A Minsky Crisis
A Minsky Crisis
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明斯基危机
DOI：
10.1093/qje/100.supplement.871
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发表时间：
1985
影响因子：
13.7
通讯作者：
S. O’Connell
中科院分区：
文献类型：
--
作者：
L. Taylor;S. O’Connell
一个模型来说明海曼明斯基的金融危机理论。一个关键的假设是，经济中的财富水平是由宏观经济决定的，企业资产的价值对信心状态做出反应，这一信心状态由资本的贴现准租金反映出来。第二个假设是，企业的负债和公众投资组合中的货币之间存在高度的可替代性。预期利润的下降导致财富收缩，公众将投资组合偏好转向货币。利率上升，导致预期利润进一步下降，可能发生债务通缩危机。
A model is developed to illustrate Hyman Minsky's financial crisis theories. A key assumption is that the level of wealth in the economy is determined mac-roeconomically, with the value of firms' assets responding to the state of confidence as reflected by discounted quasi rents on capital. The second assumption is that there is high substitutability between liabilities of firms and money in the public's portfolio. A downward shift in anticipated profits leads wealth to contract and the public to shift portfolio preferences toward money. Interest rates rise, leading to further dampening of expected profits, and a debt-deflation crisis can occur.