{"id":3999,"date":"2017-02-11T14:29:14","date_gmt":"2017-02-11T12:29:14","guid":{"rendered":"https:\/\/sbunker.org\/?p=3999"},"modified":"2024-11-14T14:33:09","modified_gmt":"2024-11-14T12:33:09","slug":"momenti-minsky","status":"publish","type":"post","link":"https:\/\/sbunker.org\/sr\/uncategorized\/momenti-minsky\/","title":{"rendered":"Momenti Minsky"},"content":{"rendered":"
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Momenti Minsky<\/h3>\n<\/div>\n
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Artikulli i dyt\u00eb nga seria\u00a0e ideve qen\u00ebsore t\u00eb ekonomis\u00eb, fokusohet n\u00eb hipotez\u00ebn e Hyman Minsky-t q\u00eb rritjet mbjellin far\u00ebrat e r\u00ebnies.<\/p>\n

Q\u00eb nga fillimi i karrier\u00ebs s\u00eb tij akademike n\u00eb vitet 1950 deri n\u00eb vitin 1996, kur vdiq, Hyman Minsky punoi n\u00eb err\u00ebsir\u00eb. Studimi i tij rreth krizave financiare dhe shkaktar\u00ebve t\u00eb tyre u t\u00ebrhoqi v\u00ebmendjen vet\u00ebm disa admiruesve t\u00eb p\u00ebrkushtuar, por mori shum\u00eb pak v\u00ebmendje n\u00eb \u201cmainstream: \u201cThe Economist\u201d e citoi at\u00eb vet\u00ebm nj\u00eb her\u00eb sa ishte gjall\u00eb, dhe ishte nj\u00eb citim shum\u00eb i thjesht\u00eb. U desh q\u00eb t\u00eb arrinim\u00a0deri n\u00eb vitin 2007, kur kriza e patundshm\u00ebrive \u2018sub-prime\u2019 shp\u00ebrtheu n\u00eb Amerik\u00eb. Papritur, dukej sikur t\u00eb gjith\u00eb po ktheheshin kah shkrimet e tij duke u munduar t\u00eb gjenin p\u00ebrgjigje p\u00ebr rr\u00ebmuj\u00ebn e shkaktuar. Broker-at, iu shkruan klient\u00ebve t\u00eb tyre rreth \u201cmomentit Minsky\u201d e cila po g\u00eblltiste tregun financiar. Bankier\u00ebt e bank\u00ebs qendrore n\u00eb fjalimet e tyre i referoheshin m\u00ebsimeve t\u00eb Minsky-t. Edhe pse i vdekur u b\u00eb yll i mediave. \u201cThe Economist\u201d, e ka p\u00ebrmendur at\u00eb 30 her\u00eb q\u00eb nga viti 2007.<\/p>\n

Minsky mbeti larg nga qendra e v\u00ebmendjes gjat\u00eb gjith\u00eb jet\u00ebs\u00a0sepse qasja e tij ishte e shmangur nga konventat akademike. Ai filloi m\u00ebsimet universitare n\u00eb matematik\u00eb, por p\u00ebrdori shum\u00eb pak analiz\u00ebn\u00a0kur kaloi n\u00eb ekonomi, p\u00ebrkund\u00ebr rritjes s\u00eb p\u00ebrdorimit t\u00eb metodave kuantitative n\u00eb disiplin\u00ebn e ekonomis\u00eb. N\u00eb vend t\u00eb k\u00ebsaj, ai shprehu idet\u00eb e tij n\u00eb ese, ligj\u00ebrata dhe libra, p\u00ebrfshir\u00eb nj\u00eb lib\u00ebr t\u00eb shkruar p\u00ebr John Maynard Keynes, ekonomisti i cili kishte m\u00eb s\u00eb shumti influenc\u00eb n\u00eb mendimet e tij. Ai gjithashtu fitoi\u00a0eksperienc\u00eb duke sh\u00ebrbyer n\u00eb bordin e bank\u00ebs Mark Twain n\u00eb St Louis, Missouri, ku dha m\u00ebsim.<\/p>\n

