[OPE] L. Randall Wray: Financial Instability

Here is a good summary of theories of financial instability by Wray:

    Financial Instability

    "It is best to think of financial instability as a tendency rather
    than as a specific event, although the typical financial crisis
    might be the result of unstable financial processes generated over
    the course of a business cycle expansion. In this essay, we will be
    concerned primarily with economic instability that has at its roots
    a financial cause, with less interest in either economic fluctuation
    that is largely independent of finance or in isolated financial
    crises that do not spill over to the economy as a whole."

    <http://www.cfeps.org/pubs/wp/wp19.html>

//Dave Z
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Received on Sat Oct 11 06:45:43 2008