Abstract
The rapid succession of financial crises over these recent years has created a strong incentive to build tools able to predict crises, i.e. early warning signals. One very appealing framework, widely used with success in ecology, climatology and physics is to consider that systems are complex or self-critically organized. Under such a framework, systems can switch between multiple equilibria without external forces. In other words, the complex dynamic interplay between each particle of the system will lead to a phase transition or a bifurcation.
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