Revisão integrativa de literatura da hipótese de fragilidade financeira proposta por Minsky
Palavras-chave:
Minsky – Fragilidade Financeira – Setor público – Revisão Integrativa
Resumo
Este artigo conduz uma Revisão Integrativa de Literatura sobre a Hipótese de Fragilidade Financeira apresentada por Minsky e sobre a Fragilidade Financeira Aplicada ao Setor Público. Foram escolhidos 20 trabalhos que abordaram sobre o tema proposto tanto em procedimentos quantitativos quanto qualitativos. Os temas discutiram formas de mensuração da fragilidade financeira, efeitos na política fiscal e necessidade de regulação, relações entre o investimento, expectativas de fluxos de caixa, a influência das taxas de juros e do endividamento nas firmas e a instabilidade financeira. A integração reforçou os aspectos conceituais e as proposições apresentadas por Minsky, ampliando de forma integrada o entendimento de suas suposições teóricas quanto à fragilidade financeira, abordando quanto às causas, observações e consequências econômicas e institucionais, além de sinalizar para insuficiências de estudos mais empíricos e para o setor público.
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Referências
ANDRIANOVA, S.; DEMETRIADES, P. O. Financial Development and Financial Fragility: Two Sides of the Same Coin?. Comparative Economic Studies, 60(1), 54-68, 2018.
ARESTIS, P., GLICKMAN, M. Financial crisis in Southeast Asia: Dispelling illusion the Minskyan way. Cambridge Journal of Economics, 26 (2), pp. 237-260, 2002.
ARGITIS, G.; NIKOLAIDI, M. Debt crisis, fiscal austerity and the financial fragility and instability in the Greek economy. 2016.
BARRETT, A. B. Stability of zero-growth economics analysed with a Minskyan model. Ecological Economics, 146, 228-239, 2018.
BESHENOV, S.; ROZMAINSKY, I. Hyman Minsky's financial instability hypothesis and the Greek debt crisis. Russian Journal of Economics, 1(4), 419-438, 2015.
BEZEMER, D. J. Post-socialist financial fragility: the case of Albania. Cambridge Journal of Economics, 25(1), 1-23, 2001.
BARRO, R. On the determination of the public debt. Journal of Political Economy 87 (5), 940-71, 1979.
BRASIL. Lei Complementar nº 101 de 04 de maio de 2000. Estabelece normas de finanças públicas voltadas para a responsabilidade na gestão fiscal e dá outras providências. 2000. Disponível em: < http://www.planalto.gov.br/ccivil_03/leis/LCP/Lcp101.htm >. Acesso em: 08 abr. 2019.
CHARLES, S. Teaching Minsky's financial instability hypothesis: a manageable suggestion. Journal of Post Keynesian Economics, 31(1), 125-138, 2008.
COMITÊ DE PRONUNCIAMENTOS CONTÁBEIS – CPC. Pronunciamento Conceitual Básico CPC 00 (R1) – Estrutura Conceitual para Elaboração e Divulgação de Relatório Contábil-Financeiro. 2011.
DAVIDSON, P. Is the current financial distress caused by the subprime mortgage crisis a Minsky moment? Or is it the result of attempting to securitize illiquid non-commercial mortgage loans?. Journal of Post Keynesian Economics, 30(4), 669-676, 2008.
DE PAULA, L. F. R.; ALVES Jr, A. J. External financial fragility and the 1998-1999 Brazilian currency crisis. Journal of Post Keynesian Economics, 22(4), 589-617, 2000.
EGGERTSSON, G. B.; KRUGMAN, P. Debt, deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach. The Quarterly Journal of Economics, 127(3), 1469-1513, 2012.
FALAHATI, K. Systemic Characteristics of Financial Instability. Journal of Economic Issues, 53(1), 155-192, 2019.
FERRARI-FILHO, F; TERRA, F.H.B.; CONCEIÇÃO, O.A.C. The financial fragility hypothesis applied to the public sector: an analysis for Brazil’s economy from 2000 to 2008. Journal of Post Keynesian Economics, vol. 33, n. 1, 151-168, 2010.
FOLEY, D. Financial fragility in developing economies. Development Economics and Structuralist Macroeconomics, Aldershot: Edward Elgar, 2003.
GALBRAITH, James et al. The generalized Minsky moment. In: Conference Proceedings of the 17 th Annual Minsky Conference on the State of the US and World economics: credit, markets and the real economy–is the financial system working. p. 22-32, 2008.
GONZÁLEZ A. H. Economia e Sociedade, Campinas, v. 26, Número Especial, p. 991-1023, 2017.
GONZÁLEZ, A.; PÉREZ-CALDENTEY, E. The financial instability hypothesis and the paradox of debt: a microeconometric approach for Latin America. Review of Keynesian Economics, 6(3), 387-410, 2018.
