This paper aims to help bridge the gap between theory and fact regarding the so-called “Minsky Moments” by revisiting the “financial instability hypothesis” (FIH). We limit the analysis to the core of FIH — that is, to its strictly financial part. Our contribution builds on a...

This book offers a novel interpretation of the Great Recession and the ensuing Euro Crisis as a consequence of the evolution of capitalism since the 1970s. Chapters argue that the neoliberal development trajectory pursued in recent decades is unsustainable, and posit that neither sound...

1. Normative Foundations -- Part I: Financial Economics and Macroeconomics after WWII -- 2. The Second Financialisation -- 3. The Emergence of Modern Financial Economics -- 4. Finance and Macroeconomics -- Part II: The regulation of the financial system after the crisis -- 5. The Great Financial...

[fre] L'instabilité structurelle du capitalisme, telle qu'elle est analysée par Keynes, Schumpeter et Marx, ne peut être comprise de façon satisfaisante dans les seuls termes de l'instabilité dynamique. Les concepts centraux relatifs à l'instrs proprement en termes d'instabilité...

The reasons and implications of different understandings of the ongoing financial crisis may be thoroughly assessed by starting the investigation from a taxonomy of the competing visions of the capitalist system and of the approach required to understand it. This paper focuses in particular on...

This contribution attempts to explain the recent financial crisis and the subsequent Great Recession from the point of view of incentives that change as a consequence of securitization and contagion processes. It provides a critical analysis of the basic principles of the Asymmetric Information...