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From Orthodoxy To Heterodoxy: Financial Crisis Literature Compared

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  • Ignacio MARTÃ NEZ
  • Gabriel MURSA

Abstract

In this paper we’ll attempt to explain the connection between interventionism in financial markets, financial crises and economic downturns, as the main cause of the financial crisis mainstream models; As well as the connection between the theories of Austrian and Minsky’s economic cycle as branches of heterodox economic theory. In order to achieve this target, we’ll begin with a brief introduction of mainstream financial crises models in the orthodox economic literature, then we’ll examine the statements of the Austrian Business Cycle Theory and the Financial Instability Hypothesis, and evaluate whether a connection between the two. We conclude that Financial Instability Hypothesis can be studied as a particular case of the Austrian Business Cycle Theory. JEL Codes - B53, E12, E14, E58, G01

Suggested Citation

  • Ignacio MARTÃ NEZ & Gabriel MURSA, 2017. "From Orthodoxy To Heterodoxy: Financial Crisis Literature Compared," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 63(si), pages 71-87, January.
    • Handle: RePEc:aic:saebjn:v:63:y:2017:i:si:p:71-87:n:64
    DOI: 10.1515/saeb-2016-0136
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    More about this item

    Keywords

    financial crisis; boom-bust cycles; Hyman Minsky; Austrian School; Knut Wiksell;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises

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