海曼·明斯基

出自 MBA智库百科(https://wiki.mbalib.com/)

本條目包含過多不是中文的內容，歡迎協助翻譯。 若已有相當內容譯為中文，可逕自去除本模板。

海曼·明斯基（Hyman P. Minsky）

　　海曼·明斯基（Hyman P. Minsky, 1919年9月23日－1996年10月24日)，出生於美國伊利諾伊芝加哥的經濟學家，曾為華盛頓大學聖路易斯分校經濟學教授。他的研究試圖對金融危機的特征提供一種理解和解釋。他有時候被形容為激進的凱恩斯主義者，而他的研究也受寵於華爾街。

　　海曼·明斯基、金融理論的開創者，是當代研究金融危機的權威。他的“金融不穩定性假說”是金融領域的經典理論之一，並被人們不斷完善和討論。他所堅持的“金融不穩定性假說”認為，資本主義的本性決定了金融體系的不穩定，金融危機及其對經濟運行的危害難以避免。他是第一位提出不確定性、風險及金融市場如何影響經濟的經濟學家。他在華盛頓大學執教25年，是巴德學院利維經濟研究所的傑出學者。

　　1941年，閔斯基在芝加哥大學獲得理學（數學專業）學士，隨後在哈佛大學獲得公共行政碩士學位（1947年），並師從約瑟夫‧熊彼特和華西里‧列昂惕夫，於1954年獲得經濟學博士學位。

　　明斯基所提出的理論將在典型的經濟周期中金融市場的脆弱性與投機性投資泡沫內生於金融市場。明斯基指出在經濟景氣時期，當公司的現金流增加並超過償還債務所須，就會產生投機的陶醉感（Speculative Euphoria），於是，此後不久，當債務超過了債務人收入所能償還的金額時，金融危機就隨之產生了。作為此類投機性借貸泡沫的結果，銀行和貸方會收緊信用，甚至針對那些能夠負擔借款的公司，隨之，經濟就緊縮。

　　對這種金融體系從穩定到危機的緩慢運動的揭示使得明斯基為人所熟知，而「明斯基時刻」這一詞，也專指明斯基學術貢獻中的這一方面。

　　明斯基的信用體系模型，他稱之為金融不安定假說（Financial Instability Hypothesis,簡稱為FIH），引入了許多由密爾，馬歇爾，維克塞爾以及費舍爾所重覆過的思想。“我們經濟的基本特征”，明斯基在1974年寫道，“就是金融體系在穩固和脆弱之間搖擺，這一搖擺過程是產生經濟周期所不可或缺的組成部分。”

• 《中央銀行與貨幣市場的變化》"Central Banking and Money Market Changes", 1957,
• "Can "It" Happen Again?", 1963, in Carson, editor, Banking and Monetary Studies.
• "Longer Waves in Financial Relations: Financial factors in more severe depressions", 1964, AER.
• "The Modeling of Financial Instability: An introduction", 1974, Modelling and Simulation.
• John Maynard Keynes, 1975.
• "The Financial Instability Hypothesis: A restatement", 1978, Thames Papers on Political Economy.
• Can "It" Happen Again? Essays on instability and finance, 1982.
• "The Financial-Instability Hypothesis: Capitalist processes and the behavior of the economy", 1982, in Kindleberger and Laffargue, editors, Financial Crises.
• "Beginnings", 1985, BNLQR.
• Stabilizing an Unstable Economy, 1986.
• "The Global Consequences of Financial Deregulation", 1986, Marcus Wallenberg Papers on International Finance.
• "Sraffa and Keynes: Effective demand in the long-run", 1988
• "The Macroeconomic Safety Net: Does it need to be improved?", 1989, in H.P. Gray, editor, Modern International Environment.
• "Schumpeter: Finance and evolution", 1990, in Heertje et al, editors, Evolving Technology and Market Structure.
• "Financial Crises: Systemic or Idiosyncratic?", 1991
• "Market Processes and Thwarting Systems" with Piero Ferri, 1991
• "The Transition to a Market Economy: Financial Options", 1991
• "Reconstituting the United States' Financial Structure: Some Fundamental Issues", 1991
• "The Capitalist Development of the Economy and the Structure of Financial Institutions"
• "The Financial Instability Hypothesis: A clarification", 1991, in Feldstein, editor, Risk of Financial Crisis.
• "Financial Instability Hypothesis", 1993, in Arestis and Sawyer, Handbook of Radical Political Economy
• "Finance and Stability: The Limits of Capitalism", 1993
• "Business Cycles in Capitalist Economies", 1994, MIJCF.

• Statement on Minsky by Washington University, St. Louis.
• Statement on Minsky by Jerome Levy Institute.
• PKT - Post Keynesian Thought homepage.
• Minsky's e-mail on debt-deflation
• L.Randall Wray's Obituary of Minsky
• Robert Pollin's "The Relevance of Hyman Minsky", 1997, Challenge
• ASSA Session on Minsky
• Minsky Memorial Page
• Hiroshi Nagano's "Endogenous Money, Financial Fragility, and Dual Structurization of the Economy"
• Steven Keen's "Financial Instability: Minsky, Marx and Chaos"
• Steven Keen's Finance and Economic Breakdown: Modelling Minsky's "Financial Instability Hypothesis" - PDF file.
• "Minsky's Analysis of Financial Capitalism" by Dimitri B. Papadimitriou & L. Randall Wray
• "Minsky and the Mainstream: Has Recent Research Rediscovered Financial Keynesianism?" by Steven M. Fazzari
• "'It' Happened, but Not Again : A Minskian Analysis of Japan's Lost Decade." by Marc-Andr? Pigeon
• "The Investment Decision of the Post-Keynesian Firm: A Suggested Microfoundation for Minsky's Investment Instability

Thesis" by James Crotty & Jonathan Goldstein