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Mathematical Modeling of the Hypothesis of Financial Instability

Student: Yaroslav Alekseev

Supervisor: Ivan V. Rozmainsky

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2018

The presented final qualifying work is devoted to the hypothesis of the American economist Hyman Philipp Minsky. The hypothesis of financial instability lies in the fact that the capitalist economy is subject to crises, because of its cyclical nature. In this regard, the author of the final work made a mathemathical model based on works of Stiglitz, Weiss and Bester. The purpose of this paper is to analyze the model and confirm the validity of finansial instability hypothesis. Economic agents in this model are representative, so their behavior can be projected onto the real world. The final model consists of four interrelated parts - the formulation of the firm's task, the objectives of the bank, the best strategies and confirmation of the existence of Minsky's financing cycles. It was also confirmed that under the conditions of asymmetric information, economic agents act according to the hypothesis of H. F. Minsky and are adjusted for each cycle.

Full text (added May 17, 2018)

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