Insights into the financial crisis: a Minskyian perspective drawing on interviews with Australian regulators and risk managers

Li, Siqiwen, and Juniper, James (2009) Insights into the financial crisis: a Minskyian perspective drawing on interviews with Australian regulators and risk managers. In: Labour Underutilisation, Unemployment and Underemployment: incorporating the 11th Path to Full Employment Conference and 16th Nathional Conference on Unemployment: proceedings - refereed papers, pp. 169-180. From: 11th Path to Full Employment Conference and 16th National Conference on Unemployment, 3-4 December 2009, Newcastle, NSW, Australia.

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Abstract

Among divergent approaches to understanding the global financial crisis, Minsky's Financial Instability Hypothesis has gained increased attention. In part, the paper will draw upon Minsky's notion that the seeds of instability are sown when banks, households and firms move from hedge, to speculative, and then into Ponzi financial positions, which are seen as the last stage before markets collapse into a "black hole". In addition, the paper will discuss the findings arising from an analysis of interviews undertaken after the subprime crisis with practitioners who were closely involved in regulation and risk-management. The paper emphasizes the need for governments to promote full employment to enable the non-government sector to heal more rapidly from the damage arising from the financial crisis in Australia.

Item ID: 17724
Item Type: Conference Item (Refereed Research Paper - E1)
ISBN: 978-0-9806034-6-0
Date Deposited: 07 Nov 2011 06:24
FoR Codes: 14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics @ 50%
15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150203 Financial Institutions (incl Banking) @ 30%
14 ECONOMICS > 1401 Economic Theory > 140102 Macroeconomic Theory @ 20%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910105 Fiscal Policy @ 20%
90 COMMERCIAL SERVICES AND TOURISM > 9001 Financial Services > 900101 Finance Services @ 60%
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910109 Savings and Investments @ 20%
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