Exploring Chaos and Stability in a 3-D Finance Model with Absolute Function

Nonlinearity

Muhamad Deni Johansyah1, Sundarapandian Vaidyanathan2, Khaled Benkouider3, Aceng

Sambas4,5,6, K. Mallikarjuna Rao7, Katuru Anjaneyulu8
1
Department of Mathematics; Universitas Padjadjaran, Jatinangor Sumedang 45363, Indonesia
2
Centre for Control Systems, Vel Tech University, Avadi Chennai 600062, Tamil Nadu, India
3
Department of Electronics, Faculty of Technology, Badji-Mokhtar University, B.P. 12, Sidi Ammar, Annaba
23000, Algeria
4
Faculty of Informatics and Computing, Universiti Sultan Zainal Abidin, Besut Campus 22200, Terengganu,
Malaysia.
5
Department of Mechanical Engineering, Universitas Muhammadiyah Tasikmalaya, Tasikmalaya 46196,
Indonesia.
6
Artificial Intelligence for Sutainability and Islamic Research Center (AISIR), Universiti Sultan Zainal Abidin,
Gongbadak, Terengganu 21300, Malaysia
7
Department of Electronics and Communication Engineering, KKR & KSR Institute of Technology and
Sciences, Guntur-522017, Andhra Pradesh.
8
Department of Electronics and Communication Engineering, KITS Akshar Institute of technolog, Yanamadala,
Guntur-522019, Andhra Pradesh, India

Corresponding author: muhamad.deni@unpad.ac.id

Abstract
This paper introduces a Novel Chaotic Finance System (NCFS) derived by incorporating a
modeling uncertainty with an absolute function nonlinearity into existing financial systems.
The new system, based on the works of Gao and Ma, and Vaidyanathan et al., demonstrates
enhanced chaotic behavior with a maximal Lyapunov exponent (MLE) of 0.1355 and a fractal
Lyapunov dimension of 2.3197. These values surpass those of the Gao-Ma system (MLE =
0.0904, Lyapunov dimension = 2.2296) and the Vaidyanathan system (MLE = 0.1266,
Lyapunov dimension = 2.2997), signifying greater complexity and unpredictability. Through
parameter analysis, the system transitions between periodic and chaotic regimes, as
confirmed by bifurcation diagrams and Lyapunov exponent spectra. Furthermore,
multistability is demonstrated with coexisting chaotic attractors for p=0.442 and periodic
attractors for p = 0.48. The effects of offset boosting control are explored, with attractor
positions adjustable by varying a control parameter k, enabling transitions between bipolar
and unipolar chaotic signals. These findings underline the system's potential for advanced
applications in secure communications and engineering, providing a deeper understanding of
chaotic finance models.

Keywords: Chaos, chaotic attractors, multistability, offset boosting

MSC: 65P20, 34C23, 34D20, 34D08, 34H10

1
1. Introduction
Studying financial risk systems is crucial for ensuring the stability and sustainability of
economic frameworks in an increasingly interconnected global economy [1]-[2]. Financial
markets are inherently dynamic and prone to unpredictable fluctuations due to various factors
such as interest rate changes, investment demands, inflation, and external economic shocks
[3]-[4]. Understanding the behavior of financial risk systems, especially chaotic and complex
dynamics, allows policymakers, financial institutions, and investors to better anticipate
potential crises and mitigate risks [5]-[6].
To address financial risk systems effectively, a multi-faceted approach must be taken that
combines risk identification, assessment, mitigation, and continuous monitoring [7]-[8]. First,
financial institutions and policymakers need to develop advanced models to identify chaotic
behaviors and nonlinear dynamics in financial systems, which can help predict potential risks
and crises [9]-[10]. Second, implementing robust risk management frameworks, such as
stress testing, scenario analysis, and diversification strategies, can help mitigate the impact of
financial shocks [11]-[12]. Third, leveraging technology, such as machine learning and
artificial intelligence, can enhance real-time monitoring of financial markets and detect early
warning signs of instability [13]-[14]. Additionally, regulatory bodies must strengthen
financial regulations and ensure compliance to reduce systemic risk. Lastly, promoting
financial literacy and transparency among market participants is essential to improve
decision-making and reduce speculative behavior that could amplify risks [15]-[16]. By
integrating these strategies, financial institutions can better manage uncertainties and
maintain the stability of financial systems [17]-[18].
The challenges in addressing financial risk systems in the future will revolve around the
increasing complexity and unpredictability of global financial markets [19]. One major
challenge is the rapid advancement of technology, which, while providing new tools for risk
management, also introduces new vulnerabilities, such as cyber risks and algorithmic trading
failures [20]-[21]. Additionally, financial systems are becoming more interconnected across
borders, making them more susceptible to global economic shocks and contagion effects
[22]-[23]. Regulatory frameworks may struggle to keep pace with the evolving nature of
financial innovations, leading to gaps in oversight and risk assessment [24]. Another
challenge is the potential for human biases and decision-making errors, particularly in high-
pressure environments, which can exacerbate risks [25]-[26]. Furthermore, the integration of
artificial intelligence and machine learning in financial risk management requires careful
calibration to avoid over-reliance on automated systems that may fail to account for rare,
high-impact events [27]-[28]. To address these challenges, future approaches must balance
technological advancements with strong regulatory oversight, transparency, and a focus on
building resilience in financial systems.
In the recent decades, there is significant interest in the financial literature in the modeling of
chaotic system. He et al. [29] conduct a comprehensive theoretical and numerical analysis of
the dynamical properties of a FDRS to enhance the understanding of complex behaviors in
financial markets. They determined the critical delay value at which Hopf bifurcation occurs

