Applied Mathematics & Information Sciences

Author Country (or Countries)



This paper is concerned with the proof of the existence of Hopf bifurcations in a mathematical model recently proposed in [T. Chen, X. Li, and J. He, Abstract and Applied Analysis 2014, 456764 (2014)] for understanding the complex stochastic dynamics phenomena of credit risk contagion in the financial market. Specifically the model consists in an ordinary differential equation with time-delay. Moreover, by using the normal form theory and center manifold argument, the stability, direction, and period of bifurcating periodic solutions are gained.