本文選題：明斯基 + 金融不穩(wěn)定性假說��； 參考：《國際金融研究》2017年06期

【摘要】：2008年"大衰退"以來風(fēng)行的明斯基思潮,顯示出貶低、歪曲和誤讀明斯基核心理論——"金融不穩(wěn)定性假說"的風(fēng)險。該假說旨在從發(fā)達(dá)資本主義經(jīng)濟(jì)體系內(nèi)部,去探求其所固有的不穩(wěn)定性和經(jīng)濟(jì)周期波動所產(chǎn)生的根源和機(jī)制,包含擴(kuò)張階段"向上的不穩(wěn)定性"的內(nèi)生形成和繁榮階段"向下的不穩(wěn)定性"的內(nèi)生觸發(fā)這兩層含義。這種不穩(wěn)定性產(chǎn)生的過程,主要圍繞經(jīng)濟(jì)體系資本積累的外部融資過程當(dāng)中可接受的和實(shí)際的現(xiàn)金支付承諾-現(xiàn)金收入(利潤)比率所出現(xiàn)的系統(tǒng)性上升的趨向,主要依托利潤和投資之間,以及資產(chǎn)價格和債務(wù)之間的正反饋循環(huán)所產(chǎn)生的"偏差放大機(jī)制"。與將周期性的繁榮和蕭條歸咎于外生沖擊對穩(wěn)定經(jīng)濟(jì)體系的干擾的主流經(jīng)濟(jì)學(xué)相比,該假說更具現(xiàn)實(shí)解釋力;但因?qū)?shí)體因素關(guān)注不足,它忽視了不穩(wěn)定性內(nèi)在產(chǎn)生的其他可能來源和機(jī)制。
[Abstract]:Minsky, which has been popular since the Great Recession in 2008, has shown the risk of belittling, distorting and misreading Minsky's core theory, the Financial instability hypothesis. The purpose of this hypothesis is to explore, from within the developed capitalist economic system, the root causes and mechanisms of its inherent instability and cyclical fluctuations, These two meanings include the endogenous formation of the upward instability in the expansion phase and the endogenous triggering of the downward instability in the prosperity phase. The process of generating this instability revolves mainly around the systemic upward trend in the acceptable and actual cash payment commitment-cash income (profit) ratio in the external financing process of capital accumulation in the economy, The bias amplification mechanism mainly depends on the positive feedback cycle between profit and investment, as well as between asset price and debt. The hypothesis is more realistic to explain than mainstream economics, which blamed cyclical booms and depressions on the interference of exogenous shocks in stabilizing economic systems; however, due to insufficient attention to physical factors, It ignores other possible sources and mechanisms of inherent instability.
【作者單位】： 中國人民大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：中國人民大學(xué)科學(xué)研究基金(中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)資金資助)項(xiàng)目“明斯基與馬克思主義經(jīng)濟(jì)不穩(wěn)定思想比較研究”(16XNF015)成果
【分類號】：F830

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