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Bifurcation Routes And Economic Stability


  • Miloslav Vošvrda


An economic model of cycles focused on the foreign capital investment phenomenon will be briefly introduced. We consider a system of the first order non-linear differential equations where a feedbackfunction is controlled by a capital/output ratio parameter. The value of potential gross domestic product YP will be considered as a unit of the system. The influence of the parameter changes on macroeconomic stability is analysed. Convergence of this system either to stable state, limit cycle or chaotic state is demonstrated.

Suggested Citation

  • Miloslav Vošvrda, 2001. "Bifurcation Routes And Economic Stability," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 8(14).
  • Handle: RePEc:czx:journl:v:8:y:2001:i:14:id:102

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    Cited by:

    1. Author Miloslav, 2001. "Bifurcation Routes in Financial Markets," Finance 0109001, EconWPA.
    2. Andrei Silviu DOSPINESCU, 2012. "The Behavior Of Prices As A Response To Structural Changes - The Role Of The Economic Transmission Mechanisms In Explaining The Observed Behavior," Romanian Journal of Economics, Institute of National Economy, vol. 35(2(44)), pages 201-217, December.

    More about this item


    macroeconomic stability; foreign investment phenomenon; system of the non-linear differential equations; capital/output ratio parameter feedback; the Hopf bifurcation;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth


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