Neoinstytucjonalne aspekty interpretacji światowego kryzysu finansowego

• Autorzy: Marian Turek

Warianty tytułu

A Neo-institutional Interpretation of the Global Financial Crisis

• Języki publikacji: PL

Abstrakty

Artykuł przedstawia neoinstytucjonalne (czyli uwspółcześnioną wersję instytucjonalnego) podejście do spraw kryzysu finansowego, który jest w centrum uwagi świata od 2007 r. Pierwsza część artykułu zawiera krótką historię instytucjonalnej interpretacji funkcjonowania gospodarki, ze zwróceniem uwagi na to, jak to podejście różni się od rozumienia proponowanego przez ekonomię neoklasyczną. Druga część przedstawia neoinstytucjonalne wyjaśnienie globalnego kryzysu finansowego. Trzecia zaś identyfikuje niektóre kroki w dziedzinie polityki ekonomicznej, które są wymagane do uzyskania oczekiwanej, stabilniejszej i doskonalszej polityki współczesnego państwa dobrobytu. Omawiany wariant ekonomii neoinstytucjonalnej może być nazwany postkeynesowskim instytucjonalizmem. Ten aspekt myśli instytucjonalnej, który pojawił się w USA w 1980 r., wyrasta z teorii Thorsteina B. Veblena, Wesleya C. Mitchella i Johna R. Commonsa, a także korzysta z poglądów Johna M. Keynesa, a nawet Josepha A. Schumpetera. Publikacje Hymana P. Minsky'ego miały charakter modelowy dla postkeynesowskiego instytucjonalizmu w latach 80. i 90., a jego idee nadal pozostają aktualne.(abstrakt oryginalny)

EN

The paper presents a neo-institutional economics outlook on the 2008 financial crisis. The first part of the article offers a brief account of institutionalism, with special attention to where it differs from neoclassical economics. The second part provides a neo-institutional explanation of the global financial crisis. Section three identifies some economic policy measures that could help materialize the much awaited, improved modern version of the welfare state. The strand of economics that has inspired this paper may be termed as "post-Keynesian institutionalism," which is particularly strong in the USA and originates in the ideas of Thorstein B. Veblen, Wesley C. Mitchell, and John R. Commons. In addition, some of John M. Keynes's and Joseph A. Schumpeter's contributions to economics have been drawn upon. The well-received works of Hyman P. Minsky are, on the other hand, the main source of post-Keynesian neo-institutionalist citations.(original abstract)

Słowa kluczowe

PL

Kryzys finansowy; Instytucjonalizm; Neoinstytucjonalizm; Ekonomia instytucjonalna

EN

Financial crisis; Institutionalism; New institutionalism; Institutional economics

• Czasopismo: Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu
• Rocznik: 2014
• Tom: 54 nr 3 Paradygmat finansowy w obliczu współczesnej ekonomii
• Strony: 49--74