KEEN, S. Finance and economic breakdown: modeling Minsky’s “financial instability hypothesis”. Journal of Post Keynesian Economics, 17(4), 607-635, 1995.
MINSKY, H. P. (1977). The financial instability hypothesis: An interpretation of Keynes and an alternative to “standard” theory. Challenge, 20(1), 20-27.
_______. The legacy of Keynes. The Journal of Economic Education, 16(1), 5-15, 1985.
_______. Stabilizing an Unstable Economy. Twentieth Century Fund Report: New Heaven. 1986.
_______. The Financial Instability Hypothesis. The Jerome Levy Economics Institute Working Paper No. 74. May, 1992.
_______. Estabilizando uma economia instável. Novo Século: Osasco, 2013.
MUSGRAVE, R. A. Teoria das finanças públicas: um estudo de economia Governamental. Atlas: São Paulo, 1973.
PAPADIMITRIOU, D. B.; WRAY, L. R. Minsky's analysis of financial capitalism. The Jerome Levy Economics Institute working paper, (275), 1999.
PICOLOTTO, V. D. C. Política fiscal e endividamento público em um contexto de estado subnacional: uma perspectiva pós-keynesiana para o Rio Grande do Sul no período 1995-2014, 2016.
TAYLOR, L.; O'CONNELL, S. A. A Minsky crisis. The Quarterly Journal of Economics, 100(Supplement), 871-885, 1985.
TERRA, F. H. B.; FERRARI-FILHO, F. A hipótese de fragilidade financeira aplicada ao setor público: uma análise para a economia brasileira no período de 2000-2009, Revista Economia, v. 12, n. 3, p. 497-516, 2011.
TERRA, F. H. B.; FERRARI-FILHO, F. Public Sector Financial Fragility Index: an analysis of the Brazilian federal government from 2000 to 2016. Journal of Post Keynesian Economics, 1-25. 2020.
TORRACO, R. J. Writing Integrative Literature Reviews: Guidelines and Examples. Human Resource Development Review, v.4, n.3, 2005.
_________. Writing integrative literature reviews: Using the past and present to explore the future. Human Resource Development Review, v. 15, n. 4, p. 404-428.ap, 2016.
TORRES FILHO, E. T.; MARTINS, N. M.; MIAGUTI, C. Y. Minsky’s financial fragility: an empirical analysis of electricity distribution firms in Brazil (2007–2015). Journal of Post Keynesian Economics, 42(1), 144-168, 2019.
VERCELLI, A.A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis. Review of Political Economy, 23 (1), pp. 49-67, 2011.
WHALEN, C. J. Integrating Schumpeter and Keynes: Hyman Minsky’s theory of capitalist development. Journal of Economic issues, 35(4), 805-823, 2001.
WHITTEMORE, R.; KNAFL, K. . The integrative review: updated methodology. Journal of advanced nursing, 52(5), 546-553, 2005.
ARESTIS, P., GLICKMAN, M. Financial crisis in Southeast Asia: Dispelling illusion the Minskyan way. Cambridge Journal of Economics, 26 (2), pp. 237-260, 2002.
ARGITIS, G.; NIKOLAIDI, M. Debt crisis, fiscal austerity and the financial fragility and instability in the Greek economy. 2016.
BARRETT, A. B. Stability of zero-growth economics analysed with a Minskyan model. Ecological Economics, 146, 228-239, 2018.
BESHENOV, S.; ROZMAINSKY, I. Hyman Minsky's financial instability hypothesis and the Greek debt crisis. Russian Journal of Economics, 1(4), 419-438, 2015.
BEZEMER, D. J. Post-socialist financial fragility: the case of Albania. Cambridge Journal of Economics, 25(1), 1-23, 2001.
BARRO, R. On the determination of the public debt. Journal of Political Economy 87 (5), 940-71, 1979.
BRASIL. Lei Complementar nº 101 de 04 de maio de 2000. Estabelece normas de finanças públicas voltadas para a responsabilidade na gestão fiscal e dá outras providências. 2000. Disponível em: < http://www.planalto.gov.br/ccivil_03/leis/LCP/Lcp101.htm >. Acesso em: 08 abr. 2019.
CHARLES, S. Teaching Minsky's financial instability hypothesis: a manageable suggestion. Journal of Post Keynesian Economics, 31(1), 125-138, 2008.
COMITÊ DE PRONUNCIAMENTOS CONTÁBEIS – CPC. Pronunciamento Conceitual Básico CPC 00 (R1) – Estrutura Conceitual para Elaboração e Divulgação de Relatório Contábil-Financeiro. 2011.
DAVIDSON, P. Is the current financial distress caused by the subprime mortgage crisis a Minsky moment? Or is it the result of attempting to securitize illiquid non-commercial mortgage loans?. Journal of Post Keynesian Economics, 30(4), 669-676, 2008.
