Speculation, financial fragility and stock-flow consistency
(2014)
Book Chapter
Michell, J. (2014). Speculation, financial fragility and stock-flow consistency. In R. Bellofiore, & G. Vertova (Eds.), The Great Recession And The Contradictions Of Contemporary Capitalism. Edward Elgar
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 busine... Read More about Speculation, financial fragility and stock-flow consistency.