Defensa de la hipótesis de la inestabilidad financiera de Minsky
Resumen
Episodios recientes han evidenciado la gran fragilidad del sistema financiero, la cual podría desembocar en profundas recesiones económicas. Con respecto a esto, Hyman Minsky propuso la hipótesis de la inestabilidad financiera, que explica cómo el sistema atraviesa tres momentos. Estos se conocen como: cobertura, especulativo y Ponzi; y sostiene que las crisis se generan de manera endógena. Por tanto, Minsky defendió el rol de la regulación del gobierno, puesto que las instituciones financieras no logran preservar su estabilidad. Considerando lo anterior, evaluamos cuatro críticas realizadas a esta visión desde la perspectiva de la teoría austriaca, la política económica, la hipótesis de los mercados eficientes y el problema del Gran Gobierno. La validez de la hipótesis de Minsky se analizó con evidencia empírica y argumentos teóricos. Encontramos que la hipótesis de la inestabilidad financiera contribuye significativamente a la comprensión de la tendencia de los mercados financieros a las crisis; y cómo el sistema puede estabilizarse a través de la regulación.
Citas
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