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2010 | nr 143 | 33--43
Tytuł artykułu

Wnioski z kryzysu w kontekście hipotezy niestabilności finansowej

Warianty tytułu
Lessons from the Crisis under the Financal Instability Hypothesis Framwork
Języki publikacji
PL
Abstrakty
W opracowaniu, opierając się na hipotezie niestabilności finansowej Minsky´ego, scharakteryzowano krótki cykl kredytowania w gospodarce i towarzyszące mu formy finansowania. Następnie przedstawiono mechanizm powstawania kryzysów finansowych oraz konsekwencje tych kryzysów dla realnej sfery gospodarki. W zakończeniu pracy przedstawiono rekomendacje wynikające z teorii H. Minsky´ego, których wprowadzenie może chronić przed "wygenerowaniem" przez sektor finansowy kolejnego kryzysu. (fragment tekstu)
EN
The article presents the financial instability hypothesis developed by Hyman Minsky (1992a, 1992b) in the light of contemporary nnancial crises. The evolution of an economy towards financial instability is tracked by analyzing the cases of the Long-Term Capital Management and of the subprime loan market. Basing on the relationship between debt and investment, which was postulated by Minsky, the article presents the consequences of financial crises for the real economy. Flawed compensation schemes in the financial sector arę claimed to be responsible for financial instability. In line with Minsky's theory there are proposed specific recommendations aiming at improving the financial system stability. These recommendations refer in particular to the risk management (both credit and market as well as liquidity risk), the structure of the financial system and to compensation schemes. The conclusions drawn from Minsky's theory belie thus a popular thesis that the financial turmoil in 2007-2009 revealed the weakness of economic science. (original abstract)
Rocznik
Numer
Strony
33--43
Opis fizyczny
Twórcy
  • Szkoła Główna Handlowa w Warszawie
  • Noble Bank
Bibliografia
  • Ashcraft A.B., Schuermann T. (2008), Understanding the Securitization of Subprime Mortgage Credit, Federal Reserve Bank of New York, Staff Report No. 318.
  • Fernandez L., Kaboub F., Todorova Z. (2008), On Democratizing Financial Turmoil: A Minskian Analysis of the Subprime Crisis, The Levy Economics Institute of Bard College, Working Paper No. 548.
  • Frame S.W., Wall L.D. (2002), Financing Housing through Government-Sponsored Enterprises, "Federal Reserve Bank of Atlanta Economic Review, No. 1.
  • Jaffee D.M. (2008), The U.S. Subprime Mortgage Crisis: Issues Raised and Lessons Learned, Commission on Growth andDevelopment, The International Bank for Reconstruction and Development, Working Paper No. 28.
  • Global Financial Stability Report (2009a), International Monetary Fund, World Economic and Financial Surveys, kwiecień.
  • Global Financial Stability Report (2009b), International Monetary Fund, World Economic and Financial Surveys, październik.
  • Kregel J. (2008), Minsky's Cushions of Safety, The Levy Economics Institute of Bard College, Public Policy Brief, No. 93.
  • Lowestein R. (2002), When Genius Failed, Fourth Estate, Londyn.
  • McCulley P. (2009), The Shadow Banking System and Hyman Minsky s Economic Journey, PIMCO, Global Central Bank Focus.
  • Mehrling P. (1999), The Yision of Hyman P. Minsky, Journal of Economic Behavior & Organization, No. 39.
  • Mehrling P. (2000), Minsky and Modern Finance, The Journal of Portfolio Management, No. 1.
  • Minsky H.P. (1992a), The Financial Instability Hypothesis, The Jerome Levy Economics Institute of Bard College, Working Paper No. 74.
  • Minsky H. P. (1992b), The Capital Development of the Economy and The Structure of Financial Institutions, The Jerome Levy Economics Institute of Bard College, Working Paper No. 72.
  • Palie T.I. (2009), A Theory of Minsky Super-Cycles and Financial Crises, Institut fuer Makrooekonomie und Konjunkturforschung, Duesseldorf, Working Paper 5/2009.
  • Pollin R. (1997), The Relevance of Hyman Minsky, Political Economy Research Institute, University of Massachusetts, Working Paper 183.
  • Rosengren E.S. (2009), Addressing the Credit Crisis and Restructuring the Financial Regulatory System: Lessons from Japan, Institute of International Bankers, Annual Washington Conference.
  • Rudebusch G.D. (2005), Monetary Policy and Asset Price Bubbles, Federal Reserve Bank of San Francisco Economic Letter, No. 18.
  • Taylor J.B. (2009), The Financial Crisis and the Policy Responses: Ań Empirical Analysis of What Went Wrong, NBER Working Paper No. 14631.
  • Special Report on Congressional Reform (2009), Congressional Oversught Panel, USA.
  • Yellen J.L. (2009), A Minsky Meltdown: Lessons for Central Bankers, 18th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies - "Meeting the Challenges ofthe Financial Crisis", Levy Economics Institute of Bard College.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171199603

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