Structural and temporal patterns of the first global trading market
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | , , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/1822/65966 |
Resumo: | Little is known about the structural patterns and dynamics of the first global trading market (FGTM), which emerged during the sixteenth century as a result of the Iberian expansion, let alone how it compares to today's global financial markets. Here we build a representative network of the FGTM using information contained in 8725 (handwritten) Bills of Exchange from that time-which were (human) interpreted and digitalized into an online database. We show that the resulting temporal network exhibits a hierarchical, highly clustered and disassortative structure, with a power-law dependence on the connectivity that remains remarkably robust throughout the entire period investigated. Temporal analysis shows that, despite major turnovers in the number and nature of the links-suggesting fast adaptation in response to the geopolitical and financial turmoil experienced at the time-the overall characteristics of the FGTM remain robust and virtually unchanged. The methodology developed here demonstrates the possibility of building and analysing complex trading and finance networks originating from pre-statistical eras, enabling us to highlight the striking similarities between the structural patterns of financial networks separated by centuries in time. |
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Structural and temporal patterns of the first global trading marketcomplex adaptive networksearly modern historynetwork analysistrustreputationCiências Naturais::Ciências BiológicasScience & TechnologyLittle is known about the structural patterns and dynamics of the first global trading market (FGTM), which emerged during the sixteenth century as a result of the Iberian expansion, let alone how it compares to today's global financial markets. Here we build a representative network of the FGTM using information contained in 8725 (handwritten) Bills of Exchange from that time-which were (human) interpreted and digitalized into an online database. We show that the resulting temporal network exhibits a hierarchical, highly clustered and disassortative structure, with a power-law dependence on the connectivity that remains remarkably robust throughout the entire period investigated. Temporal analysis shows that, despite major turnovers in the number and nature of the links-suggesting fast adaptation in response to the geopolitical and financial turmoil experienced at the time-the overall characteristics of the FGTM remain robust and virtually unchanged. The methodology developed here demonstrates the possibility of building and analysing complex trading and finance networks originating from pre-statistical eras, enabling us to highlight the striking similarities between the structural patterns of financial networks separated by centuries in time.This research was supported by FCT-Portugal through grant nos FCT-TECH/0002/2007 (A.S.R. and A.P.), SFRH/BD/77389/2011 (F.L.P.), SFRH/BPD/76278/2011 (A.S.R.), PTDC/MAT-STA/3358/2014 (F.L.P., F.C.S. and J.M.P.), PTDC/EEI-SII/5081/2014 (F.L.P., F.C.S. and J.M.P.), UID/BIA/04050/2013 (J.M.P.) and UID/CEC/50021/2013 (F.C.S.), and by the European Science Foundation through grant no. DynCoopNet-06-TECT-FP-004 (A.S.R. and A.P.).Royal SocietyUniversidade do MinhoRibeiro, Ana SofiaPinheiro, Flávio L.Santos, Francisco C.Polónia, AméliaPacheco, Jorge Manuel Santos2018-082018-08-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/65966engRibeiro AS, Pinheiro FL, Santos FC, Polo´nia A, Pacheco JM. 2018 Structural and temporal patterns of the first global trading market. R. Soc. open sci. 5: 180577. http://dx.doi.org/10.1098/rsos.1805772054-570310.1098/rsos.180577https://royalsocietypublishing.org/doi/pdf/10.1098/rsos.180577info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:54:06Zoai:repositorium.sdum.uminho.pt:1822/65966Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:53:38.467348Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Structural and temporal patterns of the first global trading market |
title |
Structural and temporal patterns of the first global trading market |
spellingShingle |
Structural and temporal patterns of the first global trading market Ribeiro, Ana Sofia complex adaptive networks early modern history network analysis trust reputation Ciências Naturais::Ciências Biológicas Science & Technology |
title_short |
Structural and temporal patterns of the first global trading market |
title_full |
Structural and temporal patterns of the first global trading market |
title_fullStr |
Structural and temporal patterns of the first global trading market |
title_full_unstemmed |
Structural and temporal patterns of the first global trading market |
title_sort |
Structural and temporal patterns of the first global trading market |
author |
Ribeiro, Ana Sofia |
author_facet |
Ribeiro, Ana Sofia Pinheiro, Flávio L. Santos, Francisco C. Polónia, Amélia Pacheco, Jorge Manuel Santos |
author_role |
author |
author2 |
Pinheiro, Flávio L. Santos, Francisco C. Polónia, Amélia Pacheco, Jorge Manuel Santos |
author2_role |
author author author author |
dc.contributor.none.fl_str_mv |
Universidade do Minho |
dc.contributor.author.fl_str_mv |
Ribeiro, Ana Sofia Pinheiro, Flávio L. Santos, Francisco C. Polónia, Amélia Pacheco, Jorge Manuel Santos |
dc.subject.por.fl_str_mv |
complex adaptive networks early modern history network analysis trust reputation Ciências Naturais::Ciências Biológicas Science & Technology |
topic |
complex adaptive networks early modern history network analysis trust reputation Ciências Naturais::Ciências Biológicas Science & Technology |
description |
Little is known about the structural patterns and dynamics of the first global trading market (FGTM), which emerged during the sixteenth century as a result of the Iberian expansion, let alone how it compares to today's global financial markets. Here we build a representative network of the FGTM using information contained in 8725 (handwritten) Bills of Exchange from that time-which were (human) interpreted and digitalized into an online database. We show that the resulting temporal network exhibits a hierarchical, highly clustered and disassortative structure, with a power-law dependence on the connectivity that remains remarkably robust throughout the entire period investigated. Temporal analysis shows that, despite major turnovers in the number and nature of the links-suggesting fast adaptation in response to the geopolitical and financial turmoil experienced at the time-the overall characteristics of the FGTM remain robust and virtually unchanged. The methodology developed here demonstrates the possibility of building and analysing complex trading and finance networks originating from pre-statistical eras, enabling us to highlight the striking similarities between the structural patterns of financial networks separated by centuries in time. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-08 2018-08-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/1822/65966 |
url |
http://hdl.handle.net/1822/65966 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Ribeiro AS, Pinheiro FL, Santos FC, Polo´nia A, Pacheco JM. 2018 Structural and temporal patterns of the first global trading market. R. Soc. open sci. 5: 180577. http://dx.doi.org/10.1098/rsos.180577 2054-5703 10.1098/rsos.180577 https://royalsocietypublishing.org/doi/pdf/10.1098/rsos.180577 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Royal Society |
publisher.none.fl_str_mv |
Royal Society |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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