Abstract

YASUHARA, Tsuyoshi. Financial Instability in Latin America: A Minskian-Kaleckian Perspective. Prob. Des [online]. 2013, vol.44, n.172, pp.9-27. ISSN 0301-7036.

The same dynamics, namely the rise of a growth model oriented towards financial activities, have led to both the current financial crisis and global imbalances characterized by a rising public deficit in the United States. This work has two objectives. The first is to analyze how the flow of foreign investment and cross-border mergers and acquisitions affect the economy in the United States and Latin America. The second is to establish a theoretical framework of macroeconomic financial instability and apply it to examine the Latin American economy in the past decade. We propose a macroeconomic interpretation of the theory of financial instability, combined with a Minskian-Kaleckian theoretical framework.

Keywords : Cross-border mergers and acquisitions; income balance; financial speculation; rate of capital use; expected utility rate.

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