Financial Crisis and Policy Proposals in the Context of the Financial Instability Hypothesis of Hyman Minsky

Year 2012, Volume: 67 Issue: 02, 189 - 212, 01.02.2012

Erkan Tokucu

https://doi.org/10.1501/SBFder_0000002249

Cited By: 9

Abstract

The last financial crisis, which started in the US and caused a chain reaction around the world, demonstrated one more time that the mainstream economic's spolicy proposals have not been able to solve the problems of the capitalist system. Hence, many economists and policymakers have attempted to define today's financial capitalism and to improve new policy proposals in line with the new financial era. The workings of Hyman Minsky and many Post Keynesian economists are among those which try to look at the capitalist system in a broader perpective and to offer suggestions to solve systemic problems. In this article, it will be investigated how financial relationships and financial fragility are analyzed and identified and what policy proposals are offered in the Post Keynesian economics and Minsky’s workings. For this, firstly, the theoretical bases of the school of Post Keynesian Economics will be given. Secondly, the financial instability hypothesis and the causes of the financial fragility will be explained from the points of view of Hyman Minsky. Finally, Minskyan policy proposals will be presented.

Keywords

Capitalism, Post Keynesian economics, Hyman Minsky, financial instability hypothesis, money manager capitalism

Hyman Mınsky'nin Finansal İstikrarsızlık Hipotezi Çerçevesinde Finansal Krizler ve Çözüm Önerileri

Abstract

Amerika Birlesik Devletleri’nde başlayan ve tüm dünyada zincirleme etkilere neden olan son finansal kriz bir kez daha gösterdi ki, yerleşik iktisadın politika önerileri kapitalizmin sorunlarını çözme gücüne sahip değil. Bundan dolayı, birçok iktisatçı ve politika-yapıcısı günümüz finansal kapitalizmini en uygun şekilde tanımlamak ve yeni finansal çağa uygun politikalar üretebilmek için çaba göstermektedir. Hyman Minsky’nin ve Post Keynesyen iktisatçıların çalışmaları da kapitalist sisteme ve sistemde yaşanan krizlere daha geniş bir perpektiften bakan ve sistemik problemlere çözüm önerileri sunmaya çalışan çalışmalar arasında yer almaktadır. Bu makalede, Minsky ve Post Keynesyen iktisatçıların günümüz finansal kapitalist sistemini ve sistemdeki kırılganlıkları nasıl tanımladıkları ve analiz ettikleri ve çözüm önerisi olarak neleri önerdikleri konuları irdelenecektir. Bunun için öncelikle Post Keynesyen iktisadın teorik arka planı verilecek ve daha sonra finansal istikrarsızlık analizi Minsky’nin çalısmaları baz alınarak açıklanacaktır.

Keywords

Kapitalizm, Post Keynesyen iktisat, Hyman Minsky, finansal istikrarsızlık hipotezi, para yöneten kapitalizm

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