A Reconsideration of Minsky's Financial Instability Hypothesis

Tsomocos, Dimitrios, Bhattacharya, Sudipto, Goodhart, Charles and Vardoulakis, Alexandros (2015) A Reconsideration of Minsky's Financial Instability Hypothesis. Journal of Money, Credit and Banking, 47 (5). pp. 931-973.

Abstract

We are grateful to the participants for their helpful comments at Seminars at University of Paris 10, the Toulouse School of Economics‐Banque de France seminar series, the LSE workshop on Macroprudential Regulation, the 29th SUERF Colloquium in Brussels, the DIW conference in Berlin, the Systemic Risk, Basel III conference of the Institute of Global Finance at the Australian School of Business, the CRETE 2011 conference in Milos, the Korean Institute of Finance 2011 conference, the Hyman P. Minsky Conference on Financial Instability in Berlin, the University of Leicester conference, the Bank of England, and the Bank of Canada. We also thank an anonymous referee, Regis Breton, Julia Darby, John Geanakoplos, Enrique Mendoza, Nobuhiro Kiyotaki, Benjamin Klaus, Anton Korinek, Ray Lim, Guillaume Plantin, Jean Tirole, and especially Anil Kashyap for helpful discussions. All remaining errors are ours. The views expressed in this paper are those of the authors and do not necessarily represent those of Federal Reserve Board of Governors, anyone in the Federal Reserve System, or any of the institutions with which we are affiliated. This paper is dedicated in loving memory to Sudipto Bhattacharya who sadly passed away in August 2012.

Item Type: Article
Keywords: Financial Instability, Minsky, Risk-taking, Leverage, Optimism, Procyclicality, finance
Subject(s): Finance
Date Deposited: 24 Feb 2015 15:49
Last Modified: 19 Sep 2018 11:50
Funders: not applicable
URI: http://eureka.sbs.ox.ac.uk/id/eprint/5256

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