La crise du crédit à risque américain : une interprétation par l’Hypothèse d’Instabilité Financière de Minsky

This article presents Minsky’s Financial Instability Hypothesis (FIH) and tries to demonstrate its relevance in the explanation of the current financial crisis. It shows that two fundamental causes can be distinguished: wage deflation and institutional weakening. Beside these causes, there are the secondary ones that recapitulate securitization and the non prime loans. Then, it makes possible the analysis of the subprimes crisis in its financial (through the impacts of the households’ difficulties on the financial institutions’ balance sheets and the securitization) and real dimensions (through the wealth effect and the integration of the real and financial spheres it implies)