Copyright © 2010 Baogui Xin et al. This is an open access article distributed under the
Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
A discrete-time financial system is proposed by using forward Euler scheme. Based on
explicit Neimark-Sacker bifurcation (also called Hopf bifurcation for map) criterion, normal
form method and center manifold theory, the system's existence, stability and direction of
Neimark-Sacker bifurcation are studied. Numerical simulations are employed to validate the
main results of this work. Some comparison of bifurcation between the discrete-time financial
system and its continuous-time system is given.