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The first main topic of this paper is to characterize the flow invariance of time-dependent rectangular sets of the form \\([-h_1(t),h_1(t)]\\times\\ldots\\times[-h_n(t),h_n(t)]\\) in terms of the vector inequality \\(\\bar{A}h(t)\\leq h'(t)\\), where the matrix \\(\\bar{A}\\) is constructed from \\(A^I\\), as well as in terms of a condition on the state-transition matrix of \\((\\ast)\\). In case \\(h_i\\), \\(i=1,\\ldots,n\\), are exponential functions, these criteria can be simplified using the dominant eigenvalue of the matrix \\(\\bar{A}\\).    Another important feature of the paper is to provide necessary and sufficient conditions for the componentwise asymptotic stability. Here, \\((\\ast)\\) is denoted as componentwise asymptotically stable, if there exists a flow-invariant rectangular set satisfying \\(\\lim_{t\\to\\infty}h_i(t)=0\\) for \\(i=1,\\ldots,n\\). This is true, if and only if \\(\\bar{A}\\) is a stable matrix in the sense of Schur (discrete-time case), or of Hurwitz (continuous-time case), respectively. Moreover, the authors prove that this is equivalent to the concept of componentwise exponential asymptotic stability, and characterize this property by means of certain conditions on 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