Para prevenir otra crisis: las lecciones olvidadas de Minsky 10 años después de Lehman
| Autor | Jan Kregel |
| Cargo | Director de Investigación en el Levy Economics Institute of Bard College y director del programa de posgrado en teoría y políticas económicas, Nueva York |
| Páginas | 1059-1068 |
doi: 10.20430/ete.v86i344.874
Para prevenir otra crisis:
las lecciones olvidadas de Minsky
10 años después de Lehman*
Preventing the last crisis:
Minsky’s forgotten lessons
ten years after Lehman
Jan Kregel **
AbstrAct
An in-depth study of the factors that originated the collapse of the U. S. nan-
cial system about a decade ago benets greatly from Hyman P. Minsky’s explana-
tions, particularly of the nancial system intrinsic to capitalism and its evolution
throughout a longer span of time. As borrowers and lenders become excessively
condent that their expectations about the future will be fullled, it is more
likely that a nancial debt will prove to be impossible to validate: i. e., in terms of
nancing structures, the one known as “hedge” is going to give way to the “specu-
lative” and then to the “Ponzi” one. Such phenomenon must be situated in a larger
historical framework: it derives from the critique made in the decade of 1980 of the
“Big Government” and its role in warranting stability with the specter of recession
looming. Because for the banking system the maximization of prot determines a
maximization of the loan volume, it is indeed necessary to put into effect the most
pertinent bank regulations (not those imposed when conceding primacy to invest-
ment banks, to the detriment of commercial ones), and avoid as well the substi-
tution of productivity gains with the capital gains that nowadays prevail in the
1059
* Publicado originalmente por el Levy Economics Institute of Bard College (Policy Note 2018/5.
Annandale-on-Hudson, Nueva York). Los errores y omisiones son responsabilidad exclusiva del
autor. [Traducción del inglés y resumen de Fausto José Trejo.]
** Jan Kregel, director de Investigación en el Levy Economics Institute of Bard College y director
del programa de posgrado en teoría y políticas económicas, Nueva York (correo electrónico: kregel@
levy.org).
EL TRIMESTRE ECONÓMICO, vol. LXXXVI (4), núm. 344, octubre-diciembre de 2019, pp. 1059-1068
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