Related papers: Opinion formation in the world trade network
European Monetary Union continues to be characterised by significant macroeconomic imbalances. Germany has shown increasing current account surpluses at the expense of the other member states (especially the European periphery). Since the…
Emotion and fairness play a key role in mediating socioeconomic decisions in humans; however, the underlying neurocognitive mechanism remains largely unknown. This exploratory study unraveled the interplay between agents' emotions and the…
Bitcoins have emerged as a possible competitor to usual currencies, but other crypto-currencies have likewise appeared as competitors to the Bitcoin currency. The expanding market of crypto-currencies now involves capital equivalent to…
This paper empirically evaluates whether adopting a common currency has changed the level of consumption smoothing of euro area member states. We construct a counterfactual dataset of macroeconomic variables through the synthetic control…
The foreign exchange market has taken an important role in the global financial market. While foreign exchange trading brings high-yield opportunities to investors, it also brings certain risks. Since the establishment of the foreign…
Our work sheds new light on the role of oil prices in shaping the world economy by investigating flows of goods and services through global value chains between 1960 and 2011, by means of Markov Chain and network analysis. We show that over…
We propose a model that extends the binary ``united we stand, divided we fall'' opinion dynamics of Sznajd-Weron to handle continuous and multi-state discrete opinions. Disagreement dynamics are often ignored in continuous extensions of the…
The opinion dynamics of economic agents is modeled with the link structure influenced by the resulting opinions: Links between people of nearly the same opinion are more stable than those between people of vastly different opinions. A…
Countries participate in global value chains by engaging in backward and forward transactions connecting multiple geographically dispersed production stages. Inspired by network theory, we model global trade as a multilayer network and…
Energy security and energy trade are the cornerstones of global economic and social development. The structural robustness of the international oil trade network (iOTN) plays an important role in the global economy. We integrate the machine…
Theory of complex networks proved successful in the description of a variety of static networks ranging from biology to computer and social sciences and to economics and finance. Here we use network models to describe the evolution of a…
In this work we study the opinion evolution in a community-based population with intergroup interactions. We address two issues. First, we consider that such intergroup interactions can be negative with some probability $p$. We develop a…
Nations around the world are conducting research into the design of central bank digital currency (CBDC), a new, digital form of money that would be issued by central banks alongside cash and central bank reserves. Retail CBDC would be used…
Social media has emerged as a significant source of information for people. As agents interact with each other through social media platforms, they create numerous complex social networks. Within these networks, information spread among…
Analyzing real data on international trade covering the time interval 1950-2000, we show that in each year over the analyzed period the network is a typical representative of the ensemble of maximally random weighted networks, whose…
By monitoring the time evolution of the most liquid Futures contracts traded globally as acquired using the Bloomberg API from 03 January 2000 until 15 December 2014 we were able to forecast the S&P 500 index beating the Buy and Hold…
We study online bilateral trade, where a learner facilitates repeated exchanges between a buyer and a seller to maximize the Gain From Trade (GFT), i.e., the social welfare. In doing so, the learner must guarantee not to subsidize the…
Statistical physicists have become interested in models of collective social behavior such as opinion formation, where individuals change their inherently preferred opinion if their friends disagree. Real preferences often depend on…
We delve into the dynamics of opinions within a multiplex network using coordination games, where agents communicate either in a one-way or two-way interactions, and where a designated leader may be present. By employing graph theory and…
In a universe with a single currency, there would be no foreign exchange market, no foreign exchange rates, and no foreign exchange. Over the past twenty-five years, the way the market has performed those tasks has changed enormously. The…