A Minsky-Kindleberger Perspective on the Financial Crisis
AbstractHyman Minsky and Charles Kindleberger discussed three different patterns of speculative bubbles, all of which appeared during the recent financial crisis: one when price rises in an accelerating way to crash sharply after reaching its peak as with oil peaking in July 2008, another when the price rise is followed by a parallel decline without crash as with housing peaking in Summer 2006, and finally one rising then initially gradually declining followed later by a sharp crash as with the stock market peaking in October 2007. Policy should be targeted at specific bubbles using specific policy instruments for each.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 46 (2012)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
financial crisis; leverage limits; period of financial distress; speculative bubbles; Tobin taxes;
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