Instabilidade financeira numa economia de mercado de capitais

Resumo

Hyman Minsky is one of the key authors in the monetary economics
field, being a benchmark for many. The Financial Instability Hypothesis
that he developed relates the cyclical and unstable behavior of the capitalist
economies to the increasing systemic indebtedness necessary to finance
investment production. Minsky's theoretical framework was built based
on an economy where the banking credit was the bulk of the financing
system. However, one of the main characteristics of the contemporary
financial system is the increasing fund raising done through securities
issuing, both tradable bonds and equities. In other words we have been
seeing a transition from an economy where fund raising based on banking
credit prevailed to another where funds have been increasingly obtained
in the capital markets. Given that, the main goal of this article is to defend
the adequateness of the Financial Instability Hypothesis to the new
financial system scenario. To do that we discuss the macroeconomic
effects - from the point of view of the generation of higher fragility and,
consequently, the susceptibility to crisis - that result from the use of the
new financial Instruments.