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A Minsky-Kindleberger Perspective on the Financial Crisis

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Author Info

  • J. Barkley Rosser Jr.
  • Marina V. Rosser
  • Mauro Gallegati

Abstract

Hyman 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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File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C01482J47H3H6U5W
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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

Volume (Year): 46 (2012)
Issue (Month): 2 (June)
Pages: 449-458

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Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:449-458

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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

Related research

Keywords: financial crisis; leverage limits; period of financial distress; speculative bubbles; Tobin taxes;

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