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このアイテムの引用には次の識別子を使用してください: http://hdl.handle.net/10441/14356

タイトル: Financial Structure, Cycle and Instability
その他のタイトル: Financial Structure, Cycle and Instability
著者: Ninomiya, Kenshiro
二宮, 健史郎
ニノミヤ, ケンシロウ
キーワード: Minskian financial structure
financial fragility
business cycle
financial instability
発行日: 2017年1月
出版者: Center for Risk Research (CRR), Shiga University
引用: CRR Discussion Paper, Series B, No. B-15,
抄録: The subprime loan mortgage crisis has revived scholarly interest in Minsky s nancial instability hypothesis. The related mathematical models present two types of Minskian nancial structures. We construct macrodynamic models that consider both structures and discuss nancial instability and cycles. We also demonstrate that one of the nancial cycles occurs when a real factor stabilizes the economy. The burden of interest-bearing debt is an important determinant of the cycle. We posit that the escalating nancial fragility in this cycle is a more appropriate interpretation of the Minskian nancial structure that refers to hedging, speculative and Ponzi behaviors. We further demonstrate that another nancial structure destabilizes the economy. If the instability occurs at the point of fragility, then the economy may deteriorate into nancial crisis. Fragility then becomes instability.
URI: http://hdl.handle.net/10441/14356
出現コレクション:Series B : Financial( formerly : Financial Risk Study )


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