2
by applying the linearization method and Laplace transform. Gao et al. [30] develop a more
precise numerical method for analyzing financial systems by incorporating the memory effect
of fractional-order derivatives, which better capture the historical significance of financial
dynamics. They investigated the system’s dynamic behavior and uncover novel chaotic
attractors by using the Grünwald–Letnikov fractional derivative. Jiao [31] evaluated a
financial management early warning model tailored for enterprises operating within a circular
economy. By integrating the chaotic particle swarm optimization algorithm with a
backpropagation neural network, the study aims to enhance prediction accuracy, improve
convergence speed, and establish the model's effectiveness in ensuring the optimal utilization
of financial resources. Agrawal et al. [32] studied the challenges of financial crises and
poverty by developing a deterministic financial system modeled through nonlinear fractional
differential equations. TBy utilizing the Legendre wavelet approximation for the first time in
fractional-order financial systems, the research seeks to convert fractional differential
equations into algebraic equations, enabling residual, convergence, and stability analyses.
Shafiq and Ahmad [33] enhanced financial system stability and economic growth by
addressing the challenges posed by chaotic behavior and synchronization issues in financial
systems. They developed a novel direct adaptive control strategy that ensures robust
synchronization of two identical FDFC systems, despite the presence of unknown exogenous
disturbances and model uncertainties. Asadollahi et al. [34] investigated the understanding
and synchronization of NFSs within the context of an increasingly globalized financial
market. They proposed a new PPC-SMC with arbitrary convergence time, ensuring stability
and improved performance. Existing studies on chaotic finance systems often lack
exploration of mechanisms to flexibly control chaotic attractor positions without altering
inherent system dynamics, a limitation addressed in this research through the introduction of
offset boosting control in the financial model.
The main contribution and novelty of this works as follows:
a. This study presents a NCFS (7) by introducing an absolute function nonlinearity, which
significantly enhances the system's chaotic behavior compared to existing models like the
Gao-Ma and Vaidyanathan systems. The proposed system exhibits a higher MLE and
fractal Lyapunov dimension, indicating greater complexity and unpredictability, making it
suitable for advanced chaotic applications.
b. The work highlights the phenomenon of multistability in the proposed system by
demonstrating the coexistence of multiple attractors for specific parameter ranges. This
discovery of multistable behavior in a finance system is novel and offers potential for
applications in economic models.
c. The study introduces offset boosting control to the proposed chaotic finance system,
allowing the position of chaotic attractors to be adjusted without altering the system’s
inherent dynamics. This feature enables the generation of both bipolar and unipolar
chaotic signals, a novel approach with promising applications in economics models.
This work is systematized as follows. Section 2 presents the mathematical formulation of the
proposed NCFS, derived by adding a modeling uncertainty term to previous systems. In
Section 3, the dynamic behavior of the NCFS is explored in detail using tools such as
bifurcation diagrams, Lyapunov exponent spectra, and phase plots. Section 4 investigates the
phenomenon of multistability by demonstrating the coexistence of multiple attractors for
fixed parameter values and different initial conditions. Section 5 introduces offset boosting

