Publications

209 publications found, searching for 'Financial Instability '

• Working Paper No. 807
  June 04, 2014

  Income Distribution Macroeconomics

  Olivier Giovannoni
  Abstract

  Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into…more

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• Working Paper No. 802
  May 21, 2014

  Shadow Banking

  Thorvald Grung Moe
  Abstract

  Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial…more

  Download Working Paper No. 802 PDF (448.50 KB)
• Working Paper No. 801
  May 21, 2014

  The Political Economy of Shadow Banking

  Eloy Fisher and Javier López Bernardo
  Abstract

  This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the…more

  Download Working Paper No. 801 PDF (1.13 MB)
• Public Policy Brief No. 131
  April 08, 2014

  Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση

  Jan Kregel
  Abstract

  Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel…more

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 131 PDF (594.78 KB)
• Public Policy Brief No. 131
  April 08, 2014

  Minsky and Dynamic Macroprudential Regulation

  Jan Kregel
  Abstract

  In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s…more

  Download Public Policy Brief No. 131, 2014 PDF (279.34 KB)
• Working Paper No. 796
  April 04, 2014

  Minsky and the Subprime Mortgage Crisis

  Eugenio Caverzasi
  Abstract

  The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis…more

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• Public Policy Brief No. 130
  January 21, 2014

  Τι απομένει από τη θεωρία της διαχείρισης της ζήτησης σε έναν παγκοσμιοποιημένο κόσμο;

  Amit Bhaduri
  Abstract

  Στην εποχή της παγκόσμιας χρηματιστικής, η θεωρία της διαχείρισης της συνολικής ζήτησης κρατιέται ζωντανή, αλλά η χρησιμότητά της δεν είναι η ίδια, λέει ο Amit Bhaduri. Στο παρόν κείμενο δημόσιας…more

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 130 PDF (418.89 KB)
• Public Policy Brief No. 130
  January 21, 2014

  What Remains of the Theory of Demand Management in a Globalizing World?

  Amit Bhaduri
  Abstract

  In our era of global finance, the theory of aggregate demand management is alive and unwell, says Amit Bhaduri. In this policy brief, Bhaduri describes what he regards as a…more

  Download Public Policy Brief No. 130, 2014 PDF (173.20 KB)
• Working Paper No. 783
  January 10, 2014

  Options for China in a Dollar Standard World

  L. Randall Wray and Xinhua Liu
  Abstract

  This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues…more

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• One-Pager No. 44
  December 19, 2013

  Policy Options for China

  L. Randall Wray
  Abstract

  Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While…more

  Download One-Pager No. 44 PDF (67.56 KB)
• One-Pager No. 44
  December 19, 2013

  Επιλογές οικονομικής πολιτικής για την Κίνα

  L. Randall Wray
  Abstract

  Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του…more

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• Working Paper No. 778
  November 01, 2013

  Modern Money Theory 101

  L. Randall Wray
  Abstract

  One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial…more

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• One-Pager No. 42
  September 16, 2013

  Exit Keynes the Friedmanite, Enter Minsky’s Keynes

  Robert J. Barbera
  Abstract

  Perhaps the most indictable offense that mainstream economists committed, from 1988 through 2008, was to retrace Keynes’s path of discovery from 1924 (A Tract on Monetary Reform) through 1936 (The…more

  Download One-Pager No. 42 PDF (73.24 KB)
• One-Pager No. 42
  September 16, 2013

  Έξω ο Κέυνς ο φριντμανικός, μέσα ο Κέυνς του Μίνσκι

  Robert J. Barbera
  Abstract

  Ίσως το πιο σοβαρό και καταδικάσιμο παράπτωμα που διέπραξαν οι καθεστωτικοί οικονομολόγοι την περίοδο 1988-2008 ήταν να επανεξετάσουν, βήμα προς βήμα, την πορεία του Keynes από το 1924 μέχρι το…more

  Download Μονοσέλιδο No. 42 PDF (230.63 KB)
• One-Pager No. 40
  September 04, 2013