Duke u rritur gjat\u00eb epok\u00ebs s\u00eb depresionit, Minsky u thellua n\u00eb k\u00ebt\u00eb dikaster. Gjat\u00eb viteve ai her\u00eb pas here u kthye n\u00eb k\u00ebt\u00eb problem fundamental. Ai d\u00ebshironte t\u00eb m\u00ebsonte se pse ndodhin krizat financiare. Ishte nj\u00eb tem\u00eb jo e popullarizuar. Mendimi\u00a0m\u00eb i p\u00ebrhapur n\u00eb at\u00eb koh\u00eb ishte se tregjet ishin efi\u00e7iente. Mund t\u00eb ndodhte ndonj\u00eb d\u00ebshtim i tregjeve t\u00eb aksioneve, apo r\u00ebnie e monedh\u00ebs, por ekonomit\u00eb moderne si dukej kishin mposhtur demon\u00ebt e tyre m\u00eb t\u00eb k\u00ebqij.<\/p>\n

Kund\u00ebr k\u00ebtyre bindjeve, Minsky, nj\u00eb njeri inteligjent me flok\u00eb t\u00eb thinjura, zhvilloi hipotez\u00ebn e tij t\u00eb jostabilitetit financiar. \u00cbsht\u00eb nj\u00eb ekzaminim se sa\u00a0gjat\u00eb shtrirjet e prosperitetit mbillnin farat e kriz\u00ebs s\u00eb ardhshme, nj\u00eb mjet i r\u00ebnd\u00ebsish\u00ebm p\u00ebr t\u00eb kuptuar tronditjen e dekad\u00ebs s\u00eb kaluar. Por, historia e vet\u00a0hipotez\u00ebs \u00ebsht\u00eb shum\u00eb e r\u00ebnd\u00ebsishme. Rruga e saj nga margjinat e akademis\u00eb, tek nj\u00eb subjekt i debatit n\u00eb mainstream tregojn\u00eb se si m\u00ebsimi i ekonomiksit \u00ebsht\u00eb duke u adaptuar n\u00eb realitetin e ndryshuar\u00a0q\u00eb nga koha e kriz\u00ebs globale financiare.<\/p>\n

Minsky filloi me nj\u00eb shpjegim t\u00eb investimeve. \u00cbsht\u00eb, n\u00eb esenc\u00eb, nj\u00eb shk\u00ebmbim i paras\u00eb sot, p\u00ebr nj\u00eb para nes\u00ebr. Nj\u00eb firm\u00eb paguan p\u00ebr nd\u00ebrtimin e nj\u00eb fabrike; profitet nga puna e saj jan\u00eb duke shkuar mir\u00eb, q\u00eb n\u00ebnkupton se do t\u00eb ket\u00eb para n\u00eb vitet e ardhshme. Parat\u00eb sot mund t\u00eb vijn\u00eb nga nj\u00ebra prej k\u00ebtyre dy burimeve: parat\u00eb kesh t\u00eb firm\u00ebs apo t\u00eb t\u00eb tjer\u00ebve (p\u00ebr shembull, firma merr borxh nga banka). Balanca mes k\u00ebtyre dyjave \u00ebsht\u00eb pyetja qen\u00ebsore e sistemit financiar.<\/p>\n

