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Was Minsky Right: An Analysis In The Context of The 2008 Global Economic Crisis

Year 2016, Volume: 2 Issue: 2, 1 - 11, 01.05.2016

Abstract

In this study, we tried to analyse the relation between the theory of financial instability of post-Keynesian economist Hyman Minsky and the global crisis starting in 2008 in the United States ,and then covered the entire world. Minsky defended that the financial system of the capitalist economy is vulnerable to speculative attack with its desire of profit, and added if these attacks are persistent enough, result of the crisis will be inevitable. Minsky noted that with appropriate monetary policy the impact of the instability experienced in the financial system can be resolved. However, the greed to earn money for economic agents has been one of the biggest obstacle underlying the prevention of crisis. Minsky, before his death in 1996, said the present capitalist system will soon encounter a crisis on a global scale. The global financial crisis experienced in 2008 and the ongoing effects of it, has many devastating impacts on the real sector. This crisis has shown us how right Minsky's prediction was

References

  • Alantar, Doğan (2008), “Küresel Finansal Kriz: Nedenleri ve Sonuçları Üzerine Bir Değerlendirme”, Maliye Bakanlığı Bütçe ve Mali Kontrol Genel Müdürlüğü.
  • Ballard, Bill (1995), “How Keynes became a Post Keynesian”, Journal of Post Keynesian Economics; Spring95, Vol. 17 Issue 3, p.325.
  • Bocutoğlu, Ersan (2010), “Hyman P. Minsky’nin Konjonktür Teorisi 2007-2010 Küresel Krizini Açıklamaya Uygun mu? Heterodoks Bir Değerlendirme”,Bankacılar Dergisi, Yılı:21, Sayı:75, ss.3-33.
  • Crotty, R.J. (1990), “Owner-Manager Conflict and Financial Theories of Investment Insatability: A Critical Assesment of Keynes, Tobin, Minsky”. James R. Crotty Archive Papers (http://people.umass.edu/crotty/archive.html) 08.04.2015
  • Davidson, Paul, (1991), “Is Probability Theory Relevant for Uncertainty?, A Post Keynesian Perspective”, Journal of Economic Perspectives, Volume 5, Number 1, Winter 1991, P.129– 143
  • Davidson, Paul, (2011), Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century, Second Edition, Aldershot:Edwar Elgar
  • Dymskı, G. ve Pollın, R. (1992), Hyman Minsky as Hedgehog: The Power of the Wall Street Paradigm, Steven Fazzari and Dimitri B.Papadimitriou (der.), Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P. Minsky, M.E.Sharpe, New York, USA.
  • Filho, Fernando Ferrary ve Octavio Conceiçao (2005), “The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics”, Journal of Economic Issues, Vol. XXXIX, No. 3 September 2005, p.579-594.
  • Fontana, Giuseppe, (2006), “Keynesian Uncertainity and Money”, Phillip Arestis ve Malcolm Sawyer (der.), A Handbook of Alternative Monetary Economics, Aldershot:Edward Elgar, 438-454.
  • Holt, R. ve Presmann, S. (2001), A New Guide To Post Keynesian Economics, Routledge London and Newyork.
  • IMF, World Economic Outlook, April 2010, Rebalancing Growth.
  • IMF, World Economic Outlook, September 2011, Slowing Growth, Rising Risks.
  • IMF, World Economic Outlook, April 2012, Growth Resuming, Dangers Remain.
  • IMF, World Economic Outlook, April 2013, Hopes, Realities, Risks.
  • IMF, World Economic Outlook, April 2014, Recovery Strengthens, Remains Uneven.
  • IMF, World Economic Outlook, April 2015, Uneven Growth Short- and Long-Term Factors.
  • Knell, M. (2012), Schumpeter, Minsky and the Financial Instability Hypothesis, NIFU Nordic Institute for Studies in Innovation, p.1-21.
  • Lee, Frederic S. (1999), Foundations of Post Keynesian Price Theory, Cambridge University Press: Cambridge, UK
  • Mınsky, Hyman P. (1982), Can It Happen Again?: Essays On Instability and Finance, New York: M.E. Sharpe.
  • Mınsky, Hyman P. (1992), The Financial Instability Hypothesis, The Jerome Levy Economic Institute of Bard College, Working Paper, No.74.
  • Minsky, Hyman P. (1992b), The Structure of Financial Institutions and the Dynamic Behavior of the Economy, Hyman P. Minsky Archive, Paper 178, http://digitalcommons.bard.edu/hm_archive/178 (01.08.2016).
  • Mınsky, Hyman P. (1993), Finance and Stability: The Limits of Capitalism, The Jerome Levy Economics Institute of Bard Collage, Working Paper, 93.
  • Mınsky, Hyman P. (1995), Sources of Financial Fragility: Financial Factors in the Economics of Capitalism, Hyman P. Minsky Archive. Paper 69.
  • Minsky Hyman P. (1996), Uncertanity and the Institutional Structure of Capitalist Economies, The Jerome Levy Economics Institute Working Paper ,no.155, 1996.
  • Ferri Piero ve Minsky Hyman P., (1991). “Market Processes and Thwarting Systems”, The Jerome Levy Economics Institute, No.64, pp.1–30.
  • Şen Ali ve Altay Hüseyin (2010), “Finansal İstikrarsizlik Hipotezi Bağlaminda Global Finansal Kriz”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(1), ss.163-179.
  • Smithin, John (2003), Controversies in Monetary Economics, Resived Edition, Edward Elgar Publishing Company.
  • Tokucu, Erkan (2012), “Hyman Mınsky’nin Finansal İstikrarsızlık Hipotezi Çerçevesinde Finansal Krizler Ve Çözüm Önerileri”, Ankara Üniversitesi SBF Dergisi, Cilt 67, No. 2, ss. 189-212.
  • Weber, Axel A. (2008). “Financial Market Stability”, London School of Economics, London, p.1–17.

Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz

Year 2016, Volume: 2 Issue: 2, 1 - 11, 01.05.2016

Abstract

Bu çalışmada bir Post-Keynesyen iktisatçı olarak tanımlanan Hyman Minsky'nin Finansal İstikrarsızlık Teorisi ve 2008 yılında ABD'de başlayıp tüm dünyayı etkileyen küresel kriz ilişkisi açıklanmaya çalışılmıştır. Minsky, kapitalist ekonomilerde finansal sistemlerin kâr elde etme arzusu ile spekülatif saldırılara karşı savunmasız olduğunu ve bu saldırılar yeterince kalıcı olduğu takdirde bunların krizlerle sonuçlanmasının kaçınılmaz olduğunu söylemiştir. Minsky finansal sistemde yaşanan dengesizliklerin uygun para politikaları ile etkilerinin giderilebileceğini belirtmiştir. Ancak ekonomik birimlerin para kazanma hırsı krizlerin engellenmesi altında yatan en büyük etkenlerden biri olmuştur. Minsky, 1996'daki vefatından önce, mevcut kapitalizm sisteminin çok yakında küresel ölçekte bir krizle karşılaşacağını söylemiştir. 2008'de yaşanan ve etkileri devam eden küresel krizin hem finansal, hem de reel kesim üzerinde yıkıcı etkileri olmuştur. Bu kriz bizlere, Minsky'nin öngörüsünün ne kadar haklı olduğunu göstermiştir.

