Minsky’s Financial Instability Hypothesis in the New Financial Institutional Framework: What are the Lessons for Developing Countries?

Noemi Levy-Orlik

Chapter 9 in Minsky, Crisis and Development, 2010, pp 155-167 from Palgrave Macmillan

Abstract: Abstract The importance of financial instability and the revival of financial (and monetary) variables in the understanding of economic cycles are crucial elements of Hyman Minsky’s theoretical legacy. The vehemence of Minsky discussions and the harsh critique to the Neoclassical Synthesis (Minsky, 1975) contributed to the revival of John Maynard Keynes’ revolutionary and novel contributions, rescuing them from the partial attempt of John Hicks (1937) to corner ‘The General Theory’. Minsky was among the founders of a new school of thought (post-Keynesian) that brought back the discussion of financial and economic instability, without indulging in apologetic defence of the capitalist system.

Keywords: Interest Rate; Business Cycle; Internal Fund; Commercial Bank; Bank Credit (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29232-1_10

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DOI: 10.1057/9780230292321_10

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