Evolutionary finance and central banking
阐述明斯基的演化金融与中央银行概念，分析有效需求、不确定性和现金流如何引发偿付与流动性风险，导致金融脆弱性，并探讨央行通过贴现窗口和最后贷款人干预来维护金融稳定的操作指南。
This article considers Minsky’s contribution to evolutionary economics, paying attention to his concepts of evolutionary finance and central banking. Evolutionary finance is defined by Minsky as the process through which changes in effective demand, uncertainty and cash flows trigger solvency and liquidity risk that increase financial fragility and the possibility of financial instability and debt deflation. Emphasis is placed on the role of Ponzi position making operations and failed margins of safety in inducing low-quality leverage and liability structures. Evolutionary central banking is defined by Minsky as the process that central banks use by applying qualitative monetary policy through discount window procedures and lender-of-last-resort interventions to target Ponzi leverage structures and financial stability. Evolutionary central banking provides operational guidelines and objectives that help us understand the monetary policies adopted by central banks after the Global Financial Crisis of 2007–2008, as well as the limitations of the non-conventional monetary policies.