A Minsky Moment, or Not?

Korkut Erturk and Gokcer Ozgur

Chapter 14 in Macroeconomics, Finance and Money, 2010, pp 209-223 from Palgrave Macmillan

Abstract: Abstract The financial crisis has been billed a ‘Minsky moment’ in the mainstream media, turning Hyman P. Minsky into a household name. One would think that this was at long last Minsky’s moment of posthumous vindication, and in a way it was. However, a couple of post-Keynesian luminaries, Paul Davidson and Jan Kregel have raised questions as to whether the current financial debacle qualified as a Minskyan crisis (Davidson, 2008; Kregel, 2007). Of course, whether we think Minsky is relevant for the current crisis or not depends on what we make of him. If Minskyan work means solely his own writings and their restatement, then Davidson and Kregel are probably right – one cannot help but focus on what is different about the current crisis. But, if instead Minskyan refers to an evolving literature that emanates from but transcends his work, the situation is different.

Keywords: Monetary Policy; Financial Market; Asset Price; Efficient Market Hypothesis; Financial Liberalization (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28558-3_14

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DOI: 10.1057/9780230285583_14

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