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This paper uses two hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix. We find that these two techniques generate a defined and robust scale free network with meaningful taxonomy, which is fundamentally different from that(More)
Acknowledgements We wish to thank Dr Jonathan Marshall for programming support and colleagues and 2007 Asian FMA participants for comments. Abstract The instability of international financial markets, as exhibited by persistent periodic crises, is an important issue for all market participants. This paper presents an alternative agent-based network theory(More)
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