Hyman Minskys Financial Instability Hypothesis and Economic Crisis in Russia

DOI: 10.20542/0131-2227-2010-3-56-64

M. Stolbov, MGIMO University, 76, Vernadskogo Prosp., Moscow, 119454, Russian Federation (stolbov_mi@mail.ru)

Abstract. M. Stolbov’s article deals with the H.P. Minsky’s financial instability hypothesis. It is proved that this theory is relevant to analyze the internal causes of the crisis in Russian banking and non-financial sectors. To ensure stable post-crisis development of Russia's economy, it is proposed to take measures based on Minsky’s approach to corporate taxation. At the same time, some measures aimed at securing the balanced interrelation between financial and real sectors are suggested.

Keywords: neoclassical synthesis, post-Keynesianism, Hyman Minsky, financial instability hypothesis, secured financing, speculative financing, "Ponzi finance", financial leverage, financial fragility, economic crisis in Russia

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For citation:
Stolbov M. Hyman Minskys Financial Instability Hypothesis and Economic Crisis in Russia. World Eonomy and International Relations, 2010, no. 3, pp. 56-64. https://doi.org/10.20542/0131-2227-2010-3-56-64

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