Affiliation:
1. National Research University Higher School of Economics (Moscow, Russia)
2. National Research University Higher School of Economics (St. Petersburg, Russia)
Abstract
The paper analyzes Greece debt crisis by means of the Minsky’s financial instability hypothesis, which makes it possible to investigate the country’s endogenous transformation into the financially fragile position. Therefore, we can understand how the economy becomes vulnerable to crises. Using this hypothesis, it has been demonstrated how behavior of both public and private sectors of the Greek economy had generated the debt crisis. In particular, the authors use the sample including 36 Greek companies for the 2001-2014 period and show that the rising share of these firms moved to fragile financial structures. The paper also pays special attention to negative effects of austerity policies in Greece. The austerity doctrine is treated as the leading anti-recessionary mainstream conception.
Subject
Economics and Econometrics,Finance
Reference50 articles.
1. Keynes J. M. (1978). The general theory of employment, interest and money. Moscow: Progress. (In Russian).
2. Rozmainsky I. V. (2006). Post-Keynesian macroeconomics: Basic perspectives. Voprosy Ekonomiki, No. 5, pp. 19—31. (In Russian).
3. Rozmainsky I. V. (2008). On the methodological foundations of mainstream and heterodoxy in economic theory in the end of the XIX — the beginning of the XXI centuries. Voprosy Ekonomiki, No. 7, pp. 89—99. (In Russian).
4. Rozmainsky I. V. (2009). Minsky’s contribution to the economic theory and major causes of crises in late industrial monetary economy. Terra Economicus, Vol. 7, No. 1, pp. 31—42 (In Russian).
5. Teplova T. V. (2011). Investment. Moscow: Urait. (In Russian).
Cited by
3 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献