1. 恐慌：他提出了投机疯狂(Manias)-恐慌(Panics)-崩溃(Crashes)模型,并以此解释银行脆弱性、银行危机的周期性. 开放经济中的银行脆弱性佩多安(Padoan,1986)等将明斯基模型扩展到开放经济领域,建立了国际间银行不稳定模型. 该模型认为,
1. Its financial system was unstable and prone to panics, and its political system was immature and prone to populism and nativism.
2. Every time there is a report about a tax on investment income, the market panics.
3. This could also partly explain worldwide panics about China's " red capital ".