Instabilidade financeira numa economia de mercado de capitais

Abstract

Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for many. The Financial Instability Hypothesis that he developed relates the cyclical and unstable behavior of the capitalist economies to the increasing systemic indebtedness necessary to finance investment production. Minsky's theoretical framework was built based on an economy where the banking credit was the bulk of the financing system. However, one of the main characteristics of the contemporary financial system is the increasing fund raising done through securities issuing, both tradable bonds and equities. In other words we have been seeing a transition from an economy where fund raising based on banking credit prevailed to another where funds have been increasingly obtained in the capital markets. Given that, the main goal of this article is to defend the adequateness of the Financial Instability Hypothesis to the new financial system scenario. To do that we discuss the macroeconomic effects - from the point of view of the generation of higher fragility and, consequently, the susceptibility to crisis - that result from the use of the new financial Instruments.Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for many. The Financial Instability Hypothesis that he developed relates the cyclical and unstable behavior of the capitalist economies to the increasing systemic indebtedness necessary to finance investment production. Minsky's theoretical framework was built based on an economy where the banking credit was the bulk of the financing system. However, one of the main characteristics of the contemporary financial system is the increasing fund raising done through securities issuing, both tradable bonds and equities. In other words we have been seeing a transition from an economy where fund raising based on banking credit prevailed to another where funds have been increasingly obtained in the capital markets. Given that, the main goal of this article is to defend the adequateness of the Financial Instability Hypothesis to the new financial system scenario. To do that we discuss the macroeconomic effects - from the point of view of the generation of higher fragility and, consequently, the susceptibility to crisis - that result from the use of the new financial Instruments