3
control, a novel feature that allows for adjusting the position of chaotic attractors by
modifying a control parameter k, enabling transitions between bipolar and unipolar chaotic
signals. The paper concludes in Section 6 by summarizing the findings, emphasizing the
system's enhanced complexity and potential applications in model.
2. A New Finance Chaotic System:
Gao and Ma [35] reported a new finance system which has the 3-D dynamics

(1)
In the Gao-Ma finance system (1), y 1 represents the interest rate, y 2 stands for the
investment demand and y 3 designates the price index. Furthermore, in the financial system
(1), the constants a , b and c represent the financial savings, the investment cost and the
commodities demand elasticity, respectively.
Gao and Ma [35] showed that the 3-D financial system (1) has a chaotic attractor, when the
parameter values are taken as a=6 , b=0.1 , and c=1. With the initial state
Y ( 0 )= ( 0.5 , 0.3 ,0.5 ) , and ( a , b , c )= ( 6 , 0.1, 1 ) ,the Lyapunov characteristic exponents (LCE)
for the Gao-Ma system (1) were calculated for T =1E5 seconds as follows:
l 1=0.0904 , l 2=0 , l 3=−0.3938 (2)

The MLE of the Gao-Ma finance system (1) is l 1=0.0904 .

Also, the Lyapunov dimension of the Gao-Ma finance system (1) is found as follows:

(3)
Vaidyanathan et al. [36] modified the Gao and Ma finance system (1) by replacing the
quadratic nonlinearity with a quartic nonlinearity in the second differential equation and
obtaining the following finance system:

(4)

In the Vaidyanathan finance system (4), the states and the parameters a , b , c have the
same financial interpretation as in the Gao and Ma finance system (1). Vaidyanathan et al.
[36] showed that the finance system (4) has a chaotic attractor, when the parameter values are
taken as a=7 , b=0.1 , and c=1. With Y ( 0 )= ( 0.5 , 0.3 ,0.5 ) , and ( a , b , c )= (7 ,0.1 , 1 ) ,the
Lyapunov characteristic exponents (LCE) for the Vaidyanathan system (4) were calculated for
T =1E5 seconds as follows:
l 1=0.1266 , l 2=0 , l 3=−0.4224 (5)

4
The MLE of the Vaidyanathan finance system (4) is l 1=0.1266 .
Also, the Lyapunov dimension of the Vaidyanathan finance system (3) is found as follows:

(6)
In this research work, we obtain a NCFS by adding a modelling uncertainty with an absolute
function nonlinearity into the finance chaotic system (3). Our new finance system is given by
the following 3-D dynamics:

(7)

In the NCFS (7), the states and the parameters a , b , c have the same financial
interpretation as in the Gao and Ma finance system (1) and the Vaidyanathan finance system
(3). We will show that the NCFS (7) has a chaotic attractor, when the parameter values are
taken as a=6.8 , b=0.1 , c=1 and p=0.1.
With Y ( 0 )= ( 0.5 , 0.3 ,0.5 ) , and ( a , b , c , p )=( 6.8 , 0.1 ,1 , 0.1 ) ,the Lyapunov characteristic
exponents (LCE) for the Vaidyanathan system (4) were calculated for T =1E5 seconds as
follows:
l 1=0.1355 , l 2=0 , l 3=−0.4239 (8)

The MLE of the NCFS (7) is l 1=0.1355 .

Also, the Lyapunov dimension of the NCFS (7) is found as follows:

(9)
It is thus observed that the NCFS (7) has a greater value of the fractal Lyapunov dimension
than that of the Gao-Ma chaotic finance system (1) and the Vaidyanathan financial system
(3). Moreover, we note that the MLE of the NCFS (7) is greater than the MLE of the Gao-Ma
chaotic finance system (1) and the Vaidyanathan finance system (3).
For the NCFS (7), we fix the parameter values as in the chaotic case, viz.
( a , b , c , p )=( 6.8 , 0.1 ,1 , 0.1 ) . A simple calculation shows that the NCFS (7) has two rest
points given by P1=( 0 , 10 , 0 ) and P2=( 0.6295 ,7.8000 ,−0.6295 ) .

