Manias, Panics and Crashes

Kindleberger, Charles P.; Aliber, Robert Z.

doi:10.1057/9780230628045

Cited by 671 publications

(90 citation statements)

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“…Finally, the oscillations of our model can be dampened or exacerbated by financial cycles à la Minsky and Kindleberger (Minsky, 1975, Kindleberger and Aliber, 2005. 8 For instance, the negative effect of an increase in the profit share when the economy is wage-led can be alleviated-at least temporarily-with a wave of financial innovation that will allow the workers to sustain their consumption and contribute to a high level of demand.…”

Section: Other Theories Of Long Swingsmentioning

confidence: 96%

Distribution-led growth in the long run

Nikiforos

2016

Review of Keynesian Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThe paper examines the long-run fluctuations in growth and distribution through the prism of wageand profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage-and profitled periods. Our model is a linear version of Goodwin's predator-prey model, but with a reversal of the roles for predator and prey: the growth rate acts as the predator and the distribution of income as the prey. These fluctuations need to be taken into account when someone estimates empirically the effect of a change in distribution on utilization and growth. We also examine our argument in relation to the double movement of Karl Polanyi, the Kuznets curve, and the theories of long swings proposed

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Section: Other Theories Of Long Swingsmentioning

confidence: 96%

Distribution-led growth in the long run

Nikiforos

2016

Review of Keynesian Economics

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“…Financial crisis is developing in interdependence of different financial, economic and political factors and is not related with separate and single indicator (Minsky, 1980;Kindleberger and Aliber, 2005). The consequences of the last financial crisis on real and financial sector have not been still resolved (Reinhart and Rogoff, 2009).…”

Section: Bank Behavior In Economic Cyclesmentioning

confidence: 99%

Prudential Constrains of Banks Lending Activities After Financial Crisis

Ercegovac¹

2017

EJBM

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Both economic practice and economic theory are interested in analyzing the role of financial sector in promoting the economic development and economic growth. Commercial banks are the most important financial institutions in bank-based economies. The lending activities of commercial banks are limited by regulatory framework, management decisions and credit capacities of borrowers. Regulatory framework has been limited lending potentials of commercial banks because of capital requirements and liquidity management costs. Information asymmetry and adverse selection in decision-making enforce commercial banks to implement credit rationing process even in case of social significance of investment projects. Social responsibility of commercial banks cannot be measured according to the risk-taking activities. Banking financial intermediations have to keep the value of savings deposits under control and protect the stability of financial system. This paper will analyze the risk structure and prudential constrains of bank lending activities. To employ the credit capacity of commercial banks, it is necessary to extend guarantee schemes or promote the alternative financing opportunities in sharing the risk of accelerated growth.

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“…According to Goldsmith (1982), financial crises are linked to a sharp, brief, and ultra-cyclic deterioration of financial indicators, such as asset prices, credit, short-term interest rates, and financial institution collapse. According to Kindleberger and Aliber (2005), crises are, in general, related to economic cycle peaks that occur during a period of economic growth, leading to a period of depression. Crises can be of either domestic or foreign origin, can start in either the private or the public sector, with different forms and intensities, and can spread swiftly across borders (Claessense & Kose, 2013;Reinhart & Rogoff, 2009).Despite both the complexity of financial crises and the differences between them, they tend to have similarities in terms of macroeconomic and financial consequences, as these go beyond the uncertainty they create.…”

Section: Background: Financial Crises and Their Relations With Fdimentioning

confidence: 99%

FDI and the Subprime Crisis: An Analysis for Asian and Latin American Countries

Castro¹,

Campos²

2017

IBR

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In recent decades, the inflows and stocks of foreign direct investment (FDI) have been heading increasingly towards developing countries intensifying the dynamics of international business. However, in 2008 the international financial crisis hit the world economy, decreasing FDI levels on a global scale. In this context, the purpose of this study is to evaluate the impact of the international financial crisis on FDI in Asian and Latin American countries, and to accomplish that, an analytical model was estimated by using dynamic panel procedures. Among the results, it was observed that the 2008 crisis had a negative impact on the multinational companies affecting the FDI stocks in the countries under consideration. However, the impact on the two regions differed, as the reduction in FDI stocks in Asia was greater than that in Latin American countries. In addition, the extension of the crisis, after 2008, was favorable to the growth of FDI in both regions.

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Manias, Panics and Crashes

Cited by 671 publications

References 0 publications

Distribution-led growth in the long run

Distribution-led growth in the long run

Prudential Constrains of Banks Lending Activities After Financial Crisis

FDI and the Subprime Crisis: An Analysis for Asian and Latin American Countries

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