Banking crises yesterday and today

摘要

Pundits, policy makers and macroeconomists often remind us that banking crises are nothing new, an observation sometimes used to argue that crises are inherent to the business cycle, or perhaps to human nature itself. Charles Kindleberger and Hyman Minsky were prominent and powerful advocates of the view that banking crises are part and parcel of the business cycle, and result from the propensities of market participants for irrational reactions and myopic foresight.