The Jacobian matrix of the NCFS (7) at P1 has the eigenvalues −0.1 ,−0.7466 and 2.9466 ,
which shows that P1 is an unstable, saddle rest point. Also, the Jacobian matrix of the NCFS
(7) at P2has the eigenvalues −0.6552 and 0.2776 ± 0.9888 i, which shows that that P2 is an
unstable, saddle-focus, rest point.
The phase plots of the NCFS (4) for the initial state (0.5, 0.3, 0.5) and the parameter values
( a , b , c , p )=( 6.8 , 0.1 ,1 , 0.1 ) are shown in the Figure 1.

5
 (a) (b)

(c) (d)

Figure 1. Phase portrait of the NCFS (7) using MATLAB: (a) 𝑦1-𝑦2 plane, (b) 𝑦2-𝑦3 plane,
(c) 𝑦1−𝑦3y plane, and (d) 𝑦1-𝑦2-𝑦3 plane.

3. Exploring the Dynamics of the System

In this section, the dynamic behavior of the NCFS (7) is thoroughly analyzed in relation to
changes in its parameters and initial points. This investigation is carried out by employing
several tools, including LE spectra, bifurcation diagrams, and phase plots, to provide a
comprehensive understanding of how the system evolves under varying conditions.

3.1 Parameter 'a' Variation and Its Effect on System Dynamics

6
In this section of the analysis, we investigate the impact of the parameter 'a' on the system's
dynamics by varying it within the range of 0 to 7. To illustrate the effects, we employ
bifurcation diagrams and the Lyapunov exponent spectrum, as presented in Figures 2(a) and
2(b). The results indicate that the NCFS (7) exhibits both periodic and chaotic behaviors,
depending on the values of 'a'.
When 'a' lies within the interval [0, 4.4], the system displays periodic dynamics, as shown in
Figure 2(a). This is further supported by the observation of a zero MLE in this range, as
depicted in Figure 2(b). For a more detailed view, Figure 1(c) shows the periodic orbit at a =
3, with the corresponding Lyapunov exponents: LE₁ = 0, LE₂ = -0.220, and LE₃ = -0.326.
In contrast, for values of 'a' in the interval [4.4, 7], the system undergoes a transition to
chaotic behavior, as shown in Figure 2(a). The presence of chaos is confirmed by a positive
MLE in this range, as evidenced in Figure 2(b). To illustrate this chaotic regime more clearly,
Figure 1(d) displays the chaotic attractor at a = 7, with the Lyapunov exponents LE₁ = 0.127,
LE₂ = 0, and LE₃ = -0.438.
0.2

-0.2

-0.4

-0.6
0 1 2 3 4 5 6 7

(a) (b)
5 9

4.5 8.5

4 8
y2

y2

3.5 7.5

3 7

2.5 6.5

2 6
-1.5 -1 -0.5 0 0.5 1 1.5 2 -1.5 -1 -0.5 0 0.5 1 1.5

y1 y1
(c) (d)

Figure 2: (a) bifurcation diagram, (b) Lyapunov exponents, (c) y1-y2 periodic attractor for
a = 3 and (d) y1-y2 chaotic attractor for a = 7.

7
3.2 Parameter 'b' Variation and Its Effect on System Dynamics
In this subsection, we investigate how variations in the parameter 'b' within the range [0, 0.1]
influence the dynamics of the system. The bifurcation diagram and Lyapunov exponent
spectrum are used for analysis, as shown in Figures 3(a) and 3(b).
For values of 'b' in the interval [0, 0.065], the system exhibits periodic behavior, which is
confirmed by a zero MLE as observed in Figure 3(b). For further clarification, consider the
periodic attractor at b = 0.03, where the corresponding Lyapunov exponents are LE₁ = 0, LE₂
= -0.162, and LE₃ = -0.326 (Fig. 3(c)).
When 'b' is within the range [0.065, 0.1], the system transitions into chaotic behavior, which
is evident in the bifurcation diagram (Fig. 3(a)) and supported by the positive MLE in Figure
3(b). The chaotic attractor at b = 0.09, shown in Figure 3(d), has Lyapunov exponents LE₁ =
0.116, LE₂ = 0, and LE₃ = -0.469.
0.2

