The Olympic Bid Cycle as a form of irrational investing: an application of Minskyian theory
Host city bidding for the Olympic Games appears to constitute a form of pro-cyclical irrational investing that leads to multi-billion dollar economic and financial shortfalls and budget over-runs with 100% consistency. The utilisation of Minsky’s Financial Instability Hypothesis (FIH) and Credit Cyc...
| Authors: | ; |
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| Format: | Electronic Article |
| Language: | English |
| Published: |
2017
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| In: |
Cogent social sciences
Year: 2017, Volume: 3, Issue: 1 |
| Online Access: |
Presumably Free Access Volltext (Resolving-System) |
| Journals Online & Print: | Drawer...
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| Check availability: | HBZ Gateway |
| Keywords: |
MARC
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| 520 | |a Host city bidding for the Olympic Games appears to constitute a form of pro-cyclical irrational investing that leads to multi-billion dollar economic and financial shortfalls and budget over-runs with 100% consistency. The utilisation of Minsky’s Financial Instability Hypothesis (FIH) and Credit Cycle to the Olympic Bid Cycle sheds valuable light on the irrationality of these practices, highlighting a move from stable (hedge) to unstable (speculative) and unsustainable, precarious (ponzi) financing over the life-cycle of an Olympic bid. Application of Minskyian theory to the Olympic Bid Cycle carries important insights for practitioners and policy-makers, extends the analysis of Olympic-Games studies to the post-Classical economics realm, and addresses a wider theoretical call for the utilisation of Minskyian theory outside of a financial markets context. The article concludes with recommendations for further research. | ||
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| 650 | 4 | |a Ponzi financing, hedge financing, speculative financing, Minsky’s Credit Cycle | |
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| 650 | 4 | |a Irrational investing | |
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