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Minsky and Dynamic Macroprudential Regulation

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  • Jan Kregel

Abstract

In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky's work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky's "financial instability hypothesis"(FIH), serves as yet another useful guide to explaining why regulation and supervision in the lead-up to the 2008 financial crisis were flawed—and why the approach to reregulation after the crisis has been incomplete.

Suggested Citation

  • Jan Kregel, 2014. "Minsky and Dynamic Macroprudential Regulation," Economics Public Policy Brief Archive ppb_131, Levy Economics Institute.
  • Handle: RePEc:lev:levppb:ppb_131
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    References listed on IDEAS

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    1. Jan Kregel, 2012. "Minsky and the Narrow Banking Proposal: No Solution for Financial Reform," Economics Public Policy Brief Archive ppb_125, Levy Economics Institute.
    2. Ronnie J. Phillips, 1997. "Rethinking Bank Examinations: A Minsky Approach," Journal of Economic Issues, Taylor & Francis Journals, vol. 31(2), pages 509-516, June.
    3. Claudia Campbell & Hyman Minsky, 1987. "How to get off the back of a tiger, or, do initial conditions constrain deposit insurance reform?," Proceedings 158, Federal Reserve Bank of Chicago.
    4. Ronnie J. Phillips, "undated". "Narrow Banking Reconsidered, The Functional Approach to Financial Reform," Economics Public Policy Brief Archive ppb_17, Levy Economics Institute.
    5. James Tobin, 1987. "The case for preserving regulatory distinctions," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 167-205.
    6. Mario Tonveronachi, 2013. "De-globalising bank regulation," PSL Quarterly Review, Economia civile, vol. 66(267), pages 371-385.
    7. Persaud, Avinash, 2009. "Macro-Prudential Regulation," ECMI Papers 1712, Centre for European Policy Studies.
    8. Avinash Persaud, 2009. "Macro-Prudential Regulation," World Bank Publications - Reports 10243, The World Bank Group.
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    Cited by:

    1. Sheila Dow, 2019. "Monetary Reform, Central Banks, and Digital Currencies," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(2), pages 153-173, April.
    2. Espinosa-Torres, Juan Andrés & Gomez-Gonzalez, Jose Eduardo & Melo-Velandia, Luis Fernando & Moreno-Gutiérrez, José Fernando, 2016. "The international transmission of risk: Causal relations among developed and emerging countries’ term premia," Research in International Business and Finance, Elsevier, vol. 37(C), pages 646-654.
    3. Sheila Dow, 2020. "Alfred Marshall, Evolutionary Economics and Climate Change: Raffaelli Lecture," Department Discussion Papers 2001, Department of Economics, University of Victoria.
    4. Sofoklis Vogiazas & Constantinos Alexiou, 2019. "Bitcoin: The Road to Hell Is Paved With Good Promises," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 48(1), February.
    5. Sheila Dow & Guðrún Johnsen & Alberto Montagnoli, 2015. "A critique of full reserve banking," Working Papers 2015008, The University of Sheffield, Department of Economics.

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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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