ances as people try to escape the imminent collapse. The rush out of the real or long term assets ("revulsion" in Minsky's terms) lowers the prices of these real assets which were the object of the speculation and may develop into a panic. The panic continues until either the price falls so low that people are tempted to keep their illiquid assets or a lender of last resort intervenes andor manages to convince the market that money will be made available in sufficient volume to meet the demand for cash.
             Minsky, unlike many others who otherwise accept much of his model, believes that this process will always result to a crisis. Minsky classifies the demand for credit to "hedge finance" when cash receipts are expected to exceed the cash payments by a significant margin, to speculative finance" when, over some periods, expected earnings are less than payments and to "Ponzi finance" when the payable interest in the firm's commitments exceeds its net income cash receipts; thus a Ponzi unit has to increase its debt to be abl
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