In preparation for a talk I am giving in January on Fragile Financial Networks I have been reading papers on various versions of the "financial accelerator." I just finished reading Irving Fisher's classic 1933 Econometrica paper on the debt-deflation theory of depressions...I would highly recommend it! Besides the famous debt-deflation stuff, I thought Fisher's comment that new investment opportunities created by technological (or financial) innovation are a major "starter" of over-indebtedness. Here it seems like Fisher is saying that market economies (which tend to be very good at generating technological/financial innovations) sow the seeds of their later destruction...
I am working on the slides for this presentation now, and will be sure to post them as soon as they are finished...
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Wednesday, December 29, 2010
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There's a really good book in the edinburgh uni library called "Theories of Financial Disturbance" by Jan Toporowski. It's a good run-thru of all the major critical finanial theorists, including Fisher, highly highly recommended.
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