-0.2

-0.4

-0.6
0 0.02 0.04 0.06 0.08 0.1

(a) (b)
1 1

0.5 0.5
y3

y3

0 0

-0.5 -0.5

-1 -1
-2 -1 0 1 2 -2 -1 0 1 2

y1 y1
(c) (d)

8
 Figure 3: (a) bifurcation diagram, (b) Lyapunov exponents, (c) y1-y3 periodic attractor
for b = 0.03. (d) y1-y3 chaotic attractor for b = 0.09.
4.3 Parameter 'c' Variation and Its Effect on System Dynamics
This subsection examines the effect of the parameter 'c', varying between 0 and 1, on the
system's dynamics. The bifurcation diagram (Figure 4(a)) and Lyapunov exponent spectrum
(Figure 4(b)) offer a detailed analysis of these changes.
When 'c' is in the range [0, 0.895], the system behaves periodically, as seen in Figure 4(a).
This periodicity is further supported by the zero MLE observed in Figure 4(b). Figure 4(c)
presents the periodic attractor at c = 0.3, with the corresponding Lyapunov exponents: LE₁ =
0, LE₂ = -0.060, and LE₃ = -0.081.
However, for 'c' values within the interval [0.895, 1], the system undergoes a shift to chaotic
behavior. This transition is confirmed by the positive MLE in Figure 4(b). Figure 4(d) shows
the chaotic attractor at c = 0.95, with Lyapunov exponents LE₁ = 0.100, LE₂ = 0, and LE₃ =
-0.380.

0.1

-0.1

-0.2

-0.3

-0.4

-0.5
0 0.2 0.4 0.6 0.8 1

(a) (b)
1 1

0.5 0.5
y3

y3

0 0

-0.5 -0.5

-1 -1
6.8 6.9 7 7.1 7.2 7.3 5.5 6 6.5 7 7.5 8 8.5 9

y2 y2
(c) (d)

9
 Figure 4: (a) bifurcation diagram, (b) Lyapunov exponents, (c) y2-y3 periodic attractor
for c = 0.3 and (d) y2-y3 chaotic attractor for c = 0.95.
3.4 Parameter 'p' Variation and Its Effect on System Dynamics
This subsection explores how variations in the parameter 'p' between 0.1 and 1 affect the
system's dynamics. The bifurcation diagram (Figure 5(a)) and Lyapunov exponent spectrum
(Figure 5(b)) provide key insights into these changes.
For 'p' values in the intervals [0, 0.34] and [0.36, 0.46], the system exhibits chaotic behavior,
as indicated by the positive MLE shown in Figure 5(b). To visualize this, Figure 5(c)
illustrates the chaotic attractor at p = 0.3, with Lyapunov exponents LE₁ = 0.082, LE₂ = 0,
and LE₃ = -0.391.
On the other hand, for 'p' values in the ranges [0.34, 0.36] and [0.46, 1], the system shifts to
periodic behavior. This transition is visible in the bifurcation diagram (Figure 5(a)) and is
supported by the zero MLE in Figure 5(b). Figure 5(d) shows the periodic attractor at p = 0.8,
with corresponding Lyapunov exponents LE₁ = 0, LE₂ = -0.140, and LE₃ = -0.187.

0.1

-0.1

-0.2

-0.3

-0.4

-0.5
0.2 0.4 0.6 0.8 1

(a) (b)
1

0.2
0.5
0
y3
y3

0
-0.2

-0.5 -0.4

-1 -0.6
9 8.5
2 8 1
8
1 0.5
7 0 7.5
0
-1
7 -0.5
y2
6 -2
y1 y2 y1
(c) (d)

10
 Figure 5: (a) bifurcation diagram, (b) Lyapunov exponents, (c) y1-y2-y3 chaotic attractor
for p = 0.3, and (d) y1-y2-y3 periodic attractor for p = 0.8.
4. Coexistence of Multiple Attractors and Multistable Behavior
Multistability is a crucial concept in nonlinear dynamics, where a multistable chaotic system
can produce multiple coexisting attractors for fixed parameter values and varying initial
conditions. This phenomenon provides significant flexibility for engineering applications
based on chaotic systems. To demonstrate that the proposed NCFS (7) exhibits multistability,
we present the bifurcation diagram of the system in relation to the parameter 'p' for two
distinct initial conditions.
9