  The Fed Rates that Resuscitated Wall Street

  Nicola Matthews
  Abstract

  Nicola Matthews, University of Missouri–Kansas City, presents the main findings of her research on the Fed’s lending practices following the global financial crisis of 2008. Applying Walter Bagehot’s principles, she…more

  Download One-Pager No. 40 PDF (73.06 KB)
• One-Pager No. 40
  September 04, 2013

  Η Ομοσπονδιακή Τράπεζα των ΗΠΑ νεκρανάστησε την Wall Street

  Nicola Matthews
  Abstract

  Η Nicola Matthews, από το Πανεπιστημίο του Μιζούρι στο Κάνσας Σίτι, παρουσιάζει τα ευρήματα της έρευνάς της σχετικά με τις πρακτικές δανεισμού της Ομοσπονδιακής Τράπεζας των ΗΠΑ (Fed) μετά το…more

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• One-Pager No. 38
  June 05, 2013

  Χρηματοοικονομική μεταρρύθμιση και η «φάλαινα του Σίτι»

  Jan Kregel
  Abstract

  Η πρόσφατη έκθεση της μόνιμης υποεπιτροπής της αμερικανικής Γερουσίας για τις έρευνες σχετικά με τις δραστηριότητες της μονάδας Συνθετικού Χαρτοφυλακίου Πιστοδοτήσεων της JPMorgan Chase, που είναι επίσης γνωστή ως η…more

  Download Μονοσέλιδο No. 38 PDF (230.47 KB)
• One-Pager No. 38
  June 05, 2013

  Financial Reform and the London Whale

  Jan Kregel
  Abstract

  The recent report by the Senate Permanent Subcommittee on Investigations on the operations of JPMorgan Chase’s Synthetic Credit Portfolio unit—aka the London Whale—has brought renewed attention to the risks of…more

  Download One-Pager No. 38 PDF (66.38 KB)
• Public Policy Brief No. 129
  April 26, 2013

  More Swimming Lessons from the London Whale

  Jan Kregel
  Abstract

  This policy brief by Senior Scholar and Program Director Jan Kregel builds on an earlier analysis (Policy Note 2012/6) of JPMorgan Chase and the actions of the “London Whale,” and what…more

  Download Public Policy Brief No. 129, 2013 PDF (245.95 KB)
• Book Series
  April 16, 2013

  Ending Poverty: Jobs, Not Welfare

  Hyman P. Minsky
  Abstract

  Although Hyman P. Minsky is best known for his ideas about financial insta­bility, he was equally concerned with the question of how to create a stable economy that puts an…more

• Working Paper No. 758
  March 14, 2013

  How the Fed Reanimated Wall Street

  Nicola Matthews
  Abstract

  Walter Bagehot’s putative principles of lending in liquidity crises—to lend freely to solvent banks with good collateral but at penalty rates—have served as a theoretical basis for thinking about the…more

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• Working Paper No. 753
  February 07, 2013

  The Missing Macro Link

  Eugenio Caverzasi
  Abstract

  This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework…more

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• Working Paper No. 751
  February 04, 2013

  Arresting Financial Crises

  Thomas M. Humphrey
  Abstract

  Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises:…more

  Download Working Paper No. 751 PDF (231.73 KB)
• One-Pager No. 36
  January 11, 2013

  Η επέκταση της εξουσίας του Ομοσπονδιακού Αποθεματικού στην πρόσφατη χρηματοοικονομική κρίση εγείρει ερωτήματα διακυβέρνησης

  Bernard Shull
  Abstract

  Αρκετά χρόνια πριν από το ξέσπασμα της πρόσφατης χρηματοοικονομικής κρίσης, ο Lawrence Meyer, πρώην διοικητικό μέλος του Ομοσπονδιακού Αποθεματικού, έγραψε ότι η Ομοσπονδιακή Τράπεζα «αναφέρεται συχνά ως ο ισχυρότερος θεσμός…more

  Download Μονοσέλιδο No. 36 PDF (245.29 KB)