The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes

This article traces the evolution of what has come to be called the Kindleberger-Minsky model, starting with Kindleberger’s 1978 publication of Manias, Panics, and Crashes and continuing thereafter. The key to understand the affinity of the two men, it is argued, is a shared intellectual ancestry in...

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Main Author: Perry Mehrling
Format: Article
Language:English
Published: Association Œconomia 2023-12-01
Series:Œconomia
Subjects:
Online Access:http://journals.openedition.org/oeconomia/16488
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author Perry Mehrling
author_facet Perry Mehrling
author_sort Perry Mehrling
collection DOAJ
description This article traces the evolution of what has come to be called the Kindleberger-Minsky model, starting with Kindleberger’s 1978 publication of Manias, Panics, and Crashes and continuing thereafter. The key to understand the affinity of the two men, it is argued, is a shared intellectual ancestry in pre-war American institutionalism, which led to shared outsider status in the post-World War II economics academy. Both also identified with the longer tradition of monetary thought that emphasizes the inherent instability of credit, and hence the necessity for central bank management.
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spelling doaj.art-7c4fc7be8161437e8a0217951919e4492024-01-09T15:31:12ZengAssociation ŒconomiaŒconomia2113-52072269-84502023-12-0113410291053The Minsky-Kindleberger Connection and the Making of Manias, Panics, and CrashesPerry MehrlingThis article traces the evolution of what has come to be called the Kindleberger-Minsky model, starting with Kindleberger’s 1978 publication of Manias, Panics, and Crashes and continuing thereafter. The key to understand the affinity of the two men, it is argued, is a shared intellectual ancestry in pre-war American institutionalism, which led to shared outsider status in the post-World War II economics academy. Both also identified with the longer tradition of monetary thought that emphasizes the inherent instability of credit, and hence the necessity for central bank management.http://journals.openedition.org/oeconomia/16488financial crisisfinancial instabilityAmerican institutionalismlender of last resort
spellingShingle Perry Mehrling
The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
Œconomia
financial crisis
financial instability
American institutionalism
lender of last resort
title The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
title_full The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
title_fullStr The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
title_full_unstemmed The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
title_short The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes
title_sort minsky kindleberger connection and the making of manias panics and crashes
topic financial crisis
financial instability
American institutionalism
lender of last resort
url http://journals.openedition.org/oeconomia/16488
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