Hyman Minsky - wczoraj i dziś

• Autorzy: Leszek Kąsek , Marek Lubiński

Warianty tytułu

Hyman Minsky - Yesterday and Today

• Języki publikacji: PL

Abstrakty

Artykuł przypomina koncepcję niestabilności finansowej Hymana Minsky'ego. Objaśnianie przyczyn i przebiegu perturbacji na rynkach finansowych nabrało szczególnego znaczenia w kontekście załamania rynku kredytów hipotecznych w USA, które rozprzestrzeniło się na inne kraje i dziedziny gospodarki, a później przyczyniło się do największego kryzysu w gospodarce światowej od lat 30. XX wieku. Podstawą rozważań jest charakterystyka spojrzenia Minsky'ego na gospodarkę, którą poprzedza krótka informacja o jego rozwoju naukowym. Artykuł koncentruje się na koncepcji niestabilności finansowej oraz jej znaczeniu dla tłumaczenia fluktuacji koniunkturalnych. Jeszcze w latach 70. XX wieku poglądy Minsky'ego kontrastowały z ekonomią głównego nurtu, która przypisywała niewielką rolę finansom i ich wpływu na decyzje w gospodarce realnej. Minsky widział bardziej istotną rolę rządu i banku centralnego w utrzymaniu stabilności finansowej. W wielu krajach reakcja władz na ostatni kryzys była zgodna z rekomendacjami Minsky'ego. Sądzimy, że interwencje te uchroniły gospodarkę światową od załamania o charakterze systemowym. (abstrakt oryginalny)

EN

The article presents Minsky's financial instability hypothesis and possibilities of its using for financial crisis explanation. Hyman Minsky was an American economist and professor of economics at Washington University in St. Louis. His research attempted to provide an understanding and explanation of the characteristics of financial crises. Minsky was sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets and opposed some of the popular deregulation policies in the 1980s, and argued against the accumulation of debt. Actually, Minsky's hypothesis can translate the present subprime mortgage crisis. (original abstract)

Słowa kluczowe

PL

Ekonomia; Stabilność finansowa; Rynki finansowe; Gospodarka światowa; Ocena dorobku naukowego

EN

Economics; Financial sustainability; Financial markets; World economy; Scholarly achievements estimating

• Czasopismo: Współczesna Ekonomia
• Rocznik: 2010
• Tom: 4
• Numer: nr 1
• Strony: 5--20

Twórcy

autor

Leszek Kąsek

autor

Marek Lubiński

• Szkoła Główna Handlowa w Warszawie

Bibliografia

• Eichengreen B., RoseA.K., Staying Afloat when the Wind Shifts: External Factors and Emerging Market Banking Crises, NBERWorking Paper, No 6370, 1998.
• Erturk K.A., On the Minskyan Business Cycle, University of Utah and The Levy Economics Institute of Bard CollegeWorking Paper, No. 474, 2006.
• Fazzari S.M.,Minsky and theMainstream: Has Recent Research Rediscovered Financial Keynesianism?, Working Paper No. 278, Washington University in St. Louis and The Jerome Levy Economics Institute, 1999.
• Kregel J., The Natural Instability of Financial Markets, The Levy Economics Institute of Bard College Working Paper, No. 523, 2007.
• Kregel J.A., Yet "It" Happen Again-A Minsky Crisis Happened in Asia, The Jerome Levy Economic InstituteWorking Papers, No. 47, 1991.
• Minsky H.P., Finance and Profits, the Changing Nature Business Cycles, The Business Cycle and Public Policy 1929-1980, Joint Economic Committee, Congress of the United States, United States Government Printing Office,Washington D.C. 1980.
• Minsky H.P., Stabilizing an Unstable Economy, Yale University Press, New Heaven 1986.
• Minsky H.P., Financial Crises: Systemic or Idiosyncratic, The Jerome Levy Economics Institute of Bard CollegeWorking Paper, No. 51, 1991.
• Minsky H.P., The Financial Instability Hypothesis, The Levy Economics Institute of Bard College Working Paper No. 74, 1992.
• Minsky H.P., Reconstituting the United States'Financial Structure: Some Fundamental Issues, The Levy Economics InstituteWorking Paper No. 69, Annandale-on-Hudson 1992a.
• Minsky H.P., The Capital Development of the Economy and the Structure of Financial Institutions, The Jerome Levy Economics Institute of Bard CollegeWorking Paper, No 72, 1992c.
• Minsky H.P, Securitization, The Levy Economics Institute of Bard College Policy Note 2,Annandale-on-Hudson 2008.
• Minsky H.P., Whalen Ch.J., Economic Insecurity and the Institutional Prerequisites for Successful Capitalism, The Jerome Levy Economics Institute of Bard CollegeWorking Paper, No. 165, 1996.
• Minsky H.P., Finance and Stability: The Limits of Capitalism, The Jerome Levy Economics Institute Working Paper No. 93, Annandale-on-Hudson 1993.
• Minsky H.P., Central Banking and Money Market Changes, "Quarterly Journal of Economics", No. 2, 1957.
• Minsky H.P., Uncertainty and the Institutional Structure of Capitalist Economies, The Levy Economics InstituteWorking Paper No. 155, Annandale-on-Hudson 1996.
• Minsky H.P., Global Consequences of Financial Deregulation, [in:] G.C. Hufbauer (ed.), The Marcus Wallenberg Papers on International Finance, Volume 2, Number 1, Georgetown University, Washington D.C. 1986.
• Minsky H.P., The Financial Instability Hypothesis, Working The Levy Economics Institute Paper No. 74., Annandaleon-on-Hudson 1992b.
• Minsky H.P., The Role of Employment Policy, [in:]M.S. Gordon (ed.), Poverty in America, Chandler, San Francisco 1965a.
• Minsky H.P., Delli Gatti D., Gallegati M., Financial Institutions, Economic Policy and the Dynamic Behavior of the Economy, The Jerome Levy Economics Institute Working Paper No. 126, Annandale-on-Hudson 1994.
• Minsky H.P., Ferri P., Market Processes and Thwarting Systems, Working Paper The Jerome Levy Economics Institute No. 64, Annandale-on-Hudson 1991.
• Papadimitriou D.B.,Wray L.R., Minsky's Analysis of Financial Capitalism, [in:]: R. Bellofiore R., Ferri P. (ed.), Financial Keynesianism and Market Instability. The Economic Legacy of Hyman Minsky, Volume I, Edward Elgar Publishing, Northampton 2001.
• Papadomitriou D.B.,Wray L.R., The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform, The Levy Economics Institute of Bard College Working Paper, No. 17, 1997.
• Tymoigne E., Dynamics of the Minskyan Analysis and the Financial Fragility Hypothesis, The Levy Economics Institute of Bard CollegeWorking Paper No. 453, 2006.
• Tymoigne E., Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy, The Jerome Levy Economics Institute of Bard College Working Paper Working, No. 452, 2006.
• Tymoigne E., Minsky and Economic Policy: "Keynesianism" All Over Again?,Working Paper No. 547, California State University, 2008.
• Whalen Ch.J., The US Credit Crunch of 2007. AMinsky Moment, The Levy Economics Institute of Bard College Public Policy Brief, No. 92, 2007.
• Wray L.R., Lessons from the Subprime Meltdown, The Jerome Levy Economics Institute of Bard College Working Paper, No. 522, 2007.
• Wray L.R., Tymoigne E.,Macroeconomics Meets Hyman P.Minsky: The Financial Theory of Investment, The Levy Economics Institute and University of Missouri-Kansas City Working Paper, No. 543, 2008.