Minsky dallonte tri lloje t\u00eb financimit. E para, t\u00eb cil\u00ebn e quante \u201cfinancim gardh\u201d, e cila ishte m\u00eb e sigurta: firmat mb\u00ebshteten n\u00eb rrjedh\u00ebn e tyre t\u00eb kesh-it p\u00ebr t\u00eb paguar borxhet e tyre. P\u00ebr t\u00eb punuar kjo, ata duhet t\u00eb ken\u00eb borxhe shum\u00eb t\u00eb limituara dhe profite t\u00eb mira. E dyta, financimi spekulativ, \u00ebsht\u00eb pak m\u00eb i rreziksh\u00ebm: firmat mb\u00ebshteten n\u00eb rrjedh\u00ebn e tyre t\u00eb kesh-it p\u00ebr t\u00eb paguar interesin p\u00ebr borxhet e tyre, mir\u00ebpo duhet t\u00eb marrin borxh t\u00eb ri p\u00ebr t\u00eb paguar principalin. Kjo duhet t\u00eb jet\u00eb e menaxhueshme p\u00ebrderisa ekonomia funksionon p\u00ebr mrekulli, por nj\u00eb r\u00ebnie n\u00eb ekonomi mund t\u00eb shkaktoj\u00eb katastrof\u00eb. E treta, \u201cskema Ponzi\u201d, e cila \u00ebsht\u00eb m\u00eb e rrezikshmja. Rrjedha e paras\u00eb nuk mbulon as principalin dhe as interesin; firmat jan\u00eb duke v\u00ebn\u00eb bast se aseti themelor do t\u00eb vler\u00ebsohet mjaft p\u00ebr t\u00eb mbuluar detyrimet e tyre. N\u00eb qoft\u00eb se kjo d\u00ebshton t\u00eb ndodh\u00eb, ata do t\u00eb ekspozohen.<\/p>\n

Ekonomit\u00eb e dominuara nga financimet gardh \u2013 jan\u00eb ato t\u00eb cilat kan\u00eb rrjedh\u00eb t\u00eb fort\u00eb t\u00eb paras\u00eb dhe nivele t\u00eb ul\u00ebta t\u00eb borxhit \u2013 jan\u00eb m\u00eb stabile. Kur spekulativet dhe sidomos financimet Ponzi vihen n\u00eb krye, sistemet financiare jan\u00eb m\u00eb t\u00eb cenueshme. N\u00eb qoft\u00eb se vlerat e aseteve fillojn\u00eb t\u00eb bien, qoft\u00eb si shkak i politikave t\u00eb uljes s\u00eb investimeve, apo p\u00ebr shkak t\u00eb ndonj\u00eb shok-u, firmat m\u00eb t\u00eb zgjeruara jan\u00eb t\u00eb detyruara t\u00eb shesin pozicionet e tyre. Kjo i d\u00ebmton vlerat e aseteve, duke i d\u00ebmtuar edhe firmat tjera. Ata mund t\u2019i shmangen k\u00ebtij problemi duke ia kufizuar vetvetes vet\u00ebm financimet gardh. Por me kalimin e koh\u00ebs, sidomos n\u00eb koh\u00ebn kur ekonomia \u00ebsht\u00eb n\u00eb gjendje t\u00eb mir\u00eb, joshja p\u00ebr t\u00eb marr\u00eb borxh \u00ebsht\u00eb e parezistueshme. Kur rritja duket e sigurt, pse t\u00eb mos marrim borxh m\u00eb shum\u00eb? Bankat e stimulojn\u00eb k\u00ebt\u00eb dinamik\u00eb duke i ulur kriteret e tyre t\u00eb kredis\u00eb. N\u00eb qoft\u00eb se rreziku p\u00ebr mospages\u00eb \u00ebsht\u00eb minimal, pse t\u00eb mos l\u00ebshojm\u00eb m\u00eb shum\u00eb kredi?
\nKonkluzioni i Minsky-t turbullonte uj\u00ebrat. Stabiliteti ekonomik ushqen jostabilitet. Periudhat e prosperitetit i hapin rrug\u00eb problemit financiar.<\/p>\n

Me bankat e shtrira gjithandej dhe me hipoteka t\u00eb cilat nuk k\u00ebrkonin pagesa fillestare pas kriz\u00ebs financiare, mendimi i Minskyt mund t\u00eb duket i qart\u00eb. Kuptohet, borxhi dhe financa kan\u00eb r\u00ebnd\u00ebsi. Por, p\u00ebr dekada studimi i ekonomiksit i kushtoi pak v\u00ebmendje k\u00ebsaj n\u00ebndege, t\u00eb cil\u00ebn nuk e shihte si pjes\u00eb esenciale e teorive t\u00eb p\u00ebrgjithshme. Minsky ishte nj\u00eb rebel. Ai sfidoi t\u00eb dyja, shtyll\u00ebn kejnsiane t\u00eb makroekonomis\u00eb dhe mendimin ekzistues n\u00eb tregjet eficente.<\/p>\n

