Inovações financeiras na era digital e suas implicações para a estabilidade financeira à luz da teoria Minskyana

Abstract

Capitalist economies go through economic cycles, alternating between moments of prosperity, recessions and depressions. However, these processes have intensified to the extent that financials systems have become more deregulated, which has contributed to the expansion of debts, especially in the banking system. In parallel with these waves of deregulation, especially after 1960, Information and Communication Technologies (ICT) developed, a central element in the process of digitizing the economy. In this context, financial technologies emerge, structured in decentralized financials systems, as well as so-called digital currencies, which materialize the expansion of financial asset and credit markets in the digital sphere, crypto-assets and the alternative credit ecosystem (Fintechs and Techfins), respectively. In this sense, it is argued that 1) it is essential to investigate whether financial technologies promote stable monetary expansion and 2) that the postKeynesian Minskyan theoretical framework can be used as a tool for analyzing and proposing economic policy to mitigate the effects of the instability of these markets and their repercussions on the real economy. The hypothesis presented here is that the decentralization, high volatility and low liquidity characteristics of financial markets in the digital age lead economic agents to take even riskier positions as a result of monetary expansion that is not protected by the monetary authorities.