minsky's financial instability hypotesis and the leverage cycle

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  ISSN 13 59-9151- 202 Minsky’s Financial Instability Hypothesis and the Leverage Cycle By Sudipto Bhattacharya C.A.E Goodhart Dimitrios Tsomocos Alexandros Vardoulakis SPECIAL PAPER 202 LSE FINANCIAL MARKETS GROUP PAPER SERIES September 2011 Sudipto Bhattacharya has been Professor of Finance at LSE since 1995, prior to which he has taught at the Universities of Chicago, Stanford, Berkeley, Michigan, and Delhi. His main areas of research interest are corporate financial policy under asymmetric information, theories and regulation of banking activities cum crises, sharing of intellectual property under alternative institutional structures, and applied game theory. He has published around forty academic papers on these the mes. Charles A. E. Goo dhart  is Director of the Regulation and Financial Stability Research Programme at the Financial Markets Group and Professor Emeritus of Banking and Fina nce at the London School of Economics. Dimitrios Tsomocos is a University Reader in Financial Economics and Fellow in Management at St. Edmund Hall, University of Oxford. He is also a Senior research Asso ciate at the Financial Markets Group at the L.S.E. He holds a B.A.,M.A.,M.Phil., and Ph.D. from Yale University. He has worked at the Bank of England and consulted with various Central Banks. Alexandros Vardoulakis is an Econo mist at the Banque de France in the Financial Stability department, which he joined in 2010. He received his DPhil in Financial Economics from the University of Oxford, Said Business School. He also has a BSc in Business Economics and an MSc in Mathematical Finance and Quantitative Methods from the Athens University of Economics and Business. His main areas of research interest are asset pricing under incomplete markets and default, financial stability, and market microstructure. He is currently doing research on the effects of the Basel III reforms on financial stability and the real economy. Prior to his DPhil studies he worked in the financial sector as an equity analyst. Any opinions expressed here are those of the auth ors and not necessarily those of the FMG. The research findings reported in this paper are the result of the independent research of the authors and do not necessarily reflect the vi ews of the LSE.

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8/11/2019 Minsky's Financial Instability Hypotesis and the Leverage Cycle

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