Randomizing world trade. I. A binary network analysis
AbstractThe international trade network (ITN) has received renewed multidisciplinary interest due to recent advances in network theory. However, it is still unclear whether a network approach conveys additional, nontrivial information with respect to traditional international-economics analyses that describe world trade only in terms of local (first-order) properties. In this and in a companion paper, we employ a recently proposed randomization method to assess in detail the role that local properties have in shaping higher-order patterns of the ITN in all its possible representations (binary/weighted, directed/undirected, aggregated/disaggregated by commodity) and across several years. Here we show that, remarkably, the properties of all binary projections of the network can be completely traced back to the degree sequence, which is therefore maximally informative. Our results imply that explaining the observed degree sequence of the ITN, which has not received particular attention in economic theory, should instead become one the main focuses of models of trade.
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Bibliographic InfoPaper provided by arXiv.org in its series Papers with number 1103.1243.
Date of creation: Mar 2011
Date of revision: Nov 2011
Publication status: Published in Phys. Rev. E 84, 046117 (2011)
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-07 (All new papers)
- NEP-INT-2011-11-07 (International Trade)
- NEP-NET-2011-11-07 (Network Economics)
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- Marco Duenas & Giorgio Fagiolo, 2011.
"Modeling the International-Trade Network: A Gravity Approach,"
LEM Papers Series
2011/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Marco Dueñas & Giorgio Fagiolo, 2013. "Modeling the International-Trade Network: a gravity approach," Journal of Economic Interaction and Coordination, Springer, vol. 8(1), pages 155-178, April.
- Marco Duenas & Giorgio Fagiolo, 2011. "Modeling the International-Trade Network: A Gravity Approach," Papers 1112.2867, arXiv.org.
- Pau Erola & Albert Diaz-Guilera & Sergio Gomez & Alex Arenas, 2012. "Modeling international crisis synchronization in the World Trade Web," Papers 1201.2024, arXiv.org.
- Riccardo Chiarucci & Franco Ruzzenenti & Maria I. Loffredo, 2013. "Detecting spatial homogeneity in the world trade web with Detrended Fluctuation Analysis," Papers 1308.0526, arXiv.org, revised Nov 2013.
- Marco Duenas & Giorgio Fagiolo, 2013. "Global Trade Imbalances: A Network Approach," LEM Papers Series 2013/12, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
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