Hyman Minsky and the credit crisis: How much do regulators know about today's finance?

As the subprime crisis has cascaded through the world markets, the name of Hyman Minsky has been plucked from the relative obscurity of the economic history books into mainstream financial commentary. Observers - whether on leftist blogs or on the pages of the Financial Times - argue that we are in the midst of a 'Minskyan' financial crisis.

But what precisely does a 'Minskyan' reading of finance suggest about the current state of financial regulation? There are two Minskyan economic theories

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