Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110437
Authors: 
Iancu, Aurel
Year of Publication: 
2011
Series/Report no.: 
Working Papers of National Institute of Economic Research, Romanian Academy 110211
Abstract: 
This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium disturbance in line with mainstream thinking that there is self-regulating market, the units would have rational expectations, and the crisis would be a temporary phenomenon caused by exogenous shocks. Here are the main objectives and features characteristic of the three generations of models; 2. Models based on financial instability hypothesis, taking into account both the dynamics of financial market as well as the role of uncertainty, interdependency and dynamic complexity. We present here Minsky's concept of financial instability and then analyse the content of some simplified models.
Subjects: 
instability
model generations
balance sheet
hedge units
speculative units
Ponzi units
cyclical fluctuations
complexity
JEL: 
C61
C62
C83
D84
E12
E13
E32
F44
Document Type: 
Working Paper

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