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Thwarting systems and institutional dynamics or how to stabilize an unstable economy


  • Eric Nasica

    () (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)


In this contribution, it is shown that the ambivalence of institutional factors relatively to financial instability appears early in Minsky's first works, more precisely in the late fifties. The argument is developed in two main steps. First, on the basis of Minsky's analysis, I investigate the actual form that fluctuations analysis can take, explicitly including the institutional context that governs interactions between economic agents (I). I then look at the reasons why the stabilizing effects of a given institutional structure are not immutable. In order to remain effective, the institutional structure must, on the contrary, change endogenously in response to actions by private agents in the economy (II).

Suggested Citation

  • Eric Nasica, 1999. "Thwarting systems and institutional dynamics or how to stabilize an unstable economy," Post-Print halshs-00468148, HAL.
  • Handle: RePEc:hal:journl:halshs-00468148
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    Cited by:

    1. Iancu, Aurel, 2014. "Financial Instability, Cycles and the Role of Institutions," Working Papers of National Institute of Economic Research 141007, National Institute of Economic Research.


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