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Financial Fragility and Economic Fluctuations: Numerical Simulations and Policy Implications

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Author Info
Serena Sordi () (Dipartimento di Economia politica & Centro per lo studio dei sistemi complessi, UniversitĖ† di Siena)
Alessandro Vercelli () (Dipartimento di Economia Politica & Centro per lo studio dei sistemi complessi, UniversitĖ† di Siena)

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Abstract

This paper aims at suggesting a simple prototype model that describes the complex dynamics of a sophisticated monetary economy. The interaction between the current and intertemporal financial constraints of economic units brings about irregular fluctuations at the micro and macro levels. By means of qualitative dynamic analysis and numerical simulations, we reformulate in more operational terms, and extend in a number of new directions, the model suggested recently by one of the authors (Vercelli, 2000) to study the interaction between financial fragility, modelled in terms of structural instability, and dynamically unstable financial fluctuations.

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Paper provided by Society for Computational Economics in its series Modeling, Computing, and Mastering Complexity 2003 with number 20.

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Handle: RePEc:sce:cplx03:20

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Related research
Keywords: Complex dynamics; Structural instability; Financial fragility; Economic fluctuations; Numerical simulations;

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Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Vercelli, Alessandro, 2000. "Structural financial instability and cyclical fluctuations," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 139-156, July. [Downloadable!] (restricted)
  2. Hommes, Cars H., 1995. "A reconsideration of Hicks' non-linear trade cycle model," Structural Change and Economic Dynamics, Elsevier, vol. 6(4), pages 435-459, December. [Downloadable!] (restricted)
  3. Delli Gatti, Domenico & Gallegati, Mauro & Giulioni, Gianfranco & Palestrini, Antonio, 2003. "Financial fragility, patterns of firms' entry and exit and aggregate dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 79-97, May. [Downloadable!] (restricted)
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  4. Hommes, Cars H., 1993. "Periodic, almost periodic and chaotic behaviour in Hicks' non-linear trade cycle model," Economics Letters, Elsevier, vol. 41(4), pages 391-397. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Guido Fioretti, 2005. "Credit Rationing in a Basic Agent-Based Model," Finance 0505002, EconWPA. [Downloadable!]
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