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Dilemmas and Paradoxes of Fragile Finance

In: Fragile Finance

Author

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  • Anastasia Nesvetailova

    (City University)

Abstract

Finance then, is neither a cloud that daunts over the real economy, nor a well-anchored structure that parallels the progress of the economy in a predictable and straightforward way. The conclusion we draw from a Minskyan reading of financial capitalism suggests that finance is highly complex, flexible and capable of mutation. It is in the inner transformations of the financial system, typically in a link with the rest of the economic system, where fragility and crisis arise. Moreover, it appears that the obscurity and complexity of today’s finance, although a problem for regulators in itself, conceals several important paradoxes of the privatised financial system. These paradoxes centre on the ever-present capacity of financial markets to expand through the process of financial innovation.

Suggested Citation

  • Anastasia Nesvetailova, 2007. "Dilemmas and Paradoxes of Fragile Finance," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Fragile Finance, chapter 5, pages 72-84, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59230-8_6
    DOI: 10.1057/9780230592308_6
    as

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