{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":"1I / 31","pdf_page":69,"physical_index":69,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"8aca3546eda41338fe103b0ae4f7242bf0e4c3349c5fed91e8ed65ec34102e37"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"经济的稳定性在很大程度上取决于这三类融资关系各自所占的比重。明斯基之所以在后世享有一定的声誉，是因为他强调，在长期繁荣时期，经济会逐渐演变为一种使系统不稳定的融资结构。从收入覆盖的金融关系占主导地位开始，到投机性金融活动越来越重要，再到庞氏系统，以至于少数代理人的不可战胜性最终会引发资产价格的崩溃。如图2-1所示，在相对稳定的时期，对利润的追求会导致金融创新的发展，加速信贷流通，降低证券质量，从而不可避免地导致金融危机，甚至实体经济危机。资产价格下降与信贷收缩相互促进。陷入财务困境的代理人被迫以任何可能的价格出售所持有的资产。无法再获得信贷的公司裁员、减薪并降低产品价格。通货紧缩导致债务相对于收入的比重增加。因此，繁荣时期的负债变得越来越难以为继，并威胁到经济状况在此之前看似稳固的主体。\n\n第二章 金融的不稳定性\n\n1I\n\n31","previous_page":68,"next_page":70}