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Patterns of dominant flows in the world trade web

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  • M. Angeles Serrano
  • Marian Boguna
  • Alessandro Vespignani
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    Abstract

    The large-scale organization of the world economies is exhibiting increasingly levels of local heterogeneity and global interdependency. Understanding the relation between local and global features calls for analytical tools able to uncover the global emerging organization of the international trade network. Here we analyze the world network of bilateral trade imbalances and characterize its overall flux organization, unraveling local and global high-flux pathways that define the backbone of the trade system. We develop a general procedure capable to progressively filter out in a consistent and quantitative way the dominant trade channels. This procedure is completely general and can be applied to any weighted network to detect the underlying structure of transport flows. The trade fluxes properties of the world trade web determines a ranking of trade partnerships that highlights global interdependencies, providing information not accessible by simple local analysis. The present work provides new quantitative tools for a dynamical approach to the propagation of economic crises.

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    File URL: http://arxiv.org/pdf/0704.1225
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number 0704.1225.

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    Date of creation: Apr 2007
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    Publication status: Published in J. Econ. Interac. Coor. 2, 111 (2007)
    Handle: RePEc:arx:papers:0704.1225

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    Web page: http://arxiv.org/

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    Cited by:
    1. Kırer, Hale & Çırpıcı, Yasemin & Eren, Ercan, 2013. "Complex Networks Analysis of European International Trade: An Agent-Based Model," EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey, Ekonomik Yaklasim Association 243, Ekonomik Yaklasim Association.
    2. Giorgio Fagiolo, 2009. "The International-Trade Network: Gravity Equations and Topological Properties," Papers 0908.2086, arXiv.org.
    3. Barigozzi, Matteo & Fagiolo, Giorgio & Mangioni, Giuseppe, 2011. "Identifying the community structure of the international-trade multi-network," Physica A: Statistical Mechanics and its Applications, Elsevier, Elsevier, vol. 390(11), pages 2051-2066.
    4. Andrea Fracasso & Stefano Schiavo, 2009. "Trade-imbalances networks and exchange rate adjustments: the paradox of a new Plaza. The XIVth Spring Meeting of Young Economists (SMYE-2009), Istanbul, April 2009," Sciences Po publications info:hdl:2441/10028, Sciences Po.
    5. Frank Schweitzer & Giorgio Fagiolo & Didier Sornette & Fernando Vega-Redondo & Douglas R. White, 2009. "Economic Networks: What Do We Know And What Do We Need To Know?," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., World Scientific Publishing Co. Pte. Ltd., vol. 12(04), pages 407-422.
    6. Didier Sornette & Ryan Woodard, 2009. "Financial Bubbles, Real Estate bubbles, Derivative Bubbles, and the Financial and Economic Crisis," Papers 0905.0220, arXiv.org.
    7. Saltoglu, Burak & Yenilmez, Taylan, 2010. "Analyzing Systemic Risk with Financial Networks An Application During a Financial Crash," MPRA Paper 26684, University Library of Munich, Germany.
    8. repec:spo:wpecon:info:hdl:2441/10028 is not listed on IDEAS
    9. Fracasso, Andrea & Schiavo, Stefano, 2009. "Global imbalances, exchange rates adjustment and the crisis: Implications from network analysis," Journal of Policy Modeling, Elsevier, Elsevier, vol. 31(5), pages 601-619, September.
    10. repec:spo:wpecon:info:hdl:2441/9795 is not listed on IDEAS
    11. D. Sornette & R. Woodard, . "Financial Bubbles, Real Estate bubbles, Derivative Bubbles, and the Financial and Economic Crisis," Working Papers, ETH Zurich, Chair of Systems Design CCSS-09-003, ETH Zurich, Chair of Systems Design.

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