2008年世界金融危机与明斯基的复兴--明斯基《稳定不稳定的经济》2008年版导言  

2008 Global Financial Crisis and the Revival of Minsky——the Introduction of Minsky's Stabilizing an Unstable Economy(2008 edition)

作　　者：迪米特里.帕帕迪米特里欧 蓝道尔.瓦莱 赵准[5] 

机构地区：[1]美国巴德学院列维经济研究所 [2]列维经济研究所 [3]密苏里大学(堪萨斯城校区)经济系 [4]充分就业和价格稳定中心 [5]清华大学人文学院经济学所

出　　处：《政治经济学评论》2011年第2期146-167,共22页China Review of Political Economy

摘　　要：本文阐述了明斯基金融不稳假说的基本观点,即资本主义经济运行在本质上是内在不稳定的,不稳定的根源在于追逐利润的投资、融资等市场行为的不稳定;政府的干预和救助,例如第二次世界大战后形成的赤字财政刺激经济政策以及美联储的最终贷款人政策,虽然能够在一定的阶段、一定的程度上帮助维护经济稳定,但这些措施都只能带来暂时和表面的稳定,实际上是为更大的危机创造条件。本文还用美国战后经济危机实例及政府救助的效果验证了明斯基思想的正确性,介绍了明斯基各不同时期作品的主要贡献及其稳定经济的政策措施,文章的最后将明斯基的分析扩展到当前美国经济面临的挑战。This paper studies the main ideas of Minsky's Financial Instability Hypothesis,i.e.,the movement of capitalist economy is fundamentally instable,and the instability arises from the instability of the profit-seeking activities of market agents,particularly the investment and financing.During some periods and to some extent,the government's intervention and rescue,such as deficit policies and the central bank as 'the lender of last resort' established after WW2,might help to maintain the stability,however,the success of the government only achieves a semblance of stability,and actually sets the stage for subsequent crises that probably will be more frequent and severe.This paper also empirically tests Minsky's ideas by post-war economic crisis and government's rescues,introduces Minsky's contributions of different periods,and his policy implications to stable the economy,and finally extends Minsky's analysis to current challenges facing the U.S.economy today.

关 键 词：金融不稳定假说 投资周期理论 金融创新 大政府 大银行 

分 类 号：F831.59[经济管理—金融学] F091.3