Minsky’s Financial Instability Hypothesis vs. Austrian Business Cycle Theory
DOI:
https://doi.org/10.52195/pm.v15i1.64Abstract
This article represents a detailed theoretical analysis, focusing on two heterodox theories: the Minsky’s Financial Instability Hypothesis and the Aus- trian Business Cycle Theory, particularly in the light of the 2008 crisis. It provi- des a theoretical comparative analysis of these theories and a review of the empirical studies of two approaches.
Keywords: Economic crisis, interest rate, austrian business cycle theory, finan- cial instability hypothesis.
JEL Classification: E32, E44, E52, E58.
Resumen: Este artículo ofrece un análisis teórico detallado, centrado en dos teorías heterodoxas: la Hipótesis de la Inestabilidad Financiera de Minsky y la Teoría Austríaca del Ciclo Económico, especialmente en vista de la crisis de 2008. Este trabajo proporciona un análisis comparativo teórico de estas teo- rías y una revisión de los estudios empíricos de ambos enfoques.
Palabras clave: Crisis económica, tipo de interés, teoría austriaca del ciclo eco- nómico, hipótesis de inestabilidad financiera.
Clasificación JEL: E32, E44, E52, E58.
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