Wnioski z kryzysu w kontekście hipotezy niestabilności finansowej

• Autorzy: Krzysztof Kluza , Radosław Cholewiński

Warianty tytułu

Lessons from the Crisis under the Financal Instability Hypothesis Framwork

• Języki publikacji: PL

Abstrakty

W opracowaniu, opierając się na hipotezie niestabilności finansowej Minsky´ego, scharakteryzowano krótki cykl kredytowania w gospodarce i towarzyszące mu formy finansowania. Następnie przedstawiono mechanizm powstawania kryzysów finansowych oraz konsekwencje tych kryzysów dla realnej sfery gospodarki. W zakończeniu pracy przedstawiono rekomendacje wynikające z teorii H. Minsky´ego, których wprowadzenie może chronić przed "wygenerowaniem" przez sektor finansowy kolejnego kryzysu. (fragment tekstu)

EN

The article presents the financial instability hypothesis developed by Hyman Minsky (1992a, 1992b) in the light of contemporary nnancial crises. The evolution of an economy towards financial instability is tracked by analyzing the cases of the Long-Term Capital Management and of the subprime loan market. Basing on the relationship between debt and investment, which was postulated by Minsky, the article presents the consequences of financial crises for the real economy. Flawed compensation schemes in the financial sector arę claimed to be responsible for financial instability. In line with Minsky's theory there are proposed specific recommendations aiming at improving the financial system stability. These recommendations refer in particular to the risk management (both credit and market as well as liquidity risk), the structure of the financial system and to compensation schemes. The conclusions drawn from Minsky's theory belie thus a popular thesis that the financial turmoil in 2007-2009 revealed the weakness of economic science. (original abstract)

Słowa kluczowe

PL

Kryzys finansowy; Rynki finansowe; Rynek kredytów; Kredyt hipoteczny

EN

Financial crisis; Financial markets; Credit market; Mortgage credit

• Czasopismo: Zeszyty Naukowe / Uniwersytet Ekonomiczny w Poznaniu
• Rocznik: 2010
• Numer: nr 143
• Strony: 33-43

Twórcy

autor

Krzysztof Kluza

• Szkoła Główna Handlowa w Warszawie

autor

Radosław Cholewiński

• Noble Bank

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