voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2015-11-120-143voprecotest-134Research ArticleМЕЖДУНАРОДНАЯ ЭКОНОМИКАINTERNATIONAL ECONOMICSГипотеза финансовой нестабильности Хаймана Мински и долговой кризис в ГрецииHyman Minsky’s Financial Instability Hypothesis and Greece Debt CrisisБешеновС. В.BeshenovS.

магистр программы «Финансовые рынки и финансовые институты» НИУ ВШЭ (Москва)

svbeshenov@edu.hse.ruРозмаинскийИ. В.RozmainskyI.

к. э.н., доцент департамента экономики, Санкт-Петербургская школа экономики и менеджмента НИУ ВШЭ (Санкт-Петербург)

irozmain@yandex.ruНИУ ВШЭРоссияNational Research University Higher School of Economics (Moscow, Russia)Russian FederationНИУ ВШЭРоссияNational Research University Higher School of Economics (St. Petersburg, Russia)Russian Federation201520112015011120143Copyright © Voprosy Ekonomiki, NP, 20152015Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/134

В статье делается попытка проанализировать долговой кризис в Греции при помощи гипотезы финансовой нестабильности, разработанной Х. Мински. Показано, что эта гипотеза позволяет понять, как экономика эндогенно становится «финансово хрупкой», а значит, подверженной кризисам. Авторы анализируют, как поведение публичного и частного секторов греческой экономики привело ее к долговому кризису. В частности, на примере выборки из 36 греческих компаний показано, что в период с 2001 по 2014 г. большинство этих компаний переходило на хрупкие типы финансирования. Особое внимание уделено негативным последствиям применения в Греции неоклассической доктрины «строгой экономии» как ведущей «антикризисной» концепции в рамках мейнстрима экономической науки.

The paper analyzes Greece debt crisis by means of the Minsky’s financial instability hypothesis, which makes it possible to investigate the country’s endogenous transformation into the financially fragile position. Therefore, we can understand how the economy becomes vulnerable to crises. Using this hypothesis, it has been demonstrated how behavior of both public and private sectors of the Greek economy had generated the debt crisis. In particular, the authors use the sample including 36 Greek companies for the 2001-2014 period and show that the rising share of these firms moved to fragile financial structures. The paper also pays special attention to negative effects of austerity policies in Greece. The austerity doctrine is treated as the leading anti-recessionary mainstream conception.

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The authors declare that there are no conflicts of interest present.