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|Author(s):||Ribeiro, Ana Sofia|
Pinheiro, Flávio L.
Santos, Francisco C.
Pacheco, Jorge M.
|Title:||Structural and temporal patterns of the first global trading market|
|Abstract:||Little is known about the structural patterns and dynamics of thefirst global trading market (FGTM), which emerged during thesixteenth century as a result of the Iberian expansion, let alonehow it compares to todays global financial markets. Here webuild a representative network of the FGTM using informationcontained in 8725 (handwritten) Bills of Exchange from thattimewhich were (human) interpreted and digitalized into anonline database. We show that the resulting temporal networkexhibits a hierarchical, highly clustered and disassortativestructure, with a power-law dependence on the connectivitythat remains remarkably robust throughout the entire periodinvestigated. Temporal analysis shows that, despite majorturnovers in the number and nature of the linkssuggestingfast adaptation in response to the geopolitical and financialturmoil experienced at the timethe overall characteristics ofthe FGTM remain robust and virtually unchanged. Themethodology developed here demonstrates the possibility ofbuilding and analysing complex trading and finance networksoriginating from pre-statistical eras, enabling us to highlightthe striking similarities between the structural patterns offinancial networks separated by centuries in time.|
|Document Type:||Artigo em Revista Científica Internacional|
|Appears in Collections:||FLUP - Artigo em Revista Científica Internacional|
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