DE PAULA, L. F. R.; ALVES Jr, A. J. External financial fragility and the 1998-1999 Brazilian currency crisis. Journal of Post Keynesian Economics, 22(4), 589-617, 2000.
EGGERTSSON, G. B.; KRUGMAN, P. Debt, deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach. The Quarterly Journal of Economics, 127(3), 1469-1513, 2012.
FALAHATI, K. Systemic Characteristics of Financial Instability. Journal of Economic Issues, 53(1), 155-192, 2019.
FERRARI-FILHO, F; TERRA, F.H.B.; CONCEIÇÃO, O.A.C. The financial fragility hypothesis applied to the public sector: an analysis for Brazil’s economy from 2000 to 2008. Journal of Post Keynesian Economics, vol. 33, n. 1, 151-168, 2010.
FOLEY, D. Financial fragility in developing economies. Development Economics and Structuralist Macroeconomics, Aldershot: Edward Elgar, 2003.
GALBRAITH, James et al. The generalized Minsky moment. In: Conference Proceedings of the 17 th Annual Minsky Conference on the State of the US and World economics: credit, markets and the real economy–is the financial system working. p. 22-32, 2008.
GONZÁLEZ A. H. Economia e Sociedade, Campinas, v. 26, Número Especial, p. 991-1023, 2017.
GONZÁLEZ, A.; PÉREZ-CALDENTEY, E. The financial instability hypothesis and the paradox of debt: a microeconometric approach for Latin America. Review of Keynesian Economics, 6(3), 387-410, 2018.
KEEN, S. Finance and economic breakdown: modeling Minsky’s “financial instability hypothesis”. Journal of Post Keynesian Economics, 17(4), 607-635, 1995.
MINSKY, H. P. (1977). The financial instability hypothesis: An interpretation of Keynes and an alternative to “standard” theory. Challenge, 20(1), 20-27.
_______. The legacy of Keynes. The Journal of Economic Education, 16(1), 5-15, 1985.
_______. Stabilizing an Unstable Economy. Twentieth Century Fund Report: New Heaven. 1986.
_______. The Financial Instability Hypothesis. The Jerome Levy Economics Institute Working Paper No. 74. May, 1992.
_______. Estabilizando uma economia instável. Novo Século: Osasco, 2013.
MUSGRAVE, R. A. Teoria das finanças públicas: um estudo de economia Governamental. Atlas: São Paulo, 1973.
PAPADIMITRIOU, D. B.; WRAY, L. R. Minsky's analysis of financial capitalism. The Jerome Levy Economics Institute working paper, (275), 1999.
PICOLOTTO, V. D. C. Política fiscal e endividamento público em um contexto de estado subnacional: uma perspectiva pós-keynesiana para o Rio Grande do Sul no período 1995-2014, 2016.
TAYLOR, L.; O'CONNELL, S. A. A Minsky crisis. The Quarterly Journal of Economics, 100(Supplement), 871-885, 1985.
TERRA, F. H. B.; FERRARI-FILHO, F. A hipótese de fragilidade financeira aplicada ao setor público: uma análise para a economia brasileira no período de 2000-2009, Revista Economia, v. 12, n. 3, p. 497-516, 2011.
TERRA, F. H. B.; FERRARI-FILHO, F. Public Sector Financial Fragility Index: an analysis of the Brazilian federal government from 2000 to 2016. Journal of Post Keynesian Economics, 1-25. 2020.
TORRACO, R. J. Writing Integrative Literature Reviews: Guidelines and Examples. Human Resource Development Review, v.4, n.3, 2005.
_________. Writing integrative literature reviews: Using the past and present to explore the future. Human Resource Development Review, v. 15, n. 4, p. 404-428.ap, 2016.
TORRES FILHO, E. T.; MARTINS, N. M.; MIAGUTI, C. Y. Minsky’s financial fragility: an empirical analysis of electricity distribution firms in Brazil (2007–2015). Journal of Post Keynesian Economics, 42(1), 144-168, 2019.
VERCELLI, A.A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis. Review of Political Economy, 23 (1), pp. 49-67, 2011.
WHALEN, C. J. Integrating Schumpeter and Keynes: Hyman Minsky’s theory of capitalist development. Journal of Economic issues, 35(4), 805-823, 2001.
WHITTEMORE, R.; KNAFL, K. . The integrative review: updated methodology. Journal of advanced nursing, 52(5), 546-553, 2005.
Publicado
2023-12-04
Como Citar
Caríssimo, C. (2023). Revisão integrativa de literatura da hipótese de fragilidade financeira proposta por Minsky. A Economia Em Revista - AERE, 31(1). https://doi.org/10.4025/econrev.v31i1.67434
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