Financial fragility and economic fluctuations |
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| Institution: | 1. Dipartimento di Politica Economica, Finanza e Sviluppo, Università di Siena, Piazza San Francesco 7, 53100 Siena, Italy;2. Centro per lo Studio dei Sistemi Complessi, Università di Siena, via Tommaso Pendola 37, 53100 Siena, Italy;2. Department of Ophthalmology, Soroka University Medical Center, Ben-Gurion University of the Negev, Beer-Sheva;3. Nursing Research Unit, Soroka University Medical Center, Faculty of Health Sciences, Ben-Gurion University of the Negev, Beer Sheva, Israel;1. Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS-FCE-UNLP), Argentina;2. CONICET, Argentina;3. Columbia University Business School, United States;4. IIEP-Baires (University of Buenos Aires-CONICET), Argentina;5. Center for International Governance Innovation, Canada;1. Healthcare Academy, Avans University of Applied Science, Breda, The Netherlands;2. Lancaster Environment Centre, Lancaster University, Lancaster, LA1 4YQ, UK;1. School of Management Science and Engineering, Central University of Finance and Economics, Beijing, China;2. University of Groningen, Groningen, The Netherlands;3. School of Management, University of Chinese Academy of Sciences, Beijing, China;4. De Nederlandsche Bank, Amsterdam, The Netherlands;5. CESifo, Munich, Germany;6. CAMA, Australian National University, Canberra, Australia;7. CIRANO, Montréal, Canada;8. University of Tasmania, Australia;1. Department of Business Administration, University of Oviedo, Spain;2. Department for People and Organisations, The Open University, UK |
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| Abstract: | This paper proposes a simple prototype model that describes the complex dynamics of a sophisticated monetary economy. The interaction between the current and intertemporal financial constraints on economic units brings about irregular fluctuations at both micro and macro levels. We use qualitative dynamic analysis and numerical simulations to investigate the interaction between financial fragility, modeled in terms of structural instability, and dynamically unstable financial fluctuations. The model, suggested recently by one of the authors, is here reformulated in more operational terms and extended in a number of new directions. |
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