8.5

y2 7.5

6.5

6
-1.5 -1 -0.5 0 0.5 1 1.5

y1
(a) (b)
9 8.2

8.5 8

7.8
8
7.6
y2
y2

7.5
7.4
7
7.2

6.5 7

6 6.8
-1.5 -1 -0.5 0 0.5 1 1.5 -1 -0.5 0 0.5 1

y1 y1
(c) (d)

Figure 6: (a) Bifurcation diagram of NCFS (7) when p [0.4, 0.6] for Y01 (Blue color) and Y02
(Red color). (b) two coexisting chaotic attractors (p=0.442), (c) coexistance of two period-2
attractors (p=0.48), (d) coexistance of two period-1 attractors (p=0.58),

11
Let the initial points for the NCFS (7) be denoted as Y₀₁ and Y₀₂, where:
Y₀₁ = (0.5, 0.3, 0.5) (represented in blue)
Y₀₂ = (0.5, 0.3, -0.5) (represented in red)
The bifurcation diagram of NCFS (7) for two different initial points is shown in Figure 6(a),
with 'p' varying between [0.4, 0.6]. The blue trajectory corresponds to the initial point Y₀₁,
and the red trajectory corresponds to Y₀₂. It is evident from the diagram that coexisting
attractors exist. To further illustrate this, Figure 6(b) displays two coexisting chaotic attractors
at p = 0.442, Figure 6(c) shows two coexisting period-2 attractors at p = 0.48, and Figure 6(d)
presents two coexisting period-1 attractors at p = 0.58.

5. Effect of Offset Boosting Control on System Dynamics

Offset boosting control provides a versatile method for adjusting the amplitude of a system
by incorporating a feedback state. While this technique does not modify the system's inherent
dynamics, it allows for the shifting of the attractor's position either positively or negatively,
depending on the value of the control parameter.
In the newly proposed 3-D system, variable-boosting chaotic behavior is exhibited, with the
ability to adjust y₃. Specifically, y₃ can be enhanced by replacing it with y₁ + k in the
system's equations, as demonstrated by the y₁ - y₂ attractor shown in Figure 7. When the
parameter k is negative, the attractors are shifted in the positive direction, whereas a positive
k results in a shift in the negative direction. This approach enables the chaotic signal y₃ to
transition from a bipolar to a unipolar chaotic signal. This distinctive feature holds
considerable promise for applications in secure communications and various engineering
fields.
15

10

5
y3

-5

-10

-15
-1.5 -1 -0.5 0 0.5 1 1.5

y1
12
 Figure 7: Chaotic attractors for different values of offset boosting parameter:
k = 0 (blue), k = 5 (red), k = -5 (green), k = 10 (brown), and k = -10 (purple
6. Conclusion
This study introduced a NFCS (7) by incorporating an absolute function nonlinearity into
existing financial models. The newly proposed system demonstrated enhanced chaotic
behavior compared to the Gao-Ma and Vaidyanathan systems, with a higher MLE and fractal
Lyapunov dimension, indicating increased complexity and unpredictability. The dynamic
analysis revealed that the system exhibits a rich variety of behaviors, transitioning between
periodic and chaotic regimes depending on parameter variations.
The investigation of multistability further highlighted the system's potential for generating
multiple coexisting attractors under fixed parameter values, offering significant flexibility for
practical applications, particularly in secure communications. Additionally, the effect of offset
boosting control on the system's dynamics was explored, demonstrating its capacity to shift
chaotic attractors, which could be useful for engineering applications involving chaotic signal
modulation.
In conclusion, this novel chaotic finance system provides new insights into financial
dynamics, enhancing the understanding of chaotic behaviors in economic models. The
system's ability to exhibit multistability and offset boosting control presents promising
applications in secure data transmission, cryptography, and other engineering fields. Future
research could focus on further extending this model by incorporating fractional-order
derivatives or exploring synchronization techniques to improve its applicability in real-world
financial systems.

Declaration
Availability of data and material

The data that support the findings of this study are available from the corresponding author
on reasonable request.

Competing interest

The authors declare that they have no known competing financial interests or personal
relationships that could have appeared to influence the work reported in this paper.
Funding

This research was funded by Universitas Padjadjaran for the project financial support.

