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International Trade and Financial Integration: A Weighted Network Analysis

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Author Info
Giorgio Fagiolo
Javier Reyes
Stefano Schiavo

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Abstract

In this paper we compare the patterns of trade and financial integration by exploit- ing network analysis. Our results show that, by combining binary and weighted network analysis, it is possible to deliver more precise and thorough insights on the topological structure and properties of the international trade and financial net- works (ITN and IFN). We find that the ITN is more densely connected than the IFN and that the degree of international financial integration varies with asset type. Our results also indicate that richer countries are better linked and form groups of tightly interconnected nodes. This can be seen as a sign of the persistent relevance of local relations. Yet, the growing importance of global links is testified by the disassortative feature of both the ITN and the IFN: poorly connected nodes tend to connect to central ones and use them as hubs to access the rest of the network.

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Paper provided by Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy in its series LEM Papers Series with number 2007/16.

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Date of creation: 16 Jul 2007
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Handle: RePEc:ssa:lemwps:2007/16

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Related research
Keywords: International Trade; International Financial Flows; Globalization; Complex Weighted Networks; Dynamics.;

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  1. Bekaert, Geert & Harvey, Campbell R., 2003. "Emerging markets finance," Journal of Empirical Finance, Elsevier, vol. 10(1-2), pages 3-56, February. [Downloadable!] (restricted)
  2. Richard Portes & Helene Rey, 1999. "The Determinants of Cross-Border Equity Flows," NBER Working Papers 7336, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Lawrence G. Goldberg & James R. Lothian & John Okunev, 2003. "Has International Financial Integration Increased?," International Finance 0311004, EconWPA. [Downloadable!]
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  4. Giorgio Fagiolo, 2006. "Directed or Undirected? A New Index to Check for Directionality of Relations in Socio-Economic Networks," Economics Bulletin, Economics Bulletin, vol. 3(34), pages 1-12. [Downloadable!]
  5. D. Garlaschelli & M. I. Loffredo, 2004. "Fitness-dependent topological properties of the World Trade Web," Quantitative Finance Papers cond-mat/0403051, arXiv.org, revised Oct 2004. [Downloadable!]
  6. D. Garlaschelli & M. I. Loffredo, 2005. "Structure and Evolution of the World Trade Network," Quantitative Finance Papers physics/0502066, arXiv.org, revised May 2005. [Downloadable!]
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