明斯基金融不稳定性假说评析

发布时间：2018-05-22 08:18

本文选题：明斯基 + 金融不稳定性假说　；参考：《国际金融研究》2017年06期

【摘要】：2008年"大衰退"以来风行的明斯基思潮,显示出贬低、歪曲和误读明斯基核心理论——"金融不稳定性假说"的风险。该假说旨在从发达资本主义经济体系内部,去探求其所固有的不稳定性和经济周期波动所产生的根源和机制,包含扩张阶段"向上的不稳定性"的内生形成和繁荣阶段"向下的不稳定性"的内生触发这两层含义。这种不稳定性产生的过程,主要围绕经济体系资本积累的外部融资过程当中可接受的和实际的现金支付承诺-现金收入(利润)比率所出现的系统性上升的趋向,主要依托利润和投资之间,以及资产价格和债务之间的正反馈循环所产生的"偏差放大机制"。与将周期性的繁荣和萧条归咎于外生冲击对稳定经济体系的干扰的主流经济学相比,该假说更具现实解释力;但因对实体因素关注不足,它忽视了不稳定性内在产生的其他可能来源和机制。
[Abstract]:Minsky, which has been popular since the Great Recession in 2008, has shown the risk of belittling, distorting and misreading Minsky's core theory, the Financial instability hypothesis. The purpose of this hypothesis is to explore, from within the developed capitalist economic system, the root causes and mechanisms of its inherent instability and cyclical fluctuations, These two meanings include the endogenous formation of the upward instability in the expansion phase and the endogenous triggering of the downward instability in the prosperity phase. The process of generating this instability revolves mainly around the systemic upward trend in the acceptable and actual cash payment commitment-cash income (profit) ratio in the external financing process of capital accumulation in the economy, The bias amplification mechanism mainly depends on the positive feedback cycle between profit and investment, as well as between asset price and debt. The hypothesis is more realistic to explain than mainstream economics, which blamed cyclical booms and depressions on the interference of exogenous shocks in stabilizing economic systems; however, due to insufficient attention to physical factors, It ignores other possible sources and mechanisms of inherent instability.
【作者单位】：中国人民大学经济学院;
【基金】：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“明斯基与马克思主义经济不稳定思想比较研究”(16XNF015)成果
【分类号】：F830

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