Volatility, financial crises and Minsky's hypothesis

Danielsson, Jon

; Valenzuela, Marcela; and Zer, Ilknur (2015) Volatility, financial crises and Minsky's hypothesis VoxEU.

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Does low volatility in financial markets mean that another financial crisis is more likely? And should we be worried when everything is OK? This column presents the first empirical results that find a strong validation of Minsky's hypothesis – obtained from 200 years of historical cross-sectional data – that low volatility increases the likelihood of a future financial crisis by increasing risk-taking.

Item Type	Article
Departments	Finance Systemic Risk Centre Financial Markets Group
Date Deposited	21 Jan 2016 17:29
URI	https://researchonline.lse.ac.uk/id/eprint/65113

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http://www.voxeu.org/article/volatility-financial-crises-and-minskys-hypothesis (Publisher)
http://www.lse.ac.uk/finance/people/faculty/Danielsson.aspx (Author)
http://www.voxeu.org/ (Official URL)

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