Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization

Name: Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
Creator: Eugenio Caverzasi
Keywords: Financialization, ddc:330, 9. Industry and infrastructure, Subprime Mortgage Crisis, 05 social sciences, 1. No poverty, jel:E44, 15. Life on land, jel:G01, Capital Market Inflation

Eugenio Caverzasi

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SSRN Electronic Journal

Article

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Research Papers in Economics

Preprint . 2014

Full-Text: http://www.levyinstitute.org/pubs/wp_796.pdf

Data sources: Research Papers in Economics

SSRN Electronic Journal

Article . 2014 . Peer-reviewed

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https://dx.doi.org/10.2139/ssr...

Other literature type

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EconStor

Research . 2014

Data sources: EconStor

Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Research , Preprint 01 Jan 2014 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

Copyright policy )Publicly funded

Authors: Eugenio Caverzasi;

doi: 10.2139/ssrn.2430259

handle: 10419/110015

Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization

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Abstract

The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market is taken into account, the financial Keynesianism of Minsky is still a valid framework to understand the events leading to the crisis.

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Keywords

Financialization, ddc:330, Subprime Mortgage Crisis, Capital Market Inflation, Hyman Minsky, Financial Crisis, E44, B5, Financial Instability Hypothesis, G01, Jan Toporowski, Hyman Minsky; Financial Instability Hypothesis; Jan Toporowski; Capital Market Inflation; Financialization; Financial Crisis; Subprime Mortgage Crisis, B2, jel: jel:E44, jel: jel:G01, jel: jel:B2, jel: jel:B5

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