References:
[1] Silva, W., Kimura, H., & Sobreiro, V. A. (2017). An analysis of the literature on
systemic financial risk: A survey. Journal of Financial Stability, 28, 91-114.

13
[2] Cheng, X., Liu, S., Sun, X., Wang, Z., Zhou, H., Shao, Y., & Shen, H. (2021).
Combating emerging financial risks in the big data era: A perspective
review. Fundamental Research, 1(5), 595-606.
[3] Sun, X., & Lei, Y. (2021). Research on financial early warning of mining listed
companies based on BP neural network model. Resources Policy, 73, 102223.
[4] Hazaea, S. A., & Zhu, J. (2022). Internal audit system and financial corruption in public
institutions: case study of Yemeni public telecommunication corporation. International
journal of business excellence, 27(3), 360-386.
[5] Ahmad, I., Ouannas, A., Shafiq, M., Pham, V. T., & Baleanu, D. (2021). Finite-time
stabilization of a perturbed chaotic finance model. Journal of Advanced Research, 32,
1-14.
[6] Shi, J., He, K., & Fang, H. (2022). Chaos, Hopf bifurcation and control of a fractional-
order delay financial system. Mathematics and Computers in Simulation, 194, 348-364.
[7] Li, S., You, M., Li, D., & Liu, J. (2022). Identifying coal mine safety production risk
factors by employing text mining and Bayesian network techniques. Process safety and
environmental protection, 162, 1067-1081.
[8] Li, X., Wang, J., & Yang, C. (2023). Risk prediction in financial management of listed
companies based on optimized BP neural network under digital economy. Neural
Computing and Applications, 35(3), 2045-2058.
[9] Li, Z., Cai, Y., & Hu, S. (2021). Research on systemic financial risk measurement based
on HMM and text mining: a case of China financial market. IEEE Access, 9, 22171-
22185.
[10] Vogl, M., & Roetzel, P. G. (2022). Chaoticity versus stochasticity in financial markets:
Are daily S&P 500 return dynamics chaotic?. Communications in Nonlinear Science
and Numerical Simulation, 108, 106218.
[11] Kumar, N., Poonia, V., Gupta, B. B., & Goyal, M. K. (2021). A novel framework for
risk assessment and resilience of critical infrastructure towards climate
change. Technological Forecasting and Social Change, 165, 120532.
[12] Ullah, F., Qayyum, S., Thaheem, M. J., Al-Turjman, F., & Sepasgozar, S. M. (2021).
Risk management in sustainable smart cities governance: A TOE
framework. Technological Forecasting and Social Change, 167, 120743.
[13] Chaudhry, S. M., Ahmed, R., Huynh, T. L. D., & Benjasak, C. (2022). Tail risk and
systemic risk of finance and technology (FinTech) firms. Technological Forecasting
and Social Change, 174, 121191.
[14] Bello, H. O., Ige, A. B., & Ameyaw, M. N. (2024). Adaptive machine learning models:
concepts for real-time financial fraud prevention in dynamic environments. World
Journal of Advanced Engineering Technology and Sciences, 12(02), 021-034.
[15] Settembre-Blundo, D., González-Sánchez, R., Medina-Salgado, S., & García-Muiña, F.
E. (2021). Flexibility and resilience in corporate decision making: a new sustainability-

