Was it really a Minsky moment?

Timur Behlul

Journal of Post Keynesian Economics, 2011, vol. 34, issue 1, 137-158

Abstract: In a Minskian world, the "moment" occurs after a cumulative process toward financial instability. Minsky argued that during a sustained boom, an upward revision of profit expectations should lead to higher leverage ratios and greater risk taking. In this article, I investigate whether the balance sheet of the nonfinancial corporate sector, which plays a central role in Minsky's theory, exhibited any such patterns. I conclude that the nonfinancial corporate sector did not move toward a more precarious position, hence the properties that must exist for a "Minsky moment" are absent.

Date: 2011
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DOI: 10.2753/PKE0160-3477340106

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