Ndoshta \u00ebsht\u00eb e \u00e7uditshme q\u00eb t\u2019i p\u00ebrshkruajm\u00eb idet\u00eb e tij si kritik\u00eb ndaj doktrin\u00ebs kejnsiane kur vet\u00eb Minsky e kishte Kejns-in ekonomistin e preferuar. Por, ai besonte se doktrina e tij shtrihej m\u00eb gjer\u00eb se idet\u00eb e Kejns-it. Ekonomist\u00ebt kishin krijuar modele p\u00ebr t\u00eb futur n\u00eb pun\u00eb fjal\u00ebt e Kejns-it n\u00eb shpjegimin e ekonomis\u00eb. Asnj\u00eb nuk \u00ebsht\u00eb m\u00eb e njohur sesa modeli IS-LM, i zhvilluar nga John Hicks dhe Alvin Hansen, e cila tregon lidhjen n\u00eb mes investimeve dhe parave. Mbetet nj\u00eb mjet i efektsh\u00ebm p\u00ebr shpjegimin dhe analiz\u00ebn e politikave. Por, zot\u00ebrinjt\u00eb Hicks dhe Hansen, lan\u00eb goxha jasht\u00eb figur\u00ebs sektorin financiar, edhe pse Kejns ishte shum\u00eb i vet\u00ebdijsh\u00ebm p\u00ebr r\u00ebnd\u00ebsin\u00eb e tregjeve. P\u00ebr Minsky-n, kjo ishte nj\u00eb \u201creprezentim naiv dhe i padrejt\u00eb p\u00ebr mendimet e sofistikuara dhe t\u00eb mprehta t\u00eb Kejns-it\u201d. Hipoteza e jostabilitetit financiar t\u00eb Minsky-t ndihmoi q\u00eb t\u00eb mbushen zbraz\u00ebtirat.<\/p>\n

Sfida e tij p\u00ebr mendimtar\u00ebt e shquar t\u00eb tregut eficient ishte m\u00eb e thekshme. Eugene Fama dhe Robert Lucas, nd\u00ebr t\u00eb tjer\u00ebt, bind\u00ebn numrin m\u00eb t\u00eb madh t\u00eb akademik\u00ebve dhe t\u00eb politikb\u00ebr\u00ebsve q\u00eb tregjet ishin t\u00eb pritura drejt ekuilibrit, p\u00ebrderisa njer\u00ebzit t\u00eb p\u00ebrdornin t\u00eb gjitha informatat n\u00eb dispozicion. Struktura e sistemit financiar ishte trajtuar si jorelevante. N\u00eb vitet e fundit, ekonomia e sjelljes ka sulmuar nj\u00eb pjes\u00eb t\u00eb teoris\u00eb s\u00eb tregjeve eficiente: njer\u00ebzit, larg nga t\u00eb qenit aktor\u00eb racional\u00eb, t\u00eb cil\u00ebt maksimizojn\u00eb dobit\u00eb e tyre, jan\u00eb shpesh t\u00eb paide se \u00e7far\u00eb duan dhe marrin vendimin e gabuar. Por, vite m\u00eb par\u00eb Minsky kishte sulmuar nj\u00eb tjet\u00ebr pjes\u00eb: forcat e rr\u00ebnjosura thell\u00eb n\u00eb sistemin financiar i shtyjn\u00eb drejt problemeve, argumentonte ai, me stabilitet q\u00eb ishte vet\u00ebm thuajse si iluzion i rrufesh\u00ebm.<\/p>\n

