Publications

204 publications found, searching for 'Financial Instability '

• Public Policy Brief No. 150
  June 03, 2020

  The Impact of Technological Innovations on Money and Financial Markets

  Jan Kregel and Paolo Savona
  Abstract

  According to Senior Scholar Jan Kregel and Paolo Savona, attempting to maintain the status quo in the face of the introduction of some recent technological innovations—chiefly cryptocurrencies and associated instruments…more

  Download Public Policy Brief No. 150, 2020 PDF (339.66 KB)
• Policy Note No. 1
  March 19, 2020

  When Two Minskyan Processes Meet a Large Shock

  Michalis Nikiforos
  Abstract

  The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications…more

  Download Policy Note 2020/1 PDF (306.68 KB)
• Working Paper No. 947
  February 06, 2020

  Ages of Financial Instability

  Mario Tonveronachi
  Abstract

  Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more…more

  Download Working Paper No. 947 PDF (391.94 KB)
• Working Paper No. 933
  July 08, 2019

  Defaultnomics

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,…more

  Download Working Paper No. 933 PDF (1.15 MB)
• Policy Note No. 5
  November 29, 2018

  Preventing the Last Crisis

  Jan Kregel
  Abstract

  Ten years after the fall of Lehman Brothers and the collapse of the US financial system, most commentaries remain overly focused on the proximate causes of the last crisis and…more

  Download Policy Note 2018/5 PDF (124.23 KB)
• Working Paper No. 916
  October 02, 2018

  Unconventional Monetary Policies and Central Bank Profits

  Jörg Bibow
  Abstract

  This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select…more

  Download Working Paper No. 916 PDF (2.15 MB)
• Working Paper No. 909
  July 02, 2018

  External Instability in Transition

  Liudmila Malyshava
  Abstract

  This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of…more

  Download Working Paper No. 909 PDF (73.08 KB)
• Working Paper No. 904
  May 01, 2018

  Corporate Debt in Latin America and its Macroeconomic Implications

  Nicole Favreau-Negront, Luis Méndez Lobos, and Esteban Pérez-Caldentey
  Abstract

  This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and…more

  Download Working Paper No. 904 PDF (203.57 KB)
• Working Paper No. 903
  April 16, 2018

  The Economics of Instability

  Frank Veneroso
  Abstract

  The dominant postwar tradition in economics assumes the utility maximization of economic agents drives markets toward stable equilibrium positions. In such a world there should be no endogenous asset bubbles…more

  Download Working Paper No. 903 PDF (76.58 KB)
• Strategic Analysis
  April 13, 2018

  “America First,” Fiscal Policy, and Financial Stability

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar history. However, the current recovery is also the slowest recovery…more

  Download Strategic Analysis, April 2018 PDF (1.30 MB)
• One-Pager No. 54
  February 06, 2018

  Why the United States Will Beat China to the Next Minsky Moment

  L. Randall Wray
  Abstract

  The outgoing governor of the People’s Bank of China recently warned of a possible Chinese “Minsky moment”—Paul McCulley’s term, most recently applied to the 2007 US real estate crash that…more

  Download One-Pager No. 54 PDF (80.80 KB)
• Policy Note No. 1
  February 06, 2018

  Does the United States Face Another Minsky Moment?

  L. Randall Wray
  Abstract

  It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised…more

  Download Policy Note 2018/1 PDF (334.91 KB)
• Working Paper No. 896
  September 04, 2017

  Minsky’s Financial Fragility

  Ernani Teixeira Torres Filho, Norberto Montani Martins, and Caroline Yukari Miaguti
  Abstract

  The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it…more

  Download Working Paper No. 896 PDF (348.46 KB)
• Policy Note No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)
• Working Paper No. 892
  June 21, 2017

  Understanding Financialization

  Charles J. Whalen
  Abstract

  Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and…more

  Download Working Paper No. 892 PDF (368.51 KB)
• Working Paper No. 875
  September 27, 2016

  Minsky at Basel

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the…more

  Download Working Paper No. 875 PDF (432.86 KB)
• Working Paper No. 869
  June 24, 2016

  Have We Been Here Before?

  Apostolos Fasianos, Diego Guevara, and Christos Pierros
  Abstract

  This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to…more

  Download Working Paper No. 869 PDF (920.59 KB)
• Public Policy Brief No. 141
  March 25, 2016

  What We Could Have Learned from the New Deal in Confronting the Recent Global Recession

  Jan Kregel
  Abstract

  To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones….more

  Download Public Policy Brief No. 141, 2016 PDF (313.69 KB)
• Book Series
  November 05, 2015

  Financial Regulation in the European Union

  Abstract

  Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems…more

• Book Series
  November 05, 2015

  Why Minsky Matters: An Introduction to the Work of a Maverick Economist

  L. Randall Wray
  Abstract

  Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–1996). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began…more

• Working Paper No. 849
  October 23, 2015

  Bank Leverage Ratios and Financial Stability

  Emilios Avgouleas
  Abstract

  Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements. The reasons for this return are manifold, and they are not…more

  Download Working Paper No. 849 PDF (394.17 KB)
• Working Paper No. 847
  October 16, 2015

  Integration, Spurious Convergence, and Financial Fragility

  Matías Vernengo and Esteban Pérez-Caldentey
  Abstract

  The Spanish crisis is generally portrayed as resulting from excessive spending by households, associated with a housing bubble and/or excessive welfare spending beyond the economic possibilities of the country. We…more

  Download Working Paper No. 847 PDF (652.11 KB)
• Working Paper No. 839
  June 01, 2015

  Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model

  Tai Young-Taft
  Abstract

  We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may…more

  Download Working Paper No. 839 PDF (909.30 KB)
• Working Paper No. 837
  May 06, 2015

  Financing the Capital Development of the Economy

  L. Randall Wray and Mariana Mazzucato
  Abstract

  This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United…more

  Download Working Paper No. 837 PDF (855.49 KB)