Bank profitability, leverage and financial instability: a Minsky-Harrod model
构建了一个存量流量一致的宏观经济模型，研究银行盈利能力和杠杆如何影响企业负债结构，发现银行盈利能力对信贷供给的强扩张效应会引发经济周期波动，并讨论了明斯基对银行杠杆和派息比率控制的政策建议。
This paper develops a stock-flow-consistent macroeconomic model where bank profitability and bank leverage play a crucial role in the determination of firms' liability structure. The model assumes that banks' credit supply depends on bank profitability as well as firms' profit–interest ratio. Our analysis suggests that a strong expansionary effect of bank profitability on credit supply tends to destabilise the economy, leading to cycles driven by the interactions between firms' and banks' financial behaviour. The formal framework is used to discuss Hyman Minsky's proposal in his Stabilizing an Unstable Economy for the control over the permissible leverage ratios and payout ratios of banks. Copyright , Oxford University Press.