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Building Effective Regulation Requires a Theory of Financial Instability

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  • Jan Kregel
  • Dimitri B. Papadimitriou

Abstract

Hyman Minsky had particular views about how the regulatory system and financial architecture should be reformulated, and one of the many lessons we can learn from his work is that there is an intimate connection between how we think about the prospect of financial market instability and how we approach financial regulation. Regulation cannot be effective if it is simply based on "piecemeal" measures produced in response to the current "moment," Minsky wrote. It needs to reformulate the structure of the financial system itself.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics One-Pager Archive with number op_30.

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Date of creation: May 2012
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Handle: RePEc:lev:levyop:op_30

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