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Alexandre Lamfalussy and the origins of instability in capitalist economies
[Alexandre Lamfalussy et les origines de l’instabilité dans les économies capitalistes]

Author

Listed:
  • Ivo Maes

    (UCLouvain - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

In this paper the vision of the "Young" and "Elder" Lamfalussy on the origins of instability in capitalist economies will be contrasted. The young Lamfalussy found the origins of instability in medium-term cumulative processes in the real sector of the economy, very much inspired by the vicious circles in the British and Belgian economies in the postwar period. The Elder Lamfalussy focused on financial innovations and the myopic behavior of financial markets. The Euro area crisis showed the importance of both processes.

Suggested Citation

  • Ivo Maes, 2025. "Alexandre Lamfalussy and the origins of instability in capitalist economies [Alexandre Lamfalussy et les origines de l’instabilité dans les économies capitalistes]," Post-Print hal-05547410, HAL.
    • Handle: RePEc:hal:journl:hal-05547410
    DOI: 10.48611/isbn.978-2-406-18601-4.p.0193
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