Randomizing world trade. II. A weighted network analysis

Abstract

Based on the misleading expectation that weighted network properties always offer a more complete description than purely topological ones, current economic models of the International Trade Network (ITN) generally aim at explaining local weighted properties, not local binary ones. Here we complement our analysis of the binary projections of the ITN by considering its weighted representations. We show that, unlike the binary case, all possible weighted representations of the ITN (directed/undirected, aggregated/disaggregated) cannot be traced back to local country-specific properties, which are therefore of limited informativeness. Our two papers show that traditional macroeconomic approaches systematically fail to capture the key properties of the ITN. In the binary case, they do not focus on the degree sequence and hence cannot characterize or replicate higher-order properties. In the weighted case, they generally focus on the strength sequence, but the knowledge of the latter is not enough in order to understand or reproduce indirect effects.

See also the companion paper (Part I): arXiv:1103.1243 [physics.soc-ph], published as Phys. Rev. E 84, 046117 (2011)

References in corpus (6)

• Clustering in Complex Directed Networks
• Analytical maximum-likelihood method to detect patterns in real networks
• Maximum likelihood: extracting unbiased information from complex networks
• The International Trade Network: weighted network analysis and modelling
• Generalized Bose-Fermi statistics and structural correlations in weighted networks
• Randomizing world trade. I. A binary network analysis

Cited by in corpus (38)

• Nestedness in complex networks: Observation, emergence, and implications
• Early-warning signals of topological collapse in interbank networks
• Randomizing bipartite networks: the case of the World Trade Web
• Randomizing world trade. I. A binary network analysis
• Enhanced reconstruction of weighted networks from strengths and degrees
• Reconstructing the world trade multiplex: the role of intensive and extensive biases
• Unbiased sampling of network ensembles
• Null Models of Economic Networks: The Case of the World Trade Web
• Randomized reference models for temporal networks
• Enhanced Gravity Model of trade: reconciling macroeconomic and network models
• Entropy distribution and condensation in random networks with a given degree distribution
• A GDP-driven model for the binary and weighted structure of the International Trade Network
• Reconstructing networks
• Cross-border Portfolio Investment Networks and Indicators for Financial Crises
• Correlations between weights and overlap in ensembles of weighted multiplex networks
• Google matrix analysis of the multiproduct world trade network
• A faster horse on a safer trail: generalized inference for the efficient reconstruction of weighted networks
• Multiplexity and multireciprocity in directed multiplexes
• Irreducible network backbones: unbiased graph filtering via maximum entropy
• Entropy-based approach to missing-links prediction
• Spatial effects in real networks: measures, null models, and applications
• (Unintended) Consequences of export restrictions on medical goods during the Covid-19 pandemic
• Binary versus non-binary information in real time series: empirical results and maximum-entropy matrix models
• The configuration multi-edge model: Assessing the effect of fixing node strengths on weighted network magnitudes
• The double role of GDP in shaping the structure of the International Trade Network
• Interactions between financial and environmental networks in OECD countries
• Robust and Efficient Network Reconstruction in Complex System via Adaptive Signal Lasso
• Structure of international trade hypergraphs
• Modeling international crisis synchronization in the World Trade Web
• Evolving community structure in the international pesticide trade networks
• How log-normal is your country? An analysis of the statistical distribution of the exported volumes of products
• Reconciling econometrics with continuous maximum-entropy network models
• Reconstruction of multiplex networks with correlated layers
• Ensembles based on the Rich-Club and how to use them to build soft-communities
• Gravity models of networks: integrating maximum-entropy and econometric approaches
• Optimal scales in weighted networks
• Modeling the International-Trade Network: A Gravity Approach
• Commodity-specific triads in the Dutch inter-industry production network