DocumentCode :
678856
Title :
Economic Networks In and Out of Equilibrium
Author :
Squartini, Tiziano ; Garlaschelli, Diego
Author_Institution :
Inst.-Lorentz for Theor. Phys., Univ. of Leiden, Leiden, Netherlands
fYear :
2013
fDate :
2-5 Dec. 2013
Firstpage :
530
Lastpage :
537
Abstract :
Economic and financial networks play a crucial role in various important processes, including economic integration, globalization, and financial crises. Of particular interest is understanding whether the temporal evolution of a real economic network is in a (quasi-)stationary equilibrium, i.e. characterized by smooth structural changes rather than abrupt transitions. Smooth changes in quasi-equilibrium networks can be generally controlled for, and largely predicted, while this is generally not possible for abrupt transitions in non-stationary networks. Here we study whether real economic networks are in or out of equilibrium by checking their consistency with quasi-equilibrium maximum-entropy ensembles of graphs. As illustrative examples, we consider the International Trade Network (ITN) and the Dutch Interbank Network (DIN). We show that, despite the globalization process, the ITN is an almost perfect example of quasi-equilibrium network, while the DIN is clearly an out-of-equilibrium network undergoing major structural changes and displaying non-stationary dynamics. Among the out-of-equilibrium properties of the DIN, we find striking early-warning signals of the interbank crisis of 2008.
Keywords :
economic cycles; financial management; globalisation; maximum entropy methods; DIN; Dutch Interbank Network; ITN; International Trade Network; early-warning signals; economic integration; economic networks; financial crises; financial networks; globalization process; interbank crisis; nonstationary dynamics; nonstationary networks; quasi-equilibrium maximum-entropy ensembles; quasiequilibrium networks; quasistationary equilibrium; real economic network; structural changes; temporal evolution; complex networks; econophysics; null models;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Signal-Image Technology & Internet-Based Systems (SITIS), 2013 International Conference on
Conference_Location :
Kyoto
Type :
conf
DOI :
10.1109/SITIS.2013.89
Filename :
6727239
Link To Document :
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