Keywords
Minsky
Monetary Systems
International Monetary System
How to Cite
Abstract
Hyman Minsky is well-known for his contributions to the theory of financial instability. He proposes that crises in the capitalist system have an endogenous origin since companies and banks adopt increasingly speculative behavior, the longer a period of economic stability lasts. However, other original and relevant concepts developed by Minsky, such as the ‘survival constraint’, are not as widely discussed in the literature. This study intends to cover this gap, presenting and discussing the relevance of the survival constraint to the theory of money and to the understanding of the hierarchy adopted by the globalized monetary system, after the 2008 crisis.
References
AGLIETTA, M. A theory of capitalist regulation: the US experience. London: Verso, 2015.
BELL, S. The role of the state and the hierarchy of money. Cambridge Journal of Economics, 2001.
BLOCK, F. The origins of the international financial disorder. University of California Press, 1977.
BURLAMAQUI, L.; TORRES, E. The Corona crisis: mapping and managing the (western?) financial turmoil – a Minskyan approach. Rio de Janeiro: UFRJ. Instituto de Economia, 2020. (Texto para Discussão, n. 10). Disponível em: https://www.ie.ufrj.br/images/IE/TDS/2020/TD_IE_010_2020_BURLAMAQUI_TORRES% 20FILHO.pdf.
DE CONTI, B.; PRATES, D.; PLIHON, D. O sistema monetário internacional e seu caráter hierarquizado. In: CINTRA, M.; MARTINS, R. (Org.). As transformações no sistema monetário internacional. IPEA, 2013.
FRIEDMAN, M. The quantity theory of money. In: WALTERS, A. (Ed.). Money and banking. Penguin, 1973.
GRAEBER, D. Debt: the first 5,000 years. Brooklyn, N.Y: Melville House, 2011.
HELLEINER, E. States and the reemergence of global finance: from Bretton Woods to global finance. Cornell University Press, 1994.
HUME, D. Of money, and other economic essays. 1777. Disponível em http://www.feedbooks.com/book/6709/of-money-and-other-economic-essays.
INGHAM, G. The nature of money. Polity Press, 2004.
KNAPP, F. State theory of money. Simon Publications Inc., 2003.
KELTON, S. The deficit mith. Public Affairs, 2020. KEYNES, J. M. The treatise on money. Martino Mansfield Center, 2011.
KEYNES, J. M. The General Theory of employment, interest and money. London: Palgrave Macmillan, 2007.
KEYNES, J. M. The ex ante theory of interest rates. Economic Journal, p. 663-669, Dec. 1937.
KEYNES, J. M. A monetary theory of production. Der Stand und die nächste Zukunft der Konjunkturforschung: Festschrift für Arthur Spiethoff. Munich: Duncker & Humboldt, 1933. p. 123-125. Disponível em: https://www.hetwebsite.net/het/texts/keynes/keynes1933mtp.htm.
MARTIN, Felix. Money: the unauthorised biography. The Bodley Head, 2014. MEHRLING, P. Elasticity and discipline in the global swap. Barnard College and INET, 2015. Disponível em https://www.ineteconomics.org/uploads/papers/WP27-Mehrling.pdf.
MEHRLING, P. The inherent hierarchy of money. In: TAYLOR, L.; REZAI, L.; MICHL, T. (Ed.). Social fairness and economics: economic essays in the spirit of Duncan Foley. Routledge, 2013. p. 394-404.
MEHRLING, P. The new Lombard Street: how the fed became the dealer of last resort. Princeton, NJ: Princeton Univ. Press, 2011.
MEHRLING, P. The vision of Hyman P. Minsky. Journal of Economic Behavior & Organization, v. 39, p. 129-158, 1999.
MINSKY, H. The financial instability hypothesis. New York: The New Economics Institute, 1992. (Working Paper, 74). Disponível em: http://www.levy.org. MINSKY, H. Stabilizing an unstable economy. Yale University Press, 1986a.
MINSKY, H. Global consequences of financial deregulation Hyman P. Minsky Archive. 1986b. Disponível em: https://digitalcommons.bard.edu/hm_archive/378.
MINSKY, H. Financial intermediation in the money and capital markets. In: PONTECORVO, G.; SHAY, R. P.; HART, A. G. (Ed.). Issues in banking and monetary analysis. New York: Holt, Rinehart and Winston, 1967. p. 33-56.
MINSKY, H.; PAPADIMITRIOU, D. Induced investment and business cycle. Elgar Pub, 2004. NIELSON, D. Minsky, key contemporary thinkers. Polity Press, 2019.
ROCKOFF, H. Adam Smith on money, banking and the price level. In: BERRY, C. J.; PAGANELLI, M. P.; SMITH, C. The handbook of Adam Smith. Oxford University Press, 2013.
SMITH, A. An inquiry into the nature and causes of the wealth of nations. Metalibri, 2007.
STIGUM, M.; CRESCENZI. A. Stigum’s money market. 4 th ed. New York: McGraw-Hill, 2007.
TOOZE, A. Crashed: how a decade of financial crises changed the world. Kindle Edition, 2018.
TORRES, E. A crise do sistema financeiro globalizado contemporâneo. Revista de Economia Política, v. 34, n. 3 (136), p. 433-450, jul./set. 2014.
TORRES, E. Dolarização e crise no Equador a partir da hierarquia monetária minskyana. Revista Oikos, v. 18, n. 3, p. 24-40, 2019a. Disponível em: http://www.revistaoikos.org/seer/index.php/oikos/article/viewArticle/599.
TORRES, E. A bomba dólar: paz, moeda e coerção. Rio de Janeiro: UFRJ. Instituto de Economia, 2019b. (Texto para Discussão, n. 26). Disponível em: https://www.ie.ufrj.br/images/IE/TDS/2019/TD_IE_026_2019_TORRES%20FILHO.pdf.
TORRES, E.; MARTINS, N. Regulação financeira em Minsky: restrição de sobrevivência, instabilidade financeira e regulação dinâmica. Rio de Janeiro: UFRJ. Instituto de Economia, 2020. (Texto para Discussão, n. 4). Disponível em: https://www.researchgate.net/publication/342747306_Regulacao_Financeira_em_Minsky_Re stricao_de_Sobrevivencia_Instabilidade_Financeira_e_Regulacao_Dinamica.
WRAY, L. Minsky crisis. Levy Economics Institute of Bard College, Mar. 2011. (Working Paper, n. 659).
WRAY, L. Why Minsky matters: an introduction to the work of a maverick economist. Princeton University Press, 2016.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright (c) 2020 Economia e Sociedade
Downloads
