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The Economic LongWave on X: "Canadian Real Estate and the Minsky Moment. Minsky outlined three distinct phases in the credit cycle: In the first phase, known as the hedge phase, economic actors
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![The Minsky moment adapted from the LLS [LLS 1995] model. | Download Scientific Diagram](https://www.researchgate.net/publication/260022069/figure/fig1/AS:392589921538048@1470612139204/The-Minsky-moment-adapted-from-the-LLS-LLS-1995-model.png "The Minsky moment adapted from the LLS [LLS 1995] model. | Download Scientific Diagram")