Title :
Self-organization of international financial crises
Author_Institution :
Div. of Social Sci., Int. Christian Univ., Tokyo, Japan
fDate :
6/21/1905 12:00:00 AM
Abstract :
We propose a dynamic model of financial markets which a large number of interacting traders forms by using a synergetic approach (Weidlich and Haag, 1983). We consider an international financial system which consists of two currency blocs. Each currency bloc has the markets for three securities (a stock, a bond, and a domestic currency). We show the characteristic patterns of speculative prices (speculative bubbles and the burst, and the triple merit (the triple demerit)) which are generated by investor sentiment
Keywords :
economic cybernetics; bond; burst; currency blocs; domestic currency; dynamic model; financial markets; interacting traders; international financial crises; international financial system; investor sentiment; securities; self-organization; speculative bubbles; speculative prices; stock; synergetic approach; triple demerit; triple merit; Bonding; Chaos; Character generation; Investments; Security; Stock markets;
Conference_Titel :
Systems, Man, and Cybernetics, 1999. IEEE SMC '99 Conference Proceedings. 1999 IEEE International Conference on
Conference_Location :
Tokyo
Print_ISBN :
0-7803-5731-0
DOI :
10.1109/ICSMC.1999.825331
