A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) |
Texto Completo: | http://repositorio.ufes.br/handle/10/1100 |
Resumo: | Having in sight the world's financial collapse of 2008, this dissertation takes up the economic theory proposed by Hyman P. Minsky aiming to clarify the circumstances that led to so deep financial crisis. Minsky’s analytical framework was built on the Financial Instability Hypothesis, which identifies in the internal dynamics of the capitalistic system as the main cause of its financial upswings and downturns. This process, characterized by the progressive indebtedness of economic agents, builds itself in a cycle of predefined stages that often reach the apex of a financial crisis or a systemic collapse, best known in the literature, respectively, as “Minsky Moment” and “Minsky Collapse”. Minsky's overall approach to the financial modus operandi of modern economies was complemented by the more recent contributions of Gary A. Dymski and Alessandro Vercelli, who explored the idea of a Miskian cycle. By reviewing these theories in some detail, it is possible to see how the process of the deregulation and financial weakness of the United States in the 1980s and 1990s paved the way to the subprime crisis and, later, of the 2008 financial collapse. Similarly, is possible to observe that Minsky’s theory is also applicable to the Brazilian financial crisis in 2008. The financial fragility that began to develop in Brazil some years prior to the crisis, mainly in the commodities export sector, created the conditions for the “Brazilian Minsky’s moment”, demonstrating that despite some limitations of Minsky's analysis, such as the assumption of a closed economy, his theory offers important insights not only into the operation of financial markets in fully advanced economies but also in the emerging ones as well. |
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Arthmar, RogérioPedra, Alysson CorreiaSalles, Alexandre Ottoni TeatiniMorandi, Angela Maria2014-11-17T18:51:57Z2014-11-17T18:51:57Z2013-08-302014-08-30Having in sight the world's financial collapse of 2008, this dissertation takes up the economic theory proposed by Hyman P. Minsky aiming to clarify the circumstances that led to so deep financial crisis. Minsky’s analytical framework was built on the Financial Instability Hypothesis, which identifies in the internal dynamics of the capitalistic system as the main cause of its financial upswings and downturns. This process, characterized by the progressive indebtedness of economic agents, builds itself in a cycle of predefined stages that often reach the apex of a financial crisis or a systemic collapse, best known in the literature, respectively, as “Minsky Moment” and “Minsky Collapse”. Minsky's overall approach to the financial modus operandi of modern economies was complemented by the more recent contributions of Gary A. Dymski and Alessandro Vercelli, who explored the idea of a Miskian cycle. By reviewing these theories in some detail, it is possible to see how the process of the deregulation and financial weakness of the United States in the 1980s and 1990s paved the way to the subprime crisis and, later, of the 2008 financial collapse. Similarly, is possible to observe that Minsky’s theory is also applicable to the Brazilian financial crisis in 2008. The financial fragility that began to develop in Brazil some years prior to the crisis, mainly in the commodities export sector, created the conditions for the “Brazilian Minsky’s moment”, demonstrating that despite some limitations of Minsky's analysis, such as the assumption of a closed economy, his theory offers important insights not only into the operation of financial markets in fully advanced economies but also in the emerging ones as well.Diante do colapso financeiro de 2008, este trabalho retoma a teoria econômica proposta por Hyman P. Minsky com o objetivo de esclarecer as circunstâncias que propiciaram uma crise financeira tão profunda. A estrutura analítica de Minsky é marcada pela Hipótese da Instabilidade Financeira, a qual aponta para fatores endógenos ao próprio sistema capitalista como o principal causador de instabilidades financeiras. Este processo, caracterizado principalmente por um avanço desfavorável no nível de endividamento dos agentes, constrói um ciclo de estágios que pode se desenvolver para uma crise financeira ou um colapso sistêmico, definidos como “Momento Minsky” e “Colapso Minsky”. Este cenário descrito por Minsky, também analisado à luz de teorias mais recentes como as de Gary A. Dymski e Alessandro Vercelli, é conhecido por “ciclo minskyano”. Ao adotar estes preceitos da análise teórica de Minsky, é possível visualizar como o processo de desregulamentação e fragilização financeira dos Estados Unidos nas décadas de 1980 e 1990 proveram condições para a crise do subprime e, posteriormente, o colapso financeiro de 2008. De maneira similar, é possível observar que a análise teórica de Minsky também é aplicável à crise que afeta a economia brasileira no final de 2008. A fragilização financeira que se inicia no Brasil poucos anos antes da crise, acentuada no setor exportador de commodities, cria a condição para o “momento Minsky brasileiro”, demonstrando que apesar das falhas da análise teórica de Minsky, que supõe uma economia fechada com características da economia estadunidense, é possível visualizar uma relação de causa e efeito da recente crise financeira com a teoria minskyana.Texthttp://repositorio.ufes.br/handle/10/1100porUniversidade Federal do Espírito SantoMestrado em EconomiaPrograma de Pós-Graduação em EconomiaUFESBRCentro de Ciências Jurídicas e EconômicasFinancial instability hypothesisMinsky momentSubprime crisisHipótese da instabilidade financeiraMomento MinskyCrise do subprimeMinsky, Hyman P.Crise financeira global, 2008-2009Crise econômica - 2008 - BrasilTeoria Econômica330A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minskyinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)instname:Universidade Federal do Espírito Santo (UFES)instacron:UFESORIGINALDissertação A crise financeira de 2008 e seus impactos na economia brasileira : uma análise sob a perspectiva