Hyman Minsky's financial instability hypothesis and the greek … · 2017-01-06 · Russian Journal...
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Russian Journal of Economics 1 (2015) 419–438
Available online at www.sciencedirect.com
www.rujec.org
*National Research University Higher School of Economics, St. Petersburg, Russia
Abstract
1. Introduction
Voprosy Ekonomiki
E-mail address
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2. Minsky’s view on Keynes’s theoretical legacy and on money,
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(2008). 2
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heavy debt burden for investors during a recession.instability
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General Theory
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General Theory of Employment, Interest and Money. See in
6 John Maynard Keynes Stabilizing an Unstable Economy
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General Theory
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two price levels.
rower risk.9
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General Theory.
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10 is
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hedge
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increase the amount of debt
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in-
more and more fragile
maintaining monetary proceeds
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Minsky paradox.
the share of consumption labor intensive.
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This Time Is Different,
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Fig. 1.
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Fig. 2.
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Fig. 3. .
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Fig. 4.
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Interest expense
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Fig. 5.
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Fig. 6.
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7. Conclusion
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Acknowledgements
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