Hyman Minsky quotes
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“Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.”
-- Hyman Minsky -
“In a world of businessmen and financial intermediaries who aggressively seek profit, innovators will always outpace regulators; the authorities cannot prevent changes in the structure of portfolios from occurring. What they can do is keep the asset-equity ratio of banks within bounds by setting equity-absorption ratios for various types of assets. If the authorities constrain banks and are aware of the activities of fringe banks and other financial institutions, they are in a better position to attenuate the disruptive expansionary tendencies of our economy.”
-- Hyman Minsky -
“Success breeds a disregard of the possibility of failure.”
-- Hyman MinskySource : Hyman Minsky (2008). “Stabilizing an Unstable Economy”, McGraw Hill Professional
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“Unless we understand what it is that leads to economic and financial instability, we cannot prescribe -- make policy -- to modify or eliminate it. Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.”
-- Hyman MinskySource : Hyman Minsky (2008). “Stabilizing an Unstable Economy, Part 3 - Economic Theory”, p.111, McGraw Hill Professional
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