Alexandre Lamfalussy and the origins of instability in capitalist economies

Alexandre Lamfalussy et les origines de l’instabilité dans les économies capitalistes

Ivo Maes
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Ivo Maes: UCLouvain - Université Catholique de Louvain = Catholic University of Louvain

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Abstract: In this paper the vision of the "Young" and "Elder" Lamfalussy on the origins of instability in capitalist economies will be contrasted. The young Lamfalussy found the origins of instability in medium-term cumulative processes in the real sector of the economy, very much inspired by the vicious circles in the British and Belgian economies in the postwar period. The Elder Lamfalussy focused on financial innovations and the myopic behavior of financial markets. The Euro area crisis showed the importance of both processes.

Keywords: Financial innovations; Euro area crisis; Latin American debt crisis; Economic cycles; Economic instability; Crise de la zone euro; Crise de la dette en Amérique latine; Innovations financières; Cycles économiques; Instabilité économique; Lamfalussy (search for similar items in EconPapers)
Date: 2025-06-18
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Published in Revue d'histoire de la pensée économique, 2025, 2025-1 (19), pp.193-223. ⟨10.48611/isbn.978-2-406-18601-4.p.0193⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05547410

DOI: 10.48611/isbn.978-2-406-18601-4.p.0193

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