@misc { , title = {Speculation, financial fragility and stock-flow consistency}, abstract = {This paper uses a simple stock-flow consistent accounting framework as the basis for an analysis of the speculative financial behaviour of firms and households during a period of rising asset prices. Some shortcomings of Minsky’s theory of the business cycle are highlighted, both from a theoretical point of view and with respect to the stylised facts of the period preceding the crisis of 2007–08. An alternative mechanism is proposed, based on Toporowski’s “post-modern business cycle”, in which asset price inflation leads to redistribution of income at the intra-sectoral level.}, isbn = {9780857938527}, publicationstatus = {Published}, url = {https://uwe-repository.worktribe.com/output/806784}, keyword = {Bristol Centre for Economics and Finance (now disbanded), money, finance, stock-flow consistent models, Minksy}, year = {2014}, author = {Michell, Jo} editor = {Bellofiore, Riccardo and Vertova, Giovanna} }