Is Minsky’s financial instability hypothesis valid?
重新评估明斯基金融不稳定假说的有效性及其内部一致性的主要批评，通过简化宏观模型证明该假说在多数情况下成立，并发现留存率下降会强化其结论。
In this article I reassess the validity of Minsky’s financial instability hypothesis and the main criticism about its internal coherence. Starting from this fundamental objection, I study Minsky’s contribution within the scope of a highly simplified macro-model. It is shown that the financial instability hypothesis (increasing debt ratios during economic expansion) remains valid in numerous cases. It appears, amongst other things, that a sufficient fall in the retention rate reinforces Minsky’s conclusions, emphasising the destabilising role of shareholders in the distribution of net profits.