Twórcy

autor

Marian Turek

• Wyższa Szkoła Bankowa w Gdańsku

Bibliografia

• 77th Annual Report, Bank for International Settlements Press and Communications, Basel 2007.
• About the Task Force, The White House Blog, 30.01.2009 r., http://www.whitehouse.gov/blog_post/ about_the_task_force_l/ [18.11.2013].
• Atkinson G., Oleson T. Jr., Commons and Keynes: Their assault on laissez faire, "Journal of Economic Issues" 1998, nr 32 (4).
• Baker D., Geithner's plan will tax Main Street to make Wall Street Richer, "The Huffington Post" z 30.03.2009 r., http://www.huffingtonpost.com/dean-baker/geithners-plan-will-tax-m_b_1810 21.html [18.11.2013].
• Baker D., The economic crisis: How we got here, Labor and Employment Relations Association Annual Meeting, UCLA, San Francisco, CA, 3.01.2009 r.
• Blaine C., Wall Street says "good riddance!" to 2008, MSN Money, 31.12.2008 r., http://articles. moneycentral.msn.com/Investing/Dispatch/worst-year-since-1931-123108.aspx [18.11.2013].
• Brazelton W. R., Post Keynesian economics: An institutional compatibility, "Journal of Economic Issues" 1981, nr 15 (2).
• Broda C., Parker J., The impact of the 2008 tax rebates on consumer spending: Preliminary evidence, Working paper, July 2008, http://faculty.chicagobooth.edu/christian.broda/website/research/ unrestricted/Research.htm [18.11.2013].
• Chernikoff H., U.S. mortgage delinquencies up 50 percent', Reuters UK, 2009, http://uk.reuters. com/article/economyNews/idUKTRE5374LT20090408 [18.11.2013].
• Commons J. R., Myself, Macmillan, New York 1934.
• Commons J. R., Reasonable Value, w: Research in the History of Economic Thought and Methodology, t. 26-B, red. W. J. Samuels, Emerald, Bingley 2008.
• Commons J. R., Unemployment prevention, "American Labor Legislation Review" 1922, nr 12 (1).
• Crotty J. R., Keynes on the stages of development of the capitalist economy: The institutional foundation of Keynes's methodology, "Journal of Economic Issues" 1990, nr 24 (3).
• Dillard D., A monetary theory of production: Keynes and the institutionalists, "Journal of Economic Issues" 1980, nr 14 (2).
• Dillard D., Money as an institution of capitalism, "Journal of Economic Issues" 1987, nr 21 (4).
• Dow Jones Industrial Average: Historical Prices, Yahoo Finance, 2009, http://fmance.yahoo.com [18.11.2013].
• Dugger W. M., Redefining economics: From market allocation to social provisioning, w: Political Economy for the 21st Century: Contemporary Views on the Trend of Economics, red. C. J. Whalen, M. E. Sharpe, Armonk, NY 1996.
• Dymski G., Pollin R., Minsky as hedgehog: The power of the Wall Street paradigm, w: Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P. Minsky, red. S. Fazzari, D. B. Papadimitriou, M. E. Sharpe, Armonk, NY 1992.
• El Nasser H., Open house anyone? 1 in 9 homes sit empty, USA Today, 2009, http://www.usatoday. com/money/economy/housing/2009-04-09-vacant homes_N.htm [18.11.2013].
• Employment situation summary, Economic News Release, Bureau of Labor Statistics, US Department of Labor, 2009, http://www.bls.gov/news.release/ empsit. nr 0. htm [18.11.2013].
• Fazzari S., Minsky H. P., Domestic monetary policy: If not monetarism, what?, "Journal of Economic Issues" 1984, nr 18 (1).
• Foley S., Anatomy of a credit crunch, "The (London) Independent" z 27.07.2007 r., http://www.independent. co.uk/news/business/analysis-and-features/anatomy-of-a-credit-crunch-459209.html [13.04.2009].
• Freeman J., How the money vanished, "The Wall Street Journal" z 6.03.2009 r., http://online.wsj. com/article/SB123630340388147387.html [18.11.2013].
• Galbraith J. K., The Geithner plan won't work, "The Daily Beast" z 24.03.2009 r., http://www.thedailybeast. com/blogs-and-stories/2009-03-24/the-geithner-plan-wont-work/full/ [18.11.2013].
