Financial Fragility in the Current European Crisis

D. Tropeano
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引用次数: 2

Abstract

The paper argues that the European financial system in the years following the great financial crisis started in 2007 has become increasingly fragile. Minsky’s notion of fragility, on which it is based, is related to history, policy and institutions. In the current European environment, fragility depends on the rise of shadow banks’ assets, the expansion of derivatives and the changes in financial regulation. All these elements have jointly triggered several feedback loops. In Minsky’s opinion, policies should have the scope of thwarting self-enforcing feedback loops. Yet the policies that have been implemented so far seem to have produced the opposite effects. They have created new feedback loops that nurture fragility again. This outcome, however, is not surprising for policies may change initial conditions and have unintended consequences, as Minsky has taught us since a long time.
当前欧洲危机中的金融脆弱性
本文认为,自2007年开始的大金融危机以来,欧洲金融体系已变得越来越脆弱。明斯基的脆弱性概念是其基础,它与历史、政策和制度有关。在当前的欧洲环境中,脆弱性取决于影子银行资产的增加、衍生品的扩张以及金融监管的变化。所有这些因素共同引发了几个反馈循环。在明斯基看来,政策应该具有阻止自我执行反馈循环的范围。然而,迄今为止实施的政策似乎产生了相反的效果。它们创造了新的反馈循环,再次滋养了脆弱性。然而,这一结果并不令人惊讶,因为政策可能会改变初始条件,并产生意想不到的后果,正如明斯基很早以前就告诉我们的那样。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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