“…Since the 1980s, followers of the post‐Keynesian school of economics have developed the economic ideas of Hyman Minsky in formal mathematical models. However, despite the great number of theoretical studies (see, e.g., Charles, 2008; Foley, 2003; Kohler, 2019; Nishi, 2012; Ryoo, 2010, 2012, 2013; Taylor & O’Connell, 1985; Vercelli, 2000 among others), there are few empirical studies on the financial instability hypothesis. Section 2.1 revisits the theoretical and empirical papers on Minsky’s theory.…”