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Capital instability, uncertainty and the role of monetary authorities: a Minsky reading

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  • Maria de Lourdes Rollemberg Mollo

Abstract

This paper is a study of the idea of the inherent instability of capitalism inMinsky’s conception. We begin by describing how Minsky connects the idea of financialfragility and instability with the instability of capitalism, Then we analyze two important featuresof Minsky’s explanation of the economy’s inherent tendency toward financial fragilityand crises. The first is the subjective behavior of the economic agents, given the uncertaintyin the economic world. The second is the role of banks and monetary authorities when themoney supply is considered, as here, endogenous. JEL Classification: B22; B31; G01; P10.

Suggested Citation

  • Maria de Lourdes Rollemberg Mollo, 1988. "Capital instability, uncertainty and the role of monetary authorities: a Minsky reading," Brazilian Journal of Political Economy, Center of Political Economy, vol. 8(1), pages 105-129.
    • Handle: RePEc:ekm:repojs:v:8:y:1988:i:1:p:105-129:id:1087
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    More about this item

    Keywords

    History of economic thought; Minsky; financial system; Keynesianism;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • G01 - Financial Economics - - General - - - Financial Crises
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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