Institutional Prerequisites of Financial Fragility within Minsky's Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'

摘要

Institutional mechanisms play a key role in the works of Hyman P. Minsky; in particular, his financial instability hypothesis (FIH). According to Christine Sinapi, Burgundy School of Business, Dijon, France, the institutional foundations of the FIH are inadequately addressed in the literature. She outlines three main limitations: (1) the absence of a clear definition of institutions; (2) the absence of a global approach to the institutional mechanisms underlying the FIH; and (3) the intuitive character of Minsky's institutional framework.