Articles on Issue Theme
Aurel IANCU
Academia Română
This survey analyses two types of models: 1. Models based on assumptions of monetary and financial market equilibrium disturbance in line with mainstream thinking to believe that is self-regulating market, the units would have rational expectations, and the crisis would be a temporary phenomenon caused by exogenous shocks. Here are the main objectives and features characteristic of the three generations of models; 2. Models based on financial instability hypothesis, taking into account both the dynamics of financial market as well as the role of uncertainty, interdependency and dynamic complexity. Here is shown Minsky’s concept of financial instability and then analysed the content of some simplified models.
ŒCONOMICA no. 3/2010
Keywords: instability, model generations, balance sheet, hedge units, speculative units, Ponzi units, cyclical fluctuations, complexity
JEL: C61, C62, C83, D84, E12, E13, E32, F44
Sinteză privind modelarea fragilităţii sistemului financiar
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