On the topologic structure of economic complex networks: Empirical evidence from large scale payment network of Estonia |
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| Institution: | 1. Institute of Cybernetics at Tallinn University of Technology, Akadeemia tee 21, 12618, Tallinn, Estonia;2. Swedbank AS, Liivalaia 12, 15038 Tallinn, Estonia;1. Institute of Theoretical Physics and Astrophysics, Gdańsk University, 80-308 Gdańsk, ul. Wita Stwosza 57, Poland;2. First Department of Cardiology, Medical University of Gdansk, 80-211 Gdańsk, ul. Debinki 7, Poland;3. RIKEN Brain Science Institute, 2-1 Hirosawa, Wako-shi 351-0198, Japan;4. Graduate School of Education, The University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;1. School of Mathematics and Physics, Jiangsu University of Science and Technology, Mengxi Road 2, Zhenjiang, Jiangsu 212003, PR China;2. Department of Mathematics, Changji University, Changji, Xinjiang 831100, PR China;3. Department of Mathematics, Qingdao Agricultural University, Qingdao, Shandong 266109, PR China;1. Department of Physics, University of North Bengal, Siliguri 734013, West Bengal, India;2. Department of Physics, Chakdaha College, Chakdaha, Nadia 741222, West Bengal, India;3. Department of Physics, Dinhata College, Dinhata, Cooch Behar 736135, West Bengal, India;4. Department of Computer and Information Sciences, SUNY at Fredonia, Fredonia, New York 14063, USA;1. Science and technology college, Puer University, Puer 665000, China;2. City college, Kunming University of Science and Technology, Kunming 650051, China |
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| Abstract: | This paper presents the first topological analysis of the economic structure of an entire country based on payments data obtained from Swedbank. This data set is exclusive in its kind because around 80% of Estonia's bank transactions are done through Swedbank; hence, the economic structure of the country can be reconstructed. Scale-free networks are commonly observed in a wide array of different contexts such as nature and society. In this paper, the nodes are comprised by customers of the bank (legal entities) and the links are established by payments between these nodes. We study the scaling-free and structural properties of this network. We also describe its topology, components and behaviors. We show that this network shares typical structural characteristics known in other complex networks: degree distributions follow a power law, low clustering coefficient and low average shortest path length. We identify the key nodes of the network and perform simulations of resiliency against random and targeted attacks of the nodes with two different approaches. With this, we find that by identifying and studying the links between the nodes is possible to perform vulnerability analysis of the Estonian economy with respect to economic shocks. |
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