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Minsky E La Crisi Finanziaria

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  • Damiano Bruno Silipo

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Abstract

Il lavoro si propone di ricostruire la teoria dell’instabilità finanziaria del capitalismo di Hyman Minsky e di valutare la sua rilevanza nella spiegazione della crisi attuale. La prima parte del lavoro è dedicata alla ricostruzione del pensiero di Minsky. Partendo da una descrizione del comportamento degli agenti economici e dalle relazioni finanziarie che si stabiliscono in un’economia capitalistica, particolare attenzione viene dedicata all’analisi minskyana del comportamento di banche e imprese e alle condizioni che determinano il livello degli investimenti e dell’attività economica. Al riguardo, si mostra come le aspettative ottimistiche e le posizioni speculative degli operatori generano il boom. D’altra parte, nel boom si pongono le premesse per la crisi, dovendo le banche finanziare le proprie attività a lungo termine con passività a breve e trovando in questa fase maggiori difficoltà a raccogliere liquidità presso i risparmiatori. La mancata restituzione dei prestiti innesca la crisi, che viene aggravata da un aumento dei tassi d’interesse e dell’avversione al rischio degli operatori. In una situazione in cui sono diffuse le posizioni speculative e ultraspeculative il fallimento di poche unità trascina le altre nella crisi finanziaria. A quest’ultima fase segue la deflazione da debiti e la depressione economica. Nella seconda parte del lavoro si ripercorrono le principali vicende della crisi attuale, mettendo in rilievo analogie e differenze con l’analisi di Minsky. In particolare si mostra come, pur nella diversità dei fattori che hanno generato l’attuale crisi finanziaria, rimane valido il contributo di Minsky sull’analisi delle determinanti del ciclo economico e sul ruolo della politica economica. Comunque, diversamente da quanto ipotizzato da Minsky, l’attuale crisi finanziaria dimostra che non solo le imprese ma anche le famiglie hanno un ruolo rilevante nella determinazione del livello e della composizione della produzione.

Suggested Citation

  • Damiano Bruno Silipo, 2009. "Minsky E La Crisi Finanziaria," Working Papers 200909, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
  • Handle: RePEc:clb:wpaper:200909
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    File URL: http://www.ecostat.unical.it/RePEc/WorkingPapers/WP09_2009.pdf
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    References listed on IDEAS

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    Keywords

    Instabilità Finanziaria; Capitalismo di Hyman Minsky;

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