Hyman Minsky's Financial Instability Hypothesis and Economic Crisis in Russia

In: Mirovaja ėkonomika i meždunarodnye otnošenija: MĖMO, Heft 3, S. 56-64

Abstract

M. Stolbov's article deals with the H.P. Minsky's financial instability hypothesis. It is proved that this theory is relevant to analyze the internal causes of the crisis in Russian banking and non-financial sectors. To ensure stable post-crisis development of Russia's economy, it is proposed to take measures based on Minsky's approach to corporate taxation. At the same time, some measures aimed at securing the balanced interrelation between financial and real sectors are suggested.