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首页> 外文期刊>JPKE:journal of post keynesian economics >Minsky's financial instability hypothesis and the role of equity: The accounting behind hedge, speculative, and Ponzi finance
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Minsky's financial instability hypothesis and the role of equity: The accounting behind hedge, speculative, and Ponzi finance

机译：明斯基的金融不稳定假设和股权的作用：对冲，投机和庞氏金融背后的会计处理

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摘要

Hyman Minsky's primary legacy to Keynesian macroeconomics involves two related features. He emphasized that real (market) analysis and financial (market) analysis should be analyzed together, not separately; and that the macro economy is inherently unstable (his "financial instability hypothesis"). He melded financial analysis and the "real" market economy to interpret cycles in economic activity. An economy in boom (euphoria, animal spirits) eventually runs out of steam, reaches a peak, and descends into recession. The recession after the Minsky-moment peak segues through several financial stages based on the financial conditions of individual firms; he termed these stages as hedge, speculative, and Ponzi finance. The fragility of the economy depends on the relative weights or importance of the economy's firms in each of the three stages.
机译：海曼·明斯基（Hyman Minsky）对于凯恩斯主义宏观经济学的主要遗产涉及两个相关特征。他强调，应该对真实（市场）分析和财务（市场）分析进行综合分析，而不是分别进行分析。并且宏观经济本质上是不稳定的（他的“金融不稳定假说”）。他将财务分析和“实际”市场经济相结合，以解释经济活动的周期。繁荣的经济（欣快感，动物精神）最终耗尽动力，达到顶峰，然后陷入衰退。明斯基时刻达到顶峰后的经济衰退会根据各个公司的财务状况在几个财务阶段进行紧缩。他将这些阶段称为对冲，投机和庞氏金融。经济的脆弱性取决于三个阶段中每个阶段中经济公司的相对权重或重要性。

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