The Instability of Markets

Details The Instability of Markets The Instability of Markets

1995-07-13

arxiv.org/abs/adap-org/9507002v1

Nonlinear Sciences

Adaptation and Self-Organizing Systems

14 pages, self-unpacking

Scientific paper

Recent developments in the global liberalization of equity and currency markets, coupled to advances in trading technologies, are making markets increasingly interdependent. This increased fluidity raises questions about the stability of the international financial system. In this paper, we show that as couplings between stable markets grow, the likelihood of instabilities is increased, leading to a loss of general equilibrium as the system becomes increasingly large and diverse.

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