A fractional perspective to the bond graph modelling of world economies

J. A Tenreiro Machado, Maria Eugénia Mata

Research output: Contribution to journalArticlepeer-review

33 Citations (Scopus)

Abstract

Inspired in dynamic systems theory and Brewer’s contributions to apply it to economics, this paper establishes a bond graph model. Two main variables, a set of inter-connectivities based on nodes and links (bonds) and a fractional order dynamical perspective, prove to be a good macro-economic representation of countries’ potential performance in nowadays globalization. The estimations based on time series for 50 countries throughout the last 50 decades confirm the accuracy of the model and the importance of scale for economic performance.

Original languageEnglish
Pages (from-to)1839-1852
Number of pages14
JournalNonlinear Dynamics
Volume80
Issue number4
DOIs
Publication statusPublished - 1 Jun 2015

Keywords

  • Bond graphs
  • Dynamics
  • Economy
  • Fractional calculus
  • Modelling

Fingerprint

Dive into the research topics of 'A fractional perspective to the bond graph modelling of world economies'. Together they form a unique fingerprint.

Cite this