کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099772 | 1377030 | 2006 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Chaotic dynamics in credit constrained emerging economies
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
This paper analyzes the role of financial development as a source of endogenous instability in small open economies. By assuming that firms face credit constraints, our model displays a complex dynamic behavior (with high-period cycles or even chaotic dynamic patterns) for intermediate values of the parameter representing the level of financial development of the economy. We derive sufficient conditions for global stability and we prove that chaos appears via a border collision bifurcation. The basic implication of our model is that economies experiencing a process of financial development are more unstable than both very underdeveloped and very developed economies.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 8, August 2006, Pages 1261-1275
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 8, August 2006, Pages 1261-1275
نویسندگان
Jordi Caballé, Xavier Jarque, Elisabetta Michetti,