English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

The World Trade Web (WTW) is a weighted network whose nodes correspond tocountries with edge weights reflecting the value of imports and/or exportsbetween countries. In this paper we introduce to this macroeconomic system thenotion of extinction analysis, a technique often used in the analysis ofecosystems, for the purposes of investigating the robustness of this network.In particular, we subject the WTW to a principled set of in silico "knockoutexperiments," akin to those carried out in the investigation of food webs, butsuitably adapted to this macroeconomic network. Broadly, our experiments showthat over time the WTW moves to a "robust yet fragile" configuration where itis robust to random failures but fragile under targeted attack. This change instability is highly correlated with the connectance (edge density) of thenetwork. Moreover, there is evidence of a sharp change in the structure of thenetwork in the 1960s and 1970s, where most measures of robustness rapidlyincrease before resuming a declining trend. We interpret these results in thecontext in the post-World War II move towards globalization. Globalizationcoincides with the sharp increase in robustness but also with a rise in thosemeasures (e.g., connectance and trade imbalances) which correlate withdecreases in robustness. The peak of robustness is reached after the onset ofglobalization policy but before the negative impacts are substantial. Theseanalyses depend on a simple model of dynamics that rebalances the trade flowupon network perturbation, the most dramatic of which is node deletion. Moresubtle and textured forms of perturbation lead to the definition of othermeasures of node importance as well as vulnerability. We anticipate thatexperiments and measures like these can play an important role in theevaluation of the stability of economic systems.

Stability of the World Trade Web over Time - An Extinction Analysis