This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky's Financial Instability Hypothesis (FIH) to the financial crisis of 2007-08. In conducting a historicizing critique of Minsky's work this book seeks to illustrate how the abstraction of financial "risk" which conditions trade in financial instruments such as derivatives and asset backed securities can be conceptualised as "liquidity". The book illustrates the continuing relevance of Minsky's theory of liquidity crisis as "immanent" (infused in and about to happen to) the products and trading practices…mehr
This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky's Financial Instability Hypothesis (FIH) to the financial crisis of 2007-08. In conducting a historicizing critique of Minsky's work this book seeks to illustrate how the abstraction of financial "risk" which conditions trade in financial instruments such as derivatives and asset backed securities can be conceptualised as "liquidity". The book illustrates the continuing relevance of Minsky's theory of liquidity crisis as "immanent" (infused in and about to happen to) the products and trading practices of modern finance and the crisis of 2007-08 but not as explanatory in and of itself.
Chris Jefferis is post-doctoral research fellow in the Department of Political Science at Freie Universität's John F. Kennedy Institute for North American Studies. He is also a joint recipient of an Institute for New Economic Thinking (INET) research grant analysing 'Financial Innovation and Central Banking in China: A Money View'.
Inhaltsangabe
1. Introduction: historicizing economic theories of financial crisis 2. Minsky in context: a critique of "liquidity crisis" as an explanatory concept 3. Minsky contrary to Monetarism 4. Liquidity and abstraction 5. Arbitrage as a historical structure shaping the US financial system 6. Sociological interlude: calculation or commensuration 7. Recent financial instability in the US mortgage market: the three phases of risk 8. Economics, regulation and capital: an assessment of some proposed reforms 9. Conclusion 10. Bibliography
1. Introduction: historicizing economic theories of financial crisis 2. Minsky in context: a critique of "liquidity crisis" as an explanatory concept 3. Minsky contrary to Monetarism 4. Liquidity and abstraction 5. Arbitrage as a historical structure shaping the US financial system 6. Sociological interlude: calculation or commensuration 7. Recent financial instability in the US mortgage market: the three phases of risk 8. Economics, regulation and capital: an assessment of some proposed reforms 9. Conclusion 10. Bibliography
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