Financial fragility and global dynamics

被引:4
|
作者
Dieci, R
Sordi, S
Vercelli, A
机构
[1] Univ Siena, Dipartimento Econ Polit, I-53100 Siena, Italy
[2] Univ Bologna, Dipartimento Matemat Sci Econ & Sociali, I-40126 Bologna, Italy
关键词
D O I
10.1016/j.chaos.2005.08.092
中图分类号
O1 [数学];
学科分类号
0701 ; 070101 ;
摘要
This paper deals with a simple model of financial fluctuations, where a crucial role is played by the dynamic interaction between aggregate current and intertemporal financial ratios. The model results in a 4D discrete-time dynamical system-capable of generating complex dynamics-which is analyzed by means of both analytical tools, such as local stability analysis and bifurcation theory, and numerical simulations. The behavior of the model is studied for different parameter regimes. We show that its dynamic behavior is very sensitive to the parameters that represent (1) the speed of adjustment of the desired current financial ratio towards a safe level of the intertemporal one and (2) the intensity with which aggregate current financial decisions affect future financial constraints. In particular, different parameter regimes are identified, giving rise to two different "routes" to complexity, one leading to chaotic dynamics. the other to a coexistence of attractors and path-dependence. (c) 2005 Elsevier Ltd. All rights reserved.
引用
收藏
页码:595 / 610
页数:16
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