Structural and temporal patterns of the first global trading market
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 FGT...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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The Royal Society
2018-01-01
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| Series: | Royal Society Open Science |
| Subjects: | |
| Online Access: | https://royalsocietypublishing.org/doi/pdf/10.1098/rsos.180577 |
| _version_ | 1818879464257355776 |
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| author | Ana Sofia Ribeiro Flávio L. Pinheiro Francisco C. Santos Amélia Polónia Jorge M. Pacheco |
| author_facet | Ana Sofia Ribeiro Flávio L. Pinheiro Francisco C. Santos Amélia Polónia Jorge M. Pacheco |
| author_sort | Ana Sofia Ribeiro |
| collection | DOAJ |
| 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. |
| first_indexed | 2024-12-19T14:30:29Z |
| format | Article |
| id | doaj.art-dd738bfa36554dd5a20dd7c91d25ace6 |
| institution | Directory Open Access Journal |
| issn | 2054-5703 |
| language | English |
| last_indexed | 2024-12-19T14:30:29Z |
| publishDate | 2018-01-01 |
| publisher | The Royal Society |
| record_format | Article |
| series | Royal Society Open Science |
| spelling | doaj.art-dd738bfa36554dd5a20dd7c91d25ace62022-12-21T20:17:28ZengThe Royal SocietyRoyal Society Open Science2054-57032018-01-015810.1098/rsos.180577180577Structural and temporal patterns of the first global trading marketAna Sofia RibeiroFlávio L. PinheiroFrancisco C. SantosAmélia PolóniaJorge M. PachecoLittle 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.https://royalsocietypublishing.org/doi/pdf/10.1098/rsos.180577complex adaptive networksearly modern historynetwork analysistrustreputation |
| spellingShingle | Ana Sofia Ribeiro Flávio L. Pinheiro Francisco C. Santos Amélia Polónia Jorge M. Pacheco Structural and temporal patterns of the first global trading market Royal Society Open Science complex adaptive networks early modern history network analysis trust reputation |
| title | 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_short | Structural and temporal patterns of the first global trading market |
| title_sort | structural and temporal patterns of the first global trading market |
| topic | complex adaptive networks early modern history network analysis trust reputation |
| url | https://royalsocietypublishing.org/doi/pdf/10.1098/rsos.180577 |
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