The Minsky Perspective on Macroprudential Policy

Oguz Esen and Ayla Ogus Binatli

Working Papers from Political Economy Research Institute, University of Massachusetts at Amherst

Abstract: The recent global financial crisis has underlined the need to go beyond the microprudential perspective to financial instability and move in a macroprudential direction. There is a growing consensus among policymakers and academics that macroprudential policy should be adopted. Through these changes, policymakers appear to be moving in a direction broadly consistent with Minsky’s view. The theoretical framework of macroprudential policy can be found in Minsky’s financial instability theory. Emerging economies, including Turkey, have adopted macroprudential tools to prevent and mitigate system wide risks. This paper offers a Minsky perspective on macroprudential policy and evaluates macroprudential tools through an examination of the Turkish experience as a case study.

Keywords: Macroprudential policy; Minsky (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-ara, nep-hpe, nep-mac and nep-pke
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Working Paper: Minsky Perpective on the Macroprudential Policy (2013)
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