The Emergence of Bull and Bear Dynamics in a Nonlinear Model of Interacting Markets

Figure 12

One-side homoclinic bifurcation of 𝑂. (a) shows the situation at the bifurcation value 𝑒≃4.198 , while (b) portrays a situation just after the bifurcation, at 𝑒=4.2.

(a)

(b)