关键词: 金融不稳定性, 马克思, 明斯基, 国有银行, 国有企业

Abstract: The level of economic and financial risk and instability in the world is increasing recently, and ensuring the stability of economy and finance has become a huge challenge for all countries. Based on the analysis of financial instability by Marx and Minsky, this paper investigates the counteradjustment effect of the investment and financing systems with Chinese characteristics led by the Stateowned economic sector on financial instability. First, the investment and financing process led by the Stateowned economic sector directly boosts economic growth and ensures relative economic and financial stability by promoting growth. Second, Stateowned bank loans create a large quantity of bank deposits, which flow into the residential sector along with the investment of Stateowned enterprises, becoming an important form of wealth for residents and enterprises. This form of wealth is less volatile than financial products created by private credit activities such as stocks, bonds and derivatives. Meanwhile, risk of bank deposits is mostly borne by banks, and the banking system dominated by Stateowned banks is backed by national credit and has a higher level of risk tolerance, providing stability in the financial market. Finally, Stateowned enterprises serve the national strategy rather than aiming to maximize profits in investment and production. They can expand aggregate demand by reverse investment during the transmission of the financial crisis to the real economy and form a hedge against debt default and deflation caused by the transmission, thereby playing an important role in stabilizing the real economy. The investment and financing systems with Chinese characteristics supported by national credit, together with the governments financial policies, constitute an important guarantee for the countrys relative financial stability and are an important part of the Chinese path to modernization. Facing the increasing instability in the world, it is necessary to give full play to the important role of the investment and financing systems in stabilizing the economy and finance, and continue to adhere to the development path of pursuing the Chinese path to modernization. 

Key words: financial instability, Marx, Minsky, State-owned banks, Stateowned enterprises