• Holt C., A graphical look at hedge fund leverage, "Seeking Alpha" z 8.03.2009 r., http://seekingalpha. com/article/124783-a-graphical-look-at- hedge-fund-leverage [18.11.2013].
• Hovanesian M. der, Nightmare mortgages, "Business Week" z 11.09.2006 r., http://www.business week.com/magazine/content/06_37/b4000001.htm [18.11.2013].
• Huhne C., Comments on credit rating agencies and the US credit crunch, BBC World Service, "World Business Review" z 1.09.2007 r.
• Ineichen A., Silberstein K., AIMA's roadmap to hedge funds, The Alternative Investment Management Association, London 2008.
• Irwin G., No money down gains more buyers, "Akron Beacon Journal" z 31.07.2005 r., http://www. poUcymattersohio.org/media/ABJ_No_money_down_gains_more_buyers_2005_0731.htm [18.11.2013].
• Keller R. R., Keynesian and institutional economics: Compatibility and complementarity, "Journal of Economic Issues" 1983, nr 17 (4).
• Keynes J. M., A self-adjusting economic system?, "The New Republic" 1935, nr 82 (1055).
• Keynes J. M., Am I a liberal?, w: The Collected Writings of John Maynard Keynes, t. IX: Essays in Persuasion, red. D. Moggridge, Macmillan, London 1972.
• Keynes J. M., Letter to John R. Commons, 26 April, w: J. R. Commons, Papers [microfilm edition, reel 4], State Historical Society of Wisconsin, Madison, WI 1927.
• Komisar L., Interview with Joseph Stiglitz, "The Progressive" June 2000, http://www.progressive. org/0901/intv0600.html [18.11.2013].
• Kregel J., Yes "it" did happen again: A Minsky crisis in Asia, Working Paper nr 234, The Levy Economics Institute of Bard College, Dutchess County, NY 1998.
• Krugman P., Despair over financial policy, "The New York Times" z 21.03.2009 r., http://krugman. blogs.nytimes.com/2009/03/21/despair-over-financial-policy/ [18.11.2013].
• Krugman P., Geithner plan arithmetic, "The New York Times" z 23.03.2009 r., http://krugman. blogs.nytimes.com/2009/03/23/geithner-plan-arithmetic/ [18.11.2013].
• Lahart J., In time of tumult, obscure economist gains currency, "The Wall Street Journal" z 8.08.2007 r.
• Lanman S., Kopecki D., Fed commits $800 billion more to unfreeze lending, Bloomberg.com, 25.11. 2008 r., http://www.bloomberg.com/ apps/news?pid=20601103&refer=us&sid=a.IQxmdJnJMc [18.11.2009].
• Lee D., Migrant factory workers at a loss as China's economy slumps, "Los Angeles Times" z 23.01. 2009 r., http://articles.latimes.com/2009/jan/23/busi-ness/fi-chinamigrant23 [18.11.2013].
• Lewisohn S. A., Draper E. G., Commons J. R., Lescohier D. D., Can Business Prevent Unemployment?, Alfred A. Knopf, New York 1925.
• Magnus G., The credit cycle and liquidity: Have we arrived at a Minsky moment?, Economic Insights - By George, UBS Investment Research, London, March 2007.
• Marks B., Bailout must address the foreclosure crisis, "The Boston Globe" z 24.09.2008 r., http:// www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/24/bailout_must_address_ the_foreclosure_crisis/ [18.11.2013].
• Minsky H. P., Can it happen again? Essays on instability and finance, M. E. Sharpe, Armonk, NY 1982.
• Minsky H. P., Global consequences of financial deregulation, "The Marcus Wallenberg Papers on International Finance" 1986, nr 2 (1).
• Minsky H. P., John Maynard Keynes, Columbia University Press, New York 1975.
• Minsky H. P., Longer waves in financial relations: Financial factors in the more severe depressions II, "Journal of Economic Issues" 1995, nr 29 (1).
• Minsky H. P., Money and crisis in Schumpeter and Keynes, w: The Economic Law of Motion of Modern Society: A Marx-Keynes-Schumpeter Centennial, red. H.-J. Wagener, J. W. Drukker, Cambridge University Press, Cambridge 1986.
• Minsky H. P., Schumpeter and finance, w: Market and Institutions in Economic Development: Essays in Honour of Paulo Sylos Labini, red. S. Biasco, A. Roncaglia, M. Salvati, St Martin's Press, New York 1993.
