経済に観察される特性の一つである。理論が不安定性をコントロールするための政策的指針として有用でありうるのは,その理論が不安定性を生み出す原因を明らかにしうるかぎりである。新古典派総合の抽象的モデルでは不安定性は起こりえない。新古典派総合のモデルが構築される場合,資本資産,銀行および貨幣創造をめぐる金融上の取り決め,負債がもたらす諸制約,そして不確実な将来に関する知識などの問題は仮定によりすべて捨象されてしまう。経済学者および政策実行者が自分の責務をもっと首尾よくなしうるためには,新古典派総合への依存を断ち切らなければならない。われわれは時間とともに先へ先へと発展する経済の諸過程をこそ検討しなければならない。このことは投資,資本資産の所有,そしてこれら諸活動に伴う金融活動が理論化の中心的関心事でなければならないことを意味する。このことが実行されるや,不安定性は経済過程のごく普通の帰結の一つにほかならないことが明らかとなる。不安定性が理論的可能性の一つとして理解されるならば,われわれはそのとき初めてその不安定性を抑止するための適切な介入の仕方を考案しうる立場に立つことができるのである。
邦訳『投資と金融』Can it happen again? 2-3頁
cycles. Minsky argued therefore that both the cyclical tendencies of the economy and private debt had to play a central role in macroeconomic theory:
The natural starting place for analyzing the relation between debt and income is to take an economy with a cyclical past that is now doing well. The inherited debt reflects the history of the economy, which includes a period in the not too distant past in which the economy did not do well. Acceptable liability structures are based upon some margin of safety so that expected cash flows, even in periods when the economy is not doing well, will cover contractual debt payments. As the period over which the economy does well lengthens, two things become evident in board rooms. Existing debts are easily validated and units that were heavily in debt prospered; it paid to lever. (Minsky, 1977b, p. 10)
A period of tranquil growth thus leads to rising expectations, and a tendency to increase leverage: as Minsky put it in his most famous sentence, ‘Stability –or tranquility –in a world with a cyclical past and capitalist financial institutions is destabilizing’ (1978, p. 10).
digitalcommons.bard.edu/hm_archive/38/
Hyman P. Minsky Archive. Title. The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative ... and in the Winter, 1977 issue of the Nebraska Journal of Economics and Business.
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Levy Economics Institute of Bard College. 12-29- ... Minsky, Hyman P. Ph.D., "The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to "Standard Theory"".
www.tandfonline.com/doi/.../05775132.1977.1147029...
The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to“Standard” Theory. Hyman P. Minsky ... Journal of Post Keynesian Economics. Volume 17, 1995 ...
joseluisoreiro.com.br/.../01d2bd3c03a5be6b7d5c858af8e7670...
HYMAN P. MINSKY. The Financial ... an Alternative to "Standard" Theory. This hypothesis... of Nebraska Journal of Economics and Business, ..... See H. P. Minsky, John Maynard Keynes, New York,.
econpapers.repec.org/RePEc:lev:wrkpap:wp_74
By Hyman Minsky; Abstract: The Financial Instability Hypothesis (FIH) has both empirical and theoretical aspects that ...
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