Publications

214 publications found, searching for 'Financial Instability '

• 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

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• 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

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• 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

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• 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

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• 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

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• Working Paper No. 837
  May 06, 2015

  Χρηματοδότηση της κεφαλαιακής ανάπτυξης της οικονομίας

  L. Randall Wray and Mariana Mazzucato
  Abstract

  Η παρούσα εργασία εξετάζει το ρόλο που διαδραματίζει η χρηματοδότηση στην προώθηση της κεφαλαιακής ανάπτυξης της οικονομίας, με ιδιαίτερη έμφαση στην τρέχουσα κατάσταση στις Ηνωμένες Πολιτείες και το Ηνωμένο Βασίλειο….more

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 837 PDF (1.22 MB)
• 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

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• One-Pager No. 49
  May 01, 2015

  Δανείζοντας στα τυφλά

  Matthew Berg
  Abstract

  Τα πρακτικά του 2008 της Ομοσπονδιακής Επιτροπής Ανοικτής Αγοράς παρέχουν ένα σπάνιο πορτραίτο του τρόπου με τον οποίον οι χαράκτες πολιτικής ανταποκρίθηκαν στην εξέλιξη της μεγαλύτερης χρηματοπιστωτικής κρίσης στον κόσμο…more

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• One-Pager No. 49
  May 01, 2015

  Lending Blind

  Matthew Berg
  Abstract

  The 2008 Federal Open Market Committee (FOMC) transcripts provide a rare portrait of how policymakers responded to the unfolding of the world’s largest financial crisis since the Great Depression. The…more

  Download One-Pager No. 49 PDF (77.13 KB)
• Research Project Report
  April 06, 2015

  Reforming the Fed’s Policy Response in the Era of Shadow Banking

  Abstract

  This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the…more

  Download Research Project Report, April 2015 PDF (4.21 MB)
• Policy Note No. 1
  February 12, 2015

  Europe at the Crossroads

  Jan Kregel
  Abstract

  Given the continuing divergence between progress in the monetary field and political integration in the euro area, the German interest in imposing austerity may be seen as representing an attempt…more

  Download Policy Note 2015/1 PDF (365.05 KB)
• Policy Note No. 1
  February 12, 2015

  Η Ευρώπη στο σταυροδρόμι

  Jan Kregel
  Abstract

  Με δεδομένη τη συνεχιζόμενη απόκλιση ανάμεσα στην πρόοδο στον τομέα της νομισματικής και της πολιτικής ολοκλήρωσης στη ζώνη του ευρώ, το ενδιαφέρον της Γερμανίας σχετικά με την επιβολή της λιτότητας…more

  Download Σημείωμα Πολιτικής 2015/1 PDF (571.29 KB)
• Working Paper No. 829
  January 22, 2015

  The Repeal of the Glass-Steagall Act and the Federal Reserve’s Extraordinary Intervention during the Global Financial Crisis

  Yeva Nersisyan
  Abstract

  Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created…more

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• Working Paper No. 829
  January 22, 2015

  Η κατάργηση του νόμου Glass-Steagall και η έκτακτη παρέμβαση του Ομοσπονδιακού Αποθεματικού κατά τη διάρκεια της παγκόσμιας χρηματοοικονομικής κρίσης

  Yeva Nersisyan
  Abstract

  Πριν από την παγκόσμια χρηματοπιστωτική κρίση επικρατούσε η αντίληψη ότι η στήριξη του δανειστή έσχατης καταφυγής περιοριζόταν στις εμπορικές τράπεζες. Ωστόσο, κατά τη διάρκεια της κρίσης, η Ομοσπονδιακή Τράπεζα των…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 829 PDF (456.61 KB)
• Working Paper No. 828
  January 15, 2015

  Financialization and Corporate Investments

  Sunanda Sen and Zico DasGupta
  Abstract

  Financialization creates space for the financial sector in economies, and in doing so helps to raise the share of financial assets in the portfolios held by market participants. Largely driven…more

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• Working Paper No. 828
  January 15, 2015

  Η χρηματιστικοποίηση και οι εταιρικές επενδύσεις

  Sunanda Sen and Zico DasGupta
  Abstract

  Η χρηματιστικοποίηση ανοίγει χώρο στις οικονομίες για την επέκταση του χρηματοοικονομικού τομέα και, με αυτόν τον τρόπο, συμβάλλει στην αύξηση του μεριδίου των χρηματοοικονομικών περιουσιακών στοιχείων στα χαρτοφυλάκια που κατέχονται…more

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• Working Paper No. 827
  January 09, 2015

  Η προσέγγιση του Minsky για το τραπεζικό σύστημα

  L. Randall Wray
  Abstract

  Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 827 PDF (591.84 KB)
• Working Paper No. 827
  January 09, 2015

  Minsky on Banking

  L. Randall Wray
  Abstract

  In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In…more

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• Working Paper No. 825
  January 02, 2015

  Why Does Brazil’s Banking Sector Need Public Banks?

  Felipe Rezende
  Abstract

  The 2007–8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil’s financial system has received…more

  Download Working Paper No. 825 PDF (1.19 MB)
• Working Paper No. 822
  December 16, 2014

  Η κοινωνικοποίηση της επένδυσης από τον Keynes στον Minsky και ακόμα πιο πέρα

  Riccardo Bellofiore
  Abstract

  Ένας συνδυασμός των ιδεών του Καρλ Μαρξ για την εργασία και του Hyman Minsky για το χρηματοοικονομικό σύστημα είναι απαραίτητη προϋπόθεση για την κατανόηση της σημερινής καπιταλιστικής πραγματικότητας και για…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 822 PDF (432.39 KB)