海曼·明斯基

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海曼·明斯基（Hyman P. Minsky）

　　海曼·明斯基（Hyman P. Minsky, 1919年9月23日－1996年10月24日)，出生于美国伊利诺伊芝加哥的经济学家，曾为华盛顿大学圣路易斯分校经济学教授。他的研究试图对金融危机的特征提供一种理解和解释。他有时候被形容为激进的凯恩斯主义者，而他的研究也受宠于华尔街。

　　海曼·明斯基、金融理论的开创者，是当代研究金融危机的权威。他的“金融不稳定性假说”是金融领域的经典理论之一，并被人们不断完善和讨论。他所坚持的“金融不稳定性假说”认为，资本主义的本性决定了金融体系的不稳定，金融危机及其对经济运行的危害难以避免。他是第一位提出不确定性、风险及金融市场如何影响经济的经济学家。他在华盛顿大学执教25年，是巴德学院利维经济研究所的杰出学者。

　　1941年，闵斯基在芝加哥大学获得理学（数学专业）学士，随后在哈佛大学获得公共行政硕士学位（1947年），并师从约瑟夫‧熊彼特和华西里‧列昂惕夫，于1954年获得经济学博士学位。

　　闵斯基所提出的理论将在典型的经济周期中金融市场的脆弱性与投机性投资泡沫内生于金融市场。闵斯基指出在经济景气时期，当公司的现金流增加并超过偿还债务所须，就会产生投机的陶醉感（speculative euphoria），于是，此后不久，当债务超过了债务人收入所能偿还的金额时，金融危机就随之产生了。作为此类投机性借贷泡沫的结果，银行和贷方会收紧信用，甚至针对那些能够负担借款的公司，随之，经济就紧缩。

　　对这种金融体系从稳定到危机的缓慢运动的揭示使得闵斯基为人所熟知，而「闵斯基时刻」这一词，也专指闵斯基学术贡献中的这一方面。

　　闵斯基的信用体系模型，他称之为金融不安定假说（Financial Instability Hypothesis,简称为FIH），引入了许多由密尔，马歇尔，维克塞尔以及费舍尔所重复过的思想。“我们经济的基本特征”，闵斯基在1974年写道，“就是金融体系在稳固和脆弱之间摇摆，这一摇摆过程是产生经济周期所不可或缺的组成部分。”

• 《中央银行与货币市场的变化》"Central Banking and Money Market Changes", 1957,
• "Can "It" Happen Again?", 1963, in Carson, editor, Banking and Monetary Studies.
• "Longer Waves in Financial Relations: Financial factors in more severe depressions", 1964, AER.
• "The Modeling of Financial Instability: An introduction", 1974, Modelling and Simulation.
• John Maynard Keynes, 1975.
• "The Financial Instability Hypothesis: A restatement", 1978, Thames Papers on Political Economy.
• Can "It" Happen Again? Essays on instability and finance, 1982.
• "The Financial-Instability Hypothesis: Capitalist processes and the behavior of the economy", 1982, in Kindleberger and Laffargue, editors, Financial Crises.
• "Beginnings", 1985, BNLQR.
• Stabilizing an Unstable Economy, 1986.
• "The Global Consequences of Financial Deregulation", 1986, Marcus Wallenberg Papers on International Finance.
• "Sraffa and Keynes: Effective demand in the long-run", 1988
• "The Macroeconomic Safety Net: Does it need to be improved?", 1989, in H.P. Gray, editor, Modern International Environment.
• "Schumpeter: Finance and evolution", 1990, in Heertje et al, editors, Evolving Technology and Market Structure.
• "Financial Crises: Systemic or Idiosyncratic?", 1991
• "Market Processes and Thwarting Systems" with Piero Ferri, 1991
• "The Transition to a Market Economy: Financial Options", 1991
• "Reconstituting the United States' Financial Structure: Some Fundamental Issues", 1991
• "The Capitalist Development of the Economy and the Structure of Financial Institutions"
• "The Financial Instability Hypothesis: A clarification", 1991, in Feldstein, editor, Risk of Financial Crisis.
• "Financial Instability Hypothesis", 1993, in Arestis and Sawyer, Handbook of Radical Political Economy
• "Finance and Stability: The Limits of Capitalism", 1993
• "Business Cycles in Capitalist Economies", 1994, MIJCF.

• Statement on Minsky by Washington University, St. Louis.
• Statement on Minsky by Jerome Levy Institute.
• PKT - Post Keynesian Thought homepage.
• Minsky's e-mail on debt-deflation
• L.Randall Wray's Obituary of Minsky
• Robert Pollin's "The Relevance of Hyman Minsky", 1997, Challenge
• ASSA Session on Minsky
• Minsky Memorial Page
• Hiroshi Nagano's "Endogenous Money, Financial Fragility, and Dual Structurization of the Economy"
• Steven Keen's "Financial Instability: Minsky, Marx and Chaos"
• Steven Keen's Finance and Economic Breakdown: Modelling Minsky's "Financial Instability Hypothesis" - PDF file.
• "Minsky's Analysis of Financial Capitalism" by Dimitri B. Papadimitriou & L. Randall Wray
• "Minsky and the Mainstream: Has Recent Research Rediscovered Financial Keynesianism?" by Steven M. Fazzari
• "'It' Happened, but Not Again : A Minskian Analysis of Japan's Lost Decade." by Marc-Andr? Pigeon
• "The Investment Decision of the Post-Keynesian Firm: A Suggested Microfoundation for Minsky's Investment Instability

Thesis" by James Crotty & Jonathan Goldstein