An Institutionalist Approach to Finance and an Illustrative Application to Investment Banking in the United States (1981-2008)

• Oana Cristian ^[1] ; Clara García ^[2]
  1. [1] BBVA Corporate and Investment Banking
  2. [2] Instituto Complutense de Estudios Internacionales (ICEI)
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 54, 2020, págs. 153-182
• Idioma: inglés
• DOI: 10.33776/rem.v0i54.3829
• Títulos paralelos:
  • Una aproximación institucionalista a las finanzas y una aplicación ilustrativa a la banca de inversión de los Estados Unidos (1981-2008)
• Enlaces
  • Texto completo  1    2  
• Resumen
  • español

    La crisis estadounidense de 2008 revivió las contribuciones del institucionalismo poskeynesiano (PKI) y particularmente de Hyman Minsky. Como se sabe, sus teorías conectaban las finanzas con dinámicas macroeconómicas desde una perspectiva institucional. Sin embargo, muchas de estas revisiones de Minsky se centraron en el sobreendeudamiento y la fragilidad de los balances presentes en la Hipótesis de Inestabilidad Financiera (HAP), sin tener en cuenta explícitamente la relación entre las finanzas, la dinámica macroeconómica y el entorno institucional. Este documento pretende profundizar en esta triple conexión desde una perspectiva teóricometodológica; así como ilustrar cómo se puede aplicar el marco propuesto (en este documento, al estudio de la banca de inversión en los Estados Unidos entre 1980 y 2008).

  • English

    The 2008 US crisis revived contributions of Post-Keynesian Institutionalism (PKI) and particularly those of Hyman Minsky. As is known, his theories connected finance with macroeconomic dynamics from an institutional perspective. However, many of these Minskyan revisions focused on the Financial Instability Hypothesis (FIH) in terms of over indebtedness and fragility of balance sheets, without explicitly accounting for the relationship between finance, macroeconomic dynamics, and the institutional environment.

    This paper intends to deepen this threefold connection from a theoreticalmethodological perspective; as well as to illustrate how the proposed framework can be applied (in this paper, to the study of investment banking in the United States in 1980-2008).

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