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A Minsky-Kindleberger Perspective on the Financial Crisis

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

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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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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  1. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, 1989. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation," NBER Working Papers 2880, National Bureau of Economic Research, Inc.
  2. Paolo Pellizzari & Frank Westerhoff, 2009. "Some effects of transaction taxes under different microstructures," Post-Print hal-00727590, HAL.
  3. Brock, W.A. & Hommes, C.H., 1996. "A Rational Route to Randomness," Working papers 9530r, Wisconsin Madison - Social Systems.
  4. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
  5. Jiang, Zhi-Qiang & Zhou, Wei-Xing & Sornette, Didier & Woodard, Ryan & Bastiaensen, Ken & Cauwels, Peter, 2010. "Bubble diagnosis and prediction of the 2005-2007 and 2008-2009 Chinese stock market bubbles," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 149-162, June.
  6. Gallegati, Mauro & Palestrini, Antonio & Rosser, J. Barkley, 2011. "The Period Of Financial Distress In Speculative Markets: Interacting Heterogeneous Agents And Financial Constraints," Macroeconomic Dynamics, Cambridge University Press, vol. 15(01), pages 60-79, February.
  7. Ahmed, Ehsan & Koppl, Roger & Rosser, J. Jr. & White, Mark V., 1997. "Complex bubble persistence in closed-end country funds," Journal of Economic Behavior & Organization, Elsevier, vol. 32(1), pages 19-37, January.
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