References

  • Alantar, Doğan (2008), “Küresel Finansal Kriz: Nedenleri ve Sonuçları Üzerine Bir Değerlendirme”, Maliye Bakanlığı Bütçe ve Mali Kontrol Genel Müdürlüğü.
  • Ballard, Bill (1995), “How Keynes became a Post Keynesian”, Journal of Post Keynesian Economics; Spring95, Vol. 17 Issue 3, p.325.
  • Bocutoğlu, Ersan (2010), “Hyman P. Minsky’nin Konjonktür Teorisi 2007-2010 Küresel Krizini Açıklamaya Uygun mu? Heterodoks Bir Değerlendirme”,Bankacılar Dergisi, Yılı:21, Sayı:75, ss.3-33.
  • Crotty, R.J. (1990), “Owner-Manager Conflict and Financial Theories of Investment Insatability: A Critical Assesment of Keynes, Tobin, Minsky”. James R. Crotty Archive Papers (http://people.umass.edu/crotty/archive.html) 08.04.2015
  • Davidson, Paul, (1991), “Is Probability Theory Relevant for Uncertainty?, A Post Keynesian Perspective”, Journal of Economic Perspectives, Volume 5, Number 1, Winter 1991, P.129– 143
  • Davidson, Paul, (2011), Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century, Second Edition, Aldershot:Edwar Elgar
  • Dymskı, G. ve Pollın, R. (1992), Hyman Minsky as Hedgehog: The Power of the Wall Street Paradigm, Steven Fazzari and Dimitri B.Papadimitriou (der.), Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P. Minsky, M.E.Sharpe, New York, USA.
  • Filho, Fernando Ferrary ve Octavio Conceiçao (2005), “The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics”, Journal of Economic Issues, Vol. XXXIX, No. 3 September 2005, p.579-594.
  • Fontana, Giuseppe, (2006), “Keynesian Uncertainity and Money”, Phillip Arestis ve Malcolm Sawyer (der.), A Handbook of Alternative Monetary Economics, Aldershot:Edward Elgar, 438-454.
  • Holt, R. ve Presmann, S. (2001), A New Guide To Post Keynesian Economics, Routledge London and Newyork.
  • IMF, World Economic Outlook, April 2010, Rebalancing Growth.
  • IMF, World Economic Outlook, September 2011, Slowing Growth, Rising Risks.
  • IMF, World Economic Outlook, April 2012, Growth Resuming, Dangers Remain.
  • IMF, World Economic Outlook, April 2013, Hopes, Realities, Risks.
  • IMF, World Economic Outlook, April 2014, Recovery Strengthens, Remains Uneven.
  • IMF, World Economic Outlook, April 2015, Uneven Growth Short- and Long-Term Factors.
  • Knell, M. (2012), Schumpeter, Minsky and the Financial Instability Hypothesis, NIFU Nordic Institute for Studies in Innovation, p.1-21.
  • Lee, Frederic S. (1999), Foundations of Post Keynesian Price Theory, Cambridge University Press: Cambridge, UK
  • Mınsky, Hyman P. (1982), Can It Happen Again?: Essays On Instability and Finance, New York: M.E. Sharpe.
  • Mınsky, Hyman P. (1992), The Financial Instability Hypothesis, The Jerome Levy Economic Institute of Bard College, Working Paper, No.74.
  • Minsky, Hyman P. (1992b), The Structure of Financial Institutions and the Dynamic Behavior of the Economy, Hyman P. Minsky Archive, Paper 178, http://digitalcommons.bard.edu/hm_archive/178 (01.08.2016).
  • Mınsky, Hyman P. (1993), Finance and Stability: The Limits of Capitalism, The Jerome Levy Economics Institute of Bard Collage, Working Paper, 93.
  • Mınsky, Hyman P. (1995), Sources of Financial Fragility: Financial Factors in the Economics of Capitalism, Hyman P. Minsky Archive. Paper 69.
  • Minsky Hyman P. (1996), Uncertanity and the Institutional Structure of Capitalist Economies, The Jerome Levy Economics Institute Working Paper ,no.155, 1996.
  • Ferri Piero ve Minsky Hyman P., (1991). “Market Processes and Thwarting Systems”, The Jerome Levy Economics Institute, No.64, pp.1–30.
  • Şen Ali ve Altay Hüseyin (2010), “Finansal İstikrarsizlik Hipotezi Bağlaminda Global Finansal Kriz”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(1), ss.163-179.
  • Smithin, John (2003), Controversies in Monetary Economics, Resived Edition, Edward Elgar Publishing Company.
  • Tokucu, Erkan (2012), “Hyman Mınsky’nin Finansal İstikrarsızlık Hipotezi Çerçevesinde Finansal Krizler Ve Çözüm Önerileri”, Ankara Üniversitesi SBF Dergisi, Cilt 67, No. 2, ss. 189-212.
  • Weber, Axel A. (2008). “Financial Market Stability”, London School of Economics, London, p.1–17.
There are 29 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Muhammed Veysel Kaya

Hasan Önder Sarıdoğan

Publication Date May 1, 2016
Published in Issue Year 2016 Volume: 2 Issue: 2

Cite

APA Kaya, M. V., & Sarıdoğan, H. Ö. (2016). Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz. Uluslararası Ekonomik Araştırmalar Dergisi, 2(2), 1-11.
AMA Kaya MV, Sarıdoğan HÖ. Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz. UEAD. May 2016;2(2):1-11.
Chicago Kaya, Muhammed Veysel, and Hasan Önder Sarıdoğan. “Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz”. Uluslararası Ekonomik Araştırmalar Dergisi 2, no. 2 (May 2016): 1-11.
EndNote Kaya MV, Sarıdoğan HÖ (May 1, 2016) Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz. Uluslararası Ekonomik Araştırmalar Dergisi 2 2 1–11.
IEEE M. V. Kaya and H. Ö. Sarıdoğan, “Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz”, UEAD, vol. 2, no. 2, pp. 1–11, 2016.
ISNAD Kaya, Muhammed Veysel - Sarıdoğan, Hasan Önder. “Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz”. Uluslararası Ekonomik Araştırmalar Dergisi 2/2 (May 2016), 1-11.
JAMA Kaya MV, Sarıdoğan HÖ. Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz. UEAD. 2016;2:1–11.
MLA Kaya, Muhammed Veysel and Hasan Önder Sarıdoğan. “Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz”. Uluslararası Ekonomik Araştırmalar Dergisi, vol. 2, no. 2, 2016, pp. 1-11.
Vancouver Kaya MV, Sarıdoğan HÖ. Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz. UEAD. 2016;2(2):1-11.