Nga jasht\u00eb brenda<\/strong><\/p>\n

Si nj\u00eb person i huaj n\u00eb bot\u00ebn e ekonomiksit, influenca e Minsky-t ishte, deri tani, e limituar. Investitor\u00ebt ishin m\u00eb t\u00eb shpejt\u00eb sesa profesor\u00ebt n\u00eb p\u00ebrdorimin pik\u00ebpamjeve t\u00eb tij. Prej tyre ishte, Paul McCulley nga PIMCO, nj\u00eb grup i menaxhimit t\u00eb fondeve, i cili i popullarizoj idet\u00eb e tij. Ai shpiku termin \u201cmomenti Minsky\u201d p\u00ebr t\u00eb p\u00ebrshkruar situat\u00ebn n\u00eb t\u00eb cil\u00ebn nivelet e borxheve arrijn\u00eb pik\u00ebn e thyerjes dhe \u00e7mimet e aseteve fillojn\u00eb t\u00eb bijn\u00eb. McCulley fillimisht p\u00ebrdori termin p\u00ebr t\u00eb shpjeguar kriz\u00ebn financiare t\u00eb Rusis\u00eb n\u00eb vitin 1998. Q\u00eb nga kriza e vitit 2008, u b\u00eb e gjith\u00ebpranishme. P\u00ebr analist\u00ebt e investimeve dhe menaxher\u00ebve t\u00eb fondeve, \u201cmomenti Minsky\u201d \u00ebsht\u00eb nj\u00eb sinonim i kriz\u00ebs financiare.<\/p>\n

Shkrimet e Minsky-t rreth borxhit dhe rreziqeve n\u00eb inovacionet financiare kishin virtyt t\u00eb madh n\u00eb p\u00ebrputhje me eksperienc\u00ebn. Por ky virtyt po ashtu tregon p\u00ebr nj\u00eb gj\u00eb t\u00eb cil\u00ebn disa mund ta shohin si t\u00eb met\u00eb. Duke u munduar ta pikturoj\u00eb nj\u00eb nuanc\u00eb m\u00eb t\u00eb mir\u00eb t\u00eb ekonomis\u00eb, ai kishte refuzuar disa modele t\u00eb fuqishme ekonomike. Kjo ishte n\u00eb rregull sa i p\u00ebrkiste atij; ai thoshte se idet\u00eb e gjeneralizuara ishin bised\u00eb e pakuptimt\u00eb. Ai d\u00ebshironte t\u00eb shpjegonte situata specifike, jo ekonomiksin n\u00eb p\u00ebrgjith\u00ebsi. Ai e pa hipotez\u00ebn e jostabilitetit financiar si relevante n\u00eb rastin e ekonomive t\u00eb avancuara kapitaliste me tregje t\u00eb sofistikuara dhe t\u00eb thella. Nuk ishte e parapar\u00eb q\u00eb t\u00eb ishte relevante n\u00eb t\u00eb gjith\u00eb skenar\u00ebt. K\u00ebtyre dit\u00ebve, p\u00ebr shembull, \u00ebsht\u00eb n\u00eb trend q\u00eb t\u00eb pyetet se a \u00ebsht\u00eb Kina n\u00eb prag t\u00eb momentit Minsky, pas alarmit t\u00eb rritjes s\u00eb borxhit nga dekada e kaluar. Por, nj\u00eb vend n\u00eb tranzicion nga socializmi n\u00eb ekonomi t\u00eb tregut me sistem financiar t\u00eb pazhvilluar nuk ishte ajo p\u00ebr t\u00eb cil\u00ebn e kishte fjal\u00ebn Minsky.<\/p>\n

Shmangia e fuqis\u00eb s\u00eb ekuacioneve dhe modeleve e bartte koston e vet. Ajo e ndihmoi Minsky-n\u00a0t\u00eb izolohej nga teorit\u00eb e mainstream-it. Ekonomist\u00ebt, n\u00eb t\u00ebr\u00ebsi, nuk e anashkalonin borxhin. Disa, si Nobuhiro Kiyotaki dhe Ben Bernanke, t\u00eb cil\u00ebt m\u00eb von\u00eb do t\u00eb b\u00ebheshin kryetar\u00eb t\u00eb Rezerv\u00ebs Federale (Banka Qendrore e Amerik\u00ebs), shikuan sesi kredit\u00eb mund t\u00eb plot\u00ebsojn\u00eb ciklin e biznesit. Puna e Minsky-t mund t\u00eb kishte plot\u00ebsuar pun\u00ebn e tyre, mir\u00ebpo ata nuk iu referuan asaj. Sikur t\u00eb mos ekzistonte fare.<\/p>\n

