金融不稳定假说

20世纪美国经济学家海曼•明斯基（HymanMinsky）提出了金融不稳定假说。这一假说长期被人们遗忘，最近又被重新拾起。该假说认为，资本主义经济在经历长期繁荣之后，最终会陷入金融投机的恶性循环。

Hyman Minsky , the 20th century US economist , formulated the long forgotten , and recently rediscovered , financial instability hypothesis , according to which capitalist economies , after a long period of prosperity , end up in a vicious circle of financial speculation .

本文在金融不稳定假说关于金融不稳定常态假设的条件下，将金融不稳定分为三个主要层次，分别为：隐性金融不稳定、显性金融不稳定、金融危机。

Financial instability hypothesis has the assumptions that financial instability is the steady state of financial system . Then financial instability can be divided into three main levels : hidden financial instability , dominant financial instability , and financial crisis .

从负债-通缩理论到金融不稳定假说

From ″ Saddled with Debt-Deflation ″ Theory to Finance Unsteady Hypothesis

第一部分是对于房地产信贷和房地产信贷风险的相关概念进行阐述，并对房地产信贷风险的产生的从金融不稳定假说的角度进行了一个初步的分析。

At first , the thesis will give some concepts about real estate and loan for real estate .

金融不稳定假说阐明了由资本主义不断发展而产生的导致金融危机的内在机制，这种内在机制与经济周期的发展变化密切相关。

The hypothesis of financial instability shows the inner mechanism of financial instability induced by the development of capitalism , and this inner mechanism is closely related to the changes of economic cycles .

在经济波动的内生与外生方面、政府是否应干预经济方面、金融与经济周期的关系方面，金融不稳定假说与主流经济学存在着不同的观点。

Financial instability hypothesis differs from the mainstream economics in the aspects of whether capitalist economies rely on exogenous or endogenous shocks to generate business cycle and whether it is right for governments to interfere in economic activities and the relationship between finance and economic circles .