Title, Can “it” Happen Again?: Essays on Instability and Finance. Author, Hyman P. Minsky. Publisher, M.E. Sharpe, ISBN, , Hyman P. Minsky. Pages Published online: 08 Oct Download citation · Hyman P. Minsky. · Rating details · 31 ratings · 3 reviews. First Published in Routledge is an imprint of Taylor&Francis, an informa company.
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Chapter 8 asks whether the financial crisis will happen again. Economist Hymxn Minsky observed a cyclical pattern. Stability in financial markets breeds instability as lenders and borrowers keep pushing the limits.
The years — saw a remarkable expansion of risk-taking at major firms just before the market collapsed inproviding a demonstration of the Minsky cycles at work in the financial crisis. If that seems to result in success, then they lower their standards yet further.
Minsky saw the cycle emerge regularly in credit standards, when lenders would respond to the lure of profits by taking increasing risks, while Vaughan studied a production-driven government agency, NASA, whose leaders yielded to pressure from the political process to perform without interrupting a flight to take account of growing risks.
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Governance and Management Lessons from the Crisis. Print Save Cite Email Share.
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