On ``open-economy macroeconomics using models of closed systems.

DOI10.1155/S102602260100022XMaRDI QIDQ5953853zbMATH OpenOpenAlexFDO

Authors Romar Correa, Shubhada Damle

Publication date 15 October 2002

Published in Discrete Dynamics in Nature and Society (Search for Journal in Brave)

Full work available at URL https://eudml.org/doc/124144

zbMATH Keywords

open-economy macroeconomicsqualitative differential equations

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Review text

Summary: International macroeconomic crises occur because of the enlargement of the dimension of the state space within which economies operate. Our focus is the recent financial turbulence worldwide in which (i) banks had a role to play and (ii) whole systems collapsed. We validate these propositions in the context of the qualitative theory of differential equations. The economic framework used is that of Wynne Godley.

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(4)

• Recession, high interest rates and instability: simple macro-dynamics
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• A macroeconomic model with financial panics
• The topology of macro financial flows: an application of stochastic flow diagrams

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