Financial crises contagions and its inhibitions: A view of differential dynamical system

摘要

Based on the previous studies, we discussed the financial crisis from brewing, germination and spread to contagion process, and focused on the volatility studies of stock return rate, which is one of the key indicators to reflect the financial crisis contagion through financial channels and expectation channels. Furthermore, we expanded Feng & Wu's contagion model, and applied differentiable dynamical system methods to analyze the equilibrium and instantaneous changes of stock return rate when there was a contagion between the two countries. Our conclusions can help government adjustment timely and take the crises inhibition more easily.