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Hyman Minsky’s Financial Instability Hypothesis and Greece Debt Crisis

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  • S. Beshenov
  • I. Rozmainsky

Abstract

The paper analyzes Greece debt crisis by means of the Minsky’s financial instability hypothesis, which makes it possible to investigate the country’s endogenous transformation into the financially fragile position. Therefore, we can understand how the economy becomes vulnerable to crises. Using this hypothesis, it has been demonstrated how behavior of both public and private sectors of the Greek economy had generated the debt crisis. In particular, the authors use the sample including 36 Greek companies for the 2001-2014 period and show that the rising share of these firms moved to fragile financial structures. The paper also pays special attention to negative effects of austerity policies in Greece. The austerity doctrine is treated as the leading anti-recessionary mainstream conception.

Suggested Citation

  • S. Beshenov & I. Rozmainsky, 2015. "Hyman Minsky’s Financial Instability Hypothesis and Greece Debt Crisis," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    • Handle: RePEc:nos:voprec:y:2015:id:134
    DOI: 10.32609/0042-8736-2015-11-120-143
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    Cited by:

    1. Zheng, Jingling & Li, Zeyun & Ghardallou, Wafa & Wei, Xuecheng, 2023. "Natural resources and economic performance: Understanding the volatilities caused by financial, political and economic risk in the context of China," Resources Policy, Elsevier, vol. 84(C).

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