在本文中，作者构建了一个内生创造货币的模型，该模型与货币动态背后的经验数据相一致。众所周知，这与与信贷货币创造有关的货币乘数标准模型相矛盾。更进一步，明斯基的金融不稳定性假设模型被用来包含与该假设相关的一个方面。最初，这并没有纳入，但在围绕债务的实际动态中具有关键意义(Keen, 2009)。假定借款不是为生产性投资融资，而是对资产价格进行庞氏投机。明斯基假设考虑的是历史上某一时期的经济，其起点是整个经济相对稳定增长的时期。然而，在最近的经济危机之后，银行和组织对债务水平一直持保守态度。然而，当把相当稳定的经济和保守的投资行为结合起来时，关键的参考是这些项目已经取得了成功。再往前走，领先的Ponzis最终破产，作为回报，令人兴奋的经济戛然而止。因此，由债务引发的另一场系统性危机可能即将到来。没有庞氏金融，该模型可能会成功地在初始极端条件下引发债务危机。当接近平衡时，模型稳定(Keen, 2009)。当庞氏金融存在时，它也会在更长的时间内导致更大的产出周期。此外，即使危机前的平均增长率与没有庞氏贷款的情况类似，波动性也被认为要大得多。然而，波动性的增加在一定程度上受下行周期增加的影响。
In this article, the author conducted a construction for a model of endogenously creating money that is in consistency with the empirical data underlying the dynamics of money. These are known to be contradicting with the standard model of money multiplier related to the creation of credit money. Further ahead, Minsky’s model for Hypothesis of Financial Instability has been used for including a single aspect related to the hypothesis. Originally, this was not incorporated, but there was key significance in the actual dynamics surrounding debt (Keen, 2009). The borrowing is assumed not for financing productive investment, but for speculating Ponzi on the prices of asset. The hypothesis of Minsky considered an economy in the time of history, starting at a point when there was relative growth of stability across the economy. However, banks and organizations had been conservative about the levels of debt after a recent crisis of economy. Yet, when combining a considerably tranquil economy and conservative behaviour of investment, the key reference is that there has been success for the projects. Further ahead, leading Ponzis end up going bankrupt that in return brings an abrupt end of the euphoric economy. Hence, another systematic crisis induced by debt can be ushered. Without the finance of Ponzi, the model may be successful in generating a crisis of debt provided with initial extreme conditions. When closer to the equilibrium, there is a stability of the model (Keen, 2009). When Ponzi finance is present, it also results in larger cycles in output in a longer period of time. In addition, even if the average rate of growth before the crisis is similar to the one achieved without the lending of Ponzi, volatility is identified as considerably greater. However, the increasing volatility is somewhat under the influence of increased period among the downturns.