Read full paper at: http://www.scirp.org/journal/PaperInformation.aspx?PaperID=52446#.VJjGXcCAM4 Author(s) Frederick Betz 1,2* Affiliation(s) 1 SUNY Korea, Incheon, South Korea . 2 Portland State University, Portland, USA . ABSTRACT Financial instability in Greece began in 2009 when the interest rates on Greek sovereign bonds surged; and this can be graphed in a “price disequilibrium” model. To explain how this came about, we create a systems-dynamics model of the Greek fiscal system. Government fiscal systems are not a kind of a “causal” system, but instead a “structural-functional” system. This approach is in the spirit of the Keynes-Minsky model of a financial market as a “dynamic” of the value of capital asse...
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