Minsky and Dynamic Macroprudential Regulation

PSL Quaterly Review, Vol. 67, No. 269, pp. 217-238, 2014

22 Pages Posted: 11 Oct 2014

See all articles by Jan A. Kregel

Jan A. Kregel

Bard College - The Levy Economics Institute

Date Written: June 15, 2014

Abstract

In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, the paper examines Hyman Minsky’s work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As the author explains, this often-overlooked early work, a precursor to Minsky’s “financial instability hypothesis”, serves as yet another useful guide to explaining why regulation and supervision in the lead-up to the 2008 financial crisis were flawed, and why the approach to reregulation after the crisis has been incomplete.

Keywords: Banking supervision, Macroprudential Regulation, Financial instability hypothesis (FIH)

JEL Classification: G21, G01, G28

Suggested Citation

Kregel, Jan A., Minsky and Dynamic Macroprudential Regulation (June 15, 2014). PSL Quaterly Review, Vol. 67, No. 269, pp. 217-238, 2014, Available at SSRN: https://ssrn.com/abstract=2508188

Jan A. Kregel (Contact Author)

Bard College - The Levy Economics Institute ( email )

Blithewood
Annandale-on-Hudson, NY 12504
United States
845-758-7700 (Phone)
845-758-1149 (Fax)

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