IDEAS home Printed from https://ideas.repec.org/a/nos/voprec/y2011id1188.html
   My bibliography  Save this article

Beyond the Minskyan Political Economy: Liquidity and Financial Innovation in the Global Credit Crunch

Author

Listed:
  • A. Nesvetailova

Abstract

The credit crunch of 2007-2009 has been widely described as a Minsky moment in the world finance, and references to Ponzi schemes recur in the emergent theorizations of this crisis. However, the notion of Ponzi finance captures only one of the many disturbing elements in the complex set of causes of the crisis. Engaging with the emergent theories of the credit crunch, this paper argues that the main controversy of the global credit crunch centers on the role of financial innovation in the economic system. More specifically, it concerns the problem of liquidity and its metamorphoses in the modern financial system. Drawing on the scholarship of Hyman Minsky and heterodox political economy, this paper addresses the conceptual dilemma of the relationship between financial innovation and liquidity, in the light of the lessons of the global credit crunch.

Suggested Citation

  • A. Nesvetailova, 2011. "Beyond the Minskyan Political Economy: Liquidity and Financial Innovation in the Global Credit Crunch," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
    • Handle: RePEc:nos:voprec:y:2011:id:1188
    DOI: 10.32609/0042-8736-2011-6-107-122
    as

    Download full text from publisher

    File URL: https://www.vopreco.ru/jour/article/viewFile/1188/1189
    Download Restriction: no
    File URL: https://libkey.io/10.32609/0042-8736-2011-6-107-122?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nos:voprec:y:2011:id:1188. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: NEICON (email available below). General contact details of provider: https://www.vopreco.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.