何谓'明斯基时刻'?

摘要

Abstralt: The term of the Minsky Moment has been now widely used to describe the timing of occurrence of financial crisis, but its meaning may be interpreted differently. Reading through texts of Hyman Minsky and Knut Wicksell, this article holds that "the Minsky Moment" should not be seen as the incidence of a single event, and it is better regarded as a turning point in the process of changing market interest rates and the rate of return to investment in finance and economy. The rising debt ratio and decelerating output growth in recent China's corporate sector suggest that the financial risks are accumulating in the sector.%作为一个现在已被广泛用于描述金融危机降临之际的词语,"明斯基时刻"可有多种理解.本文联系海曼 . 明斯基和维克塞尔的有关论述,认为"明斯基时刻"不应解释为某种单一事件的发生,而是经济过程中资金借贷利率与投资回报率相对关系的变化.中国企业部门近年来升高的债务率以及有所下降的增长率提示着"明斯基时刻"所蕴含的金融风险在累积.