4.6 Article

Structural and temporal patterns of the first global trading market

期刊

ROYAL SOCIETY OPEN SCIENCE
卷 5, 期 8, 页码 -

出版社

ROYAL SOC
DOI: 10.1098/rsos.180577

关键词

complex adaptive networks; early modern history; network analysis; trust; reputation

资金

  1. FCT-Portugal [FCT-TECH/0002/2007, SFRH/BD/77389/2011, SFRH/BPD/76278/2011, PTDC/MAT-STA/3358/2014, PTDC/EEI-SII/5081/2014, UID/BIA/04050/2013, UID/CEC/50021/2013]
  2. European Science Foundation [DynCoopNet-06-TECT-FP-004]
  3. Fundação para a Ciência e a Tecnologia [SFRH/BD/77389/2011, SFRH/BPD/76278/2011] Funding Source: FCT

向作者/读者索取更多资源

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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