论文部分内容阅读
In 1988,in his book “stabilize unstable economy”,Minsky pointed out the 1929 crash of the Wall Street is not an unique event.When asset price is high,debt to equity ratio is high,participants are over-confident and etc,he demonstrated that,given these conditions,an economic dynamic system could become highly unstable and risk is high that this system can go burst suddenly without any obvious negative trigger.In 2008,the Wall Street went through the above tipping point again that impacted on the global economic system.The point becomes the well-known “Minsky moment” which refers to the critical moment of collapsing an economic system.