European Financial Systems 2015. Proceedings of the 12th International Scientific Conference
It is my pleasure to introduce you a collection of papers from the 12th annual international scientific conference The European Financial Systems 2015 organized annually by Department of Finance of the Faculty of Economics and Administration, Masaryk University in Brno, Czech Republic. This year's conference was focused especially on the current issues related to new regulation of financial markets, banks and insurance companies and their products and efficiency, different accounting and tax systems, corporate finance, public finance, financing of non-profit organizations and financial literacy. Because the collection of papers presents the latest scientific knowledge in this area, I believe you will get a number of new insights usable both for your scientific, and educational or practical activities. I would also like to express my conviction that we meet each other in occasion of the 13th year of this conference held in 2016. I wish you pleasant reading! Petr Valouch Chairman of the Program Committee
The research deals with the construction, implementation and analysis of the model of non-equilibrium financial market using econophysical approach and the theory of nonlinear oscillations. We used scaled variation of supply and demand prices and elasticity of these two variables as dynamic variables in the simulation of the nonequilibrium financial market. View of the dynamical variables data was determined on the strength of econophysical prerequisites using the model of hydrodynamic type. As a result, we found that non-equilibrium market can be described with a good degree of accuracy with oscillator models with nonlinear rigidity and self-oscillating system with inertial self-excitation. The most important states of model of oscillation non-equilibrium model of the market were found, including the appearance of chaos and its mechanisms.