A Minsky-Kindleberger Perspective on the Financial Crisis

J. Rosser, Marina Rosser and Mauro Gallegati
Authors registered in the RePEc Author Service: J. Barkley Rosser, Jr.

Journal of Economic Issues, 2012, vol. 46, issue 2, 449-458

Abstract: Hyman Minsky and Charles Kindleberger discussed three different patterns of speculative bubbles, all of which appeared during the recent financial crisis: one when price rises in an accelerating way to crash sharply after reaching its peak as with oil peaking in July 2008, another when the price rise is followed by a parallel decline without crash as with housing peaking in Summer 2006, and finally one rising then initially gradually declining followed later by a sharp crash as with the stock market peaking in October 2007. Policy should be targeted at specific bubbles using specific policy instruments for each.

Date: 2012
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DOI: 10.2753/JEI0021-3624460220

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