de Minsky.pdfDissertação A crise financeira de 2008 e seus impactos na economia brasileira : uma análise sob a perspectiva de Minsky.pdfapplication/pdf2231272http://repositorio.ufes.br/bitstreams/df3818ef-2ced-4821-a432-994b9072aef6/downloade5edb7bcb5adb822f037f33c3fef9aabMD51CC-LICENSElicense_urllicense_urltext/plain; charset=utf-849http://repositorio.ufes.br/bitstreams/4124b4e8-c85b-42e0-aaff-a906c6aaed33/download4afdbb8c545fd630ea7db775da747b2fMD52license_textlicense_texttext/html; charset=utf-822302http://repositorio.ufes.br/bitstreams/733a8be9-0ab4-42e5-9b7c-11a5297b5ca4/download1e0094e9d8adcf16b18effef4ce7ed83MD53license_rdflicense_rdfapplication/rdf+xml; charset=utf-823148http://repositorio.ufes.br/bitstreams/613f899b-72dd-42b7-b884-5ba7b6a8731b/download9da0b6dfac957114c6a7714714b86306MD54LICENSElicense.txtlicense.txttext/plain; charset=utf-81748http://repositorio.ufes.br/bitstreams/260e6d3a-5c3a-4b65-b578-931a9fa94b2a/download8a4605be74aa9ea9d79846c1fba20a33MD5510/11002024-07-02 21:41:19.022oai:repositorio.ufes.br:10/1100http://repositorio.ufes.brRepositório InstitucionalPUBhttp://repositorio.ufes.br/oai/requestopendoar:21082024-07-02T21:41:19Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) - Universidade Federal do Espírito Santo (UFES)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 |
dc.title.none.fl_str_mv |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
title |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
spellingShingle |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky Pedra, Alysson Correia Financial instability hypothesis Minsky moment Subprime crisis Hipótese da instabilidade financeira Momento Minsky Crise do subprime Teoria Econômica Minsky, Hyman P. Crise financeira global, 2008-2009 Crise econômica - 2008 - Brasil 330 |
title_short |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
title_full |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
title_fullStr |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
title_full_unstemmed |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
title_sort |
A crise financeira de 2008 e seus impactos na economia brasileira: uma análise sob a perspectiva de Minsky |
author |
Pedra, Alysson Correia |
author_facet |
Pedra, Alysson Correia |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Arthmar, Rogério |
dc.contributor.author.fl_str_mv |
Pedra, Alysson Correia |
dc.contributor.referee1.fl_str_mv |
Salles, Alexandre Ottoni Teatini |
dc.contributor.referee2.fl_str_mv |
Morandi, Angela Maria |
contributor_str_mv |
Arthmar, Rogério Salles, Alexandre Ottoni Teatini Morandi, Angela Maria |
dc.subject.eng.fl_str_mv |
Financial instability hypothesis Minsky moment Subprime crisis |
topic |
Financial instability hypothesis Minsky moment Subprime crisis Hipótese da instabilidade financeira Momento Minsky Crise do subprime Teoria Econômica Minsky, Hyman P. Crise financeira global, 2008-2009 Crise econômica - 2008 - Brasil 330 |
dc.subject.por.fl_str_mv |
Hipótese da instabilidade financeira Momento Minsky Crise do subprime |
dc.subject.cnpq.fl_str_mv |
Teoria Econômica |
dc.subject.br-rjbn.none.fl_str_mv |
Minsky, Hyman P. Crise financeira global, 2008-2009 Crise econômica - 2008 - Brasil |
dc.subject.udc.none.fl_str_mv |
330 |
description |
Having in sight the world's financial collapse of 2008, this dissertation takes up the economic theory proposed by Hyman P. Minsky aiming to clarify the circumstances that led to so deep financial crisis. Minsky’s analytical framework was built on the Financial Instability Hypothesis, which identifies in the internal dynamics of the capitalistic system as the main cause of its financial upswings and downturns. This process, characterized by the progressive indebtedness of economic agents, builds itself in a cycle of predefined stages that often reach the apex of a financial crisis or a systemic collapse, best known in the literature, respectively, as “Minsky Moment” and “Minsky Collapse”. Minsky's overall approach to the financial modus operandi of modern economies was complemented by the more recent contributions of Gary A. Dymski and Alessandro Vercelli, who explored the idea of a Miskian cycle. By reviewing these theories in some detail, it is possible to see how the process of the deregulation and financial weakness of the United States in the 1980s and 1990s paved the way to the subprime crisis and, later, of the 2008 financial collapse. Similarly, is possible to observe that Minsky’s theory is also applicable to the Brazilian financial crisis in 2008. The financial fragility that began to develop in Brazil some years prior to the crisis, mainly in the commodities export sector, created the conditions for the “Brazilian Minsky’s moment”, demonstrating that despite some limitations of Minsky's analysis, such as the assumption of a closed economy, his theory offers important insights not only into the operation of financial markets in fully advanced economies but also in the emerging ones as well. |
publishDate |
2013 |
dc.date.submitted.none.fl_str_mv |
2014-08-30 |
dc.date.issued.fl_str_mv |
2013-08-30 |
dc.date.accessioned.fl_str_mv |
2014-11-17T18:51:57Z |
dc.date.available.fl_str_mv |
2014-11-17T18:51:57Z |
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info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/masterThesis |
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http://repositorio.ufes.br/handle/10/1100 |
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http://repositorio.ufes.br/handle/10/1100 |
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por |
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Universidade Federal do Espírito Santo Mestrado em Economia |
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Programa de Pós-Graduação em Economia |
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UFES |
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BR |
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Centro de Ciências Jurídicas e Econômicas |
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Universidade Federal do Espírito Santo Mestrado em Economia |
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