Uma análise da crise subprime segundo a abordagem da hipótese da instabilidade financeira de Hyman Minsky

Abstract

The recent financial crisis showed the world a situation not seen since the 1929 crisis. It started with concussions occurred in the North American mortgage market, in what became known as the subprime crisis. The consequences of this crisis took on global proportions. Huge losses and numerous bankruptcies made to arise debates that remain to this day. In the midst of this discussion the question arose: the subprime crisis was a ' Minsky moment ‘? In investigating the causes of the crisis many authors have noted the importance of Financial Instability Hypothesis of Hyman P. Minsky. In this approach it is assumed that the occurrence of financial instability and cycles are intrinsic characteristics to capitalist economies, i.e., the embrittlement has endogenous nature. This study will investigate the roots of the subprime crisis from the minskyan perspective, taking part in the discussion concerning the interpretation of the crisis as a 'Minsky moment'.