Jo Michell Jo.Michell@uwe.ac.uk
Professor of Economics
Speculation, financial fragility and stock-flow consistency
Michell, Jo
Authors
Contributors
Riccardo Bellofiore
Editor
Giovanna Vertova
Editor
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.
Publication Date | Dec 1, 2014 |
---|---|
Peer Reviewed | Peer Reviewed |
Series Title | New Directions in Modern Economics |
Book Title | The Great Recession And The Contradictions Of Contemporary Capitalism |
ISBN | 9780857938527 |
Keywords | money, finance, stock-flow consistent models, Minksy |
Public URL | https://uwe-repository.worktribe.com/output/806784 |
Publisher URL | http://www.e-elgar.co.uk/bookentry_main.lasso?currency=US&id=14637 |
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