Expectations, the business cycle and the Mexican peso crisis
利用商业调查数据追踪明斯基关于预期在商业周期中演变的假说，并构建危机指标反映经济对冲击的脆弱性，为明斯基对1994-95年墨西哥比索危机的解释提供了直接经验证据。
The 1994--95 'peso' crisis did not display characteristics which allow it to be easily captured by traditional crisis models. Models based on Minsky's financial fragility hypothesis offer more persuasive accounts but have been supported by relatively little direct empirical evidence. This paper provides such evidence, with particular attention being paid to the role of domestic financial liberalisation in the process. Minsky's hypotheses about the evolution of expectations over the business cycle are tracked using business survey data. In addition, crisis indicators are constructed, reflecting the changing vulnerability of the economy to shocks. The findings support a Minskyian interpretation of the crisis. Copyright 2006, Oxford University Press.