Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory

Arestis, Philip; Nissanke, Machiko; Stein, Howard

doi:10.2139/ssrn.402200

Cited by 19 publications

(34 citation statements)

References 40 publications

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“…This affinity is as relevant now as it was when Keynes wrote to Commons: 'The current crisis of performance and confidence in the rich capitalist countries make it necessary, once again to think about the institutional prerequisites for successful capitalism'. (Minsky 1996, p. 1) The anchoring of the institutional foundations of Minsky's analysis in the approaches of the American institutionalists is also supported by Thabet (2003) and by Arestis, Nissanke and Stein (2003). The institutional forms that Minsky (summarily) describes the ways they are involved and the analysis "in history" seem to confirm this lineage.…”

Section: The Notion Of Institutions: Proposed Definition Based On Commentioning

confidence: 91%

“…It seems to us that the Minsky-inspired analysis by Arestis, Nissanke and Stein (2003) answers this ambiguity and clarifies the position of asymmetric information in a Minskystyle institutional approach. First, they explicitly distance themselves from institutional approaches based on the hypothesis of imperfect information.…”

Section: Insight From Recent Theoretical Developmentsmentioning

confidence: 98%

“…Partial readings having been made, (Whalen 1999;Arestis, Nissanke and Stein 2003;Papadimitriou andWray 1997 and1999) providing valuable input. However, we feel that those works do not provide an overall and homogeneous vision of Minsky's contribution to the analysis of institutional forms of financial systems.…”

Section: Authorities Regulatory Organizationsmentioning

confidence: 99%

“…The first (Ferri and Minsky 1991) lies in the identification of two institutional mechanisms that condition and supply the development of financial fragility: (i) "the internal dynamics of capitalism," and (ii) "the systems of regulation and intervention." We describe these mechanisms with the support of subsequent work by Arestis, Nissanke and and fit them into the proposed definitional framework. Minsky's second institutional dynamic resides in a historical approach to the development of capitalism (Minsky and Whalen 1996).…”

Section: Authorities Regulatory Organizationsmentioning

confidence: 99%

“…4 Minsky (1992b), p. 8. 5 Padadimitriou and Wray (1997), Arestis (1996), Whalen (1999), Arestis, Nissanke and Stein (2003) or again Thabet (2004) are notorious exceptions to this remark.…”

Section: Introductionmentioning

confidence: 98%

See 4 more Smart Citations

Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'

Sinapi

2011

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

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Section: The Notion Of Institutions: Proposed Definition Based On Commentioning

confidence: 91%

Section: Insight From Recent Theoretical Developmentsmentioning

confidence: 98%

Section: Authorities Regulatory Organizationsmentioning

confidence: 99%

Section: Authorities Regulatory Organizationsmentioning

confidence: 99%

“…4 Minsky (1992b), p. 8. 5 Padadimitriou and Wray (1997), Arestis (1996), Whalen (1999), Arestis, Nissanke and Stein (2003) or again Thabet (2004) are notorious exceptions to this remark.…”

Section: Introductionmentioning

confidence: 98%

See 3 more Smart Citations

Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'

Sinapi

2011

SSRN Journal

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Interest rate and income disparity: Evidence from Indonesia

et al. 2020

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We highlight the most adverse impact of capitalism on inequality through the channel of the interest rate. The interest rate has been an instrument of capitalism which aggravates the accumulation of wealth in the hands of very few people and thereby worsens inequality. To this end, this article scrutinises the dynamic impact of financial development on income inequality in the context of Indonesia, applying DOLS and FMOLS approach by analysing time series data over the years of 1984 to 2018. Rising income inequalities has been a common perpetuating trend of East Asian countries among which we find the case of Indonesia worth interesting to study while filling up the gap in the existing literature. We provide evidence that interest rate exacerbates income inequality in the long‐run economy of Indonesia. Financial development in the early phases of development favours economic activity in the urban sector based on capital intensive technology which does not help absorb excess rural labour. The empirical finding of this study profoundly demonstrates one of the substantial drawbacks of capitalism in terms of income disparity.

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Financial Liberalization, Capital Movements, and Economic Growth in Asia: A Panel Structural VAR Approach

Bilgili

Doğan

Koçak

et al. 2021

Economic Growth and Financial Development

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Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory

Cited by 19 publications

References 40 publications

Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'

Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'

Interest rate and income disparity: Evidence from Indonesia

Financial Liberalization, Capital Movements, and Economic Growth in Asia: A Panel Structural VAR Approach

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