14
 based risk management system in uncertain times. Global Journal of Flexible Systems
Management, 22(Suppl 2), 107-132.
[16] Xuan, F. (2021). Regression analysis of supply chain financial risk based on machine
learning and fuzzy decision model. Journal of Intelligent & Fuzzy Systems, 40(4), 6925-
6935.
[17] Banna, H., Mia, M. A., Nourani, M., & Yarovaya, L. (2022). Fintech-based financial
inclusion and risk-taking of microfinance institutions (MFIs): Evidence from Sub-
Saharan Africa. Finance Research Letters, 45, 102149.
[18] Ahmad, M., Ahmed, Z., Yang, X., & Can, M. (2023). Natural resources depletion,
financial risk, and human well-being: what is the role of green innovation and economic
globalization?. Social Indicators Research, 167(1), 269-288.
[19] Izzeldin, M., Muradoğlu, Y. G., Pappas, V., Petropoulou, A., & Sivaprasad, S. (2023).
The impact of the Russian-Ukrainian war on global financial markets. International
Review of Financial Analysis, 87, 102598.
[20] Eisenbach, T. M., Kovner, A., & Lee, M. J. (2022). Cyber risk and the US financial
system: A pre-mortem analysis. Journal of Financial Economics, 145(3), 802-826.
[21] Tian, S., Zhao, B., & Olivares, R. O. (2023). Cybersecurity risks and central banks’
sentiment on central bank digital currency: Evidence from global cyberattacks. Finance
Research Letters, 53, 103609.
[22] Gunay, S., & Can, G. (2022). The source of financial contagion and spillovers: An
evaluation of the covid-19 pandemic and the global financial crisis. PloS one, 17(1),
e0261835.
[23] Nguyen, T. N., Phan, T. K. H., & Nguyen, T. L. (2022). Financial contagion during
global financial crisis and covid–19 pandemic: The evidence from DCC–GARCH
model. Cogent Economics & Finance, 10(1), 2051824.
[24] Adeniran, I. A., Abhulimen, A. O., Obiki-Osafiele, A. N., Osundare, O. S., Agu, E. E.,
& Efunniyi, C. P. (2024). Strategic risk management in financial institutions: Ensuring
robust regulatory compliance. Finance & Accounting Research Journal, 6(8), 1582-
1596.
[25] Weixiang, S., Qamruzzaman, M., Rui, W., & Kler, R. (2022). An empirical assessment
of financial literacy and behavioral biases on investment decision: Fresh evidence from
small investor perception. Frontiers in psychology, 13, 977444.
[26] Ahmad, M., Shah, S. Z. A., & Abbass, Y. (2021). The role of heuristic-driven biases in
entrepreneurial strategic decision-making: evidence from an emerging
economy. Management Decision, 59(3), 669-691.
[27] El Hajj, M., & Hammoud, J. (2023). Unveiling the influence of artificial intelligence
and machine learning on financial markets: A comprehensive analysis of AI applications
in trading, risk management, and financial operations. Journal of Risk and Financial
Management, 16(10), 434.

15
[28] Mhlanga, D. (2021). Financial inclusion in emerging economies: The application of
machine learning and artificial intelligence in credit risk assessment. International
journal of financial studies, 9(3), 39.
[29] He, K., Shi, J., & Fang, H. (2024). Bifurcation and chaos analysis of a fractional-order
delay financial risk system using dynamic system approach and persistent
homology. Mathematics and Computers in Simulation, 223, 253-274.
[30] Gao, X. L., Li, Z. Y., & Wang, Y. L. (2024). Chaotic dynamic behavior of a fractional-
order financial system with constant inelastic demand. International Journal of
Bifurcation and Chaos, 34(09), 2450111.
[31] Jiao, J. (2024). Financial management early warning model of enterprise circular
economy based on chaotic particle swarm optimization algorithm. Journal of Industrial
and Production Engineering, 41(3), 217-228.
[32] Agrawal, K., Kumar, S., Alkahtani, B. S., & Alzaid, S. S. (2024). A numerical study on
fractional order financial system with chaotic and Lyapunov stability analysis. Results
in Physics, 60, 107685.
[33] Shafiq, M., & Ahmad, I. (2024). Robust synchronization of four-dimensional chaotic
finance systems with unknown parametric uncertainties. Automatika, 65(1), 217-234.
[34] Asadollahi, M., Padar, N., Fathollahzadeh, A., Mirzaei, M. J., & Aslmostafa, E. (2024).
Fixed-time terminal sliding mode control with arbitrary convergence time for a class of
chaotic systems applied to a nonlinear finance model. International Journal of
Dynamics and Control, 12(6), 1874-1887.
[35] Q. Gao and J. Ma, “Chaos and Hopf bifurcations of a finance system,” Nonlinear
Dynamics, Vol. 58, pp. 209-216, 2009.
[36] S. Vaidyanathan, Ch. K. Volos, O. I. Tacha, I. M. Kyprianidis, I.N. Stouboulos and V.-T.
Pham, “Analysis, control and circuit simulation of a novel 3-D finance chaotic system,”
Studies in Computational Intelligence, vol. 636, pp. 495-512, 2016.

16