In this sequel to a companion paper (see arXiv:1103.1243 physics.soc-ph%DIFDELCMD < ]%%% ) , we complement our analysis of the binary projections of the International Trade Network (ITN ) by considering its weighted representations. We show that, unlike the binary case, all possible weighted representations of the ITN (directed/undirected, aggregated/disaggregated) cannot be traced back to local structural properties, which are therefore of limited informativeness. Our results highlight that any topological property representing only partial information (e.g., degree sequences) cannot in general be obtained from the corresponding weighted property (e.g., strength sequences). Therefore the expectation that weighted structural properties offer a more complete description than purely topological ones is misleading. Our analysis of the ITN detects indirect effects that are not captured by traditional macroeconomic analyses focused only on weighted first-order country-specific properties, and highlights the limitations of models and theories that overemphasize the need to reproduce and explain such properties .
 %DIFDELCMD < ]%%% Based on the misleading expectation that weighted network properties always offer a more complete description than purely topological ones, current economic models of the International Trade Network (ITN) generally aim at explaining local weighted properties, not local binary ones. Here we complement our analysis of the binary projections of the ITN by considering its weighted representations. We show that, unlike the binary case, all possible weighted representations of the ITN (directed/undirected, aggregated/disaggregated) cannot be traced back to local country-specific properties, which are therefore of limited informativeness. Our two papers show that traditional macroeconomic approaches systematically fail to capture the key properties of the ITN . In the binary case, they do not focus on the degree sequence and hence cannot characterize or replicate higher-order properties. In the weighted case, they generally focus on the strength sequence, but the knowledge of the latter is not enough in order to understand or reproduce indirect effects .
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In this sequel to a companion paper (see arXiv:1103.1243
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physics.soc-ph
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Based on the misleading expectation that weighted network properties always offer a more complete description than purely topological ones, current economic models of the International Trade Network (ITN) generally aim at explaining local weighted properties, not local binary ones. Here
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International Trade Network (ITN )
ITN
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structural
country-specific
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results highlight that any topological property representing only partial information (e.g., degree sequences) cannot in general be obtained from the corresponding weighted property (e.g., strength sequences). Therefore the expectation that weighted structural properties offer a more complete description than purely topological ones is misleading. Our analysis
two papers show that traditional macroeconomic approaches systematically fail to capture the key properties
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detects indirect effects that are not captured by traditional macroeconomic analyses focused only on weighted first-order country-specific properties, and highlights the limitations of models and theories that overemphasize the need to reproduce and explain such properties
. In the binary case, they do not focus on the degree sequence and hence cannot characterize or replicate higher-order properties. In the weighted case, they generally focus on the strength sequence, but the knowledge of the latter is not enough in order to understand or reproduce indirect effects