Q\u00eb nga vdekja e Minsky-t, t\u00eb tjer\u00ebt filluan q\u00eb t\u2019i p\u00ebrmir\u00ebsojn\u00eb devijimet, duke i shnd\u00ebrruar teorit\u00eb e tij n\u00eb modele gjenerale. Instituti Levy Economics Institute of Bard College n\u00eb New York, ku ai e p\u00ebrfundoi karierr\u00ebn e tij (ende mbajn\u00eb nj\u00eb konferenc\u00eb vjetore n\u00eb nder t\u00eb tij), ka publikuar disa vepra t\u00eb tij, t\u00eb cilat inkorporojn\u00eb idet\u00eb e tij n\u00eb kalkulus. Nj\u00eb publikim nga Levy, n\u00eb vitin 2000, zhvilloi nj\u00eb model t\u00eb influencuar nga Minsky e cila lidhte investimet me rrjedh\u00ebn e kesh-it. Nj\u00eb tjet\u00ebr publikim i vitit 2005 p\u00ebr Bank for International Settlements, nj\u00eb forum p\u00ebr bankat qendrore, nxor\u00ebn nj\u00eb model nga Minsky me tem\u00ebn sesi njer\u00ebzit i vler\u00ebsojn\u00eb asetet e tyre pasi humbin. N\u00eb vitin 2010, Paul Krugman, fitues i \u00e7mimit Nobel p\u00ebr ekonomi, q\u00eb dit\u00ebve t\u00eb sotme\u00a0njihet si kolumnist i New York Times, ishte bashk\u00eb autor i nj\u00eb punimi,i cili p\u00ebrfshinte konceptet e momentit Minsky, p\u00ebr t\u00eb modeluar ndikimin uljes s\u00eb kredive n\u00eb ekonomi. Disa hulumtues jan\u00eb duke filluar testimet se sa t\u00eb sakta jan\u00eb mendimet e Minsky-t: nj\u00eb punim i vitit 2014 p\u00ebr Bank of Finland, shikoi proporcionin e borxhit me rrjedh\u00ebn e kesh-it, duke gjetur nj\u00eb indikator t\u00eb dobish\u00ebm p\u00ebr sistemin e risk-ut.<\/p>\n

Prizmi i borxhliut<\/strong><\/p>\n

Prap\u00ebseprap\u00eb, nuk \u00ebsht\u00eb e pritshme q\u00eb hipoteza e jostabilitetit financiar t\u00eb b\u00ebhet nj\u00eb fundament i teoris\u00eb ekonomike. Trash\u00ebgimia e Minsky-t ka t\u00eb b\u00ebj\u00eb m\u00eb shum\u00eb me fokusin p\u00ebr t\u00eb b\u00ebr\u00eb gj\u00ebn\u00eb e duhur sesa me strukturimin e modeleve sasiore. \u00cbsht\u00eb e mjaftueshme t\u00eb kuptohet se jostabiliteti financiar dhe borxhet, preokupimet e tij kryesore, jan\u00eb b\u00ebr\u00eb tema bazike t\u00eb hulumtimeve nga ekonomist\u00ebt e dit\u00ebve t\u00eb sotme. Nj\u00eb version i ri i \u201cDoracaku i Makroekonomis\u00eb\u201d (Handbook for Macroeconomics), nj\u00eb studim i r\u00ebnd\u00ebsish\u00ebm i publikuar p\u00ebr her\u00eb t\u00eb par\u00eb n\u00eb vitin 1999, \u00ebsht\u00eb duke u riprodhuar. K\u00ebsaj radhe, n\u00eb t\u00eb paraqitet\u00a0lidhja\u00a0n\u00eb mes financave dhe aktivitetit ekonomik si komponent madhor dhe s\u00eb paku dy artikuj n\u00eb t\u00eb cil\u00ebn citohet Minsky. Si\u00e7 e ka cekur Paul Krugman: \u201cne tani t\u00eb gjith\u00eb jemi Minsky\u201d.<\/p>\n

