credit surplus

credit deficiency

$P_d$ is low, $P_d<\frac{M+\sqrt{N+M^2}}{Y}$

Integrative development strategy

Integrative development strategy

$\frac{M+\sqrt{N+M^2}}{Y}<P_d<\frac{M-\sqrt{N+M^2}}{Y}$

Splitting strategy

Integrative development strategy

$P_d$ is high, $P_d>\frac{M-\sqrt{N+M^2}}{Y}$

Integrative development strategy

Integrative development strategy