The Generalized Minsky Moment
نویسنده
چکیده
Whether the current financial crisis is a bona fide “Minsky moment” is a matter for debate. Davidson (2008) firmly disputes that subprime mortgages constitute “Ponzi finance” in the technical sense that Hyman Minsky intended. We don’t disagree. Yet the fact that current events have again raised the profile of Minsky’s contribution is still a good thing, and we propose here to take advantage of it. In this paper, we suggest that Minsky’s taxonomy of financial behavior can be generalized far beyond its original sphere of application. Thus we offer a “generalized Minsky moment.”
منابع مشابه
A Real Minsky Moment in an Artificial Stock Market
Many authors have contributed to the idea that financial markets are dynamically unstable. Much of this line of thinking suggests that bubbles and crashes will be a generic feature of most any speculative market, and that removing them would be difficult, if not impossible. Hyman Minsky is probably the one of the earlier contributors to this area, and recently his work has been looked at with n...
متن کاملRecurrence Relations for Quotient Moment of Generalized Pareto Distribution Based on Generalized Order Statistics and Characterization
Generalized Pareto distribution play an important role in reliability, extreme value theory, and other branches of applied probability and statistics. This family of distributions includes exponential distribution, Pareto distribution, and Power distribution. In this paper, we established exact expressions and recurrence relations satisfied by the quotient moments of generalized order statistic...
متن کاملGeneralized half-normal distribution: Model and properties
In this article new generalization of half-normal distribution as the half generalized normal distribution is introduced. This distribution, contains the half-normal distribution as special case. We provide mathematical properties of this distribution. We also derive the pdf, cdf, -th moment, the asymmetry and kurtosis coefficients and the moment generating function. We discuss some inferenti...
متن کاملRecurrence Relations for Moment Generating Functions of Generalized Order Statistics Based on Doubly Truncated Class of Distributions
In this paper, we derived recurrence relations for joint moment generating functions of nonadjacent generalized order statistics (GOS) of random samples drawn from doubly truncated class of continuous distributions. Recurrence relations for joint moments of nonadjacent GOS (ordinary order statistics (OOS) and k-upper records (k-RVs) as special cases) are obtained. Single and product moment gene...
متن کاملWeighted Sums of Random Kitchen Sinks: Replacing minimization with randomization in learning
Randomized neural networks are immortalized in this AI Koan: In the days when Sussman was a novice, Minsky once came to him as he sat hacking at the PDP-6. “What are you doing?” asked Minsky. “I am training a randomly wired neural net to play tic-tac-toe,” Sussman replied. “Why is the net wired randomly?” asked Minsky. Sussman replied, “I do not want it to have any preconceptions of how to play...
متن کامل