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- W1567005559 abstract "This article examines critically the main theories of financial crises. It analyses (i) the monetary theories, according to which financial crises emerges from discrepancies between supply and demand for money; (ii) the dominant approach, based on information assymmetries; (iii) the Keynesian theory, funded on the notion that crises emerges from the fluctuations of the marginal efficiency of capital caused by changes in expectations; (iv) the hypothesis of financial fragility of Minsky; (v) the Marxian theory, based on the idea that crises are complex phenomena that result from the combination of the capitalist impulse to capital accumulation, the tendency of the rate of profit to fall, credit expansion and financial speculation. It concludes in favor of the Marxian explanation, which is based on the concept of credit as a “contradiction without mediation”: credit expansion not only allows for a crescent gap between production and consumption but also causes the valorization of capital to take off, which generates a crescent financial fragility system that eventually results in a crisis. Key-words: financial crises; information assymmetries; financial fragility; credit expansion; Marxian crises theory. Classificacao JEL: E3 Prices, Business Fluctuations, and Cycles; E44 Financial Markets and the Macroeconomy. Area da ANPEC: Escolas de Pensamento Economico, metodologia e economia politica. * Professor da FACE/UFMG e da FEAD-MINAS. A TEORIA DAS CRISES FINANCEIRAS: UMA APRECIACAO CRITICA Claudio Gontijo" @default.
- W1567005559 created "2016-06-24" @default.
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- W1567005559 date "2011-01-01" @default.
- W1567005559 modified "2023-09-27" @default.
- W1567005559 title "A Teoria das Crises Financeiras: Uma Apreciação Crítica" @default.
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