Collective Dynamics and Structural Limits of Financial Systems

Collective Dynamics and Financial Systems_.pdf

Télécharger PDF • 1.93MB

A_CBD AND FINANCIAL SYSTEMS.pdf

Télécharger PDF • 642KB

B_Mimetic Conjuncture of Supply and Demand.pdf

Télécharger PDF • 1.17MB

FZ — CBD-Finance.pdf

Télécharger PDF • 853KB

This document proposes a structural theory of financial markets grounded in the Crowd-Based Dynamics (CBD) framework, viewing markets as collective adaptive systems rather than aggregates of individual decisions. It shows that periods of apparent stability often result from a silent process of mimetic accumulation that progressively rigidifies the system. This accumulation leads to saturation of collective memory, reducing the market’s capacity to absorb disturbances. The text distinguishes key structural regimes, notably continuation divergence (Dc) and reactive divergence (Dr), as well as their transition phases. It establishes that crises are not caused by isolated events, but are prepared by endogenous internal dynamics. The notion of governability is central and defined as conditional, temporal, and liable to disappear before any visible rupture. The objective of the document is exclusively explanatory: to provide a closed, non-predictive, and non-normative theoretical framework for understanding the structural limits of financial systems.

Author ORCID: https://orcid.org/0009-0004-7889-6641