eprintid: 2822
rev_number: 9
eprint_status: archive
userid: 69
dir: disk0/00/00/28/22
datestamp: 2015-11-05 13:05:35
lastmod: 2018-03-08 17:01:13
status_changed: 2015-11-05 13:05:35
type: conference_item
metadata_visibility: show
creators_name: Squartini, Tiziano
creators_name: Garlaschelli, Diego
creators_id: tiziano.squartini@imtlucca.it
creators_id: diego.garlaschelli@imtlucca.it
title: Economic Networks In and Out of Equilibrium
ispublished: pub
subjects: HB
subjects: QA
divisions: EIC
full_text_status: public
pres_type: paper
keywords: Economic cycles, Financial management, Globalisation, Maximum entropy methods, International Trade Network, Early-warning signals
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.
date: 2013-12
date_type: published
publisher: IEEE
pagerange: 530-537
event_title: International Conference on Signal-Image Technology Internet-Based Systems (SITIS), 2013
event_location: Kyoto
event_dates: 2-5 December, 2013
event_type: conference
id_number: 10.1109/SITIS.2013.89
refereed: TRUE
book_title: International Conference on Signal-Image Technology & Internet-Based Systems (SITIS), 2013
official_url: http://ieeexplore.ieee.org/xpl/articleDetails.jsp?arnumber=6727239
citation:   Squartini, Tiziano and Garlaschelli, Diego  Economic Networks In and Out of Equilibrium.  In: International Conference on Signal-Image Technology Internet-Based Systems (SITIS), 2013, 2-5 December, 2013, Kyoto pp. 530-537.        (2013)  
document_url: http://eprints.imtlucca.it/2822/1/1309.1875v2.pdf