منابع مشابه
Indicators of Financial Instability
A global Slowdown, rising oil prices, and monetary tightening in industrial countries may lead to net capital outflows which accentuate high ratios of short-term to total external debt. This paper focuses on finding consistent indicators of financial instability. Knowledge of these indicators should assist attempts to implement institutional financial reform and improve an economy's resilien...
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Financial instability can have large adverse effects on an economy. One major cause of instability is asset price bubbles. This paper starts by considering how such bubbles can arise due to the expansion of money and credit. The ways in which subsequent financial instability occurs are then discussed. Banking crises can arise due to panics or as a result of the business cycle. Contagion and fin...
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In this paper we provide new evidence about the relationship between financial crises and economic situation for different countries which belong to the OECD and emergent economies of Latin America and Asia. The results show new support to the different influence of economic situation according to the type of financial crises. Aggregate data and panel techniques are used taking into account the...
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This paper develops a simple model in which adaptive learning by investors leads to recurrent booms and busts in asset prices. The model captures aspects of Minsky’s “financial instability hypothesis” in which periods of tranquility lead investors to increase their estimates of expected returns and reduce their estimates of return volatility. The changes of beliefs drive up asset prices and hen...
متن کاملA Leverage-Based Measure of Financial Instability
We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities suddenly becomes upward-sloping and small price declines cascade as levered investors are forced to liqui...
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ژورنال
عنوان ژورنال: Journal of Post Keynesian Economics
سال: 2020
ISSN: 0160-3477,1557-7821
DOI: 10.1080/01603477.2020.1734469