Bankier\u00ebt qendror\u00eb pajtohen. N\u00eb nj\u00eb fjalim n\u00eb vitin 2009, para se t\u00eb b\u00ebhej kreu i Rezerv\u00ebs Federale, Janet Yellen tha se puna e Minsky-t ishte b\u00ebr\u00eb \u201clexim obligativ\u201d. N\u00eb nj\u00eb fjalim t\u00eb b\u00ebr\u00eb n\u00eb vitin 2013, nd\u00ebrsa ishte guvernator i Bank\u00ebs s\u00eb Anglis\u00eb, Merbyn King, pajtohej se pik\u00ebpamja e Minsky-t q\u00eb stabiliteti n\u00eb tregjet e kredis\u00eb \u00e7on n\u00eb boll\u00ebk dhe eventualisht n\u00eb jostabilitet. Mark Carney, trash\u00ebgimtar i Merbyn King, i \u00ebsht\u00eb referuar momentit Minsky n\u00eb s\u00eb paku dy raste.<\/p>\n

A do t\u00eb zgjas\u00eb momenti? Teoria e Minsky-t sugjeron se do t\u00eb mbaroj\u00eb. Rritja ekonomike \u00ebsht\u00eb ende e luhatshme dhe plag\u00ebt e kriz\u00ebs financiare jan\u00eb t\u00eb dukshme. N\u00eb trajektoren minskiane, gjendja e tanishme p\u00ebrshkruhet k\u00ebshtu: firmat dhe bankat jan\u00eb n\u00eb faz\u00ebn t\u00eb kujdesit maksimal, sy\u00e7el\u00eb nga p\u00ebrs\u00ebritja e gabimeve t\u00eb kaluara dhe duke i forcuar bilancet e tyre. Por, me koh\u00ebn, kujtimet e \u00e7rregullimit t\u00eb vitit 2008 do t\u00eb kalojn\u00eb. Firmat do t\u00eb garojn\u00eb p\u00ebr zgjerim, bankat do t\u2019i financojn\u00eb ato dhe rregullator\u00ebt do t\u00eb lirojn\u00eb kufizimet. V\u00ebrejtjet e Minsky-t do t\u00eb veniten. Sa m\u00eb larg kriz\u00ebs s\u00eb fundit q\u00eb shkojm\u00eb, aq m\u00eb pak duam t\u00eb d\u00ebgjojm\u00eb nga ata t\u00eb cil\u00ebt e shohin nj\u00eb kriz\u00eb tjet\u00ebr duke ardhur.<\/p>\n

________<\/p>\n

Artikulli origjinal<\/a><\/p>\n

P\u00ebrktheu: Besnik Rexhepi<\/p>\n<\/div>\n

\n
\n

\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Momenti Minsky Artikulli i dyt\u00eb nga seria\u00a0e ideve qen\u00ebsore t\u00eb ekonomis\u00eb, fokusohet n\u00eb hipotez\u00ebn e Hyman Minsky-t q\u00eb rritjet mbjellin far\u00ebrat e r\u00ebnies. Q\u00eb nga fillimi i karrier\u00ebs s\u00eb tij akademike n\u00eb vitet 1950 deri n\u00eb vitin 1996, kur vdiq, Hyman Minsky punoi n\u00eb err\u00ebsir\u00eb. Studimi i tij rreth krizave financiare dhe shkaktar\u00ebve t\u00eb tyre […]<\/p>","protected":false},"author":490,"featured_media":10338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"ppma_author":[1311],"class_list":["post-3999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"authors":[{"term_id":1311,"user_id":490,"is_guest":0,"slug":"the-economist","display_name":"The Economist","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/291dfc1ba0656c52b0678303278a9c43f1d5025bd12da6c36aaec7dd5b5deea9?s=96&d=mm&r=g","user_url":"","last_name":"Economist","first_name":"The","description":""}],"_links":{"self":[{"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/posts\/3999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/users\/490"}],"replies":[{"embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/comments?post=3999"}],"version-history":[{"count":3,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/posts\/3999\/revisions"}],"predecessor-version":[{"id":10339,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/posts\/3999\/revisions\/10339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/media\/10338"}],"wp:attachment":[{"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/media?parent=3999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/categories?post=3999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/tags?post=3999"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/sbunker.org\/sr\/wp-json\/wp\/v2\/ppma_author?post=3999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}