• Minsky H. P., Schumpeter: Finance and evolution, w: Evolving Market Technology and Market Structure: Studies in Schumpeterian Economics, red. A. Heertje, M. Perlman, The University of Michigan Press, Ann Arbor, MI 1990.
• Minsky H. P., Stabilizing an Unstable Economy, Yale University Press, New Haven, CT 1986.
• Minsky H. P., The capital development of the economy and the structure of financial institutions, Working Paper nr 72, The Levy Economics Institute of Bard College, Dutchess County, NY 1992.
• Minsky H. P., The evolution of financial institutions and the performance of the economy, "Journal of Economic Issues" 1986, nr 20 (2).
• Minsky H. P., The financial instability hypothesis, Working Paper nr 74, The Levy Economics Institute of Bard College, Dutchess County, NY 1992.
• Minsky H. P., Uncertainty and the institutional structure of capitalist economies, "Journal of Economic Issues" 1996, nr 30 (2).
• Mitchell W. C., Business Cycles and their Causes, University of California Press, Berkeley, CA 1941.
• Mitchell W. C., Business Cycles: The Problem and Its Setting, National Bureau of Economic Research, New York 1927.
• Morgenson G., Inside the Countrywide lending spree, "The New York Times" z 26.08.2007 r., http:// www.nytimes.com/2007/08/26/business/yourmoney/26country.html?hp [13.04.2009].
• North D., Economic performance through time, "The American Economic Review" 1994, nr 84 (3).
• Niggle C., Evolutionary Keynesianism: A synthesis of institutionalist and post Keynesian macroeconomics, "Journal of Economic Issues" 2006, nr 40 (2).
• Peterson W. C., Institutionalism, Keynes and the real world, "Journal of Economic Issues" 1977, nr 11 (2).
• Phillips R. J., Rethinking bank examinations: A Minsky approach, "Journal of Economic Issues" 1997, nr 31 (2).
• Pittman M., Subprime bondholders may lose $75 billion from slump, Bloomberg.com, 24.04.2007 r., http://www.bloomberg.com/apps/news7pid=20601087&sid=aq3flDbwBCbk&refer=home [18.11.2013].
• Ramstad Y., Comments on Adams and Brock paper, "Journal of Economic Issues" 1985, nr 19 (2).
• Romer C., Bernstein J., The Job Impact of the American Recovery and Reinvestment Plan, Presidential Transition Team, Washington, DC 2009.
• Spitzer E., Predatory lenders partner in crime, "The Washington Post" 2008, http://www.washingtonpost. com/wp-dyn/content/article/2008/02/13/AR2008021302783.html [18.11.2013].
• Stiglitz J. E., Obama's ersatz capitalism, "The New York Times" z 31.03.2009 r., http://www.nytimes. com/2009/04/01/opinion/01stiglitz.html [18.11.2013].
• Veblen T. B., Why is economics not an evolutionary science?, "The Quarterly Journal of Economics" 1898, nr 12 (4).
• Veblen T. B., The Theory of Business Enterprise, Charles Scribner's Sons, New York 1904.
• Whalen C. J., Integrating Schumpeter and Keynes: Hyman Minsky's theory of capitalist development, "Journal of Economic Issues" 2001, nr 35 (4).
• Whalen C. J., The credit crunch: A Minsky moment, "Studi e Note Di Economia" 2008, nr 13 (1).
• Whalen C. J., Toward "wisely managed" capitalism: Post-Keynesian institutionalism and the creative state, "Forum for Social Economics" 2008, nr 37 (1).
• Wilber C. K., Jameson K. P., An Inquiry into the Poverty of Economics, University of Notre Dame Press, Notre Dame, IN 1983.
• Wolfson M. H., Minsky's theory of financial crises in a global context, "Journal of Economic Issues" 2002, nr 36 (2).
• Wray L. R., The commodities market bubble: Money manager capitalism and the financialization of commodities, Public Policy Brief nr 96, The Levy Economics Institute of Bard College, Dutchess County, NY 2008.
• Zalewski D. A., Retirement insecurity in the age of money-manager capitalism, "Journal of Economic Issues" 2002, nr 36 (2).