Mizuno, Takayuki; Takayasu, Hideki; Takayasu, Misako - In: Physica A: Statistical Mechanics and its Applications 364 (2006) C, pp. 336-342
By analyzing the foreign exchange market data of various currencies, we derive a hierarchical taxonomy of currencies constructing minimal-spanning trees. Clustered structure of the currencies and the key currency in each cluster are found. The clusters match nicely with the geographical regions...