Structural and Technological Stalemate in Eurozone: If This Is the Reality, What We Can Expect?

Askar Akaev (), Yuri Ichkitidze () and Valentin Sokolov ()
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Askar Akaev: Research Institute of Complex Mathematical Systems on Behalf of I.R. Prigogine, Moscow State University
Yuri Ichkitidze: Department of Finance, National Research University Higher School of Economics
Valentin Sokolov: Center for Fundamental Research of Economic Development in Russia, St-Petersburg State University of Economics

A chapter in Industry 4.0, 2017, pp 43-64 from Springer

Abstract: Abstract Even 6 years after the acute phase of the Great Recession 2007–2009, Euro area economy does not show strong growth, which signals severe structural and cyclical imbalances in the European economy. Empirical data reveals that both the Eurozone and the U.S.A. are facing since 2009 an unstable equilibrium that is prone to buckling under the influence of small internal or external price shocks. For detecting the bifurcation process, i.e. transition to a state of metamorphosis, we have specially developed models of nonlinear dynamics, which describe five possible stages of the economic system and, in particular, show that the Eurozone economy is entering into a very important stage of bifurcation and the consequences of which are fundamental to determine the nature of the future economic development of both European and global economy.

Keywords: Bifurcation; Macroeconomic evolution; Economic dynamics; Structural shifts and cyclical changes (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:seschp:978-3-319-49604-7_3

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DOI: 10.1007/978-3-319-49604-7_3

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