BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Nawrot Wioletta
Title
Teoria kryzysów finansowych Minsky'ego i jej odniesienie do współczesności
Minsky's theory of financial crises and its impact on contemporary economics
Source
Gospodarka Narodowa, 2009, nr 10, s. 49-70, tab., wykr., bibliogr. 16 poz.
Keyword
Kryzys finansowy, System finansowy, Rynek nieruchomości, Kredyt hipoteczny
Financial crisis, Financial system, Real estate market, Mortgage credit
Abstract
Autorka wyjaśnia, że w rezultacie dynamicznego rozwoju rynku nieruchomości w Stanach Zjednoczonych nastąpiła ekspansja kredytowa na niespotykaną dotychczas skalę (tym większą, iż przypadającą na okres bardzo niskich stóp procentowych) oraz miał miejsce intensywny rozwój rynku papierów wartościowych zarówno w segmencie „tradycyjnym", jak również w segmencie „innowacyjnym". W praktyce oznaczało to, iż pieniądz miał niespotykanie niski koszt. Zatem w okresie spadającego kosztu pieniądza, rynek nieruchomości mieszkalnych w USA miał wszelkie możliwości po temu, żeby prężnie wzrastać. Autorka tłumaczy jak doszło do tego, że za sprawą problemów na tym rynku przyszło się zmierzyć z największym i najpoważniejszym w skutkach kryzysem finansowym od czasu „Wielkiej Depresji”, z globalnym kryzysem finansowym XXI wieku. Autorka posiłkuje się teoriami zaczerpniętymi z prac H. Minsky’ego, dopasowanymi do aktualnej sytuacji gospodarczej.

The fall of the U.S. investment bank Lehman Brothers—one of the world’s largest financial institutions—in mid-September last year rocked the foundations of the global financial system and triggered what turned out to be the worst financial crisis since the Great Depression of the 1930s. Amid the global turmoil, international economists and financiers dusted off a 1980s book by American economist Hyman P. Minsky entitled Stabilizing an Unstable Economy. The book sheds new light on the ongoing financial crisis. One of the many strengths of this book is that it offers a consistent definition of a financial crisis in the modern economy. Nawrot’s article analyzes the latest financial turbulence in the world. The analysis makes use of methods based on a theoretical model developed by Minsky, which, for the needs of the article, was expanded to address the situation at the start of the 21st century. The author uses this comprehensive financial model to probe the essence of the ongoing crisis and identify its causes, course and possible implications. The analysis shows that the world’s financial markets are undergoing dynamic changes and that many financial market players are in debt. This, along with a changing breakdown of this debt, poses a serious threat for the future, Nawrot says. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Bibliography
Show
  1. Brummer A,, [2008], The Crunch, The Scandal of Northern Rock and the Escalating Credit Crisis, Random House Business Books, London.
  2. Cooper G., [2008], The Origin of Financial Crises, Central banks, credit bubbles and the efficient market fallacy, Harriman House LTD, Hampshire.
  3. Kindleberger Ch., Aliber R., [2005], Manias, Panics, and Crashes, A History of Financial Crises, John Wiley & Sons Inc., Fifth Edition.
  4. Minsky H., [1959], A Linear Model of Cyclical Growth, The Review of Economics and Statistics, 41, 2, s. 133-145.
  5. Minsky H., [1957], Central Banking and Money Market Changes, "Quarterly Journal of Economics", 71, s. 171-187.
  6. Minsky H., [1993], Finance and Stability: The Limits of Capitalism. Minsky Archives, The Levy Economics Institute of Bard College.
  7. Minsky H., [1994], Financial Instability and the Decline of Banking: Public Policy Implications, Minsky Archives, The Levy Economics Institute of Bard College.
  8. Minsky H., [1963], Longer Waves in Financial Relations: Financial Factors in the More Severe Depressions, "American Economic Association Papers and Proceedings", 54, s. 324-332.
  9. Minsky H., [1987], Memo on Securitization. Minsky Archives, The Levy Economics Institute of Bard College.
  10. Minsky H., [1957], Monetary Systems and Accelerator Models, "American Economic Review", 47, 6, s. 860-883.
  11. Minsky H., Stabilizing an Unstable Economy. McGraw Hill, International Edition 2008 (pierwszy raz opublikowana w 1986 roku przez Yale University Press).
  12. Morris Ch. [2008], The Trillion Dollar Meltdown. Easy Money, High Rollers, and the Great Credit Crash, Perseus Books Group, New York.
  13. Shiller R. [2008], The Subprime Solution. How Today's Global Financial Crisis Happened and What to Do about it, Princeton University Press, Princeton and Oxford.
  14. Stern G., Feldman R., [2004], To Big to Fail: The Hazards of Bank Bailouts, Brookings Institute Press, International Edition.
  15. Turner G., [2008], The Credit Crunch. Housing Bubbles, Globalization and the Worldwide Economic Crisis, Pluto Press, London.
  16. World Economic Outlook, [October 2008], Financial Stress, Downturns, and Recoveries, International Monetary Fund.
Cited by
Show
ISSN
0867-0005
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu